PPI Reclaiming discussion Part II

m.colak

skb*** wrote: »

I wonder if anyone could pass on any advice with claiming for PPIs!!!

Having a very turbulent few years (well at least 7) have had many re-mortgages, secured loans etc, each time trying to get out of trouble etc etc etc - and hence going to some of the not so nice companies due to not very good credit history. Thankfully now, sorted ourselves out and back with a high street bank for our mortgage etc etc and getting there. However, with the amount of loans we have had and redeemed etc - wow could I claim soo much back and have been claiming whatever I can - at the end of the day, the companies we used which are geared at the not so good for debt consolidation, surely they are only adding extra to debts when they advise PPI is a good thing? Shame this fact alone cannot warrant mis-selling?

We claimed the Mortgage Exit Fees first - had lots - and managed to get back the huge total of £23.00 - how unlucky can we be - looks like it may be the same with the PPIs and there are over £20000s worth??

So here they are and what I have already done etc - can anyone help in letting me know which are worth still fighting for and those that really are not going to happen!!! Many thanks.... and apologies if notes are all over the place - alot of thinking out loud to try and understand all this!!!!

WELCOME FINANCE
Oct 2007 Single Premium of £3178.54
Don't think I can reclaim as mis-sold - this is one I have not entered into yet. They will have tapes of it and I feel even though they do not actually say that YOU HAVE TO HAVE - you fell pressured to take it because you are sooo desperate to get the loan? Who actually reads all the small print when you receive the forms with a big fat SIGN ME sticker where you have to sign?? I will be totally honest that even though I am not stupid, but my husband would not allow himself to be out of work for more than a few weeks (he would sweep the streets if nec.) or we would go to family if mortgage or secured loans could not be paid rather than wait the sometimes three months before you make a claim ALSO I truely have never had any idea that when you buy a single premium it only lasts for a maximum of 5 years? However, with WELCOME they did mention to me about a cashback but am sure they never said anything else or was I just not listening. Surely ALL lenders should make sure you have listened and read everything - in all honestly WHO DOES?
Anyway - I was going to obviously cancel this one - looked up and can do and will get back £2030 approx. But surely this is unfair - has cost over £1000 for just 10 months THIS IS ALL SO UNFAIR...
So on this one was just going to cancel and at least get this amount back? Any other suggestions??

NEMO September 2006 Single Premium £3823.88
Via CENTRAL CAPITAL
Wrote to them about mis-selling specifically about the 5 year maximum etc (this one is still running!!) Looked into the cancellation - what a joke a mere £500 approx would be paid back onto the loan ONLY 13% - HOW UNFAIR IS THAT
Reply received from Central Capital - they listened to the calls
I did point out in original letter that surely it is unfair in itself that only my husband is on the insurance (I am a housewife) as we are both liable if not paid etc (as per Martin!!) Obviously I was ineligble for any cover as not working but why couldn't have I been covered for life etc - doesn't make sense.
They also said in their letter We verbally informed you of numerous elements of the insurance good and bad - it is neither practical nor a regulatory requirement to go through all terms and conditions relating to the insurance. I think I am flogging a dead horse here because they have the tapes and I know that we were desperate for this at the time and probably just said yes yes yes and did not listen properly I CAN HONESTLY SAY that I am not stupid and used to actually work in insurance of a similar nature (20 yrs ago) but have never ever had a clue about the single premium only lasting a max of 5 years and the fact that you are paying interest over the whole term!!!

GE MONEY HOME LENDING Single Premium £3825.00 Purchased Feb 2005 REDEEMED loan JUNE 2006 SO ONY HAD FOR 16 MONTHS MAX
via Blue Sky Finance AGAIN JUST FOR MY HUSBAND AS HOUSEWIFE
Have written to GE who advised to write to Blue Sky - did and not heard - just chased again ALL RE MIS-SELLING
HOWEVER - it is only now that you look and understand how ripped off you can be - surely when you redeem a loan which has PPI linked to it - only ran for 16 months out of the 5 years - I should have been refunded the difference??? Any advice here please.

