PPI Reclaiming discussion Part II

marshallka

CreditMonkey wrote: »

Any Advice Please
We got a dreaded secured loan with Paragon Personal Finance before we had our eyes opened by Mr Lewis. We borowed £30k and agreed to the Gold level of PPI which of course was recommended. We took it out in 2005 and have never missed a payment of almost £500 pm. I recently requested a settlement figure and was shocked to see the figure quoted as £39,660.44. Here is the breakdown:
Current balance £37,882.87
Interest due £403.20
Interest from last payment £411.06
Early settlement interest £2,419.20
sub total £41,116.33
Less ppi rebate £1,605.89
add legal discharge fee £150
Total £39,660.44

I have since checked back on our signed paperwork which of course unfortunatley i never did at the time but the PPI was added as £10k extra....WHAT...! but apparently if we are good customers and don't miss a payment we get it back in 10 years.

So now when we request a settlement figure we get a quote over £9k more than we borrowed even after paying £496pm since 2005....!

Is this right is this legal and is there anything that can be done cause to me thats just crazy.

When exactly was this taken out?? Also as this was a single premium policy then you would have had a loan on top of the loan and being paying interest on this for the full term of the original loan.

It looks as though this policy was also front loaded in that most of your repayments would have gone towards the PPI and nothing off the capital of the loan.

Right - no it damn well is not - legal - yes it is unfortunately...

Get your letter in for the misselling...you clearly did not understand what the type of policy you had entailed...

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#reclaim

Just take a look at the link here and see what you can add and delete from the letter that you send. There is also a template letter on there too but sometimes it can be better to make your own up from this.

You then write to the firm that actually made the sale of the PPI to you if this is different from the lender and don't forget to send this recorded delivery so you always a proof and dates etc.

After that you have to give them 8 weeks for a full and final response. In this time it is usual to get a response of "sorry we sold this to you fairly" but you then respond to this and reiterate your complaint again. The next time they write they either give you a final response which you would need in order to take this complaint to the FOS or offer to settle.

di3004

Marshallka

I take it you have tried checking to find the address of the insurers from Companies house ?

di3004

marshallka wrote: »

Letter received yesterday

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Just had a letter from the Ombudsman about Firstplus but don't really understand it..

It says

Further to my previous correspondence to you I have been informed by the firm that you already have complaints regarding this issue with us. I am therefore closing this complaint. I have checked our system and can see that there are two other complaints logged for the same complaint. I have linked the two other complaints so that only one investigation is carried out by us the reference being **** and ****. I have also noted that you have made an appeal on the case where a view has already been made this will be dealt with by one of my collegues....

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then i called them up and

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Just got through to them and my case has been assigned an adjudicator at long last and it is the same one as the co-op complaints. Just spoken to him and he only had the file half an hour ago so leave him to it for a while now.

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then this today 1 day later

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Your complaint has been passed to me to determine whether or not it is one which we can consider. From the papers in the file I understand that you would like us to investigate a complaint about the unfair rebate paid on your PPI policy.

Whilst I appreciate that your policy was sold by Firstplus in January 2000, and issues relating to rebate payments should be directed to the insurance company who underwrote the policy. I therefore suggest that you initially contact the insurance company as they provided the rebate, in order to raise your concerns with it. Details of the insurance company should be stated in your policy booklet.

The complaint handling procedures which are laid down by the Financial Services Authority, state that a business must be provided eight weeks from date the complaint is received, so that it has the opportunity to ‘put things right’, and investigate the complaint. The insurance company should therefore have eight weeks from date of receipt of your letter to look into the complaint and issue its final response letter on the matter. Consequently, if after receipt of its final response letter, you remain dissatisfied with the outcome of its investigations, you should contact us within six months from the date of its letter to refer your complaint to us.

On the basis that Firstplus are not responsible for the unfair rebate issues relating to your PPI policy, it would be inappropriate for me to investigate a complaint against it, and for that reason I will move to close the complaint unless I hear from you with any further comments that you feel would make a significant difference to the outcome by 6 November 2008.




Now if that is not being messed about what is.... also the email that was sent today only referred to the unfair rebate complaint ref number and yet yesterday they told me the two complaints had been linked together

You are going to be enclosing copies of these with the complaints form your filling in ?

Seems strange getting a response the day after, first of all it was looking hopeful, then suddenly they're unable to deal with it ?????:mad:

This is sooooo sooooooo wrong !!!!!

marshallka

di3004 wrote: »

You are going to be enclosing copies of these with the complaints form your filling in ?

Seems strange getting a response the day after, first of all it was looking hopeful, then suddenly they're unable to deal with it ?????:mad:

This is sooooo sooooooo wrong !!!!!

Exactly the same as before. Two days later...

Yeah I have emailed the FOS the policy things so they can tell me where to put my complaint to.

di3004

marshallka wrote: »

Exactly the same as before. Two days later...

Yeah I have emailed the FOS the policy things so they can tell me where to put my complaint to.

Bl**dy H*LL.........:mad:

Good hope you hear straight away, because this one can't wait !!!!

marshallka

Anne.Jade wrote: »

Go back to the FOS and say that you have been in touch with others (me lol) who were offered enhanced rebates directly from FirstPlus and that you don't understand how they can offer bigger rebates on the PPI if it is the brokers/underwriters that are responsible. See what they say

I have not mentioned names but I have said that to them today but she said "she could not comment on others but that complaints against unfair rebates as stated in my letter go to the insurers and not the lender..."

marshallka

di3004 wrote: »

Bl**dy H*LL.........:mad:

Good hope you hear straight away, because this one can't wait !!!!

I am going to do a complaint to the FOS about the way I have been treated by them. I would not mind but to be actually assigned an adjudicator TWICE and then AFTER being told its outside jurisdiction is terrible. I feel sorry for me.:mad: (that is how i would feel if it were someone esle here)

di3004

marshallka wrote: »

I have not mentioned names but I have said that to them today but she said "she could not comment on others but that complaints against unfair rebates as stated in my letter go to the insurers and not the lender..."

Its probably because you had her stumped and she did not know what to say when you said about others.
At the end of the day you were trying to make your point by saying well rules are rules, their's are getting looked at and dealt with so why not mine ???:mad:
Its the same complaint as their's !

And this about the insurers is new on me today......:rolleyes:

di3004

marshallka wrote: »

I am going to do a complaint to the FOS about the way I have been treated by them. I would not mind but to be actually assigned an adjudicator TWICE and then AFTER being told its outside jurisdiction is terrible. I feel sorry for me.:mad: (that is how i would feel if it were someone esle here)

Yes hun, its shocking !!!
I can't believe they have done this to you !!
What a tease they have been, its just not right, I am still tamping and feel very sorry for you..... .

You do not get told they are looking into it then they are not !!!!!!!

You are doing the right thing by not leaving it there, and its good you are doing this.;)

Anne.Jade

marshallka wrote: »

I have not mentioned names but I have said that to them today but she said "she could not comment on others but that complaints against unfair rebates as stated in my letter go to the insurers and not the lender..."

Did you actually complain to FirstPlus about the unfair rebate? If so, why didn't they tell you at the time that you should direct your complaint to the insurers?