PPI Reclaiming discussion Part II

marshallka

Laini wrote: »

why not send a letter to FP pointing out their mistake and state you are sending a copy to FOS as added information to your complaint.
this might gee them up and stop fobbing you off

I need to first clarify what they have said. If you read my post before do they mean that this amount was deducted from the settlement but in fact they added it. I am reading it like they should of deducted it and tiggrae seems to think the same but i don;t want to give them chance to change things at their end. I would of thought the FOS is my first port of call. They will wriggle out of it otherwise.

Darth_chaffinch

[/quote]
If the ppi was added without your asking for it then it's mis selling. Under the Misrepresentation Act 1967 - Negiligent Misprepresentation the onus is upon LLoyds to prove that you asked for it[/quote]

Thanks Tiggrae- so if they don't have a copy of the application with PPI ticked, or a phone conversation recording with it requested then they should cough up?

marshallka

tiggrae wrote: »

There could be two things happening in respect to the figures quoted, firstly your monthly premium could be paying off interest 1st, also in a lot of cases with a loan which has PPI they could be taking a higher percentage of the repayment to pay off the cost of the PPI first - that's their excuse for low PPI resettlement figures - it's because you've already paid for the insurance first - meaning the amount of capital still to be paid back is high !!!

So are you saying their settlements are right. Only £300 difference between 18 months payments. Surely there is a mistake here. I really need help here.

fanofmartin_2

Iv'e got a silmilar situation, the settlement figure in july 04 is actually £1000 less than the one for june 08, and thats paying back £329 a month! I have been trying to work that one out.

tiggrae

marshallka wrote: »

So are you saying their settlements are right. Only £300 difference between 18 months payments. Surely there is a mistake here. I really need help here.

A loan company will ALWAYS calculate a settlement which is to their best financial advantage NOT YOURS and it's probably all written down in their terms & conditions that's how they will recalcuate it - so that when you challenge it they'll say 'well it's in your terms and conditions and you signed the agreement' The thing to do as a consumer is say NO - that's unfair and that is reason and the basis of the Unfair Consumer Contract Terms Regulations 1999 and that's what you need to base your complaint upon

tiggrae

If the ppi was added without your asking for it then it's mis selling. Under the Misrepresentation Act 1967 - Negiligent Misprepresentation the onus is upon LLoyds to prove that you asked for it[/quote]

Thanks Tiggrae- so if they don't have a copy of the application with PPI ticked, or a phone conversation recording with it requested then they should cough up?[/quote]
yes - but what Lloyds will come back with is that they sent you the documentation which said you could cancel (this is their standard response) - you'll need to go back to them at that point and tell them the FSA have critisied firms for it's heavy reliance upon documentation to explain about PPI

Darth_chaffinch

Sorry to keep posting in bits, but I want to get this sorted!!!:

- my statement refer to 'cardholder protection Insurance' is this the same as PPI?

- my slightly altered draft letter is below, does this sound ok?!?

Payment protection insurance was added to my credit card in November 2002. This was without, I believe, my approval or request (Misrepresentation Act 1967). As I did not know I had this insurance applied to my credit card it could also not have been explained to me.

According to my statement copies the figure is £564.44.

Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made. As my account is in arrears I would like the amount to be credited to it.

I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.

tiggrae

Darth_chaffinch wrote: »

Sorry to keep posting in bits, but I want to get this sorted!!!:

- my statement refer to 'cardholder protection Insurance' is this the same as PPI?

- my slightly altered draft letter is below, does this sound ok?!?

Payment protection insurance was added to my credit card in November 2002. This was without, I believe, my approval or request (Misrepresentation Act 1967). As I did not know I had this insurance applied to my credit card it could also not have been explained to me.

According to my statement copies the figure is £564.44.

Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made. As my account is in arrears I would like the amount to be credited to it.

I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.

Well as you've been receiving statements for the past 7 years all they'll say is you've always known about it and could have cancelled at any time - I'd change it to say 'was added without my requesting it and until recently I had assumed it was compulsory'. I'd also state you never received any documentation telling you it wasn't compulsory and that you could cancel at any time.

tiggrae

fanofmartin wrote: »

Iv'e got a silmilar situation, the settlement figure in july 04 is actually £1000 less than the one for june 08, and thats paying back £329 a month! I have been trying to work that one out.

were you on a fixed or variable rate of interest - I suspect it was variable and what you've been doing is paying off the ppi & interest up front

Darth_chaffinch

Thanks again Tiggrae, I was one of those people who didn't open statements and buried my head in the sand for as long as possible!!

I owe you an e-pint!