PPI Reclaiming discussion Part II

Andy750

di3004 wrote: »

Hi there and Welcome.;)

Right hun, I have experience with dealing with these due to my few complaints, they have certainly fobbed you off here, and sent you a standard fob off response.

They also have that as an excuse that you signed it, we all have this excuse back from them, but you should write back to them now until you receive a final decision which also mentions about the Financial ombudsman service on their letter.

Write back and tell them you are not happy with their response, and will take this to the FOS if they do not uphold your complaint.

Tell them you had no choice and was made to sign the agreement in order of being told to you would only be accepted for this loan if you accepted the PPI.
Tell them you were not told otherwise, and it was not sold in your interest.

I think you have a good case here and the FOS will probably uphold this in your favour if it goes back to them.

Do you still have the copy of the first letter hun ?
If so what was the date on that letter you sent and the date on this letter you received?
We can then work out how long they have to get back to you on this, for instance as its normally 8 weeks and they responded in 6 weeks we can give them 2 weeks.;)

Thanks hun.
Di.
x[/quote

Just read the reply

THANKS GUYS and GALS
I'll re write the letter tonight and see what happens fingers crossed I'll get some money back off this bank

At the time of signing the paper work for the PPI I said to the salesperson that I was not in any danger of losing my job as I'm in the armed forces to which he said, that the bank would not give me the loan!!!

I new at the time that my repayments would be ok
but due to having a short amount of time in my home town and I needed the loan sooner rather than later Thats the only reason why i signed. I feel like a right mug:mad: but if all goes well i should get my money back thanks to you guys and gals

marshallka

di3004 wrote: »

Okay there is this one here:


Dear

I refer to your recent email regarding your complaint against Click Finance Ltd and recap our previous correspondence. The company has been wound-up and we referred you to the liquidators with regard to your claim. We have been instructed by the Liquidator to take this action whenever there is a query concerning Click Finance Limited as we no longer have any legal capacity in that company and are therefore not able to make any settlement offers on its behalf.

You now appear to be asking Click Financial Ltd to settle a complaint on behalf of another company for which it holds no liability. I am sure that you will appreciate that such an action by management would be unfair on the shareholders of Click Financial Limited and improper.

I would additionally state, however, that Click Finance Limited has never had to settle or recompense a customer for miss-selling and we have no evidence that it miss-sold in this circumstance. Your claim is that you have been miss-sold a Payment Protection Insurance policy but according to the copy letters you have provided, this policy was sold to you in 2004 and you redeemed the associated loan in 2005. We are therefore unable to understand why you did not make a complaint at that time and have waited for almost three years before raising this issue.

I have noted your comments about Click Financial Ltd being a phoenix company and would respectfully point out that you are mistaken in this assumption. The company was actually incorporated before Click Finance Ltd and has always traded in its own right.

My understanding is that Click Finance Ltd was not a member of the GISC.

Regarding the query you raised, any correspondence with Mr Teague should be addressed to this office. I appreciate that this email is not the response you would have liked but nevertheless we feel this is the correct response given the circumstances

Yours sincerely

Where they state that the company was open and always traded in their own right before Click FInance limited it seems to me that they had it all planned to mislead people. They first applied for a licence from one of their dormant companies (probably set up as a tax/vat fiddle) then dissolved click finance and they should not have been granted the licence. It was all a set up very professional and above board legally but its now proving this. I think you need to write to the OFT and ask why they can continue to hold their licence when they had dissolved one company 12 months after and its no different than opening another (as before 2005 they had not licence) in a similar name.

Click Finance started in 2001 and held a CCL from then. Click Financial started in 2001 but DID NOT trade in consumer finance etc (they only sold insurance!!!) until 2005. I wonder why???

di3004

Andy750 wrote: »

di3004 wrote: »

Hi there and Welcome.;)

Right hun, I have experience with dealing with these due to my few complaints, they have certainly fobbed you off here, and sent you a standard fob off response.

They also have that as an excuse that you signed it, we all have this excuse back from them, but you should write back to them now until you receive a final decision which also mentions about the Financial ombudsman service on their letter.

Write back and tell them you are not happy with their response, and will take this to the FOS if they do not uphold your complaint.

Tell them you had no choice and was made to sign the agreement in order of being told to you would only be accepted for this loan if you accepted the PPI.
Tell them you were not told otherwise, and it was not sold in your interest.

I think you have a good case here and the FOS will probably uphold this in your favour if it goes back to them.

Do you still have the copy of the first letter hun ?
If so what was the date on that letter you sent and the date on this letter you received?
We can then work out how long they have to get back to you on this, for instance as its normally 8 weeks and they responded in 6 weeks we can give them 2 weeks.;)

Thanks hun.
Di.
x[/quote

Just read the reply

THANKS GUYS and GALS
I'll re write the letter tonight and see what happens fingers crossed I'll get some money back off this bank

At the time of signing the paper work for the PPI I said to the salesperson that I was not in any danger of losing my job as I'm in the armed forces to which he said, that the bank would not give me the loan!!!

