PPI Reclaiming discussion Part II

marshallka

di3004 wrote: »

Thanks hunni, and fingers crossed to you (3rd time lucky) I hope.
Hun you have been messed about terrible here, now if you do not get lucky with the insurers, write to the FOS, explain your situation here and make sure this will be "fast tracked", none of this is your fault, so I would be inclined to make sure that yours especially "yours" is going to get dealt with for as soon as possible on the fast tracking system.

I think now then I should also write to Hamilton then, yet it states their addy as norwich union...... , I can always add a copy of the terms and conditions couldn't I? where it states that Hamilton were the insurers.

I don't think I will wait for a response from the FOS about Endeavour, best to get on with it or time will be wasted again.....:rolleyes:

They are writing for me and asking them to issue a final response. They have first got to get in touch with Firstplus and ask them who my insurers were as they say the policy I have here is NOT MY POLICY...... Don't know how that is going to work...I have not got it and Firstplus must not have a copy of it as they sent my a blank with the SAR... This may be a final thing here.

marshallka

di3004 wrote: »

Thanks hunni, and fingers crossed to you (3rd time lucky) I hope.
Hun you have been messed about terrible here, now if you do not get lucky with the insurers, write to the FOS, explain your situation here and make sure this will be "fast tracked", none of this is your fault, so I would be inclined to make sure that yours especially "yours" is going to get dealt with for as soon as possible on the fast tracking system.

I think now then I should also write to Hamilton then, yet it states their addy as norwich union...... , I can always add a copy of the terms and conditions couldn't I? where it states that Hamilton were the insurers.

I don't think I will wait for a response from the FOS about Endeavour, best to get on with it or time will be wasted again.....:rolleyes:

The manager from the ombudsman said that the thing of unfair rebates was within the policy itself, not the actual rebate...

Was your policy unfair Di, I know that the ones from before Firstplus changed them to Barclays policies were but that is the problem... you have to have had an unfair rebate from the wording in the policy...

Also some policies will be looked at as fair as I don't think that this will actually take into account the interest paid etc...
What does it say on your policy Di, not the terms on the agreement but the policy itself.

di3004

marshallka wrote: »

The manager from the ombudsman said that the thing of unfair rebates was within the policy itself, not the actual rebate...

Was your policy unfair Di, I know that the ones from before Firstplus changed them to Barclays policies were but that is the problem... you have to have had an unfair rebate from the wording in the policy...

Also some policies will be looked at as fair as I don't think that this will actually take into account the interest paid etc...
What does it say on your policy Di, not the terms on the agreement but the policy itself.

I will have to take another look hun, but I did read somewhere that someone had mention about unfair terms with the Endeavour agreement, think they had taken theirs out the same time as me.

Now just to be sure, what exactly do I need to look for on the agreement to check for unfair terms ?
Just need to make sure.;)

Will be bk soon gonna dig it out.

marshallka

di3004 wrote: »

I will have to take another look hun, but I did read somewhere that someone had mention about unfair terms with the Endeavour agreement, think they had taken theirs out the same time as me.

Now just to be sure, what exactly do I need to look for on the agreement to check for unfair terms ?
Just need to make sure.;)

Will be bk soon gonna dig it out.

Di, that just it, its nothing to do with the agreement, it the actual policy terms and conditions and if they rebated unfair due to the terms within the policy. I told him the term on the firstplus policy that was unfair and it WAS used in that way against me (They have proof of that with the actual amount we settled with) and he said that is why this has to go towards the insurers as it was them that actually wrote the terms of the policy and NOT firstplus.

I remeber singlep saying this to me. You have to actually prove the rebate was unfair...I can do...

marshallka

Here it is that makes it unfair

Extract from the competition commission

The rule of 78 rebate method treats the insurance premium as ‘front loaded’ (ie a higher proportion of premium is allocated to the earlier periods of the policy). If a policy is cancelled part of the way through its term, the rebate payable therefore represents a lesser proportion of the full single premium than the unexpired term bears to the full term of the policy. Figure 1 shows the percentage of the initial premium that is given back to customers cancelling the PPI during the term when the rule of 78 is used to calculate the rebate. The example is based on an HSBC17 PPI policy with an initial premium £846.49 covering a £5,000 loan over a 36-month term. In some cases, certain providers charge an additional retained premium on cancellation of policy in calculating the rebate payable (for example, one distributor ([ ]) retains up to a further two months’ premiums beyond the cancellation date when calculating the rebate due).


