PPI Reclaiming discussion

Captain_Cuddlepuss

Well, on the 14th day I received a reply from First Plus to my third letter. They had previously offered me 78% enhanced rebate because despite two SARs and my two letters they could not find any evidence of the call where I claim to have been pressurised into buying PPI. Well funnily enough they have now found it so are re-opening the case and will need a bit more time to consider their position.

Hopefully the news will be positive and will keep you posted,

El Capitano

m.colak

YEOSAL wrote: »

HI

Self employed since 1998.
LLoyds Tsb loan Nov 2001 over 60 months. £1400 ppi!!
DFS - Nova Finance Dec 2001 over 36 months. £240 ppi!

Sent first letters to both. Lloyds tsb said no and dont bother with FOS as out of time.
DFS rang and was incredibly rude to me! Got letter from them saying no.

Looks like I wont be able to lodge with FOS. Any ideas please???? Feel really foolish that I have been duped by them, but this is genuine misselling of PPI as only found out i had been paying for this after i had found this site and dug through all my old paperwork.

First thing to remember is if your policy still exsisted within 6 years ago (ie you settled or paid off within 6 years) then you can claim. Lloyds TSB will tell you anything not to pay out. DFS are in the same place as banks as it is a loan and second of all you should have complained for the treatment. Remember always take names and if they won't provide one move up one level in the pecking order likewise if they phone get their full name and if they don't provide it don't deal with them. And ALWAYS get it in writing for confirmation before acting on anything they say. You can lodge with the FOS or in the worse case the FLA (before the FOS in some late PPI Case's depending on company). FOS will take approximately 6-9 months to sort out your claim but it saves you having to work out how much they owe you (8% interest and compo).

m.colak

Kaia wrote: »

As I mentioned before, we have an 18K secured loan with GE money, which was GE Capital when loan was taken out in 2002, we wrote to them re: reclaiming PPi, they replied saying we needed to write to Freedom Finance as they were the BROKER who approved the loan, we wrote to them last week and within 48 had a letter back saying that they were unable to uphold our complaint for the following reason:
At the time we took out the loan Freedom Finance was not required to be authorised and regulated by the FSA but were memebers of the voluntary trade body FISA.
They state that all their employees are trained and in selling PPI which they insist is optional and say that when we took out the loan leaflets were sent to us to explain everything about the PPI, they say that when we signed the forms we ticked the box to say we had read all the leaflets and so we should have been FULLY aware of all the facts.
I clearly remember being told that the loan may not be approved if the insurance wasnt taken out and also remeber the salesperson saying the forms will be in the post in the morning, just sign all fields marked with an x and send back asap which we did, probably without reading any leaflets.

Can anyone tell me what I should do now, do we have a claim?
Also i am a bit confused, who is responsible....who do we claim from ?
It says something about the loan lender being First Plus, the broker is Freedom Finance and the loan is with GE Money?????
CoNfUsEd !!

Check with the FOS don't take a companies word for it and if they weren't covered by them try the FLA which was the body which came before the FOS in some case's. The broker is responsible for mis selling and therefore he is your point of contact he can and should retrieve the monies from the loan company. In a contest of who's word against who's then start throwing round the misrepresentation act 1967 and see if you get a response as it puts the ball in their court and they have to prove that they didn't mis sell after all.

m.colak

MisterNick wrote: »

I would appreciate some advice please.

I took out a loan through Household Bank(HFC) in July 2003 for £5000 for 5 years.

They added PPI that I didn’t want and when I asked them to remove it they stated that I had to go into the branch and take out a new loan which I didn’t follow up.

I still believe that I stated that I didn’t want the insurance but the salesperson wanted the commission because he was leaving to join the armed forces, and I think he sneaked it through. In any event they have sent me a copy of the document I signed.
I think I was missold the whole loan as I only went into try to reactivate my Personal Loan Plus account as I knew I wanted the money short term.

The PPI was a single premium of £1350.21 and the interest on the PPI was £948.59.

The whole thing came to a head n May 2006 when I came to settle the loan, i.e. 3 years into the 5 year period.
The insurance rebate was £203.64 and the total settlement figure was £3820.76.

