PPI Reclaiming successes and failures

mumofjanda

mumofjanda wrote: »

Hello everyone! Back from my few days away and just caught up with all the news.
Huge congratulations to all those winners in the last week or so!:beer:
I was hoping I would come home to a nice letter from someone but all I've got is bills!!

Never mind! Here's hoping for some good news soon!

Now, before I went away I got a knock back from Nationwide & all you lovely people on here offered to help me respond.:A I know Niggly is away at the moment but hoping he will be back soon with his trusty handbook, so here goes and apologies in advance for the long post but hopefully it will help others as well.

Basically: applied for the loan by telephone and honestly don't remember being offered anything but the one repayment rate which as it turned out included PPI. If PPI had been discussed I can't see any reason why we would have taken it as OH (loan in his name only but I was with him when he applied) had cover in place and we were looking to reduce our outgoings so if we had been offered the loan without PPI we would have taken it. We applied for the loan to consolidate other debts and were just grateful to get the loan to be honest and if PPI was discussed I'm thinking now it was worded in such a way that we thought we had no choice.
I have got the loan agreement and it does say that PPI is optional but no where to opt out just one place to sign for the loan AND ppi. It does say we have the right to cancel the whole agreement (not just PPI element) but we really needed the loan so just accepted as thought if we cancelled we would have to start again,maybe somewhere else and risk not getting the loan. Anyway the agreement is for the amount we asked for at the repayment quoted.
And that was that really.....didn't give it another thought until 2 months ago when I came across this site!

3 page reply to our complaint but in a nutshell been turned down because:
Staff followed approved scripts and as such quoted repayments with & without PPI.
Telephone staff were trained to give information only and not advice.They were trained & monitored to clearly state PPI is optional.
We were under no obligation to take either the loan or PPI and were given the right to cancel the agreement and the agreement clearly states PPI is optional.
They were under no obligation to check if we had alternative cover or gather any personal info re circumstances or needs (interestingly someone else on here got their PPI refunded from Nationwide for just these reasons!)
We could have requested the agreement be re-issued without PPI (doesn't read like this on the agreement!)
The agreement clearly breaks down the total cost of the Single premium policy and therefore WE decided to pay the policy with a single premium and were in the position to make an informed choice.

Therefore no evidence of mis-sell blah,blah,blah....

It goes on to say they would welcome me ringing them to discuss further if I wish otherwise final response & go to FOS.

I did ring and ask for the recording of the original telephone conversation and was told it would be sent to me. Checked on this today and they havn't got it but didn't get in touch to let me know!

So all help would be really appreciated! Shall I respond to them or go to FOS. Do I still have a case?:(

Have I given too much info in this post do you think......feeling paranoid they're reading this!:eek:

Huge apologies again for the long-windedness of this post and hope you didn't loose interest half way through!!:D

smitchy73 wrote: »

Mumof, here are a couple of points from the FSA guidance ps10_12_fsa_guidance that might help you to go back to them, you should give the whole document a read, i've read it a couple of times preparing myself for my replies from the banks.


3.3.9 G In determining a particular

[FONT=TimesNewRoman,Italic]complaint[/FONT], the [FONT=TimesNewRoman,Italic]firm [/FONT]should (unless there are reasons

not to because of the quality and plausibility of the respective evidence) give

more weight to any specific evidence of what happened during the sale

(including any relevant documentation and oral testimony) than to general
evidence of selling practices at the time (such as training, instructions or sales
scripts or relevant audit or compliance reports on those practices).

3.3.10 G The [FONT=TimesNewRoman,Italic]firm [/FONT]should not assume that because it was not authorised to give advice (or

because it intended to sell without making a recommendation) it did not in fact

give advice in a particular sale. The [FONT=TimesNewRoman,Italic]firm [/FONT]should consider the available evidence
and assess whether or not it gave advice or made a recommendation (explicitly

or implicitly) to the complainant.

Hi everyone!

Sorry to bump my own post again but I'm struggling a bit with this and don't want to get it wrong.:o

Apart from quoting what Smitchy has advised what else should I include in my response to Nationwide. Should I explain my recollection of how the loan was sold as in my explanation above and what should I say about the single premium?
Or should I forget going back to Nationwide and just see what happens at the FOS.

Thanks again!

waterbaby2

Hello everyone

I've waited a few days, and unsurprisingly I've had no response to my email from Capital One, challenging the lack of contractual (APR) interest in their offer...I'll give it a few more days, but something tells me I'm not going to hear anything...