This is where i was doing your working against my workings and mine worked out as front loaded and yours not. If you remember I wondered why this was so much more than everyone elses from newer policies ....


http://www.competition-commission.or...nd_app_5_2.pdf

maxdp

Just had letter from FOS saying my complaint against MBNA now gone to adjudicator. On the letter is says

In the meantime, it would be very helpful if you could let us know of any recent changes in your personal circumstances that you may not have told us about already - for example.

You are now experiencing exceptional financial hardship because of circumstances connected to your complaint.

You are suffering serious ill-health which makes if extremely important to you that this complaint is resolved quickly.

Legal action is being threatened in relation to this case or

You have had an offer from MBNA since we last wrote and you have accepted this offer to settle your complaint, ( or are considering accepting it).


This has obviously been added since my last letter from them. Although fast tracking does not seem to work in some cases I have seen on here.

di3004

CREDIT AGREEMENT
regulated by the Consumer Credit Act 1974

The Lender:
Endeavour Personal Finance Limited

Borrowers:
Mr XXXXX X XXXXX
Mrs XXXXX X XXXXX

Address:


A) Loan for borrowers own use
£21000.00

Loan (and cash price) for Optional Single Premium Payment Protection Insurance, Cover shown in the Payment Protection insurance Box below:
£2835.00

Total loan Amount A) + = £23835.00

Interest Rate 9.52 per annum, fixed for the First 12 months (The initial period) and thereafter variable - see loan condition overleaf.

Monthly Instalments: £208.51
Estimated 300 months
Calculated from the date of this Agreement and assuming no changes of the rate of interest or delay in monthly instalment.

APR 9.9%

No possible variation in the interest rate has been taken into account in calculating the APR of the monthly instalment.

Monthly instalments are to be appropriated to parts
A) and (if any) of the loan and interest there on in the proportions that such parts bear to the total loan amount.

The first monthly instalment is payable one month after the date of this Agreement and subsequently monthly instalments are payable on the same day in each succeeding month.

Monthly instalments shall continue to be payable until your Total indebtness is repaid.

The monthly instalments are as shown above (subject to Loan conditions 2 overleaf) except for the final one which (representing the balance of your Total Indebtness and being equal to ot less than the amount of your previous monthly instalment will be notified to you.

Variations:
Subject to giving you at least thirty days written notice we may from time to time if we may vary the interest rate in accordance with Loan condition 2 overleaf, vary the monthly instalments to ensure that all principal and interest is discharged during the estimated rempayment period.
We may also delay monthly instalments for the reasons set out in loan condition 3 overleaf.

Single cover

(then its the borrowers declaration and insurance proposal)

Your rights:
Under the Consumer credit act 1974, we should have given you a copy of this agreement at least 7 days ago to allow you to consider whether or not to go ahead.
If we did not, the agreement cannot be enforced without a court order.

(the explanations of conditions of the loan as stated above is in the terms and conds).

di3004

maxdp wrote: »

Just had letter from FOS saying my complaint against MBNA now gone to adjudicator. On the letter is says

In the meantime, it would be very helpful if you could let us know of any recent changes in your personal circumstances that you may not have told us about already - for example.

You are now experiencing exceptional financial hardship because of circumstances connected to your complaint.

You are suffering serious ill-health which makes if extremely important to you that this complaint is resolved quickly.

Legal action is being threatened in relation to this case or

You have had an offer from MBNA since we last wrote and you have accepted this offer to settle your complaint, ( or are considering accepting it).


This has obviously been added since my last letter from them. Although fast tracking does not seem to work in some cases I have seen on here.

