PPI Reclaiming discussion

Sy1

sweetchilly wrote: »

Received a letter from Barclaycard:

“As a goodwill gesture and without any admission of liability Barclaycard is prepared to credit you with £68.00, plus 8% interest”

But total late payment charges are £140.00 + interest.

What should I do now? Please help me.

Sweetchilly,

Are you talking about trying to reclaim PPI on a Barclaycard? If so, did you also complain about excessive charges for late payment?

If not, they will be unaware that you are unhappy about the high amounts you may have been charged for not paying on time - these are two different issues.

The PPI issue is that of being mis-sold, ie not knowing you had cover, being forced/persuaded into taking PPI cover etc.

The late payment fees issue is such that it is generally believed that the amounts credit cards charge are unfair and excessive - and not a true reflection of the costs they would incur by you not paying your bill on time.

If you have only written to them regarding PPI, it is obviously good that they have offered to repay you what you have paid in PPI plus interest, but I don't understand why you are unhappy that late payment charges are more than this amount, as this is a totally separate issue which they would not have automatically addressed unless you asked them to.

Please can you clarify further on this?

swingtop

I sent a template letter to G.E. Money regarding debenhams ppi. They sent me a letter stating it was sold in the correct way. What do i do next? Send another letter? Or ombudsman?

Scottrobson

I have just read on my statements over the last 6 years from HFC Bank i have been paying this protection premuim, is this the same as PPI does anoyone know??

pink_poodle_queen

swingtop wrote: »

I sent a template letter to G.E. Money regarding debenhams ppi. They sent me a letter stating it was sold in the correct way. What do i do next? Send another letter? Or ombudsman?

If G.E. Money is part of G.E. Capital then you have a good case as they have been fined regarding the mis-selling of PPI, see link below: -

http://www.fsa.gov.uk/pages/Library/Communication/PR/2007/015.shtml

Write to them again telling them you are NOT happy with their decision. I wrote to Alliance & Leicester a second time after their first reply stated that they had NOT mis-sold me the PPI, I disputed it as I genuinelly believed that they had mis-sold it to me. In your letter advise them that you will be taking it up with the Ombudsman. Although in my case Alliance & Leicester still disputed the mis-selling of the PPI, they did 'as a goodwill gesture' cancel the PPI and made a full refund (see my story above).

Good luck, and don't give up. Hope to see your success story here soon......

treadinwater

Hi Everyone,

Had a secured loan (2nd charge) that was satisfied last year so sent the lender a letter to claim back as the chap selling lumped it onto the loan and indeed it only lasted the first 5 years which he never mentioned.

Anyhow the chap who sold us the loan worked for a broker (xyz loans ltd) who then got the loan through the lender. The lender is saying they are not responsible as they didn't actually sell the loan to us, it was the broker.

Is this right and do we have to chase the broker ?

pink_poodle_queen

swingtop wrote: »

I sent a template letter to G.E. Money regarding debenhams ppi. They sent me a letter stating it was sold in the correct way. What do i do next? Send another letter? Or ombudsman?

Just checked, G.E. Money is part of G.E. Capital Bank, see: -

http://www.gemoney.co.uk/en/about_ge_money/why_ge_money_about.html

It states that: -

"GE Money is the new trading name for GE Consumer Finance and GE Capital Bank Ltd, which came into being when General Electric bought the Burton Group´s finance company 20 years ago; we are a wholly owned subsidiary of General Electric".

When you write to them, I would enclose a copy of the information I referred to in my previous message about them being fined for the mis-selling of PPI.

Good luck, you have a really good case.

jennysnail

First time I've posted a reply.

I was sold a GE money loan by a salesman from Fascia mania and the insurance (which I didn't know i had until I just checked the paperwork) was through Pinnacle Insurance as a single premium. Which company should I be claiming money back from -

Fascia mania
GE money
or
Pinnacle ?

Sy1

Hi treadinwater and jennysnail,

I notice you are both asking basically the same question - you have been sold a loan through a broker and are unsure as to whether you should be writing to the broker or the actual lend to try to reclaim PPI.

Obviously PPI reclaiming is a relatively new thing and the successes and failures of users of this site have just been starting to come through over the last few weeks.

To be honest I can't recall reading anything about this specifically, however my thoughts are that you should be contacting the broker rather than the lender.

This is because, whilst your loan is from the lender, and your application was put to, and approved by them, you probably had little or no direct contact with the lender during your application.

You would have spoken to or seen a representative from the broker, who, having spoken to you and identified your needs would have decided what product was most appropriate for you and put an application through to the lender.

Therefore it is the broker who has made the actual sale and 'sold' you a financial product, and leading you to believe it was the most appropriate solution to your needs.

Therefore, if any mis-selling has taken place, it doesn't really seem that the responsibility should lie with the lender, as they have simply processed the application from the broker and not had any direct contact with you to decide which product you should have.

In Martin's article on PPI reclaiming, brokers are not specifically mentioned, but he does say Once clear of the reasons, write a letter to the company that sold you the policy asking for a refund. In both of your cases the company which sold you the policy would be the broker (Fascia mania in your case jennysnail).

The article also mentions companies which have been fined by the FSA for mis-selling PPI and at least one of them (Loans.co.uk) is a broker. So it would appear that everything mentioned on PPI reclaiming should be applicable to both banks and lenders AND brokers. After all, both have been responsible for selling PPI to customers (or MIS-selling!)

Treadinwater you mention you have already contacted the lender direct and they have waived responsibility. I would now contact the broker you used because they have actually sold you the PPI. It would seem you do have a case of mis-selling as the PPI cover was only for 5 years (and your loan term was presumably longer) and you were not made aware of this.

Jennysnail, again you should try contacting the broker (Fascia Mania) and again, it sounds like a case of mis-selling as you were not even made aware you were applying for PPI cover. You should also complain about the fact it was also a single premium policy as the FSA has deemed such policies to be unfair (there is specific info relating to this in Martin's article) - however I think you should place emphasis on the fact that you were not made aware that you had PPI as this is clearly MAJOR negligence on the part of the broker - to not fully explain what they are selling you!

Hope that this helps and I wish you the very best of luck in reclaiming. I'm still in the process of reclaiming mine from A&L - and at the moment, having chased them it seems they are hanging the time out to the full 56 days they are allowed before letting me have their full response to my first letter! So it might take a while but hopefully we'll all get there in the end, and hopefully lenders and brokers will be more careful, informative and responsible when selling financial product in the future.

PJJ_2

Hi all,
I really want to claim my insurance on my egg loan but I am scared they will demand the whole loan back. I cant afford to pay the whole loan back. I also don’t think I am entitled to. They offered me the insurance and I took it so I don’t have a case. I wanted the unemployment cover on a 17k loan. I will cancel the PPI but I am not sure I will get anywhere claiming back as I agreed to it despite not being able to claim it or actually use the insurance. Some advice please???

Rowan1946

Who do i address the letter too?
Its a high street bank, so who do i send it FAO
Loans Manager?
Loans Dept Manager?

Cheers