PPI Reclaiming discussion Part II

mlucyminx

di3004 wrote: »

PPI news:

http://www.mirror.co.uk/news/top-stories/2008/10/05/banks-to-be-banned-from-selling-insurance-with-loan-115875-20775712/

just had a giggle when i logged onto this.

Straight below the article is an advert for provident

marshallka

mlucyminx wrote: »

Have phoned FSA as someone suggested on another forum and they werent regulated by them and have just phoned littlewoods and they said they werent regualted at all before 2004. Can this be right?

out of interest though have just read through the (photocopy) of a policy document they have sent to me and it states
The insurers of this policy are Aviva international Innsurance limited now trading as norwich Union Life and pensions limited trading as norwich union in the uk. Then goes on to say both companies are authorised and regulated by the financial Services Authority.

Also the policy was added to my account in 2003 and I was not working at that time.

You always have to make your complaint against the ones that actually sell you the insurance for misselling..

Doddy03

Hi all am a newbie on here - have a problem with First Plus (I know I am one of many)!. we were sold a policy in august 2004 which included a figure of over £10,000 for PPI. We have used the first template letter and today have received a letter back stating that everything was explained to me in a telephone call on 16th August and that the ppi was an optional figure and that we signed the agreement as such. My husband is self employed and they are stating in this letter that the PPI does cover him. However, there is no mention of a later phone call to us saying that we would have to extend the loan period and have to take out the PPI in order to get the loan agreed. What do you think our next course of action should be? Any help woudl be much appreciated as I am sitting here absolutely fuming. Many thanks in anticipation.

kazc_2

Hi again,
Our Nemo saga continues !!
We have today received a letter from them offering us £447.41 rebate on the original premium of £5074.76. There isn't a break down of interest or anything, that's all it says.
What do we do next ?? Do we cancel now in writing and accept this even though it's a massive rip off !!

Doddy03

Hi all am a newbie on here - have a problem with First Plus (I know I am one of many)!. we were sold a policy in august 2004 which included a figure of over £10,000 for PPI. We have used the first template letter and today have received a letter back stating that everything was explained to me in a telephone call on 16th August and that the ppi was an optional figure and that we signed the agreement as such. My husband is self employed and they are stating in this letter that the PPI does cover him. However, there is no mention of a later phone call to us saying that we would have to extend the loan period and have to take out the PPI in order to get the loan agreed. What do you think our next course of action should be? Any help woudl be much appreciated as I am sitting here absolutely fuming. Many thanks in anticipation.

di3004

kazc wrote: »

Hi again,
Our Nemo saga continues !!
We have today received a letter from them offering us £447.41 rebate on the original premium of £5074.76. There isn't a break down of interest or anything, that's all it says.
What do we do next ?? Do we cancel now in writing and accept this even though it's a massive rip off !!

Hi there Kazc

Golly not a lot then !!!
If you are doing them for mis selling anyway hun I would cancel personally, I did, but just to say like most of these products they do not reduce the payment by much anyway for the new repayments, due to experience on mine with these on the last loan we had, but remember if successful which I do think you will be, eventually you will get back EVERY penny.

I have not had chance to read any posts properly yet this morning, so excuse me if I have mis read and I'm sure Marshallka or someone will go through this with you anyway.;)
Good luck!
Di.
x

di3004

Doddy03 wrote: »

Hi all am a newbie on here - have a problem with First Plus (I know I am one of many)!. we were sold a policy in august 2004 which included a figure of over £10,000 for PPI. We have used the first template letter and today have received a letter back stating that everything was explained to me in a telephone call on 16th August and that the ppi was an optional figure and that we signed the agreement as such. My husband is self employed and they are stating in this letter that the PPI does cover him. However, there is no mention of a later phone call to us saying that we would have to extend the loan period and have to take out the PPI in order to get the loan agreed. What do you think our next course of action should be? Any help woudl be much appreciated as I am sitting here absolutely fuming. Many thanks in anticipation.

Hi there and welcome.;)
Yes you have been fobbed off hun, I know our Marshallka has experience with these, but if this is the first response, another letter will have to be sent until you receive a final decision response, in order to take to the FOS.
Marshallka can let you know if these were under jurisdiction at that time.

Don't let that one letter put you off hun, this is a standard reply most receive in hope that you will back off, but keep at them as there are many as you know going for the mis selling with these.
I would tell them your not satisfied with their response and if they do not reconsider you will have no option but to take your complaint to the Financial Ombudsman service for them to investigate. Keep at them.

Oh just to say they have referred this now as Barclays-First Plus.

Good luck here hun
Di.
x

kazc_2

Thanks Di,
My original post was on page 507 if you have time to have a look. I don't know if we can take them for miss selling ?

di3004

kazc wrote: »

Thanks Di,
My original post was on page 507 if you have time to have a look. I don't know if we can take them for miss selling ?

Thanks hun I will go back and check it out now.;)

di3004

kazc wrote: »

Last February we took a secured loan out for £25100.00 with Nemo Finance.On the original agreement no ppi had been added but the amounts it would cost had been filled in with a blue pen the boxes. No boxes had been ticked for single cover or joint life either yet on a further two photocopies we received the single life box had bee ticked.

My husband does recall them saying that after five years we would get some money back so that must have been referring to the ppi after reading the posts on this website !!

The figures were as follows :
Amount of advance £25100.00
Payment protection premium £5074.76
Broker fee £595.00
Total £30769.76

It also says the interest on the ppi would be £2901.04 assuming the interest rate didn't vary making the total cost £7975.80.

We were advised in June this year to re mortgage and get rid of the Nemo loan as it was expensive which is what we should have done in the first place as it was running for the same term as our mortgage-but we were very naive !!
We requested a settlement figure which was as follows:
Total amount payable under the agreement £30144.58
Plus security release fee £175.00
Total £30319.58 (to be paid by18/8/08

It's only when everything was settled in August this year that we realise we had been paying interest on the full amount since last February which doesn't seem right. As you can probably tell, we aren't very educated in this field even though I worked for a bank for five years !.
Any help or advise would be gratefully received.
Thankyou in advance

Found it.;)

Hun they did not follow the rules and should have explained everything to you, the amount of PPI etc and that it would be added in the loan, even if they say you signed blah blah blah, they did not follow the guidelines, so I can't see why not you can't do them for mis selling this product. They did !

We had the same problem apart from being pressured to take it as well, but you still have grounds here to try and reclaim on this and of course did they tell you it was optional and that you did not have to take the ppi?, where you could have had a stand alone cheaper option.
And of course these Single products are a big problem in this mis selling issue, the FOS do not believe in these, so if this did go as far as the FOS I do feel they will uphold this in your favour.
Nemo know now they have done wrong but are not the easiest to battle with, I know I have been there with them, but hun you keep fighting for what is yours, they should have explained this product to you whether its on paper or not.

I would be enclined to request for a copy of the telephone recordings, they sent us this free of charge hun but if you request for a full SAR (subject Access request) you would have to pay £10 for this, so realistically I would not bother if you already have the paperwork, but please contact them for a copy of the recordings, I'm sure they will send you this free of charge like they did with mine.
This should really help your case.;)

Di.
x