PPI Reclaiming discussion

gio67

Hi,
I am at the present reply to barclays and more i read their reply and more upset me.I just need a bit of suggestion how to word the letter because they assume that my ppi was requested for me and i could cancel it at any time..not true i try to cancel so many time in these three years and they always reply to me that pass the 5 months i couldn't cancel any more. They also stated in the letter: " our records indicate that you applied for a barclaysloan in march 2005 for 7000 pounds with the Protection Plan Insurance. Our advisor are trained to offer insurance protection to enable you, the customer, to protect your monthly repayment against unforseen circumstances tha may arise during the term of the loan" .

They are incredible because i couldn't have the loan without the PPI and even when i try to cancel they told me i couldn't anymore.
They gave me 8 weeks to answer and after that they will consider the complaint closed, but after my first letter in august the didn't reply till october and i start to receive some random call from customer service asking me if i want to cancel my PPI never happen before...just because in their computer screen they could see there was a compliant in action...

How can i word my response to this letter?
Please help !!!
Many THX

JEMJAR

Please help. I have just joined mse and am about to send first letters off to credit card companies to request info on insurance, however, one of them American express, I have already wriiten to three months ago asking them to cancel my insurance as I hadn't applied for it. They cancelled straight away which was v kind of them!! but does this affect my claim in any way or would it in fact make my case stronger as they didn't make any comment about it??

daynurse

joanne34 wrote: »

Hi Ive been offered a refund from Firstplus that was taken out in Oct 05 and paid back in Feb 06

Original PPI loan 4384.00
Rebate amount in Feb 06 1491.36
Additonal amount offered in settlement 1757.62

So the total amount offered to me would be 3248.98, they then go on to say this is 78% of the insurance premium as 22% is being held back for the provision of claims and admin costs.

Can you advise if I should accept this and if not how I should go about asking for more??

looking back through previous posts this appears to be the norm after complaining unless you have them on the misselling side if it was me id take the money and run....

daynurse

cocker100 wrote: »

Wrote to them back in October. .: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:

are you sure they got the second and third letter i rang the complants exec to see if he would confirm that my letter had been recieved i fax and email

there is a lot in battle with first plus the more i hear the more angry i get wish something could be done that goes for the ever increasing interest rises

mortimerrankine

hi i have recieved final response from welcome straight no and go away. what can i do now the loans where in 2003 can i go to fos i dont think so. the ppi was a single premium and fronted laoded to my loan . any tips what my nest step can be. i never went to them with the front loading part i went to them with the fact i was told 100% no ppi no loan.

gt568

mortimerrankine wrote: »

hi i have recieved final response from welcome straight no and go away. what can i do now the loans where in 2003 can i go to fos i dont think so. the ppi was a single premium and fronted laoded to my loan . any tips what my nest step can be. i never went to them with the front loading part i went to them with the fact i was told 100% no ppi no loan.

Threaten to reclaim through the courts

tiggrae

Hi Joanne, the following is what the FSA have to say about the fairness of the refund - I've highlighted the important bit - what I suggest you do is write back and ask them to breakdown the 22% into actual costs - as your loan was in October 2005 they know you can take your complaint to the Financial Ombudsman so the refund has to be reasonable and also has to be transparent !!!

The fairness of the refund

We have looked at terms relating to the amount of the refund to be provided, and the clarity of these terms. Because of the differing types of firms and commercial practices within the PPI industry, we do not intend to propose a single refund method for all firms to use. We believe refunds should be calculated to take firms' reasonably incurred costs into account. These costs will depend on the individual firm, but might include administrative fees, a proportion of commission and the uneven spread of the risk across the length of the policy. Firms may find it useful to carry out a review of their refund terms to ensure they are fair under the Regulations.

tiggrae

mortimerrankine wrote: »

hi i have recieved final response from welcome straight no and go away. what can i do now the loans where in 2003 can i go to fos i dont think so. the ppi was a single premium and fronted laoded to my loan . any tips what my nest step can be. i never went to them with the front loading part i went to them with the fact i was told 100% no ppi no loan.

this is what the FSA have to say on single premium ppi, extract the relevant parts out of this document and copy the document to them

Refunds of Single Premium Payment Protection Insurance

tiggrae

mac_saver wrote: »

Sorry to be a pain but I could do with some advice regarding this I dont know what to do, and what my rights are on this one .
The banks were a lot easier!!!!!!!!!

this is a difficult one as I don't think the FOS would look at this given it was 13 years ago when the policy was sold, your only recourse would be the County Courts stating the Statute of Limitations 1980 doesn't apply (ie the 6 year limit) as you've had contact with the provider within the last 6 years

tiggrae

tiggrae wrote: »

Hi Joanne, the following is what the FSA have to say about the fairness of the refund - I've highlighted the important bit - what I suggest you do is write back and ask them to breakdown the 22% into actual costs - as your loan was in October 2005 they know you can take your complaint to the Financial Ombudsman so the refund has to be reasonable and also has to be transparent !!!

The fairness of the refund

We have looked at terms relating to the amount of the refund to be provided, and the clarity of these terms. Because of the differing types of firms and commercial practices within the PPI industry, we do not intend to propose a single refund method for all firms to use. We believe refunds should be calculated to take firms' reasonably incurred costs into account. These costs will depend on the individual firm, but might include administrative fees, a proportion of commission and the uneven spread of the risk across the length of the policy. Firms may find it useful to carry out a review of their refund terms to ensure they are fair under the Regulations.

ps if you remain unhappy with their response make a complaint to the FOS - and send a copy of the complaint form to First Plus as 'a courtesy' !