PPI Reclaiming discussion Part II

marshallka

singlep wrote: »

OK then all she has to do is tell us where we can find the rule or legal guidance. If she is right why does it matter if firms were members of GISC as all pre 05 complaints would be valid? You could claim unfair rebate under CCA Rule 78 but not in the description here. Help.

I have just found singep post here and he is referring to rule 78 in the rebate calculation and not the settlement of the loan itself. This is what troness tried to explain to us too. I will post that one as well.I think these unfair rebates are a little more complex than just making a complaint for an unfair rebate. Its about how the rebate was calculated.

marshallka

singlep wrote: »

Tiggrae may be right but this is new to me. So, if everyone who was missold PPI before jan 05 ceased the policy and requested the rebate they would be able to claim to FOS as at that time all rebates were unfair. So why doesn't everyone do this if their adviser was non GISC? At least you get the premium although not the interest paid.

Di, notice in this post singlep says that all pre 2005 rebates were unfair. It was only rebates calculated after 2005 that were calculated after the FSA took over that were supposed to be fair and if they were not then you can take your complaint to the FOS. If you were rebated before 2005 it would most definately have been unfair but they have to have been under the jurisdiction of the FOS at the time of your rebate.

marshallka

singlep wrote: »

FSA is demanding pro rata rebates from lenders but there is no rule, so 22% is probably OK. Your real problem now is how the loan is rescheduled and FPlus tend to refund the premium in such a way that the term of the loan is reduced. This means they reduce the total you owe but it can be expensive. FPlus usually advances a 5 yr single prem over the full loan term, say 20 yrs which is also a breach unless you knew about it and agreed to pay interest for 20 yrs. The maths is not my expertise and I suspect we are meant to be confused but someone else here should be able to help. Or just go to FOS and they will sort it.

This is how the FSA demands the rebates. I know that mine was definately not pro rata at the time and rather under the use of rule 78.

marshallka

marshallka wrote: »

This is what tron_ess posted about it
You probably had it against something more like 50% of the premium (an example as most firms are slightly different). So basically if you cancel in 30 days you get 100%. If in month 2 you get 50% !!! Then they apply Rule of 78 from there. The point is - you didn't know!! and probably still don't because the T&Cs of the policy didn't make this clear. Unfair contract term perhaps?
I have to agree with Tiggrae in that you may still have some mileage in this.



When you are claiming a rebate for cancelling insurance - insurers are still allowed to use Rule of 78. They merely take the premium amount - and apply their calculation to that. Then take that from the current loan.

The point I was making is that few actually give you Rule of 78. What they do is apply rule of 78 against a % of the original premium. They may only apply the rule of 78 against 25% of the premium. This means that if you cancelled after 45 days - you'd only get 25% rebate. That's their starting point!!! If you use true rule of 78 on a 5 year policy and cancelled in Month 2 you get approx 85% back. (crude maths here - but you get the picture).

Basically if firms were applying rule of 78 FOS would have no issues. The fact is that they first take 50% or more away, and then apply rule of 78!!

This was troness trying to explain this too.

marshallka

di3004 wrote: »

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

You are just going to have to wait for the FSA or OFT to get back on this one now Di. I never asked but how much was this click loan and PPI. If its the one i am thinking of here then I cannot believe that they have not paid up as this is not a huge amount and they have created all this for themselves here. Lets hope they were acting out of sorts.:D

marshallka

di3004 wrote: »

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 !!

Yeah Di, but this is NOT for misselling here (:rolleyes: ) but they will argue that the policy was only 5 years (although the interest was payable over 13+ years)and that i had had it for 39 months and therefore I would only be allowed 78% back pro rate of the PPI left to pay. They do not take into account the interest paid on the PPI when they make offers and therefore I paid

£4163 for 60 months. They would work out £4163 divide by 60 = 69.38 per month and then add 39 x 69.38 = 2705.94. This would the PPI i used. They would take the £2705.94 away from the £4163 and give me 78% of it being £1136.49 and that would be the refund that they would offer that would be fairer in their eyes. They would forget the interest that I have paid to them at settlement of the loan and the statutory interest too. This is how they calculated catinthehats too. Catinthehats is with the FOS now.

Although the true cost was £9K

di3004

marshallka wrote: »

You are just going to have to wait for the FSA or OFT to get back on this one now Di. I never asked but how much was this click loan and PPI. If its the one i am thinking of here then I cannot believe that they have not paid up as this is not a huge amount and they have created all this for themselves here. Lets hope they were acting out of sorts.:D

Been trying to catch up with all your posts lol, but this thing had frozen on me......:mad: again !!

Just read your other above posts too regarding what Tiggrae, Tron_ess and Singlep had added, so if that is the case then the FOS will be able to look at mine from Endeavour about the rebate thing if after 2005 ?
Hopefully this one will not be returned to me then.

Oh the click was the one who had sold the Endeavour loan hun.;)

I cannot for the life of me find my old posts where M Colak has mentioned some things on this......

di3004

marshallka wrote: »

Yeah Di, but this is NOT for misselling here (:rolleyes: ) but they will argue that the policy was only 5 years (although the interest was payable over 13+ years)and that i had had it for 39 months and therefore I would only be allowed 78% back pro rate of the PPI left to pay. They do not take into account the interest paid on the PPI when they make offers and therefore I paid

£4163 for 60 months. They would work out £4163 divide by 60 = 69.38 per month and then add 39 x 69.38 = 2705.94. This would the PPI i used. They would take the £2705.94 away from the £4163 and give me 78% of it being £1136.49 and that would be the refund that they would offer that would be fairer in their eyes. They would forget the interest that I have paid to them at settlement of the loan and the statutory interest too. This is how they calculated catinthehats too. Catinthehats is with the FOS now.

Although the true cost was £9K

Crikey a big difference in the amounts - definately......:eek:

di3004

Wonder if I will get an feedback from the OFT this week, the last one we received last week was still about you know who but then I sent that letter in, I am hoping this will be investigated.;)

marshallka

Loulou1513 wrote: »

Oh I forgot to say. it was with the HAlifax.
Cheers. X

Loulou, with regards to your PM this is was the last post you made on 12/10/08. There was no other since this.