PPI Reclaiming discussion

daynurse

where have all the experts gone!!!!!!!!!!!!!:money:

Olives

Probably gone to bed. Goodnight;)

daynurse

Olives wrote: »

Probably gone to bed. Goodnight;)

LOL

b10smyth

Hi Martin

wonder if you can offer any advice on my reclaiming case that was rejected by loanline.My wife and I took out a loan for £40,000(set up by loanline and owed to paragon finance) pounds in september 2003 a big regret now it was a rob paul to pay peter situation at the time and had to take a secured loan out against my property.We were not offered any advice at all regarding payment protection or what it actually involved it was all a phone agreement and they just sent the paperwork out to ourselves to sign and send back to them .so we had the loan and the ppi running for just over three years and the interest rate was going up and up so we finally arranged to pay off loan and just take it into our mortgage at the time as our house had gained equity value.the final settlement figure was £51,400 as we were told that we had to pay the full lump sum of our loan inc the ppi policy off.At the time we had no other choice and after much protest we eventually forked out the cash to pay the loan and ppi cost.After reading your article on reclaiming i decided to try and claim back my ppi policy using one of your template letters. The response was as follows "At the time of of sale of this policy loanline operated a non advised service,this meant that the product info was supplied to you in order that you could make a decision that the protection was required".the literature provided including the credit agreement which was signed by yourself and the policy summary and policy document all laid out the policy was for a single premium valid for 5 years ,As this policy was sold in 2003 this is not coveredby the FSA and is therefore no automatic right of appeal to FOS.
Could anyone tell if I still have a case for reclaiming against loanline or paragon ,as i still feel greatly cheated out of my hard earned money by having to pay out the fulllump sum of a policy that was never used or even needed in the first place.

YEOSAL

Hi

I have decided to go straight to court with LLoyds TSB as their final response say I am out of time. Started in 2000, ended 2005 and I know I could go to FOS but sounds like they are backed up with cases. Could this be a deliberate ploy by the banks??

I would like some advisc whether I should use the "mis-selling" or "misrep act 1967" for the court papers. We were not given the option of not having the ppi and was taken out as a consequence of a bank review so they should have known our self employed status, had own business and guaranteed income. Also loan was used to clear some of our overdraft.

Help/comments please anyone?

tiggrae

SUFC wrote: »

Tiggrae, can you answer me this one please. Thanks.

well you can either go for the mis selling (ie cohersed into it) but an easier way is to reclaim back what you paid on early redemption - did you get much a rebate - if not this is what the FSA has to say on the Fairness of Rebates on Single Premium PPI Refunds of Single Premium Payment Protection Insurance

look at the bit that talks about the fairness of the refund

tiggrae

Kaia wrote: »

Tiggrae.....
Did as you suggestedand in my 3rd letter reminded them of the findings of the FSA, pointing out the 4th point especially and the last as you had said, Re: the reliance on documentation etc.
Then I "borrowed" some useful bits of another post....ie......

I hope that you will enter into a sincere dialogue with me about this matter and I am writing this letter to you on the assumption that you will prefer to do this than merely respond with standard letters and leaflets.
I will give you 14 days to reply to me accepting, unconditionally, my request in principle and letting me know a date by which I will receive payment.
If you dispute that I am entitled to a refund of these payments, I request that you forward within the above mentioned time scale, a copy of the Terms and Conditions that were in force at the time my account was opened, and any subsequent amendments to those Terms and Conditions. These are requested under CPR Pre-Action Protocol 4.6(c), and failure to provide them will be brought to the attention of the court, should it be necessary to commence a county court action.
If you do not respond, or you do not respond positively, within this time period, I shall send you a letter before action giving you a further 14 days in which to reflect. I believe that these targets are more than sufficient for a large company such as yours with dedicated staff and departments.
After that, there will be no further communication from me and I shall issue a claim at the expiry of the second deadline.

Reply received this morning....

As explained in our previous correspondence your loan was completed in ** July 2002 which was prior to regulation by the FSA which is only applicable to cases after the 15th January 2005.
At the time of your application the Payment Protection was sold on a non-advised basis, therefore all documentation was provided to yourself and it was your decision whether you proceeded with the PPI.
Unfortunately as over 5 years has passed since your loan completed we do not have any written records pertaining to your application as we are only required to keep them for 3 years.
Therefore I must reiterate that i am unable to uphold your complaint.
Yours sincerely
*****
Compliance Officer.


Is this right, are they only obliged to keep them for 3 years?
PLEASE....what should I do next ?

first of all the critisism from the FSA are on failures in Good Practice - go back to them and thank them for their letter as it basically admits to failures in good practice and will be used as evidence in your county court case. Regarding the requirement for 3 years that's absolute rubbish as they have to keep records for Corporation Tax & VAT Purposes going back 6 years plus the current tax year are they therefore, admitting to failure to maintain records in accordance with HMRC (Her Majasties Revenue & Customs) rules

tiggrae

YEOSAL wrote: »

Hi

I have decided to go straight to court with LLoyds TSB as their final response say I am out of time. Started in 2000, ended 2005 and I know I could go to FOS but sounds like they are backed up with cases. Could this be a deliberate ploy by the banks??

I would like some advisc whether I should use the "mis-selling" or "misrep act 1967" for the court papers. We were not given the option of not having the ppi and was taken out as a consequence of a bank review so they should have known our self employed status, had own business and guaranteed income. Also loan was used to clear some of our overdraft.

Help/comments please anyone?

read the Misrepresentation Act 1967 - it's only 3 pages long, you need Negligent Misrepresentation - use the wording directly from the act

tiggrae

b10smyth wrote: »

Hi Martin

wonder if you can offer any advice on my reclaiming case that was rejected by loanline.My wife and I took out a loan for £40,000(set up by loanline and owed to paragon finance) pounds in september 2003 a big regret now it was a rob paul to pay peter situation at the time and had to take a secured loan out against my property.We were not offered any advice at all regarding payment protection or what it actually involved it was all a phone agreement and they just sent the paperwork out to ourselves to sign and send back to them .so we had the loan and the ppi running for just over three years and the interest rate was going up and up so we finally arranged to pay off loan and just take it into our mortgage at the time as our house had gained equity value.the final settlement figure was £51,400 as we were told that we had to pay the full lump sum of our loan inc the ppi policy off.At the time we had no other choice and after much protest we eventually forked out the cash to pay the loan and ppi cost.After reading your article on reclaiming i decided to try and claim back my ppi policy using one of your template letters. The response was as follows "At the time of of sale of this policy loanline operated a non advised service,this meant that the product info was supplied to you in order that you could make a decision that the protection was required".the literature provided including the credit agreement which was signed by yourself and the policy summary and policy document all laid out the policy was for a single premium valid for 5 years ,As this policy was sold in 2003 this is not coveredby the FSA and is therefore no automatic right of appeal to FOS.
Could anyone tell if I still have a case for reclaiming against loanline or paragon ,as i still feel greatly cheated out of my hard earned money by having to pay out the fulllump sum of a policy that was never used or even needed in the first place.

there's 2 issues here - is it the money you paid on early redemption - this is an easier route to go after - or the full amount for mis selling - not as easy as the first - these are 2 very different pieces of legislation the first one easier to prove then the other

Agaton_Sax

Have seen the commercials on TV about re-claiming PPI [usual no win, no fee stuff] and I have been 'topping up' and paying the PPI with the loan for years with RBOS. My concern is I am on very friendly terms with my Bank Manageress; would my claim have a negative effect on her ? I don't want her getting into trouble.