PPI Reclaiming discussion

Kaia_2

johnsmiffy wrote: »

Hi everybody,

Just wondering if somebody could give me some advice on a PPI reclaiming matter.

Back in 2002 the wife & I took a secured loan from Paragon, via Purple Loans (Midland & General) - now GE Money. This loan was settled a couple of years ago, and looking at the paperwork we received the grand sum of £26 PPI refund from a lump sum premium of £2000!

I also believe that we were mis-sold the policy due to various reasons.

So, I have written to Paragon - who pointed the mis-selling on to Purple Loans (M&G). I then wrote to Purple, and have been advised that it is not their fault, but the matter should be taken-upo by the insurer. Oh and they also say the "policy was sold to you on a non-advised basis" even though I we did not tick the insurance box ourselves!!!

So, here is my question - where should I go from here? Back to Paragon as their name is the only one which appears on the certificate of insurance. OR just go straight to the FOS?

Any help would be appreciated.

Hi johnsmiffy....

In a similar position to you ....(read back through my posts to compare)...
we took our loan out same as you back in 2002 but apparently companies werent regulated by the FSA until April 2005, so you cant ask the FOS to look at it. I have been given some useful tips on here about what to write in letters, besides the templates of course, and had my 3rd reply on Saturday.
I need to send my fourth letter off this week, but awaiting some tips on what to write and next step to take.....
Where have all the experts gone????????????????????????? H E L P:money:

daynurse

KEEP SMILING just check the wording it was written in the same way as mine
ist bit of rebate off loan the the enhanced WILL COME OFF thats one of my arguments it should be our choice:money: wonder if martin knows how they get away with that the fsa told me you can contest it going off the loan first plus tell me that information is incorrect:money: :money: :money: :money: :money: :money:
is it or isnt it that is the queston

barneybeagle

NEXT
Here is my second letter to NEXT and their reply.
This reply does not add up to me, but I haven’t a clue where to go now. We closed the account over a year ago so it seems strange that they are asking if we wish to cancel the policy?

I would appreciate any assistance and direction on this please.



Dear xxx,

Re: Account Number xxxxxx

Thankyou for your recent correspondence dated xxx.

I purchased the above policy from you in 1991, but now believe that I was mis-sold this policy as your salesperson was very pushy in selling me the policy so that I felt I could not say no. I was also not told that the policy was optional and I have since realised that I had alternative insurance cover over that period.

Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to the date I closed my account. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.

I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.

I look forward to a response by return.

Yours sincerely,

xxx


The reply from NEXT:

I am very concerned to learn that you feel that you were mis-sold a Payment Protections Policy (PPP) and that you remember a sales person you spoke to about this being forceful. After investigation, I can confirm that your policy started on xxx 1991, and at that time policies were automatically added to new customers accounts. We did not have a sales team who spoke to customers trying to sell the policy to them and I therefore believe that there may be some confusion between our policy and one belonging to another company.

If a customer wished to opt out of the scheme, all that was required was for them to complete a section on the back of their statement and return it to us and this section was printed on every statement issued for some time. Later, customer who enquired about cancelling a policy were asked to write in to us to confirm the cancellation, however we have no record of any correspondence ever being received from you on this subject, or informing us that the policy may not be suitable for your requirements.

I can also confirm that we are only regulated by the Financial Services Authority for consumer credit issues. Companies who offered insurance policies did not have to be registered with the FSA for Insurance Sales until 15th January 2005, and by this time we had ceased to sell new policies. This, combined with your complaint being about an incident that occurred before 6th April 2007, means that it would not be under the Financial Ombudsmans remit to investigate your case as their rules and regulations would not apply.

To clarify, for the above reasons we will not be refunding the premiums you have already paid to us.If you wish me to cancel your policy, please do not hesitate to reply to me by signing the enclosed letter and returning it to me in the pre-paid, self addressed envelope.

Any help is appreciated - Cheers
bb

barneybeagle

Barclaycard
Here is my second letter to Barclaycard and their reply. I would appreciate any assistance and direction on this please as I feel that we are snookered on this one?

Yr Ref: xxxxxxxxxxxxxxxxx


Dear xxx

Re: Account Number xxxxxxxxxxxxxxxx

Thankyou for your recent correspondence dated xxxxxxxxxxxxxx.

I purchased the above policy from you in 1996, but now believe that I was mis-sold this policy as your salesperson implied that by taking out the policy would assist my credit application. I was also not told that the policy was optional and I have since realised that I had alternative insurance cover over that period.

Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to the date I cancelled the PPI in December 2006 prior to me closing the account earlier on this year. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.

