PPI Reclaiming discussion Part II

m.colak

bb23 wrote: »

what is the HSBC address for reclaiming PPI?

There is no exact address you have two choices you can either address it too the main office of HSBC or directly mail it too the customer relations department either way they will then pass it on to the correct department and log it is as a complaint.

The Manager, Service Quality Team, HSBC Bank plc, Arlington Business Centre, Millshaw Park Lane, Leeds, LS11 0PP.

marshallka

I just got a reply to my FIRST complaint with the FOS regarding the PPI and rule of 78. I had emailed the FOS some weeks ago copy of which is below

I took out a loan with Firstplus in Jan 2000 for £17,000. PPI was added to the loan of £4163.30 as a single premium and i think it was missold. We were not made aware that this premium was optional and also no medical illnesses were asked about. We were not given any advice on this matter and i have written to firstplus. We settled the loan in April 2003 paying back a settlement figure of £20,400 after making 3 years repayments. I argued at the time with Firstplus that this amount was wrong and then and only then it was explained about the "rule of 78" being used. I came off the phone in tears and we had to pay the amount back. We felt it was unfair then and still feel its unfair now.

I wrote to Firstplus on the 25th April about this. I got a reply from them that i actually used a broker and at first they said it was Freedom Finance and that i needed to speak to Bespoke Finance about this. I have never heard to Bespoke Finance who are based in GIBRALTAR. She said that my complaint has been passed to them about the ppi as it was orginally sold by them. I told her that i wanted my complaint with Firstplus left open as it was firstplus who i had the loan with and that i still wanted something done about the settlement being unfair. I have just received a phone call from Firstplus about this today and they have said that it was totally fair the way things were worked out and they we were made aware of this in the terms and conditions of our original loan. How would anyone know about the rule of 78 unless they were a financial advisor or something like that. I now know that the law has changed the way that companies work out settlement figures and the rule of 78 has been abolished. The lady i spoke to (Tina Vaughan) at firstplus seemed to think otherwise. She told me if i was unhappy then to get in touch with you are that was their final answer and she would put it in writing to me today. I feel mistreated and i want something done about these matters.

I trust that you will get back with our next steps in this matter.

thanking you in anticipation


and this is my reply to this email

Your complaint about Firstplus

Thank you for your email.

From the information you have provided, it would appear that we cannot deal with your complaint because the business is not covered.

Having looked at the information you have supplied to me, it appears that your complaint against Firstplus Financial Group relates to events which occurred when it was not a member of the General Insurance Standards Council (GISC).

On the 14 January 2005, as a result of recent legislation, the Financial Ombudsman Service became responsible for looking into complaints against former members of GISC about events that occurred while the firm was a member of GISC.

I should explain that the firm was a member of GISC from 20 November 2001. I note the policy was sold to you in January 2000. The complaint therefore appears to outside our jurisdiction.

Regards

Miss A Wallis
Consumer Consultant
Financial Ombudsman Service

They have not mentioned my complaint about the rule of 78 and settlement. I actually gave up on this email as i thought with not having an acknowledgement from them it had not got there and i telephoned instead and was given a case number and then sent off all my information about the settlement. This time i made sure my complaint was "About the settlement". I don't hold much hope now for them to help as i had also mentioned this in my email to them and they have completely disregarded this. My new complaint will probably receive the same response.:mad:

m.colak

marshallka wrote: »

I just got a reply to my FIRST complaint with the FOS regarding the PPI and rule of 78. I had emailed the FOS some weeks ago copy of which is below

I took out a loan with Firstplus in Jan 2000 for £17,000. PPI was added to the loan of £4163.30 as a single premium and i think it was missold. We were not made aware that this premium was optional and also no medical illnesses were asked about. We were not given any advice on this matter and i have written to firstplus. We settled the loan in April 2003 paying back a settlement figure of £20,400 after making 3 years repayments. I argued at the time with Firstplus that this amount was wrong and then and only then it was explained about the "rule of 78" being used. I came off the phone in tears and we had to pay the amount back. We felt it was unfair then and still feel its unfair now.

I wrote to Firstplus on the 25th April about this. I got a reply from them that i actually used a broker and at first they said it was Freedom Finance and that i needed to speak to Bespoke Finance about this. I have never heard to Bespoke Finance who are based in GIBRALTAR. She said that my complaint has been passed to them about the ppi as it was orginally sold by them. I told her that i wanted my complaint with Firstplus left open as it was firstplus who i had the loan with and that i still wanted something done about the settlement being unfair. I have just received a phone call from Firstplus about this today and they have said that it was totally fair the way things were worked out and they we were made aware of this in the terms and conditions of our original loan. How would anyone know about the rule of 78 unless they were a financial advisor or something like that. I now know that the law has changed the way that companies work out settlement figures and the rule of 78 has been abolished. The lady i spoke to (Tina Vaughan) at firstplus seemed to think otherwise. She told me if i was unhappy then to get in touch with you are that was their final answer and she would put it in writing to me today. I feel mistreated and i want something done about these matters.

I trust that you will get back with our next steps in this matter.

thanking you in anticipation


and this is my reply to this email

Your complaint about Firstplus

Thank you for your email.

From the information you have provided, it would appear that we cannot deal with your complaint because the business is not covered.

Having looked at the information you have supplied to me, it appears that your complaint against Firstplus Financial Group relates to events which occurred when it was not a member ofthe General Insurance Standards Council (GISC).

