PPI Reclaiming discussion Part II

marshallka

cmac wrote: »

Hello,
Again asking for help with Barclays.
I`ll apologise first for this being somewhat long winded.
We took a loan out on 20th january 2005, with PPI
We`re both self employed
Cash loan Premium loan
Amount of loan 5,100 1,201.80
charge for credit 2.035.80 479.40
monthly repayments 118.93 28.02 = 146.95
no of payments 60 60


Insurance Premium at a rate of 5%
I dont really know what I actually paid is it £1681.20 ?

Now for the story
Firstly it has been rejected on the basics that my OH made a successful claim on 2nd April 2007 . They paid 1 months but he was off work for nearly 5 months (broken leg) I dont understand this.

We were finanically suffering at this time ,no sick pay for the self employed,
and to cut a long story short missed a few payments on a few things.Getting charges left right and centre.
So we went to the bank to ask for some help or guidence. I really wish I hadnt bothered.

She told us the best thing to do was consolidate ok in theory and put everything into our morgage reserve fund. I ask what was the intrest on this only to be told " Not to worry about it just pay it back as soon as you can"
We now pay £70 a month of which £63 is interest!!!
When i discovered how much it was costing us I tried ringing her on the number she gave us never to get a reply about 20 phone calls. I eventually gave up.
why did they only pay out for 1 month of the 5
Thanks to this site and all the good people on it I`ve reclaimed quite a bit but Barclays is eluding me.

Sorry for diverting
the loan was closed on the 18th June 2007 and £3612.60 transfered to morgage reserve and an insurance refund of £325.72 interest charged £15.32.

I have also sent a SAR (thanks to Laini again) to them + the £10 fee as I suspect we havent been treated fairly dated 27th May 2008.

Any help at all will be very gratually received
cmac

Why did they only pay out 1 month of the 5

rich_kim

maxdp wrote: »

Hi Have had the same problem. It is the amount of work they are having to deal with. Put two claims in in January one for PPI on Loans the other for PPI on credit card. Loan took till last week in May to sort out but the CC PPI has still not been assigned a case worker.

Hang in then they will get round to it.:rotfl:

Hi, I also put 2 claims in in January/Feb time and am still waiting for case worker to be assigned so they must be well busy!!!

Were your claims upheld?

Kim

cmac

marshallka wrote: »

Why did they only pay out 1 month of the 5

Hi marshallka
I really dont know the answer to that
its my OH s loan just ask him and he doesnt know either theres a lot about this that is very unclear

thanks cmac

sarahc5388

cmac wrote: »

Hello,
Again asking for help with Barclays.
I`ll apologise first for this being somewhat long winded.
We took a loan out on 20th january 2005, with PPI
We`re both self employed
Cash loan Premium loan
Amount of loan 5,100 1,201.80
charge for credit 2.035.80 479.40
monthly repayments 118.93 28.02 = 146.95
no of payments 60 60


Insurance Premium at a rate of 5%
I dont really know what I actually paid is it £1681.20 ?

Now for the story
Firstly it has been rejected on the basics that my OH made a successful claim on 2nd April 2007 . They paid 1 months but he was off work for nearly 5 months (broken leg) I dont understand this. - they won't pay you as you made a claim - i would challenge the reasons they only paid for 1 month

We were finanically suffering at this time ,no sick pay for the self employed,
and to cut a long story short missed a few payments on a few things.Getting charges left right and centre.
So we went to the bank to ask for some help or guidence. I really wish I hadnt bothered.

She told us the best thing to do was consolidate ok in theory and put everything into our morgage reserve fund. I ask what was the intrest on this only to be told " Not to worry about it just pay it back as soon as you can"
We now pay £70 a month of which £63 is interest!!!
When i discovered how much it was costing us I tried ringing her on the number she gave us never to get a reply about 20 phone calls. I eventually gave up.

Thanks to this site and all the good people on it I`ve reclaimed quite a bit but Barclays is eluding me.

