PPI Reclaiming discussion

a11waysindebt

Hi,

Just looked at Martins ppi claim video.It States that if you claim on a card you cannot then claim on ppi.Is this correct or am I getting confused.

Thanks

daynurse

This is what they said when refund offerred... cancellation of the policy before its normal expiry date does not entitle the customer to a refund on a pro-rata basis however refunds are paid at the discretion of the insurer and are calculated by them on the balance of the premium left after the deduction of the non refundable elements of the premium?? a greater proportion of the premium is allocated to the early part of the 5-year term by the insurers to reflect the higher risk presented at the beginning of the policy than the end....... IF you wish to cancel we are prepared to make a refund of 1,133 in respect of the premium paid and this would be credited to your loan account!!!!!!..the effect of this reduction in the balance would reduce your monthly payment to 353.00.( 9.00 less) oh and then ...these figures take into account the new rate increase...very kind so not saved anything at all
:mad: :mad: :mad: :mad: :mad: :mad:

tiggrae

daynurse wrote: »

This is what they said when refund offerred... cancellation of the policy before its normal expiry date does not entitle the customer to a refund on a pro-rata basis however refunds are paid at the discretion of the insurer and are calculated by them on the balance of the premium left after the deduction of the non refundable elements of the premium?? a greater proportion of the premium is allocated to the early part of the 5-year term by the insurers to reflect the higher risk presented at the beginning of the policy than the end....... IF you wish to cancel we are prepared to make a refund of 1,133 in respect of the premium paid and this would be credited to your loan account!!!!!!..the effect of this reduction in the balance would reduce your monthly payment to 353.00.( 9.00 less) oh and then ...these figures take into account the new rate increase...very kind so not saved anything at all
:mad: :mad: :mad: :mad: :mad: :mad:

Go back to them and tell them the FSA have stated the non refundable terms within the contract quoted to be unfair under the Unfair Consumer Contract Terms Regulations 1999 and you want a rebate figure which reflects the amounts paid to date

tiggrae

a11waysindebt wrote: »

Hi,

Just looked at Martins ppi claim video.It States that if you claim on a card you cannot then claim on ppi.Is this correct or am I getting confused.

Thanks

if you have made a claim on a PPI for redundancy, sickness etc you CANNOT then say you have been mis sold a policy

tiggrae

Kaia wrote: »

Letter back today from Freedom Finance....

I refer to your recent letter dated 23 January 2008 in which you dispute our findings. You requested that we re-investigate your complaint or you would be left no alternative than to refer to the FOS.
As stated in our final response of 15th January 2008, at the time of conducting business with you Freedom Finance was not authorised by the FSA and operated on purely optional basis.
No advice was ever given with regards to the sale of this policy as such Freedom Finance conducted themselves in a wholly appropriate manner.
This confirms that the PPI was sold on an unadvised basis prior to insurance being regulated, therefore the complaint does not lie within the jurisdiction of the FOS.
Therefore, I must reiterate that we are unable to uphold your complaint.
Yours sincerely.....




I feel silly now ...I threatened FOS in first letter, and was told they were not covered by them but in second letter I wrote something about Misrepresentation Act and threatened FOS again when I should have said FLA or something, I feel like an idiot now.
What does FLA do? Does it act in same way as FSA, just that its a different body....will it work out what claim will be etc...?
I am so confused. Or should I just have threatened court and not mention FLA?
Maybe I am too eager to get my teeth into this and need to slow down and work out what I need to do and have a plan of action?

Basically this is story so far....
Suddenly we realise through media and mainly Martin:money: that we have been mis sold PPi on a secured loan. Taken out with Freedom Finance July 2002 (so 6 yrs is up this year) Loan is for approx 18k and the PPI is what they call front loaded i believe, it seems the policy lasted for 5 yrs so has recently finished.(dont understand any of that part of it) although a joint loan , only hubby covered i think?
Loan , once again... I think? ends in 2018, so 10 years left.