I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.

I look forward to a response by return.

Yours sincerely,

xxxxx



FINAL RESPONSE from Barclaycard:

Dear xxx,

I write further to your recent letter dated xxx. I have reviewed your complaint and detail my findings below.

Our Understanding of your Complaint:

I understand your Barclaycard Visa account was registered for the Payment Protection Insurance but you have stated that you believe the policy was mis-sold and you have asked for a full refund of premiums paid.

Background to the events leading to your complaint:

The Payment Protection commenced on your account on xxxxx 1996 and a policy document was sent to you few days later. You had a 30 day cooling off period in which to examine the document, decide if it was suitable for you and cancel it if necessary.

The policy was cancelled at your request on xxxxx 2006. You have not previously queried any of the charges applied to the account for the previous years.

What we have done to resolve your complaint:

We have reviewed your individual case and informed you that the policy was valid and agreed to on the xxxx 1996.

Summary of our Internal Investigation:

A Payment Protection policy document was sent to you in October 1996 when your account was registered for this insurance. It was your responsibility to read this document and decide if the policy was suitable for you.

Your policy schedule, detailing the benefits and exclusions of the cover, was sent to your home address and included within the schedule was your right to cancel the policy. This advised that the policy could be cancelled at any time, and if cancelled within 30 days of the cover commencing any premiums paid were refundable.

The policy schedule was sent to you detailing the full product information enabling you to make an informed decision. The premiums which you have been paying since you have opened your account have been to provide insurance for Life, Accident, Sickness and Involuntary Unemployment.

In the circumstances, I must advise that compensation is not applicable in this case.

Our “Conditions of Use” state that it is your responsibility to ensure that your spending is reconciled each month against your statement. Payment Protection Insurance was shown on each statement and communication should have been made to Barclaycard in order to rectify this.

I am sorry this is not the outcome you wanted, however, I hope my explanation is helpful. For the purposes of the Financial Ombudsman Service you may regard this letter as our “Final Response” to your complaint.

You will find more information about the Financial Ombudsman Service in the enclosed leaflet. Please note you have six months from the date of this letter to refer to the Financial Ombudsman Service for investigation.

xxx

Any help is appreciated - Cheers
bb

barneybeagle

Capital One
Here is my second letter to Capital One and their reply. I would appreciate any assistance and direction on this please as I do not know if we can proceed with the complaint or not?


Dear xxxxxxxx,

Re: Account Number xxxxxxxxxxxxxxxxxx

Thankyou for your recent correspondence dated xxxxxxxxx 2007.

I purchased the above policy from you in 2005, but now believe that I was mis-sold this policy, due to the fact that you have been fined by the FSA for failing to treat your customers fairly when selling Payment Protection Insurance and I do not believe that my policy was sold in my best interests.

Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to the date I cancelled the PPI in xxxxxxxx 2006 prior to closing the account earlier this year. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.

I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.

I look forward to a response by return.

Yours sincerely,

xxxxxxxx


Reply from Capital One:

Dear xxx,

Thank you for writing to us about the PPI that we have added to your account.

Your comments are correct in that Capital One were fined by the FSA regarding the sale of PPI. Unfortunately, due to a system error a number of our account holders were sold PPI but were not sent the terms and conditions for the PPI. Therefore, they wouldn’t have been aware of the full restrictions and exclusions of the policy.

We have contacted all the account holders that were affected by this and have taken appropriate action. I’d like to assure you that your account was not one of the ones affected so we have not contacted you about this.

We sold the PPI to you when you requested it when you applied on the internet for an account with us. We then sent you documentation to tell you that PPI was optional. You ticked and signed this to agree to taking out PPI. Capital One is authorised and regulated by the Financial Services Authority for the sale of insurance. We are therefore required to ensure that our marketing material is clear, fair and not misleading. PPI is optional and this is made clear to you within our marketing material.

Capital One is not authorised to provide advice in relation to insurance products. Capital One would not therefore have made a recommendation that you should take out PPI, or advised you that the product was suitable.

You received the full policy document, which included full terms and conditions and policy summary prior to the conclusion of contract. This contains a full list of exclusions and outlines the cost of this policy. You received a 30 day cooling off period in which you could cancel the policy free of charge.

As we have sold you the PPI correctly and in accordance with your request we will not be refunding any of the premiums.

If you have any further questions, blah blah blah.

xxx

Any help is appreciated - Cheers
bb

barneybeagle

MBNA (Virgin card)
Here is my second letter to MBNA (Virgin card) and their reply. I would appreciate any assistance and direction on this please as I do not know if we can proceed with the complaint or not?