Hi there Maxdp, thats good news hunni.;)

How long was you waiting for this one to be passed on hun ?:D

marshallka

di3004 wrote: »

CREDIT AGREEMENT
regulated by the Consumer Credit Act 1974

The Lender:
Endeavour Personal Finance Limited

Borrowers:
Mr XXXXX X XXXXX
Mrs XXXXX X XXXXX

Address:


A) Loan for borrowers own use
£21000.00

Loan (and cash price) for Optional Single Premium Payment Protection Insurance, Cover shown in the Payment Protection insurance Box below:
£2835.00

Total loan Amount A) + = £23835.00

Interest Rate 9.52 per annum, fixed for the First 12 months (The initial period) and thereafter variable - see loan condition overleaf.

Monthly Instalments: £208.51
Estimated 300 months
Calculated from the date of this Agreement and assuming no changes of the rate of interest or delay in monthly instalment.

APR 9.9%

No possible variation in the interest rate has been taken into account in calculating the APR of the monthly instalment.

Monthly instalments are to be appropriated to parts
A) and (if any) of the loan and interest there on in the proportions that such parts bear to the total loan amount.

The first monthly instalment is payable one month after the date of this Agreement and subsequently monthly instalments are payable on the same day in each succeeding month.

Monthly instalments shall continue to be payable until your Total indebtness is repaid.

The monthly instalments are as shown above (subject to Loan conditions 2 overleaf) except for the final one which (representing the balance of your Total Indebtness and being equal to ot less than the amount of your previous monthly instalment will be notified to you.

Variations:
Subject to giving you at least thirty days written notice we may from time to time if we may vary the interest rate in accordance with Loan condition 2 overleaf, vary the monthly instalments to ensure that all principal and interest is discharged during the estimated rempayment period.
We may also delay monthly instalments for the reasons set out in loan condition 3 overleaf.

Single cover

(then its the borrowers declaration and insurance proposal)

Your rights:
Under the Consumer credit act 1974, we should have given you a copy of this agreement at least 7 days ago to allow you to consider whether or not to go ahead.
If we did not, the agreement cannot be enforced without a court order.

(the explanations of conditions of the loan as stated above is in the terms and conds).

Di, rule of 78 was not used in your rebate here

for my loan of £21163
I paid £11000
and then £20400
settlement in total £31400
Less my rebate which i will claim back 6690 = £24410 total cost of loan (more than we actually borrowed)



Di total loan £23835
paid £3336
and then £23646 settlement in total £26982 less rebate £5507 = £21475 (less than you actually borrowed)


ALso Di, its not the agreement that you have to look at here. Its the terms and conditions of the actual POLICY!!!!

Its not rule 78 on the agreements, that is fine and to use, its what i was trying to explain to you the other night, its when it is used in the rebate of the PPI and it would state in your terms and did the working above and it was DEFINATELY not used against yours.

di3004

As in the agreement, here is what they were referring to:

The monthly installments are as shown above (subject to loan conditions 2 and overleaf):


Interest:

Interest is calculated on a daily basis on the balance outstanding on your loan amount at the Interest Rate and is debited to your loan account on each monthly repayment date.

Interest is payable at such rate both before and after any judgement (the obligation will be dependent of and not merged with the judgement).

If any change is made to Finance Houses base rate (FHBR) (either upwards or downwards) during the agreement this will be reflected by the change in your Interest rate of the same percentage amount together with any percentage amounts previously ignored under (III) below in the following way:



I). Any change in the FHBR before the agreement is made or during the initial period of your loan will be ignored.



II). Any change in our interest rate will not be made on the date of publication of a chance in the FHBR (change date) but on the day after your next monthly repayment date which follows the change date.



III). No change will be made on your Interest rate unless the FHBR has increased or decreased by at least one and a half per cent from the rate of FHBR at the date of this agreement or (later) which resulted in the last change in your interest rate.



IV). If FHBR increased for some reason to be published we will select such an externally fixed interest rate as we reasonably consider appropriate to take the place of FHBR.