PPI Reclaiming discussion

m.colak

I sorry i haven't replied to any of your questions as have man flu at the moment but don't worry will look through the questions and post as much advice as i can tomorrow.:A

Kaia_2

mcolak, hope the little one is doing well and you are enjoying being a daddy!
Its nice to see you back...
Update....on my situation
On sec. loan taken out in 2002 for 18k over 15yrs.

I have sent 4 letters sent to Freedom so far

1st was the template for mis-selling ....rec'd a standard bogoff reply

2nd letter quoted mis-representation act....again std bogoff reply

3rd letter I quoted over reliance on documentation and FSA findings......reply saying not members of FSA at time and voluntary guidelines etc, also I had asked for copy of contract and Terms and Conditions etc....Reply said no records pertaining to our loan as they only keep for 3 years.

4th letter reminding them of FSA findings and failiures of good practice and telling them they must keep records for 6 years and please forward as we would need for CPR pre-action if we need to go to court.
Gave them 14 days to reply positively, and a further 14 days to reflect, then no further comms as we would issue a claim.

Reply ...Final response.....Unable to uphold complaint.....cannot send you any docs, only required to keep for 3 yrs , supported by FSA guidelines.

Now, the thing is I have been quite poorly for the last couple of weeks and I have not replied to their last letter dated 2nd Feb, so I already look silly for not sticking to what I said I would do ......because a full month has passed and where I had said I would issue a claim I have done nothing!

Okay, so whats the next step....to get back on track....???

I had no info because they would not send out any documents, so all I know is that Freedom is the BROKER who sold us the loan but GE Money is the actual LENDER, so I phoned them today and asked for the figures...
So at least now I know that it was a 18K secured loan taken out over 15 years and that a single premium of £2,021.33 was added to the loan at the START.
Does this really mean that I am paying interest on this premium for 15 years, even though the policy ran for just 5yrs ???

mcolak, thanks for your past help in getting me to this stage, i would really appreciate any further guidance.....should I just go ahead with the MCOL thing now, or should I reply saying that I am now going to issue a claim, and allow them time to reflect, explaining that the delay in my response is due to ill health and that by no means have I "gone away"!
But...How on earth do I know the exact figure I am claiming I have NO IDEA, useless with things like that....any help would be massively appreciated.:A

devon-tony

Hi all, so glad to find this wonderful site of information and possibly some reassurance

anyway my story goes like this, secured loan application with barclays bank, was pressured into the PPI, was never asked about life insurance etc, which I already had with barclays, they never explained to me that the insurance wasnt in fact going to cost what they said, but more than double due to the insurance, also that the insurance was only for 5 years but the loan 20 years

3 years after the laon we tried to sell the house

we borrowed £81k

repayed £900 per month for 31 months

settlement figure!!!!!

£93k

so we delve further,

the insurance policy was "sold" to me at £19836, but if the loan runs full term, because they put it on the loan at the beginning and the interest went on it, total amount payable for that insurance is at least £42000, with interest rates like they are with barclays, its most likely to be closer to £45000

then it got worse, that policy it now appears was only for the first 5 years of the loan, so thats £42000 of insurance to cover the first 5 years, total amount of payments due in the first 5 years??

about £50000


so they proper stitched me up, lent me to the absoulute max of my equity then lumped on the £19k insurance policy

letter explaining my un happyness is on its way today

no idea what Im owed, but all I know is that its a huge joke

m.colak

Kaia wrote: »

mcolak, hope the little one is doing well and you are enjoying being a daddy!
Its nice to see you back...
Update....on my situation
On sec. loan taken out in 2002 for 18k over 15yrs.

I have sent 4 letters sent to Freedom so far

1st was the template for mis-selling ....rec'd a standard bogoff reply

2nd letter quoted mis-representation act....again std bogoff reply

3rd letter I quoted over reliance on documentation and FSA findings......reply saying not members of FSA at time and voluntary guidelines etc, also I had asked for copy of contract and Terms and Conditions etc....Reply said no records pertaining to our loan as they only keep for 3 years.

4th letter reminding them of FSA findings and failiures of good practice and telling them they must keep records for 6 years and please forward as we would need for CPR pre-action if we need to go to court.
Gave them 14 days to reply positively, and a further 14 days to reflect, then no further comms as we would issue a claim.