Dear xxxxxx,

Re: Account Number xxxxxxxxxxxxxxxxxxxxxxx

Thankyou for your recent correspondence dated xxxxxxxx 2007.

I purchased the above policy from you in 2005. Prior to signing up I contacted a representative by phone and spoke about the product. My understanding now is that I was mis-sold this policy as your salesperson was very pushy in telling me about the policy so that I thought it was compulsory to have. I was not told that the policy was optional and I have since realised that I had alternative insurance cover over that period.

Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to the date I cancelled the PPI in xxxxxx 2006. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.

I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.

I look forward to a response by return.

Yours sincerely,

xxxxx


Reply from MBNA (Virgin card)


Dear xxxxx,

Thank you for your letter dated xxxxxx 2008 regarding the Payment Protection Cover (PPC).

At MBNA credit cards we provide our customers with the option of one insurance policy, which is underwritten by the insurers, St Andrew’s Group. I must clarify that whether a customer chooses to select the option or not, has no impact on our decision as to whether the application would be successful or not.

Our records show that the PPC was applied to your account following your request at the time of completing your application. By signing the signature form you were confirming that the information you had provided was true and complete. I have enclosed a copy for your reference.The terms and conditions were issued in the form of a benefits booklet, along with the initial issue of your credit card. These gave you 30 days in which to read and cancel without any financial obligations. During this time, it was your responsibility to ensure that you were eligible for the cover and that the policy met your requirements. Also, you could have contacted us at any time to discuss the details of the policy , should you have had any questions relating to the benefits and exclusions applicable to the cover and their personal circumstances.

Since the policies were applied, updated versions of the PPC terms and conditions have been issued. These were sent in January 2007. These also provided you with a further opportunity to contact us to discuss the details of the policy.

PPC premiums have clearly shown on each of your monthly statements, where a balance has remained outstanding. The terms and conditions of the credit card clearly state that it is the customer’s responsibility to ensure that they check each statement and contact us should they dispute any transactions.

The cover is an optional benefit and can be cancelled at any time. Following my investigations, I note that you contacted us on xxxxx 2006 to request the cancellation of the PPC. In line with the terms and conditions of the policy, we require 30 days notice to cancel the cover, therefore, a further premium should have been charged. However, as a courtesy the cover was cancelled with immediate effect and no further premiums have been charged.

I regret to advise that I am unable to issue a refund of the premiums. Having considered all details of this case, I am satisfied that the cover was requested and that you have been covered in line with the terms and conditions of the policy.

I am aware that my response may not meet your expectations, however, I believe this issue has been fully addressed. It therefore appears that we have now exhausted our internal complaints procedure. Consequently, this is our final response. If you are still dissatisfied with this final response, you may refer your complaint back to the Financial Ombudsman Service, within six months of the date of this final response letter. Blah Blah Blah.

We will not enter into any further correspondence regarding this matter, unless instructed to do so by the Financial Ombudsman Service.

xxxx

Attached to their letter was a copy of the original contract signed with the PPI ticked by myself.

Any help is appreciated - Cheers
bb

markhodgkins

hi all

I took out a loan with the Halifax and took out a PPI with it. I was not told in any detail about it just told that it would cover payments if i was off work.

I tried to cancel this last year when i discovered what impact this had on the total amount of the loan. I was told by Halifax that in order to cancel it i would have to take a new loan out.

I borrowed £8000 over 7 years and as of last year the amount still repayable including interest is about £10,500. Even if they take off the £2000 for PPI i would still need to get a loan for £8500 which is more than original taken out 2 and 1/2 years ago.

Surely this is not fair just because I want to cancel something I don't need. I would end up worse of for just claiming back the 2 grand.

Help Me anyone please I'm confused???

nova

Hi, We had the same problem with mbna, l think this must be their bog standard reply, the FOS must be over whelmed by the amount of complaints about ppi, we have sent ours to them just awaiting reply. So lm not much help lm afraid but will keep you posted if l have any success.All these ppi's are mis sold (in my opinion)if nobody knows what thet are paying and it seems if people do try and claim on them there's always a reason that they're not covered so the company could have not asked the right questions,therefore mis sold.

barneybeagle wrote: »

MBNA (Virgin card)
Here is my second letter to MBNA (Virgin card) and their reply. I would appreciate any assistance and direction on this please as I do not know if we can proceed with the complaint or not?


Dear xxxxxx,

Re: Account Number xxxxxxxxxxxxxxxxxxxxxxx

Thankyou for your recent correspondence dated xxxxxxxx 2007.

