PPI Reclaiming discussion Part II

gamekeeperturnedpoacher

Hi Kaia, I was Pinnacle's General Manager of Claims, there for 8 years pretty much from the start, they are based just round the corner from where I live. Obviously does not help the case but thought hey mention it.

Given the bad press PPI continues to receive the lenders and the insurers are being very cautious. Approaching reclaim issues from a miss-sale perspective will make them very nervous and guarded so if there is another angle to use in the first instance, in my view do that first, of course let them know that there is a potential miss sale issue at the same time and if your initial argument fails then bring the miss sale in to play.

With regard to time limits on pursuing complaints, the legal time frame is 6 years so any action after that legally will be thrown out, I believe the regulator will adopt that view also, there has to be a cut off point however, if the complaint was made prior to the cut off point then I believe it can continue to be pursued.

Sorry I have not read all the thread but am interested to know why, as a self employed person, a claim would not be paid? What is excluding this in the policy terms?

Kaia wrote: »

Thanks Marshallka,
Interesting, as I was telling you yesterday, my PPI insurance was underwritten by Pinnacle.
Thanks for that x

katieb2007

Hi All,

I recently paid off my LTSB graduate loan early and was told that I may be eligible for a refund of the PPI that I paid in advance when I took out the loan in 2004 (trying to claim that back but not getting too far with them). A few days later I got a letter from LTSB Insurance saying " I have recently been informed that you have repaid your Personal Loan. I have therefore cancelled your insurance policy, but must advise you that no refund is due. This is because the amount calculated is less that £10.00."

Ok, my two questions are:

1)The amount I had remaining on this account was £1761.94, and as I had paid PPI (against my better judgement) up front, surely the amount of PPI to be refunded on this amount would be far greater than a tenner?

2) Even if they are correct in their calculation of "less than £10" (which I plan to investigate anyway), that "less than £10" is still MY "less than £10". Am I being really petty or should I persue this one?

Has anyone else had this sort of response and if so, what did you do?

Thanks all
Kate xx

m.colak

hi all,

have been busy all week unfortunately (but i did warn people). Have just popped on to say hi and answer a few questions.

Sarahc take the £750 off the overpayment to give you a newer figure of approximately £1350 as a overpayment then that is what you argue is over the 22% commision rate by the company.

Laini congratulations i knew you would win in the end and its people like you who show lots of patience is needed in reclaiming.

Tiggrae ignore the jibes by others you do do a wonderful job and you have been on this thread as long as me helping others battle the big guys and win.

Bespoke finance still would have had to be registered as a financial instituation in the UK if the operated as financial company. I would write to companies house and ask the question. If not then the company whom subcontracted broke the law utilising a non-regulatory company and you should contact the FSA and the OFT to insure that the matter is raised and something is done about it.

m.colak

katieb2007 wrote: »

Hi All,

I recently paid off my LTSB graduate loan early and was told that I may be eligible for a refund of the PPI that I paid in advance when I took out the loan in 2004 (trying to claim that back but not getting too far with them). A few days later I got a letter from LTSB Insurance saying " I have recently been informed that you have repaid your Personal Loan. I have therefore cancelled your insurance policy, but must advise you that no refund is due. This is because the amount calculated is less that £10.00."

Ok, my two questions are:

1)The amount I had remaining on this account was £1761.94, and as I had paid PPI (against my better judgement) up front, surely the amount of PPI to be refunded on this amount would be far greater than a tenner?

2) Even if they are correct in their calculation of "less than £10" (which I plan to investigate anyway), that "less than £10" is still MY "less than £10". Am I being really petty or should I persue this one?

Has anyone else had this sort of response and if so, what did you do?

Thanks all
Kate xx

Ok first of all you would be intitled to a full refund if you can prove that the PPI was mis sold. As for the £10 i couldn't really say as you could attempt to reclaim it just to upset them and cost them more money in the long run.

