PPI Reclaiming successes and failures

DampProof

Reclaiming loan insurance
Barclays Bank
Had to resort to Ombudsman
Sucessfully reclaimed £523 :beer:

I used this sites guides, letter and advice.

Many Thanks Martin :money:

SUFC

DampProof wrote: »

Reclaiming loan insurance
Barclays Bank
Had to resort to Ombudsman
Sucessfully reclaimed £523 :beer:

I used this sites guides, letter and advice.

Many Thanks Martin :money:

Hi DampProof, well done on the refund. Can i enquire how long the FOS took to deal with your claim, as i have sent my case to them 8 weeks ago & am still waiting for it to be passed to an adjudicator. Thanks, SUFC

DampProof

Took 5 months.... so hang in there

ANY_CHANCE

Laini wrote: »

28 May 2008

When Firstplus sold the PPI policy, it had a responsibility to ensure that you were able to make an informed choice as to whether or not to purchase it. The fact that the policy required payment by a single lump-sum premium for a fixed term policy with a restrictive cancellation condition and additional borrowing placed the firm under a duty to ensure that you had the opportunity to understand the significant features of the policy and its cost, so that you could make an informed choice between this and alternative products or to decide to not purchase the policy at all.

I have listened to the recorded sales calls and considered your submissions. Your evidence suggests that you did not fully understand the policy and how it was funded at the point of sale and, whilst I accept that reference to the cost of the policy was made on the loan agreement, this was not clearly set out, which meant that you were unlikely to fully appreciate how the policy was funded.

The policy was a five year plan funded by a premium loan added to the twenty five year borrowing. If the complainants had kept the policy in place, you would have paid interest against the PPI loan for the twenty five year term although you would only have enjoyed cover for twenty percent of that time. If you wanted further cover, you would have had to take out and pay for a further policy whilst still paying for the original PPI. These implications do not appear to have been put to you during the sales call made on 3 November 2006 which I have listened to.

In addition, Firstplus did not appear to have drawn your attention specifically to the restrictive cancellation condition in the policy.

Therefore, I am persuaded that the policy was not adequately explained to you at point of sale – in other words, you were not sufficiently aware of the cost or the implications of having a single premium policy to make an informed choice at that time.

Conclusions
Accordingly I conclude that Firstplus should pay redress to you with the intention of putting you as closely as is practicable in the position you would have been in had the PPI policy not been sold.

I therefore recommend that Firstplus should:

(a)calculate the amount you paid in total in respect of your overall loan, including fees, penalties, as well as interest and repayments and reflecting any premium refund allowed on cancellation of the PPI policy;

(b)calculate the amount you would have paid in total had the original loan been taken without the additional borrowing to fund the PPI, but assuming it was settled on the same date (including fees, penalties, as well as interest and repayments);

(c)pay you the difference between (a) and (b) plus interest at 8% per annum simple from the date your loan was redeemed to the date Firstplus pay this compensation.

Firstplus has agreed to my recommendation.

Yours sincerely

just thought i would say please please dont give up!!!
I will post the amount received when we receive the cheque

Laini xxx_party__party__party__party_:money::money::money::money::money:

WELL DONE LAINI ALL YOUR HARD WORK AND PATIENCE HAS PAID OFF :beer: :beer: :beer: :beer: :beer: HOW THESE COMPANIES ARE EVEN ALLOWED TO SELL SINGLE PREMIUM POLICIES IS BEYOND ME (THE WORM HAS TURNED!!!)

I agree that this site is helping us all to reclaim money that should never have been taken from us;) :rolleyes: :rolleyes:

:beer: :j :j :j :beer:

munchki

Hi Digusted, Just to say that I received the very same letter from Direct Auto Finance on the exact same day. We only have 8 payments left on our loan, mind you £65 a month is for the PPI. However they have also offered to pay off my loan in full.

Now if you take off the interest at 29.9% and the £65 for the ppi there really is not much left, in fact with all that I have paid they have come out on top. I am still down £3k for the PPI. I think what we are going to do is write to them and say thank you for the offer of paying off the loan, however I also want a credit up to the value of the PPI that was mis-sold. If they write off the loan, that stops the interest anyway, so would a write off of a very small amount to them. In the end they still win, but at least by the offer they are admitting their guilt. If we have to we will take this further. They have been a nightmare to deal with!!!

Any suggestions anyone?

bankofmum_2

I have been fighting Barclays for six months now.

They have been telling me to go away.

I have just been informed by the Ombudsman that I have won my case which should amount to between 4 and 5 thousand pounds.

Even better none of Martin's checklist applied to me. Barclays did tell me the loan only covered my Partner and they explained the way the policy worked but I always intended to pay the loan off early and they still pushed me into taking it out.

This means that even if none of Martin's checklist applies to you but you feel that the bank have been unfair you have nothing to lose and everything to gain by fighting all the way.

Now onto my next mission when I find one.

I propose Martin Lewis be knighted.

sparky0107

Morning all,
Successfully reclaimed PPI from halifax, I asked for the 8% statutory interest to be added, when the cheque came, they had ommited the 8%, so I sent them the letter below. Cheque for £34.88 arrived on Saturday to cover statutory interest.

Dear Sir or Madam,

Thank you for your remittance of £378.24 in regards to my claim for mis-selling of Payment Protection Insurance (PPI). I accept this sum, as a gesture of goodwill. Not full and final settlement. You have not added the 8% statutory interest of £30.26, which would have been added had I taken my complaint to the County Court.

Unless I receive this 8% statutory Interest I will be taking this matter to the Financial Ombudsman Service (FOS).

Yours Sincerely

pokey15

SUFC wrote: »

Hi DampProof, well done on the refund. Can i enquire how long the FOS took to deal with your claim, as i have sent my case to them 8 weeks ago & am still waiting for it to be passed to an adjudicator. Thanks, SUFC

Hi SUFC

I wrote to FOS back in December regarding mis-selling of PPI with Paragon and i have had a letter every month saying they are very busy and they have yet to pass it on to an adjudicator im hoping it should get sorted in the month or so .It is frustrating but be patience it will get sorted

bb23

edit - sorry wrong thread and couldnt delete

Dicky2K

Hi there, Im new to all this money saving stuff.. - Started yesterday.. found out 02 charged me for calls which were included in my tarriff, got a refund

Now for the post,.. I took out a bank loan in november 2005 for £8300 and took out the PPI for it too.. then last year approximately October, i phoned Natwest and cancelled the PPI becuase i had left my job (my own fault) and was trying to save money.. They then told me that i still owed in the region of £7000 .. I suspect that the money i had been paying for the whole year went to pay off the PPI in a lump sum. So do you think that i am entitled to claim anything back - Sorry im not great with figures or paperwork if you hadn't guessed.
I look forward to receiving a reply.
Thank you
Regards, Richard