I queried this but was told that was the deal. I settled in full with the proviso that as I knew that PPI misselling was with the FSA at the time, settling would not prejudice my rights should the FSA enquiry not uphold the allegations in HFC’s settlement offer.

With the recent fine of HFC I think that now is the time to reopen my case even if the time period mentioned by the FSA is not covered by my loan.

A couple of questions;
1. When I write the letter do I just use the paragraph relating to the fined companies, or do I still need to pick out some misselling reasons from the list.
2. Do I need to quote the Misrepresentation Act, and if so is there a wording on this thread that is appropriate.
3. As I understand things, if I go for the breach of the Misrepresentation Act the onus is on them to prove that they did not missell. If I am right do I just allege the breach and ask them to provide their selling process at the time of the sale, or is it more complicated.

Thanks in advance for any help.

1. Yes you do need to tailor the letter to what you wish to report or achieve.
2. There may be several area's in this thread to give you a hint but personnaly i like to just like to use the phrase ..... I believe the way in which this policy was sold to be was in breach of the 1967 misrepresentation act dealing in the area of neglegancy to the customers (me) needs .....etc.
3. Its a bit more complicated then that when you go to court then they will have to prove documentatal evidence that events didn't transpire as you dictated, this usually involves statements from the person who sold you the policy who usually has moved on by then. Interview notes (who keeps them) etc. Its against them really. But thats why you must make complete certain that everything you say is factually correct.

m.colak

hammers1 wrote: »

Hi can anyone please help us get our heads round the way my dads bank HSBC work?!
He appled for a loan of £10,000 and was mis-sold ppi due to the fact that hes self employed. His total ppi costs were approx £2400.
His bank charged him 10.9% on the £10,000 loan, which although is pretty high we do mot have any real argument with.
What we do think is very cheeky is that without his knowledge they gave him another loan for the ppi to pay the insurers in 1 instalment and are charging him for that loan an extra 10.9% over the length of his loan. At no time was he ever informed that ppi was another loan at which interest would be charged seperately.
When i got a loan from Abbey our ppi was just paid out in monthly instalments, ppi was not seen as a separate loan.
So in total they loaned him approx £12,400 of which £2,400 was paid out for ppi as soon as the loan registered in his account. His monthly instalments include ppi payments (+ the extra interest) on top of the primary loan of £10,000.
In effect his bank have given him 2 loans when he only asked for 1.
We have sent in relevant letters to reclaim this but we are higly disgusted that banks can get away with doing this. Its daylight robbery!!!!
We had a 'chat' with his bank manager who was in no doubt that his staff had not 'mis-sold' the policy, like he's going to admit they dont try and rip you off! He agreed to re-negotiate the terms when he realised we had cottoned on to what they were doing and when i mentioned the Martin Lewis website he no longer wanted to talk to me as he knew i had some understanding of whats going on and also of where we stand legally so he made his excuses and left us with another staff member, coward!
Is what they've done legal, please help.

Ok what i would do at this point is follow up the meeting with a letter stating what went on in the meeting and give him a chance to respond or deny events (registered letter) this is now a statement of truth and shows the banks actions on attempted reconcilation. Now follow the template letters and start asking them to pay you back the PPI. The policy of the bank or its actions only help to assist you when you are forced to take it to the FOS or court (which ever route you think is right).

m.colak

franksy wrote: »

I don't have the paperwork for loans with A&L and Nationwide but they were definitely settled within the last 4 years. I've written to both companies twice asking for the relevant info but even though sent recorded, my letters have all been ignored, so now I'm going through the Information Commissioner.
Has anyone else had to go through them? If so, did you get the info, and how long did it take?
cheers
Franksy

The information commisioner will contact the bank directly and ask questions in reference to your request for information. He will attempt to make sure that you have the relevant information within 40 days whereever possible (This is why it is important to send via registered post (it won't go missing)) In the event the bank doesn't provide you with the information he can levy a fine on the bank and assist with what the next step should be.

m.colak

MWH1 wrote: »

Hi guys. I'm particularly interested in hearing from Bathgatebuyer and viv57 regarding their PPI reclaims against the Halifax. I'd really like to know how you've got on.