On the 14 January 2005, as a result of recent legislation, the Financial Ombudsman Service became responsible for looking into complaints against former members of GISC about events that occurred while the firm was a member of GISC.

I should explain that the firm was a member of GISC from 20 November 2001. I note the policy was sold to you in January 2000. The complaint therefore appears to outside our jurisdiction.

Regards

Miss A Wallis
Consumer Consultant
Financial Ombudsman Service

They have not mentioned my complaint about the rule of 78 and settlement. I actually gave up on this email as i thought with not having an acknowledgement from them it had not got there and i telephoned instead and was given a case number and then sent off all my information about the settlement. This time i made sure my complaint was "About the settlement". I don't hold much hope now for them to help as i had also mentioned this in my email to them and they have completely disregarded this. My new complaint will probably receive the same response.:mad:

hiya:D ,

notice the smiley face and that is what you should be doing. Just because the FOS can't help you doesn't mean that you can't take this through the small claims court in reference to a breach of the 1997 Financial services and markets act with specifically relates to unregulated selling of insurance products. Also with OFT ruling stating about the ceasation of utilising of the Rule 78 in 1999 you still have another avenue. All thats happened is the FOS hasn't been able to help in this case so lets move on and start looking at your case from the legal point of view.:D

marshallka

m.colak wrote: »

hiya:D ,

notice the smiley face and that is what you should be doing. Just because the FOS can't help you doesn't mean that you can't take this through the small claims court in reference to a breach of the 1997 Financial services and markets act with specifically relates to unregulated selling of insurance products. Also with OFT ruling stating about the ceasation of utilising of the Rule 78 in 1999 you still have another avenue. All thats happened is the FOS hasn't been able to help in this case so lets move on and start looking at your case from the legal point of view.:D

I have a new complaint with the FOS as after sending this email i called them some weeks later and told them my predicament and they said if i was complaining about the settlement then they would be able to check that the rule of 78 had been applied correctly and that if it had not then they could help. What really maddens me is that the OFT asked all non regulated lenders to stop using it and move to other methods and they still used it 6 years on. Does this not mean anything in the eyes of the FOS. That is why i have sent another letter to enhance my SECOND complaint and in it i state the facts of what the OFT were saying and that i find it unfair terms. Surely the FOS is there to help with cases like this. I feel so annoyed that they take this attitude.

m.colak

marshallka wrote: »

I have a new complaint with the FOS as after sending this email i called them some weeks later and told them my predicament and they said if i was complaining about the settlement then they would be able to check that the rule of 78 had been applied correctly and that if it had not then they could help. What really maddens me is that the OFT asked all non regulated lenders to stop using it and move to other methods and they still used it 6 years on. Does this not mean anything in the eyes of the FOS. That is why i have sent another letter to enhance my SECOND complaint and in it i state the facts of what the OFT were saying and that i find it unfair terms. Surely the FOS is there to help with cases like this. I feel so annoyed that they take this attitude.

I understand where you are coming from but unfortunately its the same with all government bodies unless you state exactly what the complaint is and it is within the government guideline time limits its always no dice else they open themselves up to complaints about issue's twenty years ago. Completely agree with you relating to this but as I said if you find the FOS can't help then the only option is to take it through the courts. Sorry marshallka

joeandy

m.colak wrote: »

Hi,

the answer is yes as its well within the six year period for reclaiming. Have you managed to get a copy of the original terms and conditions to confirm he would have been covered if self employed because a lot of the loans had that exemption clause.

no not got terms and conditions. sent first letter week before last.should we just wait for their reply to that. thanx

m.colak

joeandy wrote: »

no not got terms and conditions. sent first letter week before last.should we just wait for their reply to that. thanx

was it requesting the SAR or was it just the PPI reclaim letter? On what grounds are you claiming mis selling?

rosemahairy

marshallka wrote: »

I have a new complaint with the FOS as after sending this email i called them some weeks later and told them my predicament and they said if i was complaining about the settlement then they would be able to check that the rule of 78 had been applied correctly and that if it had not then they could help. What really maddens me is that the OFT asked all non regulated lenders to stop using it and move to other methods and they still used it 6 years on. Does this not mean anything in the eyes of the FOS. That is why i have sent another letter to enhance my SECOND complaint and in it i state the facts of what the OFT were saying and that i find it unfair terms. Surely the FOS is there to help with cases like this. I feel so annoyed that they take this attitude.

whats this rule of 78 that keeps popping up?

marshallka

m.colak wrote: »

I understand where you are coming from but unfortunately its the same with all government bodies unless you state exactly what the complaint is and it is within the government guideline time limits its always no dice else they open themselves up to complaints about issue's twenty years ago. Completely agree with you relating to this but as I said if you find the FOS can't help then the only option is to take it through the courts. Sorry marshallka

thanks for the support m colak, you are great for always being there:A

I will now have to wait for a response to my complaint that i have sent in about the settlement and i now stand by the letter i did yesterday as they cannot say i have not stated exactly what my complaint is about can they. If they then write back with a "no" cannot help then its the court route i thinks. Lets hope they don't.. fingers crossed and having read my letter yesterday do you think they will dismiss it or uphold it. (i want your true gut feeling - not the ones to make me feel better;) )

m.colak

rosemahairy wrote: »

whats this rule of 78 that keeps popping up?

Rule 78 is the method that companies use to work out how much to rebate people if they settle their policy earlier. It was always disproportional and always in favour of the company often overcharging the customer drastically.