PPI Reclaiming successes and failures

LISAW_2

CENGIZ wrote: »

I took out a £15000 loan with Barclays on 20th August 2001 to be repaid over 7 years. At the time that I took out the loan I was advised that if I did not take PPI my loan would be declined. The interest on the loan was £4492.20 plus £4773.72 for the PPI. The quoted interest rate was 7.9% APR. After hearing about the misselling of PPI I wrote to Barclays on 4th June 2007. They replied on 2 July 2007 to say that I had not been missold the policy.I wrote again on 3rd July 2007 to say that they were wrong,they replied on 13th July 2007 to again refute my allegations. I referred the matter to the Financial Ombudsman on the 18th August 2007. On 3rd January I received a letter from the Ombusman to say that Barclays had informally agreed to refund the PPI plus interest. As the loan only had £2000 outstanding,this was paid off and I received a cheque for around £3000. It was a long wait but my patience paid off.

Hi,

how long was it before FOS started to deal with the claim ( ie it was aollcate dto a handler )

lilacegg

Thanks Martin. For your fantastic money saving tips!!!
After reading your advice regarding reclaiming PPI, i decided to approach Sainsbury's Bank and cancel my Payment Protection Insurance.

I borrowed £18435.90 which included £5535.90 Credit Care Insurance. The duration of this loan was for 86 months and with interest on both the loan and credit care insurance came to an astronomical £22835.40!!!!!!!!!!!! (The credit care insurance with interest came to £6856.92)

Sainsbury's Bank responded promptly to my request and have ceased my credit care insurance and creditted my account with £2619.23 which leaves a remaining balance of £14235.47 having paid this loan for 20 months.
I am not entirely happy with this as given that i have paid my loan for 21 months, i am aware that i have paid £1674.22 credit care insurance with interest. This would leave a remainder of £5184.59 insurance with interest still to pay should I have continued with my Credit Care Insurance.
[FONT=&quot]Having now cancelled this credit care insurance, I would have expected the £5184.59 to be credited to my account, which should leave a balance of £11936.41. [/FONT]

It is however a step in the right direction and i am waiting on Sainsbury's Bank to get back to me with a breakdown of how they came to this sum.

Wish me luck and any advice would be greatly appreciated!!!!

Greenfinch_2

I can't thank Martin enough. After seeing him on Tonight, I decided to check our loan policies with Lloyds TSB. We took out one in 2003 with PPI, refinanced this loan with PPI 2004, and refinanced again in 2007. For this current loan we were told we would have to take the loan with PPI to get the lowest APR of 5.9%, otherwise it would be 7.4%. After watching Martin explaining the mis-selling of PPI, the commission that was awarded to the seller, and having to pay it all at the start of the loan, we took the loan to get the lower rate, knowing that we had 30 days to cancel the PPI. We went on a search engine and found that we could get 3 times the same cover for 3/4 the cost of Lloyds insurance, so we cancelled and took that. When we refinanced the previous loans we did get a % rebate refund on the PPI loan, but when we compared loan agreements, the 2 cancelled ones did not have details of the total amount charged for credit (the new one did) - check yours - and we worked out that no interest from the months not used had not been refunded (which was all payed for at the start of the loan). OH said we didn't have a case as we had been given a rebate, so don't bother claiming. But I did on the basis of not being given all information to make an informed decision, and also being mis-sold and pressured into getting PPI.

They replied no grounds for complaint (standard letter -didn't address specific complaints). OH said that was that. I rang FSA (very helpful) and they said we did have a claim. Wrote 2nd letter with more information and copies of all our documents (sent recorded) . At 8 weeks Lloyds said it would take a little longer for a decision. Lloyds gave final response one week later, saying they can find no fault but as a "gesture of good will" (FSA say this is them saying they are at fault but won't admit it) they will refund pemiums plus interest, minus rebates.

Result = just over £3,000.

THANK YOU MARTIN. Without your knowledge and determination to inform everyone of the facts, myself and the majority would not have the confidence or know how to take on these robbing giants.

LB2

I've recently received a letter back about my Egg Loan PPI stating that it was my choice so they won't be refunding me. I am now passing the complaint on to the FOS as I was given 2 choices when I took out the loan (both containing PPI). It was sold to me very much as an 'all or nothing' and I was never given the option without. Any advice?

dawnebabe

After successfully reclaiming from LTSB on another loan, decided to try on this one which I took out on 30 July 2001 & had repaid in 2006. Both were sold in exactly the same way, at same branch.

