PPI Reclaiming discussion

m.colak

katiekittykat wrote: »

Ok Finally had a reply from Natwest, basically saying they don't believe that i was mis- sold as i signed and had 30 days to cancel.

What can I do now?

xxx

This is based on the fact that you knew you had PPI or that you understood it when/if it was explained to you. Write back and again reiterate the first points you made if they were that you weren't advised about PPI or that you were told that it wasn't optional. Failing this immediately send the complaint to the FOS or take it through the courts.

katiekittykat

m.colak wrote: »

This is based on the fact that you knew you had PPI or that you understood it when/if it was explained to you. Write back and again reiterate the first points you made if they were that you weren't advised about PPI or that you were told that it wasn't optional. Failing this immediately send the complaint to the FOS or take it through the courts.

Thanks, is there a template for this on the main page?

m.colak

Triggles wrote: »

Argh! Typed this all out and it was erased! I will try again.

OK. Facts are as follows:

Tesco loan 2004

Main loan £7000
"insurance loan" £1262
total credit = £8262

total charge for credit £1664.40

total loan payable £9926.40

repayments - £140.16 main loan repayment
£25.28 insurance loan repayment

---

Topped up Tesco loan 2007

Main loan £4475.83 for refinancing 2004 loan
£7166.17 for new loan
"insurance loan" £2476

total charge £2655 (interest - includes £465.80 for insurance loan)

repayments - £230.52 main loan repayment
£49.03 insurance loan repayment

---

Now when we got the second loan in 2007, there was NOWHERE on the paperwork where we got a refund for the 2 years of PPI insurance (which they've already admitted was mis-sold due to the whole pre-existing medical conditions issue). So basically, we're still paying for 2 years of PPI not used as that loan was closed, while we're also paying for a NEW PPI, right??

So.... how do I figure out what is the appropriate amount of monetary reimbursement. Tesco told DH on phone that they would reimburse PPI payments made on first loan - but I think they should be reimbursing the whole amount paid thus far plus interest as well as reimbursing the amount carried over to the new account as well as any interest paid on it now or through the end of the loan. Am I correct? Can someone please tell me how to figure this out?

Tesco very irritatingly called to discuss it and happened to catch DH early in the morning after he worked a late shift and simply wasn't connecting what they were saying. He didn't agree to anything over phone, thankfully, and told them to send it in writing and we'd look at it. I've also asked him in future to tell them we don't want to discuss this over phone, but through mail so we have proof and no chance of misunderstandings. I'm expecting a letter from them with their offer any day now, so I'd like to be able to figure out what we should get versus what they will offer. Any help appreciated! Thanks!

Hi there is no right/wrong way of working out how much you should have been refunded but you can guarenteed in most case's the amount you get won't be proportional to the amount you paid out. In all case's where you believe that the rebate/refund you got was disproportionate you should raise a complaint with the FOS to investigate as they can work out the exact figures plus any compensation you may be due.

Anchorage_2

wendyhampo wrote: »

I have a loan with first plus with PPI but the loan was organised through Loans .co. uk who do I send a claim to Loans.col.uk or First Plus. anyone know?

i`M HAVING THE SAME DILEMMA BOUGHT WINDOWS FROM sTAYBRITE but the loan/ppi was from First Plus and it was sold through window co. agent. Who do we claim from????

eaglegunner

Gori wrote: »

Hi Eaglegunner,

Any luck with Barclays guys?
I was about to do the same as you did (hoping to claim PPI on two Barclays loans - one from 1999 and one from 2000) and if you find a bit of time, I would really appreciate any tips.

Cheers,

xG

Gori,
I was amazed to see you reply to my post which i made on page 136 (i believe) :rolleyes: At least someone else noticed my post.

http://forums.moneysavingexpert.com/showthread.html?t=524028&page=136

I'm about to pop out for a meeting and my file(yep its that large:D ) is not on me as its at home, when i get back i'll reply in detail as to whats happened.

Briefly, i got a reply to my first letter (which i will post here later) stating the 'statutes of limitation act' and that i could take my case to the FOS but they doubt they would take the case as its beyond six years to the loan agreement etc, etc.... they didnt even address my reasons as to why i think it was mis-sold etc...which to me meant they must think i have a case but trying to fob me off with time limit.

