PPI Reclaiming discussion Part II

marshallka

LauraB wrote: »

Hello, Im not very good at using this forum! I have had a no from my PPI claim so now I need to write to the ombudsman, are there ant tips or 'heads ups' from anyone? Thank you X

Just tell it like it is. The Ombudsman is totally a middle man and will look at both sides. If you have been sold a single premium and were not explained anything with regards to the full cost of this you have a head start.

Good luck and like maxdp says, you first need a final response from the company before going to the FOS. Check this is what you have on your letter that says "no".

di3004

LauraB wrote: »

Hello, Im not very good at using this forum! I have had a no from my PPI claim so now I need to write to the ombudsman, are there ant tips or 'heads ups' from anyone? Thank you X

Hi there hun, you will get used to using this forum after a few postings.;)
And welcome to this actual thread anyway.:D

Right okay I can see our Marshalllka and Maxdp has already responded to your post, so if you could possibly post who the loan/ppi or credit card ppi was taken out with, dates etc (year).

Was it the first letter you sent to them, and was it the first response?

As already mentioned by Marshallka and Maxdp, if this was not the final decision, you will need to write to them again in order for them to reconsider your complaint, where they should mention "final decision" and then they will tell you it is now you can take your complaint to the Financial Ombudsman Service (FOS).

On the 2nd letter you sent, you need to tell them that you were not happy with their response on letter dated XX/XX/XXXX, and you would like them to reconsider it, or you will have no option but to forward to the FOS with your evidence of being mis sold for them to investigate this.

If this was the "final decision" and the FOS was mentioned then yes its time to move on to the FOS.

Now when and if you do have to go to them here are the details of the procedures of complaining, with forms on this below link.
http://www.financial-ombudsman.org.uk/consumer/complaints.htm

When you do - do this, send in copies of all correspondence from the company and also copies of your letters sent to the loan company, also the final letter from them.;)

Good luck and hope the next time round they will resolve this for you.

Keep posting to keep us updated, and if you require further info, please just give us a yell.:D

Di.
x

marshallka

tiggrae wrote: »

Marshalla, just to clarify are you claiming for mis selling or for an unfair rebate? Basically I think you would be out of time for the mis selling angle, however if you're going for an unfair rebate that is sooooooooo much easier to reclaim against - FP were regulated (make your complaint against Barclays t/a FP) - the fsa have stated the following in respect to early settlement of PPI - your complaint to the FOS should be on this basis and give the date of 2003 as to when it took place - NOT 2000 when it was sold.

If you repay your loan early, the PPI is of no further value to you because the PPI benefits are linked to it. So a firm should not prevent you from receiving a partial refund from the PPI policy if you cancel the policy or repay the loan early. However, you may not be entitled to a refund if you cancel very close to the end of the period covered or if you have already made a successful claim under the policy.

See this document single premium PPI

As for what you paid - as a rough guide your PPI looks like it was about 20% of the
£286 a month you were paying - so 20 of £21400 you paid on early redemption is £4280 - that's just a rough guide though - on the FOS claim form you need to put down you want the full amount you had to pay for the PPI on early redemption, plus any interest + 8% statutory interest

Just found this post back in April of when TIggrae advised me on the rebate being unfair.
Then M colak said
Ok looking at that you have had a disproportional rebate of approx £7447

I make it
My loan was £17000 with a PPI of £4163
The PPI element of the loan was 19.67%
19.67 of my repayments of £285 per month = £56.05 per month PPI
160 x 56.05 = £8968.00 PPI including all the interest I would have paid
Repayments of 39 x 56.05 = 2185.95
8968.00 - 2185.95 = 6782.05 - the rebate i got of £91.64 = £6690.41 (This amount was paid to them although the PPI was of no further use at settlement.)


I have just emailed a copy of the letter sent to Barclays Firstplus on 4th October with my figures above to the FOS to add to my complaint. Forgot to do it but if tiggrae is right and you have to have some sort of idea what you have been unfair rebated on then I think this is best to do so you are not ripped off anymore.

di3004

Monday tomorrow already - weekend has flown by......:rolleyes: ,
wonder if any of us will have some good news this coming week, I do hope so.;)

di3004

marshallka wrote: »

Just found this post back in April of when TIggrae advised me on the rebate being unfair.
Then M colak said
Ok looking at that you have had a disproportional rebate of approx £7447

Does M Colak come on here now at all do you know hun ?;)

marshallka

di3004 wrote: »

Does M Colak come on here now at all do you know hun ?;)

No he does not Di. Working hard I assume....;)

di3004

marshallka wrote: »

No he does not Di. Working hard I assume....;)

I expect he is then.;)
Your cool with calculations yourself anyway.....:D .

marshallka

di3004 wrote: »

I expect he is then.;)
Your cool with calculations yourself anyway.....:D .

I know when the policy is front end loaded you have been ripped off as you only get a tiny proportion back on settlement as this is a way of getting the money in the beginning of the loan and all your repayments go towards it but don't exactly know how it would work on "non front loaded" PPI policies that are rebated in a different way to this. I feel that our policy cost us £9K including interest and we had it for 39 months and they still charged us this £6K odd at redemption and gave us £90 quid rebate. This would be the calculations if they HAD not front end loaded the policy. It may be different on non front end loaded policies as this did not work with your endeavour one. I would ask tiggrae to have a look at it in case she is right in that you do have to prove the rebate was unfair. That is why I have sent in these figures.

di3004

marshallka wrote: »

I know when the policy is front end loaded you have been ripped off as you only get a tiny proportion back on settlement as this is a way of getting the money in the beginning of the loan and all your repayments go towards it but don't exactly know how it would work on "non front loaded" PPI policies that are rebated in a different way to this. I feel that our policy cost us £9K including interest and we had it for 39 months and they still charged us this £6K odd at redemption and gave us £90 quid rebate. This would be the calculations if they HAD not front end loaded the policy. It may be different on non front end loaded policies as this did not work with your endeavour one. I would ask tiggrae to have a look at it in case she is right in that you do have to prove the rebate was unfair. That is why I have sent in these figures.

Yes they all vary don't they, I think Endeavour compared to the Nemo one was again calculated differently but not for certain.
Yours though blimey to have just that £90 quid for a rebate I think is disgusting and that does definately prove to be very unfair, its just not right !!

di3004

I have been searching back on old posts on here, and I remember asking for more info on Click to the liquidators, they state in this letter they could not assist us further, this was in July this year!

Dear

I refer to your emails addressed to Bartfields, which have been forwarded to me.

Since November 2007, the Insolvency Division of Bartfields (UK) Limited was sold to Begbies Traynor and my new details are

Begbies Traynor
Glendevon House
Hawthorn Park
Coal Road
LEEDS LS14 1PQ

Email: [EMAIL="gerald.krasner@begbies-traynor.com"]gerald.krasner@begbies-traynor.com[/EMAIL]

With reference to your enquiry on click Finance Limited, my administration as liquidator was concluded on 16 March 2006, and the company was then dissolved. In the circumstances, there is nothing further I can do to assist you, but I trust the contents of this email are sufficient for your purposes.

Kindly confirm

GERALD M KRASNER
Licensed Insolvency Practitioner
Begbies Traynor
Glendevon House