When I heard about all this PPI stuff I just sent letter 1 off straight away, I havent actually done the data protection thing (£10) and requested all our details and statements etc....I think I may have jumped in all guns blazing without thinking steps to take.
Do I Need to do this FIRST?...get the credit agreement and all statments etc....
and what about next letter, do you suggest requsting all our details and saying in the same letter we are preparing a case for court?
Any suggestions would be great...
If we need to take to court who works out what we are claiming?

Go back to them and tell the FSA reported the following in respect to failures of good practice in the selling of PPI, regardless of whether they came under the jurisdiction of the FOS they should have followed best practice, state if you have to go to court you will under County Court Procedure 18 - request for further information - request full documentary evidence of absolute compliance with best practice in the sale of PPI

· 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.

daynurse

tiggrae wrote: »

Go back to them and tell them the FSA have stated the non refundable terms within the contract quoted to be unfair under the Unfair Consumer Contract Terms Regulations 1999 and you want a rebate figure which reflects the amounts paid to date

thanks tiggrae its a matter of waiting now and see how they respond to the unfair rebate im waiting for the transcript(disc) with regards the misselling i need to hear it for myself and see if infact its true what they say i have said etc it will take up to 7 days for that due to the high demand of requests
:money:wonder why!! thanks martin like to thank everyone for there input as well its been so valuable

cocker100

Hi all,

Well, after sitting down and listening to all the advice given, I have decided to try the FOS first with regards to my complaint. Downloaded and typed up the forms tonight, so will get them posted tomorrow. I know it may take a while, but i'm not in any financial hurry to get things sorted. I'll consider the court route if this fails to get the right result.

I've been reading through the recent posts regarding First Plus from various members with interest. It is appauling that they can get away with this type of treatment of its customers when so many of us are complaining about the same type of things. I for one know that my loan agreement blatantly breaks the FSA's rules regarding what is disclosed on it regarding the total amount payable including interest over the full loan term and the actual interest payable itself. From reading recent posts, it seems to me that I am not alone in this. How can they get away with it if the FSA has rules that they must abide by?:mad: :mad: :mad: :mad: :mad:

Anyway, i'll keep everyone posted as to what the outcome is with my complaint.

Cliff.

P.S. Congratulations m.colak on your little bundle of joy. I remember when our first was born. It seems like only yesterday and he is now 5. Enjoy!!!:beer: :j

daynurse

cocker100 wrote: »

Hi all,

Well, after sitting down and listening to all the advice given, I have decided to try the FOS first with regards to my complaint. Downloaded and typed up the forms tonight, so will get them posted tomorrow. I know it may take a while, but i'm not in any financial hurry to get things sorted. I'll consider the court route if this fails to get the right result.

I've been reading through the recent posts regarding First Plus from various members with interest. It is appauling that they can get away with this type of treatment of its customers when so many of us are complaining about the same type of things. I for one know that my loan agreement blatantly breaks the FSA's rules regarding what is disclosed on it regarding the total amount payable including interest over the full loan term and the actual interest payable itself. From reading recent posts, it seems to me that I am not alone in this. How can they get away with it if the FSA has rules that they must abide by?:mad: :mad: :mad: :mad: :mad:

Anyway, i'll keep everyone posted as to what the outcome is with my complaint.

Cliff.
mines the same cliff it does not state that just the amount borrowed and the ppi have you wrote to them or just going straight to fos maybe martin should set up the First plus section on its own lol nite folks on a 13 hour shift tomorrow thanks again

cocker100

daynurse wrote: »

mines the same cliff it does not state that just the amount borrowed and the ppi have you wrote to them or just going straight to fos maybe martin should set up the First plus section on its own lol nite folks on a 13 hour shift tomorrow thanks again

Wrote to them back in October. Got their usual fob off letter saying that we got all info in documentation etc etc.:rotfl: They wouldn't uphold the complain so wrote back asking them to reconsider. They never replied!!! Wrote a third letter threatening court action and they never even replied to that!!!:mad:

You are right! The amount of people in battle with First Plus is shocking. There should be a section about First Plus set aside from everything else!!!:rotfl:

jim2

m.colak wrote: »

You need to get that information that it was front loaded in a statement. Then with the other documentation you have a case.

Thanks for replying.
The girl at Northern Rock told me it was front loaded,is verbal not any use.