I purchased the above policy from you in 2005. Prior to signing up I contacted a representative by phone and spoke about the product. My understanding now is that I was mis-sold this policy as your salesperson was very pushy in telling me about the policy so that I thought it was compulsory to have. I was not told that the policy was optional and I have since realised that I had alternative insurance cover over that period.

Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to the date I cancelled the PPI in xxxxxx 2006. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.

I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.

I look forward to a response by return.

Yours sincerely,

xxxxx


Reply from MBNA (Virgin card)


Dear xxxxx,

Thank you for your letter dated xxxxxx 2008 regarding the Payment Protection Cover (PPC).

At MBNA credit cards we provide our customers with the option of one insurance policy, which is underwritten by the insurers, St Andrew’s Group. I must clarify that whether a customer chooses to select the option or not, has no impact on our decision as to whether the application would be successful or not.

Our records show that the PPC was applied to your account following your request at the time of completing your application. By signing the signature form you were confirming that the information you had provided was true and complete. I have enclosed a copy for your reference.The terms and conditions were issued in the form of a benefits booklet, along with the initial issue of your credit card. These gave you 30 days in which to read and cancel without any financial obligations. During this time, it was your responsibility to ensure that you were eligible for the cover and that the policy met your requirements. Also, you could have contacted us at any time to discuss the details of the policy , should you have had any questions relating to the benefits and exclusions applicable to the cover and their personal circumstances.

Since the policies were applied, updated versions of the PPC terms and conditions have been issued. These were sent in January 2007. These also provided you with a further opportunity to contact us to discuss the details of the policy.

PPC premiums have clearly shown on each of your monthly statements, where a balance has remained outstanding. The terms and conditions of the credit card clearly state that it is the customer’s responsibility to ensure that they check each statement and contact us should they dispute any transactions.

The cover is an optional benefit and can be cancelled at any time. Following my investigations, I note that you contacted us on xxxxx 2006 to request the cancellation of the PPC. In line with the terms and conditions of the policy, we require 30 days notice to cancel the cover, therefore, a further premium should have been charged. However, as a courtesy the cover was cancelled with immediate effect and no further premiums have been charged.

I regret to advise that I am unable to issue a refund of the premiums. Having considered all details of this case, I am satisfied that the cover was requested and that you have been covered in line with the terms and conditions of the policy.

I am aware that my response may not meet your expectations, however, I believe this issue has been fully addressed. It therefore appears that we have now exhausted our internal complaints procedure. Consequently, this is our final response. If you are still dissatisfied with this final response, you may refer your complaint back to the Financial Ombudsman Service, within six months of the date of this final response letter. Blah Blah Blah.

We will not enter into any further correspondence regarding this matter, unless instructed to do so by the Financial Ombudsman Service.

xxxx

Attached to their letter was a copy of the original contract signed with the PPI ticked by myself.

Any help is appreciated - Cheers
bb

rosemahairy

just rang the fos about ppi with welcome finance. they were extremely helpful 02079640500 option3. they told me welcome finance became regulated by them 14/01/2005. any contracts that were after this date they will be covered by them so kick off take non of their fob offs regarding miss selling. i actually have 4 loans with welcome (i know im a pratt) ranging 2003-2005. they have taken my details including the agreement numbers etc on the loans (all of them 2003 -2005)and are writing to welcome for me telling them to expect my complaint and that they must find satisfactory resolution or they are getting involved. He said for me to write a letter of compliant about all 4 loans and claim it all back. he said i must do this before they can take full action but the pre letter should give them motivation not to ignore me. thought others could use this if they are struggling

Appy_2

Hi there,

Just wanted some sanity-checking of my PPI letter as I've amended the template a little with some information but wanted to make sure I haven't then also amended my chances of success!

The loans I have were taken out when I was studying in 2002 but had a 4 year deferred period so I started paying them back in 2006. Now I was told I had to take PPI but as I wasn't working when I took out the PPI would I have ever been able to claim unemployment payback anyway? In other words, wasn't PPI totally useless?? I was wondering whether I should add in that PPI was not suitable to my needs - the paperwork states 'if eligible' but clearly the salesperson didn't check whether I was eligible in this case.

I've added in a para about cancelling the policy and wanted to make sure it makes sense. Should I ask to cancel PPI in the same letter or go for reclaim first and then cancel???

"I also wish the payment protection to be cancelled on all future payments made to these accounts without setting up a new loan or performing a new credit check. In conversations with staff on Monday 11th February 2008, I was informed that PPI had been removed from loan ref XXXXXXX; therefore I know that PPI can be removed from my loan without the need for a new loan or credit check."

Feedback would be appreciated.

Thanks