Looked through info thread re timescales & decided to give it a go as it says....
"If your policy started over six years ago and you are either still using it, or it ended within the last six years: Reclaim and ask your lender for a copy of the paperwork if you no longer have it. Your chances of success may be reduced if you have been aware of the mis-selling for some time, you have already complained or your account is very old."

Have received response to second letter this morning from LTSB regarding timescales.
LTSB state....

"The Financial Ombudsman Service guidelines state under section 2.3 Time Limits for referral of complaints to the Financial Ombudsman Service, DISP 2.3.1 (1) (c):

The Ombudsman cannot consider a complaint:
More than six years after the event complained of or (if later) more than three years from the date on which he became aware (or ought reasonably to have become aware) that he had cause for complaint, unless he has referred the complaint to the firm or the Ombudsman within that period and has received written acknowledgement or some other record of the complaint having been received.

Legal limitation periods apply in contract law and the time limits for the refereral of a complaint to the FOS follow these rules. The legal limitation periods have been implemented to avoid the administration expense of examining 'stale claims' and to avoid the potential injustice to defendants in reviving old wrongs. The length of time that has elapsed since the sale of your policy is such that any allegation of a mis-sale made after this time limit would be prejudicial to the firm being able to defend the allegation.

The aspects of the insurance sale that you have raised occured on 30 July 2001, I therefore consider that your concern would fall under the above exclusion and so I am unable to reveiw this sale of insurance any further."

Not sure whether to go ahead & complain to FOS?

SARAH82_2

PLEASE HELP!!! In january i heard about the fact that ppi is optional so therefore wrote to the bank saying that i had been missold the product i recieved a letter on 14th february saying that they would be writing to me by the 14th march as they were investigating this further i recieved a letter yesterday 28/2/08 saying that basically i had 30 days at the start of the policy to cancel therefore if i wish to cancel now i have to take out a new loan to pay off the exsisting on without ppi can they do this please somebody give me some advice am i in the wrong or the bank. I have had this loan now for 2 years it was for £6,600 and i pay £171 per month total repayable is £9,900 over 5 years can i get my money back. cheers
very annoyed BARCLAYS CUSTOMER:mad:

kpwll

Dear dawnbabe,

I hope that this may help you,

The Limitation Act 1980 states:
(c) the action is for relief from the consequences of a mistake;
the period of limitation shall not begin to run until the plaintiff has discovered the fraud, concealment or mistake (as the case may be) or could with reasonable diligence have discovered it.
References in this subsection to the defendant include references to the defendant's agent and to any person through whom the defendant claims and his agent.

This states that you have from the time that you found out whether or not it was outside a six year limit.
Good luck

giddy-aunt

nothingwitty wrote: »

I wrote a letter of complaint to Littlewoods and within two weeks I had every penny of PPI returned back to me. In total, some £200.

Currently in talks with Bank of Scotland over a loan which I took out that had PPI automatically added to it - I thought it was part of the loan!

I sent a letter of complaint...yesterday recieved a reply from LX ...
Sorry I have copied it below.ITS LONG!

Further to our letter of 2/2008 concerning your complaint in relation to Extra Care Advantage Insurance (ECI).

Please accept our apologies that you have found it necessary to complain.

In the interests of improving the service we offer to our customers, all complaints received are taken very seriously and a full investigation is always carried out.

Our understanding of your complaint is as follows:

• You state you were mis-sold ECI.
• You are requesting a full refund on any insurance charges plus statutory interest at 8%.
We have made a full investigation, assessed your concerns and can confirm our findings as follows:

In relation to the sale of ECI:

• The original insurance was offered to you on the telephone when you placed an order on your account on 1999. At that time a Certificate of Insurance was sent to you outlining all the terms of the cover. The certificate of insurance highlighted the various benefits along with the relevant exclusions.
Within your policy documents it advises you to read the certificate and if you decide you do not want to go ahead with the insurance, send the certificate back to Littlewoods within 30 days and we will cancel the cover.

As the insurance is offered and accepted over the phone there is no paperwork to be signed. It would have shown on each statement since the acceptance date whenever you had a closing balance on your account. It is also charged on Buy Now Pay Later goods so that they are covered should you need to make a claim.

Our ECI telephone sales process confirms to customers the basis for the calculation of their premiums. You have been charged 1.98% of your outstanding monthly balance on your home shopping account and the premium charged is shown on every monthly statement which contains an outstanding balance. The price and payment procedures are also explained in the back of our catalogues.

On 2000 you upgraded this policy to Extra Care 500. On 2005 you upgraded your policy further to Extra Care Advantage Plus Insurance.