IGROUP via LOANS.CO.UK £630.00 Approx June 2004 Was just for life cover for my husband Redeemed within a year!!!!
Wrote to these guys especially AS THEY HAVE ALREADY BEEN FINED
No go - letter states as usual - you were offered the insurance, documents sent out for you to READ and CONSIDER before signing!! You had the opportuity to read properly etc etc - is this just normal spiel or do I not have a leg to stand on? May be able to get a partial refund but not them - go back to the lender - closing the case etc!! Go to ombusman - which is my next step but just want to get all the wording correct and go with the best issue etc.

GE MONEY AGAIN / FIRST NATIONAL Bought April 2000 but redeemed WITHIN 2 YEARS NEED TO CHECK EXACT DATE £3336.00 SINGLE PREMIUM ETC

Sent usual mis-selling letter - advised on phone NO GO!!! Still awaiting letter as to why?

WHY ARE WE NOT ISSUED WITH A REFUND ON REDEMPTION - HOW ARE WE SUPPOSED TO KNOW???

This is an interesting one!!!
GE MONEY AGAIN - IGROUP - via Purple Loans!!!! Now all under the same umbrella etc etc etc
Took out AUG 2001 Single Premium £3453.00 Redeemed JAN 2003
When I dug all the paperwork out
SIGNED CREDIT AGREEMENT IT HAS BEEN TICKED NONE UNDER COVER FOR PPI
IN THE LOAN CONFIRMTION IT SHOWS MIDLAND & GENERAL CREDIT INSURANCE £3543.97
So got very excited to see what an obvious mistake this was and asked for it ALL back with interest.
They came back saying that we (my husband) had signed a seperate PPI form. Funny though that I do keep all paperwork but never had a copy - which they have sent me telling me to try and claim from Lloyds of London via Wessex etc for a partial refund as redeemed early etc etc. One of those with a big fat SIGN ME sticker on!!! Also - they already completed the form which included the ticks in the boxes which unfortunately states POLICY IS NON-CANCELLABLE TICKED THAT HE WAS AWARE - but they did not him and you just sign everything where they put the sticker?
But looking again - was this ever really explained and were they ever sure WE UNDERSTOOD (although isn't this also a general issue - why didn't any of them ever make sure WE UNDERSTOOD!!!)
Because on the CREDIT AGREEMENT - it is ticked NO COVER but the amount has obviously been added to the ADVANCE AMOUNT?? Isn't this misleading??
Any suggestions??? GE Money said we should write to Lloyds/Wessex to ask for a refund as loan redeemed early - but what is that about NON-CANCELLABLE Surely, if you redeem why would anyone pay for an insurance on something that is no longer there to cover THAT IS REALLY NOT FAIR! Even if paid up front as a single premium.... ANY SUGGESTIONS?

ALSO ALL THOSE WITH GE/IGROUP/PURPLE/FIRST NATIONAL AND MIDLAND & GENERAL THAT THEY KEEP ALSO QUOTING ETC ETC ETC - I WROTE SEPERATE LETTERS ABOUT EACH ONE BUT AT ONE STAGE THEY GOT CONFUSED WITH EACH ACCOUNT AND I HAD TO SPEAK TO THEM AND HELP THE LADY CONFIRM WHICH WAS WHICH AS NOW ALL UNDER GE MONEY UMBRELLA!!!!

ALSO - IF A POLICY IS SOLD TO YOU ON A NON-ADVISORY BASIS - WHERE DO YOU STAND WITH THAT???

AND O THE SINGLE PREMIUM VARIETY - THIS DOES MEAN THAT YOU PAY INTEREST ON IT FOR THE WHOLE TERM OF THE LOAN EVEN WHEN INSURANCE RUNS OUT - WHERE IS THAT FIAR OR WHEN IS IT EXPLAINED??

Anyway - any help and advice would be really appreciated - do I go ahead with them as I have noted or am I just so unlucky....

And what is the correct procedure for when you redeem a loan with a single premium on - shouldn't you get a refund and if I go for that with them all - a partial refund - will they all be at some sily amount of 13% ARRRGHHHH

Thanks

I'm just going for something to eat and promise to have a look afterwards.