Reply ...Final response.....Unable to uphold complaint.....cannot send you any docs, only required to keep for 3 yrs , supported by FSA guidelines.

Now, the thing is I have been quite poorly for the last couple of weeks and I have not replied to their last letter dated 2nd Feb, so I already look silly for not sticking to what I said I would do ......because a full month has passed and where I had said I would issue a claim I have done nothing!

Okay, so whats the next step....to get back on track....???

I had no info because they would not send out any documents, so all I know is that Freedom is the BROKER who sold us the loan but GE Money is the actual LENDER, so I phoned them today and asked for the figures...
So at least now I know that it was a 18K secured loan taken out over 15 years and that a single premium of £2,021.33 was added to the loan at the START.
Does this really mean that I am paying interest on this premium for 15 years, even though the policy ran for just 5yrs ???

mcolak, thanks for your past help in getting me to this stage, i would really appreciate any further guidance.....should I just go ahead with the MCOL thing now, or should I reply saying that I am now going to issue a claim, and allow them time to reflect, explaining that the delay in my response is due to ill health and that by no means have I "gone away"!
But...How on earth do I know the exact figure I am claiming I have NO IDEA, useless with things like that....any help would be massively appreciated.:A

Ok the first question here is if GE money have the information you should be seeking the CCA (Customer Credit Agreement) from them. The second is check out the limtations act 1980 especially this link:

http://www.emplaw.co.uk/researchfree-redirector.aspx?StartPage=data%2f0107201.htm

Which specifically say a normal contract is 6 years. Hope this helps. By the way that is six years from the completion of the contract, you can do the sums two ways if you have settled claim the whole PPI plus 8%. Or you can do sums and work out how much extra has been charged due to the addition of the PPI.

m.colak

devon-tony wrote: »

Hi all, so glad to find this wonderful site of information and possibly some reassurance

anyway my story goes like this, secured loan application with barclays bank, was pressured into the PPI, was never asked about life insurance etc, which I already had with barclays, they never explained to me that the insurance wasnt in fact going to cost what they said, but more than double due to the insurance, also that the insurance was only for 5 years but the loan 20 years

3 years after the laon we tried to sell the house

we borrowed £81k

repayed £900 per month for 31 months

settlement figure!!!!!

£93k

so we delve further,

the insurance policy was "sold" to me at £19836, but if the loan runs full term, because they put it on the loan at the beginning and the interest went on it, total amount payable for that insurance is at least £42000, with interest rates like they are with barclays, its most likely to be closer to £45000

then it got worse, that policy it now appears was only for the first 5 years of the loan, so thats £42000 of insurance to cover the first 5 years, total amount of payments due in the first 5 years??

about £50000


so they proper stitched me up, lent me to the absoulute max of my equity then lumped on the £19k insurance policy

letter explaining my un happyness is on its way today

no idea what Im owed, but all I know is that its a huge joke

Im sorry to tell you mate i have no way of to properly calculate how much you got stung with but will ask a question. I have with my mortgage critical insurance cover with zurich which means should anything happen to myself or my wife the mortgage is paid. Now if you took out this additional insurance policy there was no requirement for the PPI. So the question is if you have been sold PPI on a policy you had insurance for you shouldn't have been sold it. The best solution i can give you is go the FOS as the amount that your are talking about seems excessive and i wouldn't like to comment on the amount you could possibly get back. Plus the company will attempt to reduce the damage by offering a smaller settlement figure. Wish i could help but don't want to give false advice.

m.colak

YEOSAL wrote: »

I did think about FOS but had sent one for PPI from DFS which was rejected as not regulated at that time. I am also a bit put off by the time scale and was waiting to see if they would take on your case first.

Also I discovered I had taken out another loan with LLoyds TSB 11 months earlier and have requested a copy of the agreement as not sure if I had PPI on that one.

It seems like a real minefield and I have got claims and compliants everywhere! Got a letter from LLoyds TSB today saying they are dealing my complaint, but dont know which one as I could not match up the ref number!

