PPI Reclaiming discussion Part II

marluc

Justice wrote: »

Can anybody tell me what SAR stands for

Hi.
You may like to go back a few pages on this thread as there are several explanations and excellent template letters for you to use.
You are basically requesting all the information that the bank / company have regarding your account including: application form / phone calls / emails etc.
Hope this helps.:beer:

marshallka

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:

Congratulations Laini. I am so pleased for you.

marshallka

tiggrae wrote: »

These 3 firms together are quite interesting - most people think they were sold their policy by Freedom, but low and behold they say NO it was Bespoke - who are based in Gibralter - with no licence to operate within financial services in Gibralter - I've spoken to their Financial Services Commission. You can use your local county court for proceedings in Gibralter, but you can't instruct bailiffs as UK bailiffs have no jurisdiction in Gibralter - it is a total Mare and obviously this has been set up deliberately to avoid people being able to reclaim for mis sold insurance !!! Best thing to do is contact the Financial Services Commission in Gibralter and made a complaint !!! Also, write back to Freedom asking how a firm work for them which is not licenced in Gibralter to do so !!!!

If it turns out that they have concocted something to prove i had my policy from them and they were in turn working for someone in Gibraltar and they were not licenced in Gibrlatar to do so like you say then does that mean its totally useless. This is so wrong and there must be someone who can help us. Firstplus must of let them sell for them in the firstplace and have to take some blame.

marshallka

tiggrae wrote: »

you have to be careful when making your reclaim as you have 2 different issues here covered by different pieces of legislation - the first mis selling is the Misrepresentation Act 1967 - there you are asking for a full refund. On the settlement figure - you'de be asking for the only the rebate back.

How much were you paying back each month and how long was the loan for originally ?

tiggrae, thats what i am doing too. I asked if the FOS could help with the ppi misselling and they said no. I then asked if they help with the unfair rebate issue and they have said to send a complaint in and they can check the rule of 78 was applied correctly. I have then sent in my complaint and some of the paperwork i received with the SAR and asked that they look into the ppi thing as well as it looks like firstplus put this together after we applied for the loan. If it was Firstplus then maybe they can help us, i don't know yet but i thought the FOS dealt with more issues than misselling of ppi. Surely they should help with this too.

marshallka

Kaia wrote: »

Got some news for you all today......
I have been contacted this afternoon by the producer at Channel 4 news at ITN, saying he saw my post on another forum and wondered if he could ring me to chat about my mis-sold PPI, as they are going to be doing a piece on it !!!!! Have sent my e-mail addy to him this evening and he has asked if he could give me a ring tomorrow.
Will let you know what happens

Wow Kaia, thats good, make sure you slate every firm involved (legally that is). How did they contact you? was it a pm through this site or another.?

fanofmartin_2

Well done Laini, really pleased for you. It gives everyone an incentive to keep going. It's so good when people take on these big companies and win. Hope the refund you're getting comes out of carol 'frog face' vordermans salary.

I'm going to try to get the whole loan voided as the paper work is wrong I think. They have put too many months payment down, well something doesn't add up! The ppi was front loaded and after 5 years have paid all back plus interest :mad:

Got a huge essay to write so will start process at the weekend.

homer_j_3

Depending on how the paperwork is incorrect, will depend on what recourse you take.

It could be that your loan is unenforceable and/or voidable.

Do you fully understand what you are looking for?

marcus79_2

Ive just recieved another letter from HSBC stating they are still looking into my complaint and it will take a futher 4 weeks!! this will be a total of 9 weeks they had now, so what im asking is do i go ahead and send the second template letter for the ppi reclaim??

fanofmartin_2

I'll pm you Homer_j

homer_j_3

I have responded to you. I would refer to my other post to show you the differences between voidable and unenforceable.

It is possible that it could be both. Unenforceable is the one that does most damage to a lender but if I break the law, I cannot complain when I receive punishment for it.

http://forums.moneysavingexpert.com/showthread.html?t=930311