PPI Reclaiming discussion

daynurse

Maggie_Holmes wrote: »

Wait till I start posting mine on here, I couldn't understand all that so you are not the only one "thick".

Telephoned First Plus Thursday asking them to send me a transcript of my telephone conversations with them after receiving, what seems to be their bog standard reply letter saying they told me everything over the phone and basically don't stand a chance of claiming by mis-selling or misrepretation and I haven't even put a claim figure in yet, that is where the "thick" bit will come in. Anyway will be on here in a couple of days asking for help with figures as I haven't got any idea how to work them out, also I only have 8 weeks to reply to their letter so I have to get the ball rolling.
ive asked for transcripts today could take 7 days looking at the 4 page response think i will struggle to proove missselling but ill listen and see 4 myself now ive cancelled the policythe struggle is the measly quote on the rebate under 20% its rubbish but dont understand the figures our expert advisor hass supplied im sure hes tucked up in bed with the newbaby can thank them enough

arthurp8

I originally sent a claim to first plus - who then directed me to Bespoke Finance (the broker - actually freedom finance - but same company).

Anyhow they have written back stating that I should have read the literature, their staff are trained and could have answered my questions, and that they were not regulated by the FSA - as such politely go away....

What should I do? Can I follow the template steps and carry on.
They seem to openly be admitting that they were relying on me to read literatue (which I think is what some companies are getting fined for)....

Just not sure what to do now....

daynurse

m.colak wrote: »

No you're not stupid their preying on the fact that you don't understand how they work out their finances.

M. COLAK i still dont know how you managed to get the figures !!!
if the balance say is 39500 and hyperthetically they take off the wonderful rebate of 1131 drops the loan to 38400 the rest of the ppi is on the loan still as i paid it up front so to speak when they reissue they are just going to say the total amount borrowed is 38400 im curious to know what would have happen when the policy runs out after 5 years because in effect you have paid for it for the life of the loan
to me the rebate has no bearing on my loan by cancelling i am only 10.00 a month better off its such a rip off:mad:

Stillsmiling

daynurse wrote: »

Can any of the more knowledgeable posters respond I dont think i will be able to claim on the missselling side but i think to offer less than 20% on my policy is very unfair i have nothing written anywhere saying after first year you may get 2nd year etc infact it does not even say what we would get at the 5 year point i feel as if they have took advantage of us as i work for the nhs redundancy and sick pay is not an issue and yet according to the demands and needs questions we agreed to the policy however they never advised me otherwise can they insist that the refund be taken off the loan it makes no differrence to the monthly payment well approx 10.00 and off course who benefits mmmmmmmmmmm first plus obviously
some advise would be greatly appreciated HELP

Sorry but I'm reasonably sure that the PPI document does detail how much will be refunded at which stage. I think it's 20% first and then goes down. If you need the details pm me and I'll dig my paperwork out tonight. I remember seeing it a few nights ago.

Stillsmiling

daynurse wrote: »

just realised that we have hardly paid anything off the balance even though we have been paying for 2 years i presume that is interest thats bad and extortionate what idiots we have been they will be laughing all the way to the bank!!!!!!!!

We're in the same situation and kicking ourselves for being so stupid. We were "encouraged" to take the PPI because it would be "refunded in 5 years" which we accepted at face value. Didn't occur to us that we'd be paying interest on the PPI amount for the life of the loan and therefore paying them FAR more than they would refund back to us after the 5 years.

Stillsmiling

daynurse wrote: »

M. COLAK i still dont know how you managed to get the figures !!!
if the balance say is 39500 and hyperthetically they take off the wonderful rebate of 1131 drops the loan to 38400 the rest of the ppi is on the loan still as i paid it up front so to speak when they reissue they are just going to say the total amount borrowed is 38400 im curious to know what would have happen when the policy runs out after 5 years because in effect you have paid for it for the life of the loan
to me the rebate has no bearing on my loan by cancelling i am only 10.00 a month better off its such a rip off:mad:

After 5 years with no claims (and no arrears) you can claim back the value of the PPI. However, that will not affect your monthly premium and you will still be paying interest on the PPI amount until the loan ends. It's disgraceful and something that they do NOT make clear!

Stillsmiling

This is a good one, dh has a Natwest card and in 2006 he cancelled his PPI as he hadn't wanted it in the first place. Then in September we went onto a debt management plan and he cancelled his PPI with Natwest. They STILL haven't cancelled it and so I started checking his statements. This was when I realised that the PPI was cancelled in 2006 and NatWest restarted it of their accord in June 2007!!!!!!!!! How shocking is that?! Dh didn't notice!! I WILL be sorting through all this at the weekend!

LISAW_2

LTSB are really making me do the merry dance. My case has now gone to the FOS and on the 10th of Jan they requested my case file. It is now on hold as LTSB have challenged that the FOS take on the case due to timescales ( loans taken out in 98 and refinanced in 99 ) This is where i get really confused, I thought that if i had only become aware in the last 3 years ( due to media and martin ) or my account has been active in the last 6 years ( which it has ) then i was still within the legal timeframes???

Can you please advise as im losing the plot!!

Ta
L x

tiggrae

daynurse wrote: »

its very confusing i know typical women can you put it in laymens terms thats all they said it would on there original offer it doesnt sound right bet you are shouting at the computer god is this women thick!!!!!!!;)

what I think they've done is front end loaded your loan, in otherwords if you have a loan + ppi for 5 years the first 2 years you will be paying off the PPI and NOT the loan capital

tiggrae

arthurp8 wrote: »

I originally sent a claim to first plus - who then directed me to Bespoke Finance (the broker - actually freedom finance - but same company).

Anyhow they have written back stating that I should have read the literature, their staff are trained and could have answered my questions, and that they were not regulated by the FSA - as such politely go away....

What should I do? Can I follow the template steps and carry on.
They seem to openly be admitting that they were relying on me to read literatue (which I think is what some companies are getting fined for)....

Just not sure what to do now....

The following is what the FSA had to say on the selling of PPI in October 2005, look at item 4 & the last one, what you need to say is that the FSA has critisised firms for over reliance upon documentation and that when you take your case to court you'll be asking them to prove their compliance with all of the following, which will include copies of the training records for the staff who 'sold' you the policy !!!

• There was a risk of inappropriate sales: around half of the firms failed to take reasonable steps to ensure that customers did not buy policies on which they could not claim or which provided only very limited cover;
• There were inadequate controls in place for non-advised sales: about half of the firms selling on a non-advised basis did not have adequate systems to stop their staff giving advice or were providing information that amounted to giving advice;
• Advice on PPI was often likely to be poor: most firms did not have systems in place to assess suitability adequately;
• There was an over-reliance on product documentation given to the customer at the expense of explaining the policy to the customer orally: most firms selling by telephone did not give sufficient information on exclusions;
• The quality and timeliness of product and price disclosure by some firms selling single premium policies was poor;
• The level and structure of inducements and targets for sales staff could encourage mis-selling in some firms; and
• Training and competence of sales staff was not adequate in around half of firms;
• Compliance monitoring was variable and in some cases very poor.