PPI Reclaiming discussion Part II

marshallka

di3004 wrote: »

http://www.telegraph.co.uk/finance/personalfinance/consumertips/3066982/Financial-Ombudsman-to-name-and-shame-offenders.html

About time........:D

Yeah, so glad about this. Its letting us know who we are dealing with in the futrue. Now wouldn't you think that the banks/lenders/brokers would use their brains here and pay back PPI without it having to go to the FOS in the first place.:rolleyes:

A separate discussion paper will now be issued to consult on how best to publish this information. The FOS said it also needs to consider how the publication of this data might affect the way in which financial companies approach complaints. It is hoped it may result in more companies settling customer complaints sooner. But there are concerns that in some cases this could lead to companies trying to block customers from taking their complaint further – even though this is a statutory right.

(This bit seems to be happening now in that companies are actually writing that "you cannot take your complaint to the FOS as its outside their jurisdiction or time barred)

If I was head of a company now I would think of ways of improving it and dealing with complaints sooner too. After all they will want our business in the future and all people will do is look at the those on the list and then take their business elsewhere.

di3004

marshallka wrote: »

Yeah, so glad about this. Its letting us know who we are dealing with in the futrue. Now wouldn't you think that the banks/lenders/brokers would use their brains here and pay back PPI without it having to go to the FOS in the first place.

Yes I agree and they should pay out, hopefully now maybe news like this one will make them think twice, its about time this come about - at last !!

marshallka

di3004 wrote: »

Yes I agree and they should pay out, hopefully now maybe news like this one will make them think twice, its about time this come about - at last !!

Only if we spread it well....

Going to bed now Di. Catch you tomorrow.

di3004

marshallka wrote: »

Only if we spread it well....

Going to bed now Di. Catch you tomorrow.

Oh we can do that alright........lol...:D

Night hun, catch you tomorrow, sweet dreams.;) xx

Spinal67

It would be great if someone can answer this query for me. Can PPI be reclaimed on any part of these loans, taken out with RBS ?
15.000 loan taken out in 2001 with PPI in place, the outstanding balance on this loan was repaid, early, in full in February 2004 when it was consolidated into a larger loan.
This larger loan with PPI in place, was repaid, early, in full in June 2005.
With the start of the loan taken out in 2001 being beyond the 5 years required in Scotland for keeping data, can PPI be reclaimed for any of the monthly payments, which included a PPI payment, that were still being paid within the last 5 years until the loan was repaid ?
Thanks in advance.

marshallka

Spinal67 wrote: »

It would be great if someone can answer this query for me. Can PPI be reclaimed on any part of these loans, taken out with RBS ?
15.000 loan taken out in 2001 with PPI in place, the outstanding balance on this loan was repaid, early, in full in February 2004 when it was consolidated into a larger loan.
This larger loan with PPI in place, was repaid, early, in full in June 2005.
With the start of the loan taken out in 2001 being beyond the 5 years required in Scotland for keeping data, can PPI be reclaimed for any of the monthly payments, which included a PPI payment, that were still being paid within the last 5 years until the loan was repaid ?
Thanks in advance.

You can make a compaint at anytime and as these loans were "consolidation" then i would imagine they would still have the paperwork for these.

I would just write your letter and include both loans for misselling and see how it goes from there. They may still have the paperwork so just do your letter first and then see what comes from it.

It was a bank so if they do not uphold it you should be able to take your complaint to the FOS and they apply certain other rules like if the bank was a member of the GISC etc and can go beyond the 6 years and apply the fact you only became aware of this misselling recently through the press.

marshallka

Does 7million sound a lot to you. I am on about the fine imposed on the Alliance and Leicester yesterday???

Take a look at this

The Office of Fair Trading said that the average claims ratio in the personal loans PPI market was 18%. If this is representative of A&L's business then Burgess said the bank would have received £265m in premiums, paid out £48m in claims, paid out £7m to the FSA and be left with £210m to pay for its overheads on the business and carry out the remedial work that the regulator has demanded.


So if you reckon that fine was only for sales of PPI over a 3 year period from January, 2005 to December, 2007 and they still made £210 million after all that imagine how much more they have made from when they first started ripping people off and what about 2008??? Also take into account this was only for telephone sales of the PPI. Are they using this £210 million profit to pay everyone back with interest???

Its not enough, it just sounds enough to us the little people. In fact its peanuts to them and to me only respresents a slap on the wrist.

http://www.prweb.com/releases/ppi/cover/prweb1439714.htm


The FSA said the company qualified for a 30% reduction in the penalty by settling at an early stage of the FSA's investigation. Were it not for this discount, the FSA said the penalty would have been £10m. (its good when they have the money to settle straight away and have a reduction in the fine:mad: )

Also is this meaning automatic pay backs for customers in that period above

David Bennett, A&L's chief executive, said: "I apologise sincerely for our shortcomings. We will be writing to every customer concerned and will be working with independent accountants and the FSA to ensure we put right any disadvantage

Cheaptrick

No the second loan was not under the same account number I had to pay off the first account from money i was borrowing on the second loan. This time I did cancel the ppi when the application for the second loan came.

mlucyminx

marshallka wrote: »

God, get it cancelled straight away and then see whether they refund you anything in cash as the loan is now settled. They should have cancelled it along with the loan in my eyes. I have never heard of this.

Go for the misselling still though.

I have had this happen with 2 secured loans through Ocean finance.

Apparently if you dont actually ring the insurance company and cancel the loan you dont get any kind of rebate. Both of mine were from blemain finance but they use a different insurance broker. When I contacted them about the second smaller laon which was still running they offered me £120 back (Original amount £812 oplus interest) told them no not enough and they upped offer to £400 but said if I claim for mis selling through fo will withdraw offer. Already with FO so will see what they say about it all

marshallka

tiggrae wrote: »

was the 2nd loan under the same account number - if so make a complaint to the financial ombudsman about this 2nd loan but mention that you believe the PPI was added on purely as you'de had it incorrectly added on to the first and the FOS may state M&S should repay on both loans

otherwise you can make a claim through the county court

cheaptrick
You could still do this even if the account numbers are different i would have thought but make your complaint on the second loan first and then mention that this was actually to pay off the first loan.