..so what I wanted to ask is - if we go to the Ombudsman (which we’re fully planning to do, and take this to the bitter end!), is their (too low) offer usually automatically cancelled ? Or if the FOS take too long/we become too desperate for the money, would we have the option of accepting it at a later date ?

When sending the new form to the Ombudsman, presumably with a copy of the original PPI questionnaire sent to Capital One/a copy of their response – has anyone sent a copy to the institution concerned at the same time, to show that they’re going to the Ombudsman ? (Just thinking of ‘jogging’ their memory as it’s taking the Ombudsman a while to look at cases etc ?)

Ta x

rolo1952

Well have had some success with Welcome Finance via FSCS.
i have been dealing with PPI refund for my sons partner and she has had £1888.67p paid into her bak account from FSCS.

No letter yet about how they arrived at this figure but I feel that this is a lot less than expected.


First loan taken out December 2007
PPI £1023

Refinance Loan June 2008 (First loan paid off)
PPI £1247.19
APR 31.85

Loan paid off March 2010.
No refunds given on either loan when paid early

I was advised to use 1 form to claim both PPI.

Can anyone tell me if the refund figure is correct for both policy.

I must say that she is delighted with the refund received and would like to thank you for your past help

sunny8_2

Niggly wrote: »

Okay here we go

The repayment on the loan at 6.3% is £486.82 per month
Actual monthly payment is £595.86
486.82/595.86 x 100 = 81.7%
£25000/0.817 = £30600 actual loan
PPI single premium is £5600
ppi per month is £109.04 per month

Sept 2006 to Feb 08= 18 payments of £109.04 = £1962.72 refunded

Each payment (18) will get interest at 8% simple from 2006 so first payment gets 60 months secon 59 months and so on.

Interest on these are £673.87

Now we know the ppi single premium was £5600

We know that a rebate on the ppi will be refunded on the PPI when you settled the loan 18 months later. The settlement/refund/refunds on PPI single premium policies are dire as all the expenses (mostly commission) are front end loaded. First plus refunds on a ppi policy at 18 months are roughly 20 % of the ppi premium.

Working on that premis you will have paid 80% of the ppi back to them on early settlement, this is £4480.

This would mean they owed you this £4480 from Feb 07 which is 4 Years and 6 months or 54 months so 54 months simple interest is

£4480 x 8%/12 x 42 = £1254.

Obviousley this is based on 20 % so if they rebated a higher figure the refund would reduce and vice versa.

However the figs above add up to £8370.59
So it would be well worth the claim.

You are sooooo clever niggly....:T:T...when i read this it is just a blur..haha..good job we have you on here xx

paddy1973

so,got a letter from lloyds yesterday basically saying of the 8 accounts we were claiming,we were only successful in one!!!! offer of under £1000!!!!!

so the lady of the house phoned them and thier employee suggested contacting the financial ombudsman?

so my good friends,what next!

sunny8_2

nutty_nat wrote: »

I second that what would we do without Di a true money legend :A, also amersall, niggly and many others on here. They give us expert advice and we would not have had as many WINS without there input. xx

Here, here!!! They are Fantastic with a capital F...their advice is invaluable:D:D:D:D:D:D:D:D:D:Dxx

sunny8_2

Good luck to all winners today...may there be many of them :-) xx

dan4868

Morning has anyone had any replys from RBS today?:think:

ArferDaly

andypandy8 wrote: »

Hi mark what reason have they given you for rejection thought all self employed could reclaim back reading lloyds t&c your business has to cease trading and you have to go bankrupt to make a claim on the employment part, I currently have claims in with ltsb as been self employed for 22 years and have been advised I shouldn't have a problem getting ppi back

Hi.
They did not really give a reason,just said had been looked into and they said I had no complaint to be answered.

But just phoned customer services and apparently it is being looked at again after my email to ceo,but was also told by a nice man called David that LLoyds did cover self employed people.

Who to believe ?

He said I should hear back from them today,will keep all informed.

Mark

ArferDaly

paddy1973 wrote: »

so,got a letter from lloyds yesterday basically saying of the 8 accounts we were claiming,we were only successful in one!!!! offer of under £1000!!!!!

so the lady of the house phoned them and thier employee suggested contacting the financial ombudsman?

so my good friends,what next!

Hi

What was in the letter ? and who signed it ?I had the same thing but did not uphold any of my 3 .

See my above post.

Mark