I new at the time that my repayments would be ok
but due to having a short amount of time in my home town and I needed the loan sooner rather than later Thats the only reason why i signed. I feel like a right mug:mad: but if all goes well i should get my money back thanks to you guys and gals

Good luck hun
We will fight them until the end.:D

Keep us posted cheers.;)

And good luck.
Di.
x

di3004

marshallka wrote: »

Where they state that the company was open and always traded in their own right before Click FInance limited it seems to me that they had it all planned to mislead people. They first applied for a licence from one of their dormant companies (probably set up as a tax/vat fiddle) then dissolved click finance and they should not have been granted the licence. It was all a set up very professional and above board legally but its now proving this. I think you need to write to the OFT and ask why they can continue to hold their licence when they had dissolved one company 12 months after and its no different than opening another (as before 2005 they had not licence) in a similar name.

Your right and I really do not want to let this one go.;)

"what goes round comes round".

I know I have been informed that the director is known for doing this, so must get that ball rolling now, thanks hun, I will get a letter sorted out today, you can let me know what you think if that is okay, just to make sure I have not missed anything, thanks hun.;) x

marshallka

Janebo12 wrote: »

Hi Marshallka and Di and thanks for replying so quickly.

Here's what I posted earlier:"we write to advise you that we are arranging for your account to be credited with £270.83 and a cheque will be raised to the value of £1163.62. This is the remaining value of the premium of £602.77 plus the interest charged to date of £445.67 and the additional statutory interest of £115.18e..."

Details of loan were:

Loan advance £5000
Optional credit Insurance premium £875
Administration fee £375
Total loan amount £6250

Monthly repayment £112.86
Repayment period 84 months
Rate of interest 1.063% per month
APR 15.9%

Payments commenced 01/11/03 and I cancelled PPI after March 2008 payment.

Tiggrae said that the calculations were correct for how much I should be refunded - I received payment by cheque.

When I telephoned L&S they said that I would still continue to pay the same monthly installments, but this would then reduce the loan term slightly - my estimate was

2055.53 / 110.81 = 18.55 therefore 19 months left to pay instead of 24 months. (my initial payments were £112.86 and reduced to £110.81 some time ago).

Hope this helps
Amanda

The total PPI on the whole amount and as if you never had it would have been £1411.60 which is PPI element of 14.89 so 14.89% of the repayments is
16.80 x 84 = 1411.60. (without statutoy interest)

Did you make 53 reapyments??

marshallka

di3004 wrote: »

Your right and I really do not want to let this one go.;)

"what goes round comes round".

I know I have been informed that the director is known for doing this, so must get that ball rolling now, thanks hun, I will get a letter sorted out today, you can let me know what you think if that is okay, just to make sure I have not missed anything, thanks hun.;) x

Tell them everything Di and say you want this investigating as you have want to know how they are allowed to do this??

They must have known that they were dissolving the other click before asking for the licence of the Click Financial.

Janebo12

marshallka wrote: »

The total PPI on the whole amount and as if you never had it would have been £1411.60 which is PPI element of 14.89 so 14.89% of the repayments is
16.80 x 84 = 1411.60. (without statutoy interest)

Did you make 53 reapyments??

Yes, 53 repayments until I cancelled the PPI. :shocked:

It just seems strange to me though if I still owe £2000 approx - can't get my head round it!!!

di3004

marshallka wrote: »

Tell them everything Di and say you want this investigating as you have want to know how they are allowed to do this??

Thanks hun I will do.:D

marshallka

Janebo12 wrote: »

Yes, 53 repayments until I cancelled the PPI. :shocked:

It just seems strange to me though if I still owe £2000 approx - can't get my head round it!!!

Look at it this way,

£96.06 (the other part was to pay the PPI which was refunded) of your repayments were towards your loan then so 53 x 96.06 = 5091.18 so actually owing on your loan when you cancelled the PPI was this amount.

The full amount of the loan was 84 x 96.06 = 8069.04
Therefore you actually still owed £2977.86 of your loan when you cancelled.

ALso i am confused if you made 53 repayments and then it was cancelled why have you only got 24 left to pay (or 19 as they have reduced the term??) when that adds up to 77 months or only 72 if 19 months left??

If all you are repaying now is 19 x 110.81 = 2105.39???? add on the 270.83 that they credited your account with and this comes to 2376.22 and yet 2977.86 was actually owing when you requested the PPI back??

How much was your cheque from them without the statutory interest??

Its looks to me like you have done OK here

Cheque for the PPI and Interest 1048.44 (without stat int)
Credited to your account 270.83
total 1319.27 (slightly under by my reckoning)

still owing on loan when PPI was cancelled 2977.83 - 270.83= 2707.00 divide that by 31 months left (84 months repaid 53 months) £87.32 per month or their way

19 months left x 110.81 = 2105.39 so you are also better off by £601.61.


I am confused here.

Janebo12

marshallka wrote: »

Look at it this way,

£96.06 (the other part was to pay the PPI which was refunded) of your repayments were towards your loan then so 53 x 96.06 = 5091.18 so actually owing on your loan when you cancelled the PPI was this amount.

The full amount of the loan was 84 x 96.06 = 8069.04
Therefore you actually still owed £2977.86 of your PPI when you cancelled.

ALso i am confused if you made 53 repayments and then it was cancelled why have you only got 24 left to pay (or 19 as they have reduced the term??) when that adds up to 77 months??

Sorry to confuse you - I said I would!!!

What I meant was I paid 53 repayments up until March when I cancelled the PPI ie another 7 repayments have been made since March without PPI - from now I still have approx 19 more payments until the loan is paid off.

Thanks for your help