PPI Reclaiming discussion

mortimerrankine

m.colak wrote: »

The only reason i recommend the court route is due to the length of time t can take through the FOS although if the loan was before 2004 then they weren't covered and you have to try a body like the FLA. You can use martin's 8% statuatory calculator in any of the charge reclaim sections to work out the interest you should receive back (you have to do it for every payment you made). The downside of the court system is that you have to work out how much you want and there is no chance of compo unless you can prove gross misselling. The FOS usually can sort out compo and additional interest.

its every payment i dont get that bit sorry it was a single payment ofppi added on to the loan so do i calculate interest on that or every month it was in 2005 both loans so it can go through the fos how long did the court route take you did they pay up before it got to court or did it go all the way?

freedom2b

Sound an excellent letter and when asked for an audio copy of the `phone conversation they seem to,rather unsurprizingly get cold feet..Check specks last post out, they had an excellent result,make sure you ask for an audio copy of the conversation as I don`t put lying and fobbing you off past them.Good luck!

m.colak

freedom2b wrote: »

Hi M.colak,

Many thanks,I suppose I wait to hear back from Halifax before going via the FOS...Is this a relatively easy process...?

Yep baby is very good in fact he and his mum are right next to me relaxing right now, slept very good for first night up only twice for 5-10 mins each time thats all.

The FOS is very good and i advise you fill the forms in online as else if you phone then they only have the basics and then you have to wait for second class post for the complaint for you to sign. The downside is, although they are very good and will ensure your case is fully look into, this can take between 6-9 months for a result. Some have been faster but thats the average.

m.colak

Welsh_Adey wrote: »

Thank you m.colak for your advice.

I have drafted a letter to send to them. Can someone give it a once over and let me know if i should change it. Thanks in advance.

Dear XXXXXX

Re. Account number: XXXX

Thanks for your letter dated 20 December 2007, Reference Number CRXXXX
Your replay states that I phoned on 5 January 2007 at 4.35 pm and my card was activated and that I was enrolled on the optional Payment Break Plan. I have had this card from Dec 2005 and been paying Payment Break Plan every month from then. I have statements dated before then showing that I have been paying Payment Break Plan. Can I have a copy of the transcript of this call, as I don’t believe this is what happened during the phone call?
I signed up for this card in a shopping center In Solihull in December 2005. I remember signing up, and remember being there for all of a few minutes. Your sales representative did not explain to me that this was an optional extra, and I did not know I was paying it. It was only when all this PPI has been covered in the press that I looked into my account, and noticed that I was paying a Payment Break Plan. You have stated that this is not insurance, and therefore not subject to the GISC private code. I still feel that your sales representative miss informed me, and I that I was negligently misrepresented and as such under the 1977 Misrepresentation Act the onus is upon you to prove otherwise.
Unless you can prove otherwise, I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.
I look forward to a full and prompt response to this letter and for the matter to be concluded with eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.

Yours faithfully,

Its the 1967 Misrepresentation Act but apart from this i think that this pretty sums up your case.

m.colak

mortimerrankine wrote: »

its every payment i dont get that bit sorry it was a single payment ofppi added on to the loan so do i calculate interest on that or every month it was in 2005 both loans so it can go through the fos how long did the court route take you did they pay up before it got to court or did it go all the way?

your PPI payment although it was a single premium was split into all the subsequent payments therefore you need to work out how much of your regular payments were the PPI and interest and then put that into the calculator for each month you paid the amount. On settlement the remaining balance is then put into the last date you calculate.

freedom2b

m.colak wrote: »

Yep baby is very good in fact he and his mum are right next to me relaxing right now, slept very good for first night up only twice for 5-10 mins each time thats all.

The FOS is very good and i advise you fill the forms in online as else if you phone then they only have the basics and then you have to wait for second class post for the complaint for you to sign. The downside is, although they are very good and will ensure your case is fully look into, this can take between 6-9 months for a result. Some have been faster but thats the average.

Many thanks,is it the FLA or FOS as the loan was taken out in 2003?

Welsh_Adey

m.colak wrote: »

Its the 1967 Misrepresentation Act but apart from this i think that this pretty sums up your case.