Dicky2K

m.colak, Any chance you could send my worksheet to me that you did the other day.. Its no problem if you cant.. or if you dont have it saved.. - but its worth asking. Im sure your workings are a lot tidier than mine..
Thanks
Regards, Richard

skb***

m.colak wrote: »

I'm just going for something to eat and promise to have a look afterwards.

THANK YOU SO MUCH would be much appreciated

marshallka

marshallka wrote: »

m colak, i have just had a reply from the FSA that the woolwich were regualted by them as follows

Woolwich Plc was regulated by the FSA from 01/06/1998 until 11/05/2004 and its firm reference number is 106053. All the firms we regulate appear on the FSA Register www.fsa.gov.uk/register and each firm's 6 digit reference number is unique. You can check if a firm is on the FSA Register by searching under its name, postcode or firm reference number.

Now if Firstplus were owned by the woolwich in 2000 as barclays acquired them in aug 2000 can i not go back to the FOS with regards to my ppi. What do you think.

I had found this article before saying



Barclay's acquired First Plus as part of its £5.4bn takeover of Woolwich, the former building society turned bank, in August 2000. Woolwich had itself bought First Plus in 1998 for about £25m after FirstPlus Financial, the Dallas-based parent company, ran into financial difficulties.

For anyone with a claim against Firstplus read this about their parent company in dallas
http://www.philly.com/philly/hp/news_update/20080513_Search_may_lead_to_gun_charges_against_Scarfo.html

Don't know if i dare cause trouble now:eek:

fanofmartin_2

:eek: That shows categorically what nasty companies they are!

m.colak

Dicky2K wrote: »

m.colak, Any chance you could send my worksheet to me that you did the other day.. Its no problem if you cant.. or if you dont have it saved.. - but its worth asking. Im sure your workings are a lot tidier than mine..
Thanks
Regards, Richard

Will do later mate as am at work at the moment and is on home computer and will have to transfer data from the program onto excel so its easier to understand.

Dicky2K

You're a diamond.

RiaAnn

RiaAnn wrote: »

I have partial success from the insurance arm of Lloyds. The loan was refinanced twice so 3 PPI policies in total with partial refunds given from the first two. They have agreed to refund the PPI from the first 2 (less the refunds given at the time), but nothing on the last - no admission of blame of course. So my question is should I negotiate for a refund on the last one, or do I risk loosing the offer I have? Has anyone had any negative consequences of not accepting a first offer?

Also the basis for disputing the third is a bit more tenuous. My OH knew he had PPI but didn't realise on re-financing they had sold him a new one each time. - although he can't remember much about the "sale" surely if they had done their job in selling it correctly he would have realised he was buying a new PPI policy. (When the original one was sold my OH was unempoyed, but not when 2nd and 3rd were sold) Any similar situations? Likely hood of success?

I ended up writing back to general insurance arm of LTSB asking them to look at this again particulary the 3rd loan. Also wrote to LTSB bank asking for some details on amounts actually refunded. Neither have replied within the requested time and now over 14 days. Any suggestions on what to do next?

m.colak

skb*** wrote: »

WELCOME FINANCE
Oct 2007 Single Premium of £3178.54
Don't think I can reclaim as mis-sold - this is one I have not entered into yet. They will have tapes of it and I feel even though they do not actually say that YOU HAVE TO HAVE - you fell pressured to take it because you are sooo desperate to get the loan? Who actually reads all the small print when you receive the forms with a big fat SIGN ME sticker where you have to sign?? I will be totally honest that even though I am not stupid, but my husband would not allow himself to be out of work for more than a few weeks (he would sweep the streets if nec.) or we would go to family if mortgage or secured loans could not be paid rather than wait the sometimes three months before you make a claim ALSO I truely have never had any idea that when you buy a single premium it only lasts for a maximum of 5 years? However, with WELCOME they did mention to me about a cashback but am sure they never said anything else or was I just not listening. Surely ALL lenders should make sure you have listened and read everything - in all honestly WHO DOES?
Anyway - I was going to obviously cancel this one - looked up and can do and will get back £2030 approx. But surely this is unfair - has cost over £1000 for just 10 months THIS IS ALL SO UNFAIR...
So on this one was just going to cancel and at least get this amount back? Any other suggestions??

