PPI Reclaiming discussion

daynurse

cocker100 wrote: »

Good for you!!!:T I've not even been offered any sort of rebate yet, so i'll be interested to see what they think of my latest email. It was a lot more militant than the previous ones. I've given them until Tuesday to meet my requests and have said that I will start court action immediately if they dont. They haven't sent me any tapes of the phone conversations even though I asked for them. If they no longer have them, then I would win by default at court as they wouldn't be able to defend themselves as they need to prove that they never mis-sold me the policy.:D When did you take out your loan? Ours was in August 2005, was yours after this date. I wonder how long they keep the phone calls on file for?

Good luck with your case.

we tool the loan out jan 2006 i have emailed my letter and just faxed it so thats that!!! will keep u updated
thanx

daynurse

Kaia wrote: »

Good Luck Daynurse...I hope you get what you ask for, all the best x

thanx fingers crossed sent it now:eek:

trishapete

tiggrae wrote: »

what they've done is called 'front-end loading' what this means is that in the first years of the loan you think your premiums are paying both loan & ppi - not so, the first years would be paying ppi only - that's why you've a low settlement figure on cancellation - you've already paid the premiums in full !!!

This is what the FSA have to say Refunds of Single Premium Payment Protection Insurance

Thank you for your reply, I think I understand now. It would appear that we are stuck with the repayments as they are. Big lesson learned the hard way.

daynurse

Kaia wrote: »

Another question......Just wondered what the 5 year refund thing was all about as well, I 've read in some posts that if no claims are made on your PPI after five years, then you can claim it back, havent a clue what this is all about?

firstplus singlepremium policy give you a cash back insentive after 5years
not what it seems!!! dont know how other policies compare

tiggrae

Firemunchkin wrote: »

Thanks Tiggrae, I've read what the FSA have to say on the subject of refunds if paying back a loan early and they say that they can't give a single policy for all firms as firms may need to cover their own admin costs etc. It doesn't give any guidance to what is considered fair refund - my contract states I'll only get 8% of the PPI back if I pay back the loan 3/4 of the way through but I feel that a pro rata refund is much fairer.

I was thinking of phoning the FSA on this point tomorrow - so I'll let you know what they say, unless you have any other advice on that point?

The other point, which would supercede the above point if I'm right, is that I wasn't told that I could obtain PPI elsewhere, is that a duty of a salesperson when they are trying to sell you PPI?

Ever so grateful for your help!

the point is the refund has to be fair, reasonable and transparent - ie a company has to demonstate how much the admin fee etc. are. 8% refund is clearly an unfair term under the Unfair Consumer Contract Terms Regulations 1999 and as you'll see from the document companies have been instruction to change them

tiggrae

trishapete wrote: »

Thank you for your reply, I think I understand now. It would appear that we are stuck with the repayments as they are. Big lesson learned the hard way.

ABSOLUTELY NOT !! Under Contracts Uberrimae Fidei (Contracts of Good Faith) imposes a strong duty of disclosure of all material facts because one party, is in a strong position to know the truth - they should have told you about this, as it makes them massive profits at your expense so in no way can the payments of a Single Premium PPI be in your best financial interests and that is what they are obliged to work in.

trishapete

tiggrae wrote: »

ABSOLUTELY NOT !! Under Contracts Uberrimae Fidei (Contracts of Good Faith) imposes a strong duty of disclosure of all material facts because one party, is in a strong position to know the truth - they should have told you about this, as it makes them massive profits at your expense so in no way can the payments of a Single Premium PPI be in your best financial interests and that is what they are obliged to work in.

Thank you Tiggrae, I'm sorry to appear dim over this, but what is my next step please? Should I contact the FSA or do I go back to the lender first? I really appreciate your advice and I see that lots of other people are also benefitting from your knowledge and kindness.

Kaia_2

daynurse wrote: »

firstplus singlepremium policy give you a cash back insentive after 5years
not what it seems!!! dont know how other policies compare

Thanks Daynurse...I'd seen a couple of posts mention it but dont really understand it, ours was a single premium that only covered the first 5 yrs of the loan (for hubby only I believe) as much as we'd love to... it is unlikely we could repay early, is it only when you settle early you get a refund?

daynurse

Kaia wrote: »

Thanks Daynurse...I'd seen a couple of posts mention it but dont really understand it, ours was a single premium that only covered the first 5 yrs of the loan (for hubby only I believe) as much as we'd love to... it is unlikely we could repay early, is it only when you settle early you get a refund?

what did they say happens at the end of the 5 years!!!
nite all

Kaia_2

daynurse wrote: »

what did they say happens at the end of the 5 years!!!
nite all

Dont know, we havent been told anything its only now we have realised we have PPI, my hubby was off sick for 7 months last year, we didnt claim cause we didnt even know we had payment protection until now!