Also, my friend Tiggrae! You recently wrote that the Halifax's company policy is to deny every claim then pay up immediately on commencement of proceedings. If my claim relates to a loan paid off at the start of 2004 can you clarify whether I can go to the FOS or does it have to be the courts? Either way, can you make recommendations.

Finally, I'd also like to understand how many cases have gone to court and what the outcomes have been. Many thanks

First of all Tiggrae mis quoted it should have been "In all genuine case's where halifax knows it can't win it waits till it gets to court then pays up immediately". There is a thread about HBOS claims on this website which you might want to look at but at the moment the average is nearly always a win (although haven't heard of anyone losing yet). Phone the FOS and ask when the Halifax became subscribed to the FOS if not there is a chance they were subscribed to the FLA check both out. You can always go to court but most like to leave it to the final option as the FOS and FLA can work out how much you should receive however if you go to court you will have to pay out costs and have to work out how much you want back.

m.colak

M1Vix wrote: »

Hi posted this in the wrong place so i'll try again here. I'm in the process of claiming PPI insurance from Picture. I've read that a few people have tried in the past and would like to know if anyone has had any success??

We've already had the fob off letters about insurance booklets (which we never got!) and thier well trained staff??? so we have just sent our letter to the FOS. Our story is, we took out a loan for £35k and asked for insurance due to the size of the loan and for our own peace of mind. we were not asked about previous medical history nor if we already had any insurance which may already cover us. they made no effort to find out if thier insurance actually covered us and to this date (2 years on) we still don't know if we were actually covered! anyway we paid the loan off after only 18 months which included the usual lump sum of insurance which was about £8500 (ouch!) and we were lucky enough to get £700 refund (so generous!) so in all paid £7800 for 18 months of insurance which was probably useless. The statement 'took our money and ran' springs to mind. We also noticed that the cool off period we were given lumped the loan and the insurance together so to cancel one meant to cancel the other leaving us not much choice.

So just a few questions, how long does the FOS take? what are our chances of winning? has anyone claimed successfully from Picture?

Cheers

The current caseloads are pretty high so they are quoting 6-9 months per case. You're chances are as good as everyone else's and they seem to be winning. Can't tell you about picture unfortunately.

m.colak

cocker100 wrote: »

Hi all,

Well, it's nearly time for First Plus to reply to my third and final letter. Day 14 of my 14 day timescale is tomorrow and still heard nothing from them. Not expecting anything good from them. I think they would have replied by now if they were going to offer some sort of deal. Looks like i'll be taking them to court!!!:eek: I'll keep everyone posted as to what happens.

Good luck cocker however i will say give them a ring first before you file the paperwork as it might be worth it too ask what their final decision is. This means you have tried everything now.

Kaia_2

m.colak wrote: »

Check with the FOS don't take a companies word for it and if they weren't covered by them try the FLA which was the body which came before the FOS in some case's. The broker is responsible for mis selling and therefore he is your point of contact he can and should retrieve the monies from the loan company. In a contest of who's word against who's then start throwing round the misrepresentation act 1967 and see if you get a response as it puts the ball in their court and they have to prove that they didn't mis sell after all.

Thanks m colak for taking the time to reply, congrats on the new baby !!!
Have done as you advised, and sent an email to FOS to check details of FREEDOM FINANCE to see if covered in July 2002.
Preparing a letter with the second template and reference to misrepresentation act as you suggest....letter as follows


Dear Sir or Madam,
Re: Secured Loan with G E Money Account number:
We are writing in response to your letter dated 15th January 2008 with regards the insurance sold with our secured loan.Yourreference is CC/

---

We do not feel your letter has offered a satisfactory justification that our policy was sold fairly, reasonably and within our best interests so we request that you look into our complaint again.
We request a copy of the salespersons financial background formal training etc, at the time the policy was sold.
We firmly believe the way in which this policy was sold was in breach of the 1967 misrepresentation act dealing in the area of neglegancy to the customers (our) needs.

If we do not receive a more favorable response within 14 days we shall be taking our complaint to the Financial Ombudsman.

Yours faithfully,

If that sounds ok , will post tomorrow and see what happens:T