PPI Reclaiming discussion Part II

RiaAnn

tiggrae wrote: »

Lloyds TSB, Service Recovery Centre, 125 Colmore Row, Birmingham B3 3SF

Thanks Tiggrae, would you suggest using this address to do a sar or just generally to escalate the complaint? I don't require all the infomation (as I have most of it) just a few dates and one amount of PPI refunded on refinance. We have had one offer for refund on 2 of 3 of the loans but they haven't issued a "final response" yet.

tiggrae

tiggrae wrote: »

hi Marshallka, give me 10 mins I'm just going to tinker with your letter

Dear Sirs

RE: Mis selling of PPI

In respect to your letter dated ????, please note under the following piece of legislation I hold you equally responsible for your supplier / agent Freedom Finance / Bespoke Finance mis selling of th PPI policy.

Under section 56 of the Consumer Credit Act 1974 (‘CCA 1974’), the supplier is taken to act on the credit grantor's behalf - as his agent - as well as his own. In effect, this makes the credit grantor responsible for the negotiations as if he had conducted them himself – therefore, under Section 75 of the CCA 1974, we the Claimants name the Credit Grantor as Defendant

I do not know why I have been directed to a company called Bespoke Finance and feel again mislead by yourselves as there is, and was no mention of them at the time I took out my loan.


I have listened to all telephone calls sent to me, during which I actually state I received no documents of Rule 78 or the PPI, nor was anything explained to me about this policy and I certainly would not have taken out a policy for 5 years on a 13 year+ year loan, knowing this was front loaded and I would be paying interest on this for the full term. Also, I was not asked for any medical details which I now realise would invalidate my ability to make a claim. I was mis sold this PPI and it certainly was not sold to me in Utmost Good Faith.

I have also sent a complaint to the FOS regarding the unfair rebate and I would like to point out there are quite a lot of discrepancies I have noted upon receiving my SAR. I have also stated that the whole set up of the loan was very misleading, I applied (proof of which is on the application with the SAR) for a loan of £17,000 with no PPI over 10 years, with repayments of £280 per month (refer to 18th December, 1999) my actual agreement was dated 6th January,2000. My actual agreement was for a loan over 160 months (not the 10 years I requested) and had a PPI amount added. The repayments still being £281 per month, I find no evidence I requested the PPI be added, and even on the application there was some “I/me” questions about receiving information with regard to PPI where are un-ticked / crossed. As I DID NOT ask for this and so did not read any documents, so how can I have had time to read the documents before actually entering into the agreement? The tick on the box for PPI on the application is not ours and is completely different and completed by whoever filled in the words “mortgage business”.

We were not given any documentation at this time and we have not filled out the details in the application to say we have. I remember querying this at the time of the loan and was told it a condition. I/we left the box for the PPI on the application blank, also it stated PPI for “one” or “both” (note no option for “not required”) and someone has ticked the box for both.
I policy was added on by either yourselves “Firstplus” or your Agent “Freedom Finance” and I therefore, hold you fully responsibly for the actions of your Agent. I will be commenced proceedings in the County Court should the FOS be unable to assist, as I feel VERY strongly about this matter.

I would also note I complained numerous times during the loan long before anyone had realised PPI’s had been mis sold to the extent they have. We have suffered dearly since this loan and are still finding it difficult to get on top of our finances. We did not know about the early settlement Rule 78 as no documents were sent as with the ppi.

I trust this complaint will be dealt with by whoever has the authority to do so and we can come to a full and final conclusion. You allowed Freedom Finance to act as your Agents in this deal and are therefore, fully responsible for their actions equally. (Section 75 CCA 1974) The PPI element of the loan agreement is typed in by yourselves’ and was not filled in by me. We did not want this adding to our loan but it was sold alongside a Firstplus loan, and therefore we were Misrepresented about the whole loan facility. Also, the manner in which it was added onto the agreement is not correct, and I have asked the FOS investigate this as well. I would like a fair rebate on the loan and the PPI refunded.