So what i did was go and download the 'Statute of limitation act' AND 'Misrepresentation Act' and studied thoroughly, poured through my Credit agreement AND Barclayloan protection policy cert going through all the T & C's as well as going through every single page in this thread and then i composed the 2nd template letter adding a rebuttal to every single fob-off they stated as well as more detail to my reasons for my claim with the appropriate (sub)sections of the various acts that support my claim and sent by registered post on the 14th Feb (which was signed for on the 15th)

I gave them 14 days and i haven't heard anything yet...i am about to send LBA and i am weighing up going straight to court.:mad:

By the way i also found out i was railroaded into another Insurance policy in 2002 for a business loan i took for my limited company (£2500 from 2002 - 2007) while i was purported to be under cover for PPI on the personal loan from between 1999 to 2004 even though the PPI was to cover Unemplymnt, sickness & disability while the insurance cover was for critical illness and life cover.

I have all documentation for both and will be enquiring about the businessloan next.:D

m.colak

katiekittykat wrote: »

Thanks, is there a template for this on the main page?

Try this line

reference your previous letter dated ******* i refer once again to my initial complaint sent ***** to which issue's you have not addressed. You have stated that i had a 30 days "cooling off" period however in my letter of complaint i stated:

"The policy was sold to me with the emphasis that the PPI element was mandatory and not option"

"The policy was sold to me with no indication or mention of a PPI element"

(Try and use the exact wording you used in your inital letter).

To which end i request you re investigate this complaint in view to the fact this is in breach of the Mis Representation ACt 1967 where this product has been negligently sold to myself/partner/both me and my partner. I look forward to your response within 14 days.

Yours sincerely,

Katiekittykat (I would use your real name here):D

Triggles

Hi there is no right/wrong way of working out how much you should have been refunded but you can guarenteed in most case's the amount you get won't be proportional to the amount you paid out. In all case's where you believe that the rebate/refund you got was disproportionate you should raise a complaint with the FOS to investigate as they can work out the exact figures plus any compensation you may be due.

I'm not looking for a right vs. wrong way - I'm looking for a way at all! Not a math/banking whiz here, and I would just like a quick step-by-step guide on how to figure it out if possible, as I have to do this with our loan with Abbey as well! Thanks much!

eaglegunner

Gori wrote: »

Hi Eaglegunner,

Any luck with Barclays guys?
I was about to do the same as you did (hoping to claim PPI on two Barclays loans - one from 1999 and one from 2000) and if you find a bit of time, I would really appreciate any tips.

Cheers,

xG

Gori,
I just remembered i have all letters i wrote on my mem stick, this was my 2nd letter to them below, (i know its long );

---

xxxxx

xxxxxx

xxxxx
xxxxx

13/02/08

BARCLAYS BANK PLC
xxxxxx
xxxxxxxx,
xxxxxxxxx,
London xxxxxxxx


Dear Sir or Madam,


Re: Account number: xxxxxxx


I am writing in response to your letter dated 31st January 2008, with regards the insurance sold with my Barclayloan. Yourreference is xxxxxxxxx

I do not feel your letter has offered a satisfactory justification that my policy was sold fairly, reasonably and within my best interests so I request that you look into my complaint again

I would like to correct the notion that I had postponed making a complaint and the said complaint considered time barred under the statute of limitations as mentioned in the fourth (4th) and fifth (5th) paragraphs of your letter. I have only been made aware of the issue that loan Insurance was not compulsory through the recent huge media interest and expert web sites, therefore I am within the 3 year time limit.

I would also like to point out that I have been in contact with and made payments to you, the lender in the last six (6) years and sections 14A (4)(b), 14A (5) and 6 (3) of the Limitation Act 1980 support the statements made in the last two paragraphs above.

Again, I wish to draw your attention to the seventh (7th) paragraph of your letter with regards the Financial Ombudsman Service’s terms of reference and ability to deal with my complaint being more than six years after, as ‘advised’ by you. I again remind you that as in the case of the statute of limitations above, the Financial Ombudsman Service can consider a complaint if it is more than six (6) years after the event complained of, if it is less than three (3) years from the date on which I became aware that I had cause for complaint, as stated in their guidelines.

