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PPI Reclaiming discussion Part II
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After sending a letter off to Barclaycard stating I was mis-sold for the following: it was implied that taking out the policy would assist my credit application, I was not informed the policy was optional and I was not given the full info on what the policy would and would not cover.
Their Reply (not the whole letter but main points)....................
The payment protection commenced on your account on 15th feb 2002 and the policy documentation was sent to you a few days later, you had 30 days cooling off period in whichto examine the document and decide if it was suitable for you and to cancel it if necessary.
You requested to cancel the policy on the 26th may 2008 but had not queried any of the charges applied to the account for the previous years.
What we have done to resolve your complaint.
I have ordered a copy of your barclaycard application form showing that you chose to take out the ppi this should be with you in the next 4 weeks.
ppi policy document was sent to you in 2002 when your account was registered for the insurance. It was your responsibility to read this document and decise if the policy was suitable.
In the circumstances, I must advise that compensation is not applicable in this case.
Our conditions of use state it is your responsibilityto ensure that your spending is reconciled each month against your statement.
I am sorry this is not the outcome you wanted, however i hope my explanation is helpful. for purposes of financial ombudsman service you may regard this letter as our final response to your complaint. please not you have 6 months from the date of this letter to refer to the Finacial Ombudsman service for investigation.
Any comments would be appreciated, shall I take this further???0 -
About 3 and a half years ago myself & my partner took out a loan with Natwest (our bank at the time) for £25k on the internet. We've recently had a dramatic change in our circumstances & after contacting the lender have learnt that only one of us is covered by PPI, even though the loan is in joint names! The PPI paid is well in excess of £7k so far & I'm concerned that a company can allow 2 applicants such a large sum to borrow and yet only provide cover for 1 of us. I cannot recall whether the box was ticked.
Is this something I should pursue?0 -
Hi. I think you should take your complaint to FO.After sending a letter off to Barclaycard stating I was mis-sold for the following: it was implied that taking out the policy would assist my credit application, I was not informed the policy was optional and I was not given the full info on what the policy would and would not cover.
Their Reply (not the whole letter but main points)....................
The payment protection commenced on your account on 15th feb 2002 and the policy documentation was sent to you a few days later, you had 30 days cooling off period in whichto examine the document and decide if it was suitable for you and to cancel it if necessary.
You requested to cancel the policy on the 26th may 2008 but had not queried any of the charges applied to the account for the previous years.
What we have done to resolve your complaint.
I have ordered a copy of your barclaycard application form showing that you chose to take out the ppi this should be with you in the next 4 weeks.
ppi policy document was sent to you in 2002 when your account was registered for the insurance. It was your responsibility to read this document and decise if the policy was suitable.
In the circumstances, I must advise that compensation is not applicable in this case.
Our conditions of use state it is your responsibilityto ensure that your spending is reconciled each month against your statement.
I am sorry this is not the outcome you wanted, however i hope my explanation is helpful. for purposes of financial ombudsman service you may regard this letter as our final response to your complaint. please not you have 6 months from the date of this letter to refer to the Finacial Ombudsman service for investigation.
Any comments would be appreciated, shall I take this further???
My claim is against Freedom Finance. I submitted all my documentation on Friday to the court and to the solicitors of Freedom Finance.
Don't know if this is any help, but I've included the following:
There was an over reliance on information sent through the post by FF. They are negligent in line with the Misrepresentation Act 1967 s2(1) as they breached Consumer Credit Act 1974. "A clause in the contract which states that a signature indicates full acceptance is not valid where it would be unlikely that the customer would have the skill and inclination to go through the fine detail". See case Howard Maine v A Ogden 1975.
Hope this is of some use to you.
But definately go for it.0 -
About 3 and a half years ago myself & my partner took out a loan with Natwest (our bank at the time) for £25k on the internet. We've recently had a dramatic change in our circumstances & after contacting the lender have learnt that only one of us is covered by PPI, even though the loan is in joint names! The PPI paid is well in excess of £7k so far & I'm concerned that a company can allow 2 applicants such a large sum to borrow and yet only provide cover for 1 of us. I cannot recall whether the box was ticked.
Is this something I should pursue?
Yes, it is worth pursuing. If you did not know that it only covered one of you then you were not fully informed about the policy. Cancel the policy straight away if you can and then send them the first letter using Martins template.
Good luck xPPI Reclaimed -
DFS £345.70
Credit Card Charge Successes x 4 :beer: :money:0 -
Hi Horace. Sounds like Amex are going to make a nuisance of themselves. You say they have stated in writing that they just added PPI to your card. i think there are a few regulatory bodies that would be interested to hear about that! You made a tentative enquiry about reclaiming, but because you haven't gone through with it, your request to reclaim all PPI is still valid. If you haven't already, send off the second template letter on this site explaining that you are dissatisfied - get them to give you their full and final response. Also, I'm sure it is law that company's have to retain records for 6 years (not 4!). If you draw a blank with them after that, it's time to go to the FOS.
Amex have already sent me details about the FOS, I don't think they have anything else to say because their letter is final. I think I will just use another template letter and send it to the FOS. You are right about financial records but you have to retain them for 7 years. Thanks for your help because the rotters are not going to get away with it - it's my money they have stolen:mad: They don't like the fact that I have stopped using the card - can't afford to buy anything anyway.0 -
I would say YES, definately persue this....About 3 and a half years ago myself & my partner took out a loan with Natwest (our bank at the time) for £25k on the internet. We've recently had a dramatic change in our circumstances & after contacting the lender have learnt that only one of us is covered by PPI, even though the loan is in joint names! The PPI paid is well in excess of £7k so far & I'm concerned that a company can allow 2 applicants such a large sum to borrow and yet only provide cover for 1 of us. I cannot recall whether the box was ticked.
Is this something I should pursue?
This was the same in my case, the PPI they made us take out covered only hubby , lasted for only 5 yrs even though the loan was over 15 years, so not covered for the last 10 years of loan, but still paying interest on the policy they made us take out (front loaded) in the begining !!!!
Unfair or what!:mad:
Take them all the way, have you read the post on the last page or so about the Competition Commissioners report
http://www.fool.co.uk/news/your-money/insurance/2008/06/05/the-death-of-rip-off-insurance.aspx?source=ioowftxt0010011
Lets hope there WILL be a stop to this :T0
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