Fingers faster than my eyes. Thanks for that. Will make the amendment

Thanks for the help, I will keep you all posted to whats happens.

louietudor

[FONT=&quot]hi all ive just started my claims against my credit and store cards and my bank and have had my first refusal from capital one - the usual your were given the policy - you could have cancelled blah blah blah - [/FONT][FONT=&quot]
[/FONT]
[FONT=&quot]my basis for claiming is that i was and am still self employed and did not realise i was paying for cover i could not claim on ( indeed i dont think they should have sold me a policy i could not claim on) - below is what i intend to send in my second letter with parts used from looking at advice given to others here - could someone have a gander and give me your opinion if its enough or do i need more:[/FONT]


[FONT=&quot]quote:
[/FONT]
[FONT=&quot]As explained I was and still am still self employed and you were notified of my employment status from the date of application. At no point was I informed that I was paying for cover ( ie redundancy etc) that I would never be able to claim on.
[/FONT]
[FONT=&quot]I do not recall receiving the explanation of cover by letter, please provide me with the date these were sent and a copy of the document[/FONT]

[FONT=&quot]Aside from this [/FONT][FONT=&quot]The Financial Services Authority stated the following within their report, dated 4th November 2005, on the sale of PPI, [/FONT]

[FONT=&quot]‘[/FONT][FONT=&quot]There was an over-reliance on product documentation given to the customer at the expense of explaining the policy to the customer orally [/FONT]

[FONT=&quot]As you can be clearly seen, your own regulator, the FSA does not believe the reliance upon documentation to be good practice in adequately explaining PPI policies. [/FONT]

[FONT=&quot]Therefore, we do not believe your letter of 15th January 2008, adequately justifies how the policy was:[/FONT]
· [FONT=&quot]Not Negligently Misrepresented,
[/FONT]· [FONT=&quot]both fair and reasonable,
[/FONT]· [FONT=&quot]in my best financial interests; and
[/FONT]· [FONT=&quot]meet’s the criteria of Treating Customers Fairly.

[/FONT][FONT=&quot]I would also refer you to the misrepresentaion act 1967

[/FONT][FONT=&quot] Again request I repayment of all premiums paid, plus interest at the statutory 8% otherwise I will have no options but to take my claim to the Financial Ombudsman and give the above ruling by the FSA I have no doubt as to it’s outcome.[/FONT]

[FONT=&quot]end[/FONT]


[FONT=&quot]cheers all in advance
[/FONT]

DebtMagnet

Hi and thanks to all the helpful people on these forums!

I have read the main article a few times, I have read the ‘Report PPI Successes’ thread in it’s entirety, and I have looked at all 111 pages of this thread and read any bits that appear relevant, but I am still unsure if it is worth trying my luck with reclaiming PPI?

I have had my credit card for almost 10 years now and at the time of taking it, I didn’t really need it or want it and was simply offered it by my bank. I stupidly said yes and have lived a life of debt ever since (I was quite flattered I suppose to be offered credit:o ). Anyway I had to go in to my branch to collect it and sign for it. I wasn’t there for long and don’t recall any conversation about PPI or anything else for that matter and even if it was mentioned, I wasn’t clued up enough to understand what it was or if I needed it, or indeed wanted it. I have never wanted or needed it and until recently, I wasn’t savvy enough to even realise I had it. Yes it showed on my statement every month but I didn’t really understand it and never questioned it as I presumed it was just something that was on every credit card (I’d never had any credit before then and I was pretty clueless, but thanks to MSE I am now much better!!!) I tried to cancel it a few years ago but was told I couldn’t and as I had a huge balance on the card I didn’t have an option to pay it off and cancel the card so just carried on.

They also added card protection cover as well which seems to be an annual policy as a charge just appears once a year. Every time it appears I question it and they tell me I have to contact the 3rd party company to cancel it and apparently it was also added when I first took out my credit card. I have never used this and certainly would have never wanted it as I didn’t have any cards at that time other than a simple debit card.

Anyway my questions are these:

• 1) Do you think it is worth trying a claim based on the fact that I don’t remember being told about PPI, and that I didn’t understand it or want it? Is this enough of a miss-sell?

• 2) This 6 year rule for the FOS seems to be confusing people on here. Some say if your signed agreement was over 6 years ago then the FOS can’t deal with it, others on this thread say that it’s 6 years from the last payment, or last communication on the matter. But all the info seems to relate to loans so not sure if it’s relevant. As the PPI is still on my card and I am still stupidly paying it (I know I know, I will cancel now I know the score) does that mean I can go down the FOS road if needed?

• 3) Do you think I would have a case for reclaiming this 3rd party card protection as they can obviously see on their records that I have never used it and although I should have cancelled it sooner, The point is I never asked for it and certainly wasn’t made aware of it?

Any help would be greatly appreciated.

Many thanks in advance,
DM

m.colak

freedom2b wrote: »

Many thanks,is it the FLA or FOS as the loan was taken out in 2003?

If its black horse i didn't go to either and just took them to court as have one with halifax which was already taking too long. You need to phone the respective service/agency to find out however i'm sure if you talk the FOS they will be able to tell you when they started.