Laini

katieb2007 wrote: »

Hi All,

I recently paid off my LTSB graduate loan early and was told that I may be eligible for a refund of the PPI that I paid in advance when I took out the loan in 2004 (trying to claim that back but not getting too far with them). A few days later I got a letter from LTSB Insurance saying " I have recently been informed that you have repaid your Personal Loan. I have therefore cancelled your insurance policy, but must advise you that no refund is due. This is because the amount calculated is less that £10.00."

Ok, my two questions are:

1)The amount I had remaining on this account was £1761.94, and as I had paid PPI (against my better judgement) up front, surely the amount of PPI to be refunded on this amount would be far greater than a tenner?

2) Even if they are correct in their calculation of "less than £10" (which I plan to investigate anyway), that "less than £10" is still MY "less than £10". Am I being really petty or should I persue this one?

Has anyone else had this sort of response and if so, what did you do?

Thanks all
Kate xx

so you are going for unfair refund not mis selling?

ask for a breakdown of the settlement figure
then if you want post up here the break down of figures showing loan amount, PPI amount
showing all the payments you made including payments for PPI and how many years you were originally paying the loan over

do you have your t & c to see what it says in there about the refund on early settlement.

if you dont have anything on this loan(listed above) I would request a SAR which will give all the information with phone calls and any notes which you were not aware of on your account.
most companies say no at first but they are just following procedure so follow our procedure dont give up keep asking why and give them reasons why you think they are wrong, they just want to sicken you off as they know if you take it to the FOS you will have to wait at least six months before you are hopefully sucessful.
hope this helps

Laini xx:j

marshallka

gamekeeperturnedpoacher wrote: »

Hi Kaia, I was Pinnacle's General Manager of Claims, there for 8 years pretty much from the start, they are based just round the corner from where I live. Obviously does not help the case but thought hey mention it.

Given the bad press PPI continues to receive the lenders and the insurers are being very cautious. Approaching reclaim issues from a miss-sale perspective will make them very nervous and guarded so if there is another angle to use in the first instance, in my view do that first, of course let them know that there is a potential miss sale issue at the same time and if your initial argument fails then bring the miss sale in to play.

With regard to time limits on pursuing complaints, the legal time frame is 6 years so any action after that legally will be thrown out, I believe the regulator will adopt that view also, there has to be a cut off point however, if the complaint was made prior to the cut off point then I believe it can continue to be pursued.

Sorry I have not read all the thread but am interested to know why, as a self employed person, a claim would not be paid? What is excluding this in the policy terms?

You say 6 years. Is this from point of sale or from point of settlement. ???

marshallka

Just received my copy of the insurance policy terms and conds and its FIrstplus's own policy. Its the cashback one... Would Freedom Finance of sold this to me or Firstplus as i said. It was added to the agreement and not mentioned on the application. It was underwritten by a consortium of insurers. Their obligations are several and not joint and are limited solely to the extent of their individual subscriptions.
40% AA Cassidy and others, Syndicate 582 at Lloyds
35% SCOR UK
25% Zurich

Who are the actual underwriters here. God this is getting worse.

rosemahairy

I have just realised something else with the yes car credit agreement. The ppi is added as a lump some with interest up front for the period of the loan 48 months. I returned the vehicle after 18months though after paying the amount required in the contract for return. Am i being thick or should i therefore have a pro rata refund anyway?? The insurances on the agreement are 3268 including interest for the 48 months any clever people out there good at calculating this but i should have got 2042 back at least????? They are chasing me for all the ppi even though i canceled it after i was miss sold the salesman said it was the law.

marshallka

A legal question here for anyone that can answer.

Can the rule of 78 be used on an insurance product?

Anne.Jade

Hi all

Just got a letter from FP in response to my last one to them:-

"I am currently reviewing the information supplied to enable me to provide a full and final response to your complaint. I will contact you again, at the latest by 24 June 2008.

A full response has taken a little longer than expected and at this stage you do have the option to ask the Financial Ombudsman Service to review your complaint if you so wish. I have enclosed their leaflet which explains how you can refer to them, although I very much hope to be able to resolve your complaint without the need for you to do this."

What do you think, should I wait or go to the FOS now?