PPI Reclaiming discussion Part II

Justice_2

Because most of the loans people take out are done over the phone and by post, is it a good idea to request from your provider copies of all paperwork they hold in relation to your application and also all copies of all phone conversations you have had with them during your application process. This will give you a better idea if you have a case. Who can remember EVERYTHING that was saidon the phone?

alleybabes

Anne.Jade wrote: »

Hi, I have spoken to a solicitor here, where I work. He says that the bank would have to act quickly to get the judgment set aside and have good grounds i.e. it would have to be something like they did not receive any court papers. As to paying, it is in their interests to pay quickly as interest accrues on a daily basis, so the longer they leave it, the more it would cost them. If they don’t pay then you would have to enforce the judgment and you would have to pay a Court Fee for this but it would be added to the amount the Bank had to pay you. I doubt if it would get this far though as it wouldn’t really look good on the Bank and I am sure they would be in trouble with the FSA.

Hi that is a great help thanks, as with what nothingwitty said it tells you how to make a judgement by default but it doesnt say how long you have to wait to be paid,hfc are trying to put my judgement by default aside as they put in an aknowledgement but didnt put in a defence after 28 days,they are now saying that the solicitor failed to do it on time due to administritive error! thats not my problem is it so why should they be allowed,the judge hasnt yet decided so fingers crossed

maxdp

niemowle wrote: »

hi, i have been trying to claim since December, had got all the usual fob off leters and over 2 weeks ago have writen to Barclays my last letter given them 14 days, they did not even acknowledged receiving it, anyway i have decided to write to the big boss of customer services and really hoping something will happen!!!anyway what i am trying to say is a big, masive thank you to this site for helping me so far, thanks. I am not going to give up, NOT JUST YET,

niemowle

Just to back you up Barclays are a rule unto themselves. To let you know my OH had three Loans with PPI in 2001 2004 x2 settled 2008 FOS has upheld compalait and due back about 8000.00 cause of front loaded PPI and mis selling Keep in there and do not give up.:T

Laini

28 May 2008
Dear Mr & Mrs xxxxx


Your complaint about Firstplus Financial Group Plc trading as Firstplus


I am writing to set out my assessment of your complaint. In reaching my assessment I have considered all the evidence produced by you and Firstplus.

Complaint
This is a complaint about the sale of a payment protection insurance (PPI) policy.

Circumstances
In December 2006, you arranged finance with Firstplus and at the same time, you took out a single premium PPI policy, which covered your monthly loan payments if you became unemployed or incapacitated. You borrowed an additional amount to pay for the policy. Some of the figures in respect of the borrowing were set out in a loan agreement, a copy of which was provided to you.

You have complained about the way the policy was sold and Firstplus rejected the complaint on the basis that it had fulfilled its obligations when selling the policy.

Findings
Before I specifically address the merits of your complaint, I believe it would be helpful if I explained the role of The Financial Ombudsman Service when assessing complaints. The Financial Ombudsman Service is impartial and is independent of both the industry and the complainants.

I have carefully reviewed all the evidence and arguments presented by both you and Firstplus.

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.

I trust you will, therefore, be prepared to accept my assessment of your complaint. However, if you have any new points that you consider we should take into account and which you believe would make a difference to the outcome, please let me have them by 11 June 2008. If you are unable to reply fully by then, please let me know now.

Otherwise, please sign, date and return to me the attached settlement form so that it reaches me by 11 June 2008, to confirm your acceptance of my assessment in full and final settlement of your complaint. I will then ask Firstplus to settle the matter with you direct.

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::mone y::money::money:

maxdp

maxdp wrote: »

Dont know if this helps
Default judgment is a binding judgment in favor of the plaintiff when the defendant has not responded to a summons or has failed to appear before a court.
In a civil trial involving damages, a default judgment will enter the amount of damages pled in the original complaint. If proof of damages is required, the court may schedule another hearing on that issue.
A defendant can have a default judgment vacated, or set aside, by filing a motion, after the judgment is entered, by showing of a proper excuse.
http://en.wikipedia.org/wiki/Default_judgment

Sorry that was Like teaching your gran to suck eggs, though you did not understand relelevance of post.
So apologise, have not gone down that route so was trying to be helpful. Dog:D

Anne.Jade

Laini wrote: »

28 May 2008
Dear Mr & Mrs xxxxx


Your complaint about Firstplus Financial Group Plc trading as Firstplus


I am writing to set out my assessment of your complaint. In reaching my assessment I have considered all the evidence produced by you and Firstplus.

Complaint
This is a complaint about the sale of a payment protection insurance (PPI) policy.

Circumstances
In December 2006, you arranged finance with Firstplus and at the same time, you took out a single premium PPI policy, which covered your monthly loan payments if you became unemployed or incapacitated. You borrowed an additional amount to pay for the policy. Some of the figures in respect of the borrowing were set out in a loan agreement, a copy of which was provided to you.

You have complained about the way the policy was sold and Firstplus rejected the complaint on the basis that it had fulfilled its obligations when selling the policy.

Findings
Before I specifically address the merits of your complaint, I believe it would be helpful if I explained the role of The Financial Ombudsman Service when assessing complaints. The Financial Ombudsman Service is impartial and is independent of both the industry and the complainants.

I have carefully reviewed all the evidence and arguments presented by both you and Firstplus.

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.

I trust you will, therefore, be prepared to accept my assessment of your complaint. However, if you have any new points that you consider we should take into account and which you believe would make a difference to the outcome, please let me have them by 11 June 2008. If you are unable to reply fully by then, please let me know now.

Otherwise, please sign, date and return to me the attached settlement form so that it reaches me by 11 June 2008, to confirm your acceptance of my assessment in full and final settlement of your complaint. I will then ask Firstplus to settle the matter with you direct.

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::mone y::money::money:

YAY RESULT!!!!!!! Well done xx

sparky0107

Anne.Jade wrote: »

YAY RESULT!!!!!!! Well done xx

Got to agree with Anne.Jade,
Good for you Laini, and Congratulations

:T :T :T :T :T

doingmybest_3

Laini wrote: »

28 May 2008
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::mone y::money::money:

Well done really pleased for you:T

tiggrae

niemowle wrote: »

hi, i have been trying to claim since December, had got all the usual fob off leters and over 2 weeks ago have writen to Barclays my last letter given them 14 days, they did not even acknowledged receiving it, anyway i have decided to write to the big boss of customer services and really hoping something will happen!!!anyway what i am trying to say is a big, masive thank you to this site for helping me so far, thanks. I am not going to give up, NOT JUST YET,

niemowle

Hate to tell you this but you are wating your time by continue writing to Barclays - they're company policy is to deny EVERY claim - if you've received a final response from them take your claim to the Financial Ombudsman

kpwll

Well done Laini xx