To date, I feel you have failed to investigate my complaint in a proper manner. You did not even know an address for Bespoke Finance, a company which claim you allow to sell your loans and had to forward this to me in writing. I feel totally mislead and misrepresented.

I wanted a loan for £17,000 over 10 years with repayments of £280 and that is the position I will be asking to be put back into. (THAT IS WHAT I APPLIED FOR). This would mean a refund of all PPI paid and then a fair settlement as if I had taken my loan out as agreed and made the 38 repayments on a loan of £17,000 over 10 years. Please note I have sent a complaint in to the FOS about you using the rule 78 to calculate my settlement as in the “OFT Non Status Lending document of 1997”, use of the rule 78 in the non status lending market (as we were as we could not of got this loan otherwise on the high street and Firstplus were sub-prime lenders – if we could have got this loan elsewhere, we would not have secured it against our home.

Firstplus advertised at the time they would loan up to 125% of the value of your property, this I believe is deemed unfair and oppressive as it produces a settlement figure which is excessive in relation to the amount borrowed and repayments made. I think this to be an Unfair Contract Term under the Unfair Consumer Contract Regulations 1999 and again have advised the FOS of this. My claim uses the rule 78 and I would like to say that I still have to have guidance on this from the FOS as to whether you were fair to use it. If this is upheld by the FOS, then my claim will result in a new calculation amount using a fairer method of settlement.


Unless you can provide documented evidence of my asking for this PPI for the loan be taken out over 160 months and not the 10 years, this matter will be dealt with by either the FOS or the courts. I believe the whole way it which this matter has been dealt with was unprofessional, I applied for something completely different and in a matter of 14 working days I received a document for signing which had the same repayments but over 160 months instead of 120 months. This was totally misleading, we took this loan out in good faith and were misrepresented on this matter.


Upon applying for the facility the seller (whoever it may be) did make the following misrepresentations to us regarding details of the loan facility, thereby inducing us as reasonable people into a contract for the purchase of separate ppi. Under the misrepresentation act 1967 this constitutes negligent misrepresentation.

We neither requested nor wanted this policy and it was included automatically on the agreement. Nothing was explained about this policy at the time and had it been then we would of not taken this out as it did not meet our needs.

Yours faithfully

tiggrae

RiaAnn wrote: »

Thanks Tiggrae, would you suggest using this address to do a sar or just generally to escalate the complaint? I don't require all the infomation (as I have most of it) just a few dates and one amount of PPI refunded on refinance. We have had one offer for refund on 2 of 3 of the loans but they haven't issued a "final response" yet.

it's the address I use for all aspects of making a claim for mis sold ppi

Lula_Bea

Hey, I made a PPI claim from Natwest, and I was succesful. I've signed the agreement, to accept the full refund they're offering, but it's been just over two weeks now and they have yet to physically refund my money. I spoke to them last week, and the man said that they have a huge backlog and I'm in a queue, but surely the hard work is already done, and all they need to do is press a button for it to be refunded? Has this happened to anyone else? I feel like they are with-holding my money without due reason.

Kaia_2

Lula_Bea wrote: »

Hey, I made a PPI claim from Natwest, and I was succesful. I've signed the agreement, to accept the full refund they're offering, but it's been just over two weeks now and they have yet to physically refund my money. I spoke to them last week, and the man said that they have a huge backlog and I'm in a queue, but surely the hard work is already done, and all they need to do is press a button for it to be refunded? Has this happened to anyone else? I feel like they are with-holding my money without due reason.

Morning All, or should I say afternoon....:rolleyes:
I am glad this queston has been asked, because i could find myself in ths situation, been promised a payment in 14 days if I sign.....
What happens in that scenario , anyone know? tiggrae?

rosemahairy

Thanks to MS Pacman for the very useful info i thought i would share it with everyone so anyone else reclaiming with DAF (yes car) can do the same and get some extra weapons. Basiaclly the amount yes car (DAF have charged us all for ppi, gap and mech breakdown is extremely more than what they paid for it. They profitted from us buying it as well as getting commission. This should be shown on the agreement but it isnt. To find out if you are in this boat too follow these instructions as i am about to do as per MS pacman (thanks again):
Hi, I found that NIG were the underwriters for the contract I took out in July 2003. They are who DAF pay for the PPI, GAP and Mechanical Breakdown if taken out at that particular time although most are with them from what I understand.