On this one i'm guessing you went into an office to sign this therefore the rules on correspondence selling are out the window unless they never explained PPI to you in the office and instead relied on information via post. Check on OFT website for information pertaining to long distance PPI sales. If you don't require it then by all means cancel it. Remember you will only be able to reclaim the PPI & Interest elements that you have already paid unless you can prove its a front-loaded policy (this is if the loan is still running otherwise you may be looking at more)

NEMO September 2006 Single Premium £3823.88
Via CENTRAL CAPITAL
Wrote to them about mis-selling specifically about the 5 year maximum etc (this one is still running!!) Looked into the cancellation - what a joke a mere £500 approx would be paid back onto the loan ONLY 13% - HOW UNFAIR IS THAT
Reply received from Central Capital - they listened to the calls
I did point out in original letter that surely it is unfair in itself that only my husband is on the insurance (I am a housewife) as we are both liable if not paid etc (as per Martin!!) Obviously I was ineligble for any cover as not working but why couldn't have I been covered for life etc - doesn't make sense.
They also said in their letter We verbally informed you of numerous elements of the insurance good and bad - it is neither practical nor a regulatory requirement to go through all terms and conditions relating to the insurance. I think I am flogging a dead horse here because they have the tapes and I know that we were desperate for this at the time and probably just said yes yes yes and did not listen properly I CAN HONESTLY SAY that I am not stupid and used to actually work in insurance of a similar nature (20 yrs ago) but have never ever had a clue about the single premium only lasting a max of 5 years and the fact that you are paying interest over the whole term!!!

Have you got copies of these tapes or are you taking their word for it. Request the tapes and listen to the conservation yourself before you take any further action. Again this will come under the regulations for distance selling so it might be worth further investigation.

GE MONEY HOME LENDING Single Premium £3825.00 Purchased Feb 2005 REDEEMED loan JUNE 2006 SO ONY HAD FOR 16 MONTHS MAX
via Blue Sky Finance AGAIN JUST FOR MY HUSBAND AS HOUSEWIFE
Have written to GE who advised to write to Blue Sky - did and not heard - just chased again ALL RE MIS-SELLING
HOWEVER - it is only now that you look and understand how ripped off you can be - surely when you redeem a loan which has PPI linked to it - only ran for 16 months out of the 5 years - I should have been refunded the difference??? Any advice here please.

Ok stop credit consumer act 1967 ch 9 article 15 states that GE Money are responsible as the brokered the deal relating to PPI and i would write back to them quoting this. As you redeemed it might be worth looking into whether you settlement was disproportional or not.

IGROUP via LOANS.CO.UK £630.00 Approx June 2004 Was just for life cover for my husband Redeemed within a year!!!!
Wrote to these guys especially AS THEY HAVE ALREADY BEEN FINED
No go - letter states as usual - you were offered the insurance, documents sent out for you to READ and CONSIDER before signing!! You had the opportuity to read properly etc etc - is this just normal spiel or do I not have a leg to stand on? May be able to get a partial refund but not them - go back to the lender - closing the case etc!! Go to ombusman - which is my next step but just want to get all the wording correct and go with the best issue etc.

You might want to look at the wording of the terms and conditions and see if the are in lay man speak and not is anyway confusing. Again distance selling regulations apply.

GE MONEY AGAIN / FIRST NATIONAL Bought April 2000 but redeemed WITHIN 2 YEARS NEED TO CHECK EXACT DATE £3336.00 SINGLE PREMIUM ETC

Sent usual mis-selling letter - advised on phone NO GO!!! Still awaiting letter as to why?

WHY ARE WE NOT ISSUED WITH A REFUND ON REDEMPTION - HOW ARE WE SUPPOSED TO KNOW???