Each time you accepted Extra Care Insurance (ECI) you were sent a set of policy documents detailing the terms and conditions for each of the variants of ECI. These include all the benefits and exclusions of the product. Should you have decided that ECI was not suitable to your needs you were given a 30-day period to cancel the policy without incurring a charge. After this period the policy can be cancelled at any stage, however, no premiums will be refunded.

In relation to your request for a full refund of all premiums that have been applied to your account, plus the 8% interest you feel is payable under the County Courts Act 1984:

• Whilst you have requested a full refund of all premiums applied to your account since 2000, I would respectfully point out that you have had the benefit of the cover for this time and had you made a valid claim which fully satisfied the terms and conditions of your policy, whilst your cover was still in force this would have been accepted. The limitation or exclusions included in the policy were detailed in the original literature and would have explained the many benefits available to you.

I note your comments regarding a full refund of charges applied to your account, and to this end we note that you claim to be entitled to recover interest at 8% being the amount a court would award, to be added to each payment made. We do not agree with your comments.

We are aware that the 8% rate is awarded at the discretion of the Court and it is not an entitlement `as of right'. It is only payable if a claim was successful and interest at the Court rate is awarded as part of a County Court Judgement.
Taking these facts into consideration, I am not in a position to be able to refund any premiums you have been charged as you have had full benefit of the cover should you have met the criteria needed to make a claim.

I trust that our explanation meets with your satisfaction and confirm that this letter concludes our investigation into your complaint.

As your policy was sold before 22nd December 03, unfortunately you are unable to refer your complaint to the Financial Ombudsman Service (FOS) as we were not a member of a Dispute Resolution Service until this date. I feel it is appropriate to point out that, if you do decide to refer to FOS, it is unlikely that they will consider your complaint. However, they will require you to confirm that we have issued a final response, and to that end you may consider this letter as our final response.

No wonder people are put off...theyve just stated that they are not interested and the last paragraph says-oh by the way-the FOS wont back you up anyway!....
Any advice would be appreciated.
Thank you in advance.

frankie8_2

I am still a failure!! I have tried to claim today as my income has gone down I am a registered child minder and I have lost a few children as one mum has left work, another is on maternity leave and I don't get paid as we had a tempory contract and another child has started full time school and I am no longer required. I am struggling to pay my cards and contacted the companies who all said claim on your PPI which I have tried to do but to no avail as I am not unemployed. Surely I have been mis-sold my policies. Please help a very desparate lady and point me in the right direction and Barclays, MBNA, M and S and GE store cards you know I am after my money

jrobinson4

dawnebabe wrote: »

After successfully reclaiming from LTSB on another loan, decided to try on this one which I took out on 30 July 2001 & had repaid in 2006. Both were sold in exactly the same way, at same branch.

Looked through info thread re timescales & decided to give it a go as it says....
"If your policy started over six years ago and you are either still using it, or it ended within the last six years: Reclaim and ask your lender for a copy of the paperwork if you no longer have it. Your chances of success may be reduced if you have been aware of the mis-selling for some time, you have already complained or your account is very old."

Have received response to second letter this morning from LTSB regarding timescales.
LTSB state....

"The Financial Ombudsman Service guidelines state under section 2.3 Time Limits for referral of complaints to the Financial Ombudsman Service, DISP 2.3.1 (1) (c):

The Ombudsman cannot consider a complaint:
More than six years after the event complained of or (if later) more than three years from the date on which he became aware (or ought reasonably to have become aware) that he had cause for complaint, unless he has referred the complaint to the firm or the Ombudsman within that period and has received written acknowledgement or some other record of the complaint having been received.

Legal limitation periods apply in contract law and the time limits for the refereral of a complaint to the FOS follow these rules. The legal limitation periods have been implemented to avoid the administration expense of examining 'stale claims' and to avoid the potential injustice to defendants in reviving old wrongs. The length of time that has elapsed since the sale of your policy is such that any allegation of a mis-sale made after this time limit would be prejudicial to the firm being able to defend the allegation.

The aspects of the insurance sale that you have raised occured on 30 July 2001, I therefore consider that your concern would fall under the above exclusion and so I am unable to reveiw this sale of insurance any further."

Not sure whether to go ahead & complain to FOS?

I got the same letter but wrote template letter 2 back to them with this inserted:
You state you cannot consider the complaint: “more than 6 years after the event or (if later) more than three years from the date on which he became aware (or ought reasonably to have become aware) that he had cause for complaint.” We only became aware we had cause for complaint and were able to seek retribution following a television broadcast by a financial expert in January 2008; additionally this falls within the time frame specified above ie 6th April 1999 + 6 years = 6th April 2005 + 3 year time frame from the date we became aware of this = 6th April 2008.

Got a letter thefollowing week offering £482.19!!! Don't give up.