PPI Reclaiming discussion Part II

jadest

tiggrae wrote: »

it really does depend who the loans were with as to the date they came under the FOS jurisdiction, who are they with I do know a lot of them - court would be quicker but you have to get your particulars of claim absolutely right in respect to the legal arguements - so although slower the FOS is simpler

I have quite a few has I remrtgaged several times and all were single premiums apart from Halifax and Littlewoods. The other companies were Ocean Finance 09/05/05 Loans.co.uk 12/09/06 Scottish London 23/05/06 and Capital One Bank 28/02/06. All were paid up early and I was led to believe that I could not have the finance without taking out PPI with Capital one, Halifax Ocean and Loans.co with Scottish London they told me it was optional but never explained that I couldn't claim because I had Diabeties and because I get full pay from work when of sick. On littlewoods they never spoke to me about it at all infact I didn't know I had it. I applied for an account on-line and the box was pre-ticked.

tiggrae

jadest wrote: »

I have quite a few has I remrtgaged several times and all were single premiums apart from Halifax and Littlewoods. The other companies were Ocean Finance 09/05/05 Loans.co.uk 12/09/06 Scottish London 23/05/06 and Capital One Bank 28/02/06. All were paid up early and I was led to believe that I could not have the finance without taking out PPI with Capital one, Halifax Ocean and Loans.co with Scottish London they told me it was optional but never explained that I couldn't claim because I had Diabeties and because I get full pay from work when of sick. On littlewoods they never spoke to me about it at all infact I didn't know I had it. I applied for an account on-line and the box was pre-ticked.

As a bank Halifax have always been covered by the FOS - (ie from 2001) as for the other 'independent lenders' they all came under the compulosory jurisdiction for the FSA / FOS from 16.01.05 - so you should be OK with the all

jadest

Laini wrote: »

M.colak
please could you have a look and see what you think and everyone else any comments welcome no offense will be taken.
Laini xx

X

X

X

X

.08

FIRST PLUS
The Avenue Business Park
Pentwyn
Cardiff
CF23 8FF

Dear,

Re: Account number: ref

I am writing with regards to this policy being mis sold and also the rebate given on the early settlement I still believe this to be an unfair rebate.

This is due to :-

I did not fully understand the policy and how it was funded at the point of sale and, whilst I accept that reference to the cost of the policy was made on the loan agreement, this was not clearly set out, which meant that I was unlikely to fully appreciate how the policy was funded.

The policy was a five year plan funded by a premium loan added to the twenty five year borrowing. If the complainants had kept the policy in place, I would have paid interest against the PPI loan for the twenty five year term although I would only have enjoyed cover for twenty percent of that time. If I wanted further cover, I would have had to take out and pay for a further policy whilst still paying for the original PPI. These implications do not appear to have been put to me during the sale

In addition, Firstplus did not appear to have drawn my attention specifically to the restrictive cancellation condition in the policy.

Therefore, I am persuaded that the policy was not adequately explained to me at point of sale – in other words, I was not sufficiently aware of the cost or the implications of having a single premium policy to make an informed choice at that time.


Non-status lending guidelines for lenders and brokers revised November 1997
I directly quote: "any ancillary charges (for example, on default or early settlement) should be brought to the attention of the borrower before the agreement is entered into and should reflect as closely as possible the costs reasonably incurred by the lender and not already recovered at the time when the charges are made."
I believe that you/the company were in direct violation of this guideline and the rebate does not reflect the possible costs incurred

Again I also back up my belief that the rebate is unfair with the unfair rebate terms. The Financial Services Authority has stated partial refund terms to be unfair under the Unfair Terms in Consumer Contract Regulations 1999. They state that refunds should be ‘calculated fairly’ after taking into account ‘justifiable costs’. Therefore I do not believe the rebate given was fair.

£xxxx added to the loan as a single premium payment, interest was being paid on top of this value and a number of monthly payments being made on top of this, a rebate given of £xxxx does certainly not seem fair as it is disproportionate in accordance with the FSA ruling on disproportionate rebates.
We believe that the single premium policy sold to us essentially induced us as 'a reasonable people' to borrow more money, rather than simply pay a monthly fee for insurance. We also believe that it should have been made clear to us the said policy generated huge profits for First Plus at our expense. You failed to do so and in have failed in your "Duty of Disclosure" to us. As insurance contracts are basically Contracts Uberrimae Fidei (contracts of utmost good faith) which imposes a duty of disclosure of all material facts because one party, First Plus in this case, is in a strong position to know the truth. Your failure to disclose these facts to us is Negligent Misrepresentation under the Misrepresentation Act 1967 and as such under case law, the onus us upon you to prove otherwise.

If I do not receive a letter from you offering a satisfactory settlement or a final response within 14 days I shall be taking my complaint to the Financial Ombudsman.

regards

Hi liana I wish I could write a letter like that it is very good, Is it ok if I use some of your pionts in my letter

jadest

tiggrae wrote: »

As a bank Halifax have always been covered by the FOS - (ie from 2001) as for the other 'independent lenders' they all came under the compulosory jurisdiction for the FSA / FOS from 16.01.05 - so you should be OK with the all

Thank you tiggrae you have been very helpfull. Thank goodness for this site or I would not know were to start

marshallka

jadest wrote: »

Hi Marshallka I am no expert and new to all this but it looks like you have really done your homework and covered everything good luck with your claim

Me neither but i wish someone would give me the go ahead on this who is.:o

Kaia_2

They phoned and have offered the new figure that Mcolak came up with which is a grand more than I had asked for they have said they will pay up immediately if I want to accept, must let them know by tomorrow.
:beer: Matt I love you, but dont tell your missus !!!!:rotfl:

marshallka

Kaia wrote: »

They phoned and have offered the new figure that Mcolak came up with which is a grand more than I had asked for they have said they will pay up immediately if I want to accept, must let them know by tomorrow.
:beer: Matt I love you, but dont tell your missus !!!!:rotfl:

wwhooooooo Brilliant, what a difference a day makes......

:beer: :beer: :j :j

Kaia_2

Any sign of Marluc......wonder how she got on today, whether Mr Postman brought her present:rotfl: or whether someone rang her with the offer of a better pressie:T, cant wait to hear what happened ......

marshallka

Kaia wrote: »

Any sign of Marluc......wonder how she got on today, whether Mr Postman brought her present:rotfl: or whether someone rang her with the offer of a better pressie:T, cant wait to hear what happened ......

Kaia, have you read my drafted letter above. I want someone to read it and tell me if its ok. Tiggrae was on and has helped me today and M colak has had to dash off. Its to Firstplus and its my last letter to them. I have sent one to Freedom today too.

marluc

Kaia wrote: »

They phoned and have offered the new figure that Mcolak came up with which is a grand more than I had asked for they have said they will pay up immediately if I want to accept, must let them know by tomorrow.
:beer: Matt I love you, but dont tell your missus !!!!:rotfl:

Hi Kaia!!!!
Well done you. I am so glad that you got all the money back. You can now go on holiday and enjoy yourself without worrying about everything. Enjoy.
Take care. xxxx
Today was the day that Walker Morris Solicitors should have sent to the court and to me their documentation, re the court case. There was nothing in the post. And to make matters worse, the MCOL site is down. So I will have to ring up my local court tomorrow. to see what is happening.
Bye for now. It's been a very long day.