The contact name is John Hold, Tel: 0207 6566000.
Give him your policy number and he will be able to clarify yours is with them.

He won't advise of the amount over the phone but what he will ask you to do is write to them requesting this information as they cannot send a letter without receiving a request. Your agreement number on the Direct Auto Finance contract (top right I think) is also the policy number they use.

Address is Crown House, 145 City Road, London, EC1V 1LP.

You might have a shock when you get the letter!

m.colak

Hi all first of i would like to say thanks to dicky2k for nominating me as a post for the month.

As for how long do companies have to refund you its in the
The Consumer Protection (Distance Selling) Regulations 2000 Paragraph 14. Its say's they have a maximum of 30 days to resolve the issue.

http://www.opsi.gov.uk/si/si2000/20002334.htm

Congratulations Kaia am very happy for your result

rosemahairy

rosemahairy wrote: »

Thanks to MS Pacman for the very useful info i thought i would share it with everyone so anyone else reclaiming with DAF (yes car) can do the same and get some extra weapons. Basiaclly the amount yes car (DAF have charged us all for ppi, gap and mech breakdown is extremely more than what they paid for it. They profitted from us buying it as well as getting commission. This should be shown on the agreement but it isnt. To find out if you are in this boat too follow these instructions as i am about to do as per MS pacman (thanks again):
Hi, I found that NIG were the underwriters for the contract I took out in July 2003. They are who DAF pay for the PPI, GAP and Mechanical Breakdown if taken out at that particular time although most are with them from what I understand.

The contact name is John Hold, Tel: 0207 6566000.
Give him your policy number and he will be able to clarify yours is with them.

He won't advise of the amount over the phone but what he will ask you to do is write to them requesting this information as they cannot send a letter without receiving a request. Your agreement number on the Direct Auto Finance contract (top right I think) is also the policy number they use.

Address is Crown House, 145 City Road, London, EC1V 1LP.

You might have a shock when you get the letter!

Thanks again to MS pacman for bringing more weapons to light against DAF. Does anyone know for definate where we stand on this matter. Is it legal for a company like DAF to charge 3k including interest for ppi, gap insurance etc when they only ever paid the insurance providers a few hundred quid. I might add that without investigating (as per ms pacmans tip) you would never know they profitted from the sale and by how much. I am also told as well as profitting 10fold from the insurance sales they got commision too (which i know must be disclosed or is bribery). Is the fact that they profit form the sale of insurance illegal, is it not compulsory the profit is disclosed to the consumer like commision?

tiggrae

Kaia wrote: »

Morning All, or should I say afternoon....:rolleyes:
I am glad this queston has been asked, because i could find myself in ths situation, been promised a payment in 14 days if I sign.....
What happens in that scenario , anyone know? tiggrae?

under FSA / FOS rules they are allowed 6 weeks in which to make financial redress !!!

tiggrae

rosemahairy wrote: »

Thanks again to MS pacman for bringing more weapons to light against DAF. Does anyone know for definate where we stand on this matter. Is it legal for a company like DAF to charge 3k including interest for ppi, gap insurance etc when they only ever paid the insurance providers a few hundred quid. I might add that without investigating (as per ms pacmans tip) you would never know they profitted from the sale and by how much. I am also told as well as profitting 10fold from the insurance sales they got commision too (which i know must be disclosed or is bribery). Is the fact that they profit form the sale of insurance illegal, is it not compulsory the profit is disclosed to the consumer like commision?

I think this could be a question for the Office of Fair Trading - they give DAF their Consumer Credit Licence, write and ask them whether what they are doing is legal under the Consumer Credit Act 1974 (as amended 2006).