PPI Reclaiming discussion

purplereign

purplereign wrote: »

... I wrote to them (NatWest) in November with template number one and received an acknowledgement on the 19th December. Giving them the benefit of the doubt, and with Christmas, I waited until 14th January 2008 to receive yet another "yes we're looking into it" response.

What with one thing and another I left it until 14th February to write again (this was THREE months after my original letter) and received another acknowlegement on 20th Feb to say they were "currently making investigations" and will write to me again within 28 days.

Am I being a wuss? Should I just go to the Ombudsman? Has anyone actually received any compensation form NatWest?

the irony of this is that my loan ends on 1st May and I am still paying the PPI. At the time I wrote I had less than six months to go on the loan.

I was made redundant in July last year, but didn't make a claim as I found a new job straight away.

Update
On Saturday I received 100% of my PPI back from Nat West - totalling £4683

My loan ends on 1st May this year and they refunded the whole amount of PPI into my bank account on Thursday - I took the loan out on Easter Saturday five years ago so this was good "closure".

I wrote two letters to the bank, and then sent off the forms to the Financial Ombudsman (about 10 days ago) - they acknowledged my forms with the standard letter so I don't think they had anything to do with it.

This really does work so keep plugging with thte claims.

Thanks Martin!! :money:

RichP_2

Firstplus

Anyone wishing to submit a SAR to Firstplus for all their documents and tapes the address to make it to is

COMPLIANCE DEPARTMENT
FIRSTPLUS Financial Group
Cardiff
CF23 8GY

Enclose a cheque for £10 payable to Firstplus financial Group PLC

Hope that helps anyone wanting this info, Richard.

delboyuk2005uk

getting a call later today from dfs. any advice on what I should and not say thanks?

eaglegunner

eaglegunner wrote: »

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

http://forums.moneysavingexpert.com/showthread.html?t=524028&page=178

No response from Barclays so i have sent all documentation to FOS on 17/03/08 received acknowledgment letter from FOS on 25/03/08.

So now i wait patiently.... or rather follow up on my Credit card charges & CC PPI

delboyuk2005uk

just had a call from dfs saying they will refund me but will have to send a statement to them so they can process it happy days.

hope alliance and leicester are this nice lol still waiting from them

doingmybest_3

doingmybest wrote: »

I took out an Egg loan in 2003 for £15,000 to which they added £1,203.30 PPI. Total £16,203.30 over 6 years. The loan was consolidated into another one in 2005 and after 23 payments. The balance then stood at £12,028.63. They then added 'PPI Removal and Credit' £538.46 to the loan and the total then was £11,490.17.
I complained after recieving my DSIR that I was misold the PPI as didn't need it due to working for the NHS and having a good sickness package and also that I didn't know that I even had it. They have written back telling me about the rule of 78 and that they have closed the complaint. My questions to you knowledgable people are;
Do i have a case here to continue to press on with the misselling, in the light that paid back what they say was the remaining PPI into the loan?
I don't know if I'm wrong, but my view is that they should recalculate the loan payments made as if the PPI had not been added. I would appreciate your help guys. Thanks in advance.

Has anyone had a similar experience?

ANY_CHANCE

Afternoon,

Well done purplereign :beer: thats another fantastic result. Well done, thankgoodness you kept going

I am just at the beginning - we keep getting letters saying we are still looking into it:rolleyes:

Wow all that money back - enjoy

AC

happy_days_5-2

HELP! Lloyds offered to refund the PPI on 2 loans I have outstandng with them although they have not admitted they were mis-sold. They wanted to pay against the loans but I have asked for funds to be paid into my account. Just received letter today saying no - their policy is to refund against the outstanding loans and they will not pay lump sum into my bank account.
Does anyone know where I stand with this ?

ANY_CHANCE

For any one who has not been on the FSA site yet it has lots of great info
Also below is a link that leads to FSA -the sale of payment protection insureance - results of follow up thematic work.
http://www.fsa.gov.uk/pubs/other/ppi_thematic.pdf

I will use some of the points from there for my second letters

ANY_CHANCE

happy_days wrote: »

HELP! Lloyds offered to refund the PPI on 2 loans I have outstandng with them although they have not admitted they were mis-sold. They wanted to pay against the loans but I have asked for funds to be paid into my account. Just received letter today saying no - their policy is to refund against the outstanding loans and they will not pay lump sum into my bank account.
Does anyone know where I stand with this ?

Hi,

surely this is your money that they have taken from you through misselling. They have had your money that you may have needed for other bills/commitments therefore you should have the money given directly to you for you to distribute where you see fit.

This is just my opinion, it would be great if anyone knew of anything to back this up with????