Ok non refund's and rebates are classed as unfair terms and conditions are both covered on the OFT and FOS websites so i would hit them with this especially as the ruling was retrospective.

This is an interesting one!!!
GE MONEY AGAIN - IGROUP - via Purple Loans!!!! Now all under the same umbrella etc etc etc
Took out AUG 2001 Single Premium £3453.00 Redeemed JAN 2003
When I dug all the paperwork out
SIGNED CREDIT AGREEMENT IT HAS BEEN TICKED NONE UNDER COVER FOR PPI
IN THE LOAN CONFIRMTION IT SHOWS MIDLAND & GENERAL CREDIT INSURANCE £3543.97
So got very excited to see what an obvious mistake this was and asked for it ALL back with interest.
They came back saying that we (my husband) had signed a seperate PPI form. Funny though that I do keep all paperwork but never had a copy - which they have sent me telling me to try and claim from Lloyds of London via Wessex etc for a partial refund as redeemed early etc etc. One of those with a big fat SIGN ME sticker on!!! Also - they already completed the form which included the ticks in the boxes which unfortunately states POLICY IS NON-CANCELLABLE TICKED THAT HE WAS AWARE - but they did not him and you just sign everything where they put the sticker?
But looking again - was this ever really explained and were they ever sure WE UNDERSTOOD (although isn't this also a general issue - why didn't any of them ever make sure WE UNDERSTOOD!!!)
Because on the CREDIT AGREEMENT - it is ticked NO COVER but the amount has obviously been added to the ADVANCE AMOUNT?? Isn't this misleading??
Any suggestions??? GE Money said we should write to Lloyds/Wessex to ask for a refund as loan redeemed early - but what is that about NON-CANCELLABLE Surely, if you redeem why would anyone pay for an insurance on something that is no longer there to cover THAT IS REALLY NOT FAIR! Even if paid up front as a single premium.... ANY SUGGESTIONS?

ALSO ALL THOSE WITH GE/IGROUP/PURPLE/FIRST NATIONAL AND MIDLAND & GENERAL THAT THEY KEEP ALSO QUOTING ETC ETC ETC - I WROTE SEPERATE LETTERS ABOUT EACH ONE BUT AT ONE STAGE THEY GOT CONFUSED WITH EACH ACCOUNT AND I HAD TO SPEAK TO THEM AND HELP THE LADY CONFIRM WHICH WAS WHICH AS NOW ALL UNDER GE MONEY UMBRELLA!!!!

Ok stop stop stop. Make sure for all these policies you get a SAR post #219 (Laini;) ). This should contain all the pertinant information and if you are missing any or have no joy in obtaining any of it then contact the information commisioner and get him directly involved.

ALSO - IF A POLICY IS SOLD TO YOU ON A NON-ADVISORY BASIS - WHERE DO YOU STAND WITH THAT???

There is no such thing. If a company advise's or sale a policy to you they become responsible for all negligencies involved. At the end of the day they brokered the deal and nobody else and therefore and liable.

AND O THE SINGLE PREMIUM VARIETY - THIS DOES MEAN THAT YOU PAY INTEREST ON IT FOR THE WHOLE TERM OF THE LOAN EVEN WHEN INSURANCE RUNS OUT - WHERE IS THAT FIAR OR WHEN IS IT EXPLAINED??

Single premium policy means that the interest is worked out in advanced on both the PPI and loan and added to the loan at the start so as the payments can be equally divided over time.

Anyway - any help and advice would be really appreciated - do I go ahead with them as I have noted or am I just so unlucky....

And what is the correct procedure for when you redeem a loan with a single premium on - shouldn't you get a refund and if I go for that with them all - a partial refund - will they all be at some sily amount of 13% ARRRGHHHH

Again covered by the FOS and OFT on refunds and rebates policy.

m.colak

RiaAnn wrote: »

I ended up writing back to general insurance arm of LTSB asking them to look at this again particulary the 3rd loan. Also wrote to LTSB bank asking for some details on amounts actually refunded. Neither have replied within the requested time and now over 14 days. Any suggestions on what to do next?

Contact the information commisioner.