Hi yeosal just to say don't give up on the DFS as several people have successfully claimed against them so far. Second start organising yourself like i did. Get yourself a box file and several plastic binders and split up your claims with an index and a timeline on the front so you know where you are with each case. Buy a small diary so that you can note down important dates when you expect answers by or what the next stage would be. Also useful for recording any phonecalls you had with any companies.

m.colak

SUFC wrote: »

Hi M.Colak, thanks for this, its encouraging. Do you think my case sounds like i have clear proof? Regards, SUFC

Right have just looked back at your postings and i see that you have already claimed back the bank charges on the account. Don't worry you can do multiple claims as i have on my Halifax credit card. Claim charges now claiming the PPI warrant has been issued remember these are two seperate issue's and don't let them think they aren't. Second of all i saw that YOUR loan was in your husband's name which means that should you have been ill you wouldn't have been able to claim only your husband. If you can prove that it was you who took out the loan ie its your signature on loan and that you made the payments then yes you were mis sold and yes you can claim. They might state that it was up to you to make sure the paperwork was correct however its their reasonsibility as its a contract raised between yourself and them.

m.colak

Allan_And_Paula wrote: »

Hello All,

I have a dilemma! I have recently put in a claim on my Barclays Business Loan PPI insurance and been rejected due to having "symptoms" of an illness which was diagnosed TWO YEARS after I took out the loan. According to them, you are not allowed to have symptoms 2 years prior to taking out the loan. To put this in context, they are saying that if you are diagnosed with a brain tumor halfway through your 5 year loan they will not pay out if you went to the doctor complaining of a headache before taking out the loan!!

This was not explained to me fully prior to taking out the loan AND i was told that I could not take out the loan unless I took the PPI cover. So, my question is, should I appeal against this decision (as I could not possibly have known that going to the doctors because I was tired meant that I would be diagnosed with ME 2 years later.) or should I claim back the PPI payments as I was mis informed on 2 counts?

Has anyone else had these kind of problems (or successes!) with Barclays (Business Loan) before?

All help greatly appreciated.

Paula & Allan

I think the ownes here is the fact that when you fill in the questionaire you fill it out accurately and therefore to your knowledge you have never had any illness's that you don't know of. If it doesn't state that you had an illness prior to the loan then yes you should have been able to claim. Basically what this amounts to is a breach of contract between yourself and them and therefore you should be able to reclaim the PPI either two ways. If they are saying that you mis informed them then how did they get this information. If they got this information via medical checks then why weren't these carried out before and therefore they mis sold. Second if they are claiming that your's not eligable they this should have been obvious from the outset and should not again have sold the PPI.

m.colak

Alice123 wrote: »

Hi

Can any one help me???? we took a loan out in Dec 2004 for £10300 and also had the PPI (which we thought was a good idear at the time) and that has added £3190.97 to the loan plus £1702.22 in interest (for the pleasure of having protection, plus £5496.18 interest on the loan amount so in total the loan has cost us £20689.37!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

So my question being should I try to claim the PPI back?? as it is only covering my husband not both of us?? so in effect of no use as both made redundant friom the same comp back in 2005 and could not claim as we got redundacy pay. This is a very tricky issue as it has cost us a lot of money for nothing!!

Please can some one help??

Quote from BBA (British Banking Association)

"FSA has recognised that payment protection insurance provides a valuable safety net to protect against unexpected financial crises caused by circumstances such as redundancy or ill health. Our members fully support this view and are firmly committed to making PPI products available to borrowers."

so at what point is it acceptable that you can't reclaim if you got made redundant. I would breach this under unfair terms and condition.

Unfair terms in contracts - what is an unfair term?
An unfair term in a contract covered by the Unfair Terms in Consumer Contract Regulations (UTCCRs) is not binding on you.
Test of fairness

A term is unfair if:

• Contrary to the requirement of good faith it causes a significant imbalance in the parties' rights and obligations under the contract, to the detriment of consumers.

'Good faith' means that traders must deal fairly and openly with you.
Although standard terms may be drafted to protect commercial needs, they must also take account of your interests and rights by going no further than is necessary to protect those legitimate commercial interests.

m.colak

Hi am available now and i think i've covered everyone's questions if i haven't please get back in touch. Still a bit snotty though.