PPI Reclaiming discussion Part II

Angel1972

I posted last week about being charged £6300 by GE Finance as a single premium for PPI when i ddin't even tick the box on the application. The loan was apparently arranged by Credit Link who have gone bust so i have been dealing with GE Finance direct in trying to get my money back.

GE did write whn I repaid the loan and offered me cancellation of the plan and a refund of part of my premiums so i wrote and said yes I did want a partial refund but that i was currently in a complaint with them about misselling of the PPI on the grounds of not ticking the box but being charged for PPI and i actually wanted a full refund.

Anyway when i got home on Friday there was a letter (after ignoring my last 3 letters) just saying
"With reference to the above numbered account we are writing to confirm that the sum of £472.50 has been paid direct to your bank account detailed above."

No explanation why this amount, no breakdown but by my calculation £6300 over 5 years is a premium of £105.00 per month and I cancelled the PPI 23 months early so by my calculation that's £2415.00 - I know they can deduct admin charges but £1,942.50 of them? That's ridiculous isn't it?

Anyway on Thursday last week I sent off for my SAR and also sent a letter threatening court action and mentioning the Negligent Act etc... plus querying whether the loan was valid as it didn't appear to have been executed in line with the application i completed - this was as mentioned by HomerJ.

Is it not sneaky of GE to pay the money into my bank account so i looks like I've accepted their refund?

Do i carry on fighting and what do i do about the money in my account as I don't accept that £472.50 is a fair refund.

kinikki

marshallka wrote: »

I too am wanting that one. I have emailed the customer services and written in large letters complaint. Have yet to have a response though.:mad:

Sent you PM goodluck

onslo

Hello all,

I currently have a mortgage with Nationwide which I am paying £53/month PPI
I suspect that i have been paying PPI on this for many years without really knowing about it.
The bad part to all this is that I am insured for accident/critical ilnness, life, unemployment and health through Nationwide and their preferred underwriters already. In fact I was sold sold the extra insurances along with the PPI by the same salesperson.
This to me sounds like I might be able to claim for many many years of mis-sold PPI payments.

The part that is bothering me is the consequences of doing so. I am currently applying for a third mortgage with Nationwide to cover the cost of a house move, this application is currently in progress and I do not want to do anything that may upset the apple cart right now. So it's best if I wait until I have the mortgage agreed and the balance in my account before i submit any claim right ? I will ofcourse cancel the PPI straight away anyway,
So, I get my mortgage and pay the right level of insurance without PPI, then I claim against them..... what happens to me ? Would i be asked to leave Nationwide as a customer as per my experience with credit card refunds ? ... what exactly are the consequences of reclaiming PPI ?

Rgs

Onslo

sarahc5388

Dads letter posted today - had to tell him the first one hadn't been delivered and that this was a copy! Have also been into my bank today and made an official complaint about PPI on overdraft (which I have alson now cancelled) - she said i should receive some sort of response within a week! a week - I won't be holding my breath. Will keep you all updated as and when. Keep up the hard work everyone and don't let the !!!!!! get you down!

marshallka

tomglentanar wrote: »

Marshallka,

Do you know when Freedom Finance became authorised by FSA?

Cheers

31.10.04. If you want to know when they were regulated by GISC then i don't know but i do know they were not at the time of my claim. (january 2000). Its the GISC that they have to be regulated by for the FOS to look into your claim if it was before 2005 when the fsa took over

marshallka

chipbeck wrote: »

In your reply you detail the fact that in the year 2000 I contacted your Telemarketing team in order to set up account cover. As far as I am aware such a telephone conversation never took place. This being the case could you please provide some evidence of this alleged conversation, preferably a tape recording of the call or at worst a transcript of the discussion that allegedly took place.
You also mention the fact that documents and a policy where issued to myself, these too where unfortunately never received.
Whilst comparing the information sent to myself following my SAR request with the information sent in your letter it became obvious that these important transactions are not in the account notes. How can this be? It would appear that any other correspondence between myself and your company is duly noted.
I look forward to receiving some form of proof regarding the alleged telephone call, should I not receive a satisfactory reply then I will be forced to seek legal advice.


Is the above ok or should I embelish?

you could sort of incorporate this somewhere into your letter

There was over-reliance on information sent through the post, which again breaches CCA 1974 and is therefore negligent in line with 1967 Misrepresentation Act. Under CC P18 claimant requests full documentary evidence of absolute compliance with best practise in sale of PPI and detailed record of training undertaken by Sales Reps.

If you quote laws then they know you mean business, Just found this from a letter of another claimee on here. I am no lawyer so first check it out and somehow, sound a little more as though you will take this to court if necessary.

mon1o

Hi all i have checked my hsbc credit card policy and i have no grounds for reclaiming that, however my husband and i have a secured loan which was taken out in december 2004 through Freedom Finance/Igroup loans (now GE money). We were told the insurance was compulsory and would last the full term of the loan however looking at our paperwork it states the insurance was optional and only lasts 60 months (our loan is for 10 years). Im angry that we have been mis sold this as the amount is £2944 (not including the interest, not sure how to work that out). We were told if we didnt take the insurance we couldnt have the loan and as proven on my paperwork by way of dates etc we had to sign for the ppi first before we were able to sign the credit agreement for the loan.

My question is that even though it states on the paperwork we signed the ppi was optional i know for definite we were told it wasnt. Have we got a chance at getting this back?

Monica

Here are the details:
Loan Amount: £18,000
Igroup Financial Services Limited - Credit Insurance: £2,944
Bespoke Finance Ltd £400

Ive just noticed that Bespoke finance crop up on one of our letters. They have never been mentioned to us before ive no idea who they are yet we have paid them £400?!

sarahc5388

mon1o wrote: »

Hi all i have checked my hsbc credit card policy and i have no grounds for reclaiming that, however my husband and i have a secured loan which was taken out in december 2004 through Igroup loans (now GE money). We were told the insurance was compulsory and would last the full term of the loan however looking at our paperwork it states the insurance was optional and only lasts 60 months (our loan is for 10 years). Im angry that we have been mis sold this as the amount is £2944 (not including the interest, not sure how to work that out). We were told if we didnt take the insurance we couldnt have the loan and as proven on my paperwork by way of dates etc we had to sign for the ppi first before we were able to sign the credit agreement for the loan.

My question is that even though it states on the paperwork we signed the ppi was optional i know for definite we were told it wasnt. Have we got a chance at getting this back?

Monica

Monica,

Send Martins 1st letter and at the the same time request a SAR (Subject Access Request - emclosed a cheques or postal order for £10), they have 8 weeks to respond, their 1st response will probably be a letter saying no - then send 2nd letter. Plenty of people on here to help you along the way - questions are never stupid as they say "it's only easy if you the answer".

mon1o

Sarah what do i ask for in the SAR? I have edited my above post with the details. I already have copies of the ppi agreement which we signed.

Many thanks
Monica

marshallka

sarah, its only 40 days to comply with the SAR i think.:D