PPI Reclaiming discussion Part II

m.colak

mlucyminx wrote: »

hi there,
Im begging some advice if anyone can help.

I am trying to claim ppi from blemain finance. they have sent me the usual final response saying they didnt mis sell. they have said that because i payed the loan up early I can cancel the policy and may be entitled to a rebate.

The premium was sold on a single premium basis and was to run for 3 years of a 10 year loan. I took the loan out in August 2006 and paid it up in august 2007.

My question is this.
If i cancel the policy and get a rebate can i still go to FOS to claim back for mis selling. and also, if the loan is paid up how can there still be a policy?

Sorry if i sound a bit dim but i really dont understand this

Ok you have two possible options here:

1.cancel the policy and get a rebate this could mean that you would get a reduced figure back after they take a proportion for their commision.

2.go through the FOS and complain about mis selling this means you would get all your premiums back plus interest and maybe compensation.

there is a third option where you cancel and get a rebate and then apply for a mis sold policy providing the documentation and getting the difference back although make sure you do sign anything to accept that the you are happy with the rebate.

The loan and insurance policy's are seperate entities and therefore come under different regulations. Companies nastily can continue to charge you PPI unless you inform them you no longer require it as the loan company will absolve it self normally of that responsibility by saying its not their policy.

m.colak

marshallka wrote: »

m colak, just rang the FOS about my second claim and they say at least for now that it is in their jurisdiction (although they have not looked at it yet). They say that ppi and banking are two separate issues with them and my second complaint is about banking. I have asked if they can at least let me know one way or another asap whether they can help as i will have to get help elsewhere (although i feel that i should not have to). They are just awaiting my letter i posted yesterday and then the case will be looked at in the next couple of weeks (not resolved of course) but at least they have listened to me. I feel a bit better now:o

As i said before they can't enforce the PPI as it was before they regulated it however the rebate is within the period they can deal with. Did i do a calculation for you as too how much PPI you should be looking to reclaim? Remember just because one door close's doesn't mean another doesn't open.

m.colak

joeandy wrote: »

would i get a copy of this by writing to the bank. i have the booklet with a quick guide to the insurance it states you must either be employed,retired or meet the non-employed person(actively choosing not to work) criteria. doesnt mention anything about self employment

In that case i would request from the company the full terms and conditions relating to the product not their promotional pamphlet. I would start looking at the OFT/FSA regulations dealing with the distance selling of insurance of the over reliance or non disclosure of information relating to insurance polices and loans.

marshallka

m.colak wrote: »

Finance Calculator V1.1

Loan Amount £17000.00 Loan Interest £19363.00
PPI Amount £4163.00 PPI Interest £4741.66
Interest Rate 113.90%

Number of Payments 160

First Payment Date 14-Feb-00
Loan Settled 15-Apr-03

Total Paid To Date £10750.96 Settled Figure £20410.00
Amount Remaining £14106.70

PPI Rebate £3174.29 Loan Interest Rebate £14764.29
PPI Interest Rebate £3615.52
Amount Overpaid -£7447.40 Banks Taken From You

PPI Reclaim Report

Number of Payments Made 38
Amount of PPI Paid £988.71
Amount of PPI Interest Paid £1126.14
8% Interest On PPI £1120.87
Total PPI Reclaim £3235.72

Ok looking at that you have had a disproportional rebate of approx £7447 and you should be looking at a PPI rebate (if mis sold) of £3235.72

You did one here for me. Is this the 1 plus 1 method and does that include interest up to now. Am i looking at £7447 plus interest or is that with interest. The ppi i can't claim for misselling but i can for unfair rebate can't i

joeandy

m.colak wrote: »

In that case i would request from the company the full terms and conditions relating to the product not their promotional pamphlet. I would start looking at the OFT/FSA regulations dealing with the distance selling of insurance of the over reliance or non disclosure of information relating to insurance polices and loans.

o.k will write for terms and conditions. how do we go about looking at oft/fsa regulations. sorry for being a bit slow and thanx for being so patient with me

m.colak

marshallka wrote: »

You did one here for me. Is this the 1 plus 1 method and does that include interest up to now

ok whom sold you the PPI (i mean originally ie the person whom you spoke with to arrange the loan). Then raise the court case against them referencing the fact that they were unregulated (GISC) and the person whom sold you the product was neither trained nor authorised to carry out such financial selling under the Financial Services and Markets Act 2000:D (CH 19) and was not beneficial to your requirements or needs in contrivention to the Consumer Credit Act 1967. Therefore you seek redress in the balance of £3235.72 which you believe you have been forced to unnecessarily pay in relation to the PPI insurance policy falsely sold by said company.

Remember less than £5000 it small claims route (MCOL online for less hassle)

m.colak

joeandy wrote: »

o.k will write for terms and conditions. how do we go about looking at oft/fsa regulations. sorry for being a bit slow and thanx for being so patient with me

for starters

http://www.fsa.gov.uk/pubs/policy/ps07_24.pdf

mlucyminx

thanks for that m.colak

Think i will go for the mis sell first and if i get no-where with that I will go for re-bate.

Incidentally I have 2 claims with this company. this was a top up loan and they havent responded at all to the big one with original loan. cant do anythin about that yet though as their 8 weeks arent up til june 19th

joeandy

m.colak wrote: »

for starters

http://www.fsa.gov.uk/pubs/policy/ps07_24.pdf

thanx very much for all your help. will get on with letter and let you know how i get on x

marshallka

m.colak wrote: »

ok whom sold you the PPI (i mean originally ie the person whom you spoke with to arrange the loan). Then raise the court case against them referencing the fact that they were unregulated (GISC) and the person whom sold you the product was neither trained nor authorised to carry out such financial selling under the Financial Services and Markets Act 2000:D (CH 19) and was not beneficial to your requirements or needs in contrivention to the Consumer Credit Act 1967. Therefore you seek redress in the balance of £3235.72 which you believe you have been forced to unnecessarily pay in relation to the PPI insurance policy falsely sold by said company.

Remember less than £5000 it small claims route (MCOL online for less hassle)

Mine was the awkward case. It was sold by Freedom Finance (so i am told by Worstplus). Freedom Finance were selling it for Bespoke Finance who are based in Gibraltar and have no regulations to follow. (yeah right). I received my SAR from Firstplus that had no real evidence of the sale being with Freedom. I even (in my paranoid mind) think that maybe Freedom did not sell this as my terms and conditions of the policy have been sent out and its a Firstplus own policy called "cashback". I have no details of the actual policy as Firstplus say they did not sell it and Freedom Finance have yet to answer my SAR. The policy is underwritten by 3 companies
40% AA Cassidy 35% Syndicate 582 at LLoyds and 25% Zurich.
So i have yet to find out who sold the policy. I am asking the FOS to help if they can in that one. I have written it in my complaint. (I doubt i will ever know)

Also i doubt i will have any claim as this was in Jan 2000 and the Markets Act thing is June 2000 i think. I did ask Freedom for the training thing and they told me that they did not have to disclose such information as they were not regulated and did not need to be. They said Firstplus were ok with it so that it was ok