Once again, I would like to remind you that I believe I was mis-sold insurance on my Barclay loan for a number of reasons, amongst which are listed below:


(1) I was and still am self employed and you were aware of my employment status at the date of my application. At no point was I informed that I was paying for cover (i.e. redundancy etc) that I would never be able to claim on. (See section 4. D. of the Barclay loan protection policy certificate – a copy of which was enclosed in my previous letter dated 21/01/08)
(2) Your representative stated that taking out the policy would assist my credit application and was very pushy in selling me the policy so that I felt I could not say no, even though I did say no. However, your representative stated that taking out the policy was essential for me to get the associated credit which I needed. Your representative did not tell me that the policy was optional, even after I requested to be given the loan repayment rates ‘without Barclays protection’ as advertised at the time, which I was refused.

(3) I was not informed that indeed I could have sought optional insurance from elsewhere and paid on a monthly basis instead of being put under pressure to accept a cash loan of £7100 (which I applied for) plus a credit charge of £2650 (which I accepted) with an incredible mandatory addition of a Premium loan AND credit charge of £1540.06 + 574.34 totaling £2114.40 (which I did not apply for) to my credit agreement as a single premium payment to purchase Barclay loan protection, ironically which was supposed to be optional?

(4) Further, in your terms and conditions of the credit agreement under (2) Cancellations, it states that “the borrower has the right to cancel this agreement. Cancellation by the borrower of either the ‘cash loan’ or ‘premium loan’ shall be deemed to be an election to cancel the whole agreement.” This highlights my point being that this contract was misrepresented, negligently as I only applied for a cash loan and not a premium loan which was forced upon me without my consent as a single premium payment to purchase Barclay loan insurance, which I didn’t want and mentioned at the time. This also deprived me of my right of an option to choose a type suitable (if at all) for my needs at the time.

(5) Finally, I believe insurance contracts are contracts uberrimae fidei (contracts of the utmost good faith) which impose on you a “duty of disclosure of all material facts because one party is in a strong position to know the truth” inter alia. I believe that you should have disclosed to me that the type of policy you sold me, a single payment premium, essentially made me borrow more money, rather than simply pay a monthly fee for insurance (that was really of no use to me and I didn’t even want). I believe you should have made it clear to me that the policy generated large profits for you at my expense. You failed to do this. I believe that you have also therefore failed in your duty of disclosure.


Therefore, I do not believe that your letter of 31st January 2008 adequately justifies how the policy was:

(i) Not Negligently misrepresented,
(ii) Both fair and reasonable
(iii) In my best financial interests; and
(iv) Meets the criteria of treating customers fairly.

I would also like to refer you at this point to the ‘Misrepresentation Act 1967’, in particularly to Negligent Misrepresentation.

Again, I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. 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.

If I do not receive a more favorable response within 14 days I shall be taking my complaint to the Financial Ombudsman or pursue a claim through the courts, without any further correspondence as I am confident that the information and evidence I possess will support a ruling in my favour


Yours faithfully,

---

xxxxxxxxxxxxx

katiekittykat

m.colak wrote: »

Try this line

reference your previous letter dated ******* i refer once again to my initial complaint sent ***** to which issue's you have not addressed. You have stated that i had a 30 days "cooling off" period however in my letter of complaint i stated:

"The policy was sold to me with the emphasis that the PPI element was mandatory and not option"

"The policy was sold to me with no indication or mention of a PPI element"

(Try and use the exact wording you used in your inital letter).

To which end i request you re investigate this complaint in view to the fact this is in breach of the Mis Representation ACt 1967 where this product has been negligently sold to myself/partner/both me and my partner. I look forward to your response within 14 days.

Yours sincerely,

Katiekittykat (I would use your real name here):D

fab - thanks very much hun

xxxx

m.colak

Triggles wrote: »

I'm not looking for a right vs. wrong way - I'm looking for a way at all! Not a math/banking whiz here, and I would just like a quick step-by-step guide on how to figure it out if possible, as I have to do this with our loan with Abbey as well! Thanks much!

Ok work it out as two loans then

loan 1

loan start date =
loan amount = 7000
repayments = 165.44
settled first loan date =
loan length =
settlement figure = 4475.83
loan charge = 1664.40

loan 2

loan start date =
loan amount = 7166.17
repayments = 279.55
number of payments made =
loan length =
loan charge = 2655

if you fill out the details i can work out a rough figure for you based on the mis sold PPI.

PS don't worry will show working out for you.