Sorry for diverting
the loan was closed on the 18th June 2007 and £3612.60 transfered to morgage reserve and an insurance refund of £325.72 interest charged £15.32.

I have also sent a SAR (thanks to Laini again) to them + the £10 fee as I suspect we havent been treated fairly dated 27th May 2008. - they have 40 calendar days in which to respond - where did you send it to - i sent mine to a service centre in Glasgow, the response came from Retail Banking Customer Relations, Leicester, LE87 2BB - tel no is 08457 555 555 (think this is general) the no for Leicester is 0845 609 0806)

Any help at all will be very gratually received
cmac

see comments in red

singlep

marshallka wrote: »

I have just re read the letter I got from Bespoke Finance (which was because Freedom Finance had forwarded our complaint to them) and on the letter it states

At the time of application Freedom Finance provided you with a booklet outling the benefits and conditions of the optional payment protection policy etc etc etc and then it says

Our records indicate that you signed the agreement to include payments protection to cover your loan. The agreement stated that signing the document confirmed that you had READ AND UNDERSTOOD THE PPI plan summary and that the premium for the insurance was added to the loan and paid for in monthly installments.

I have PROOF (not on agreement as it does not ask you to sign on that one that you have read and understood) but on the application it does. My application says at the bottom before signature

I/We have received an explanatory leaflet with regards to payment protection cover and fully understand it. (NO i or we crossed because we did not want it)
I/We confirm that the information herein contained and supplied to me/us is correct to the best of my/our belief (NO i or we crossed because we did not want it)
I/We authorise you to clear any mortgage arrears i/we have. (no cross or tick as we had none)
It was not asked for and we applied for a loan over 10 years of £17k with repayments of £280 and got the agreement over 160 months (not 10 years) and repayments of £280 because of the additional ppi.

No where on the actual "agreement" does it state as "bespoke" say that we had signed to have "read and understood" anything about the ppi insurance as we had no papers or anything and did not ask for it. The application asks you for this "read and understood" and not the agreement and as we did not opt for it we never crossed the "I/We sections". There was no option for "not required"

Rant over. God i'm cracking aren't I.

FF is one of several brokers who have set up separate offshore companies to become exempt from paying vat on their advertising. Unfortunately this means that customers are dealing with offshore firms who are not subject to FOS. BUT, whilst the loan is "processed" on behalf of the offshore broker the PPI sale is commenced in the UK by the UK firm taking the role of the broker. A processor cannot be a broker and sell insurance! Write to FOS, FSA and OFT and also refer to unfair contract terms.

cmac

sarahc5388 wrote: »

see comments in red

Hi Sarahc5388
thanks i will write letter requesting why?

and I sent the SAR to same address as you only top line just Barclays

money2008

Hello
I really need so help
I have sent a letter to Benifical Finance stating
I was misold the policy back in aug 2006 as I did not believe that my policy was sold in my best interest, also I was told if i wanted to cancel my ppi I would have to take out another loan agreement in order to do so.
I also put that they have been fined by the fsa for failing to treat customers fairly when selling ppi etc

One point I did miss which I have failed put in the letter was when I took the loan out, If I did not take out the PPI I would not be able to get the laon - Should I have put this in the first letter???

Today I received this response from HFC (Beneficial Finance)..............
Having given careful consideration to all of the information availiable I am unable to uphold your complaint.
The insurance policy you chose to protect your monthly repayments is paid for by a single premium payment method. This means that the cost of the ppi is paid for upfront by HFC bank to Hamilton Insurance on your behalf when your loan is first taken out. The cost of the PPI is the incorporated into your total borrowing. Both loan and the insurance are then paid for in your monthly
repayment of the £195.43 as noted on your legal agreement.
In order to cancel your insurance with us you will need to sign a new agreement as the PPI cannot be removed from your repayments unless a new loan is arranged with out PPI. The rebate for your existing PPI will be calculated and reflected in your new loan amount should you chose to cancel your PPI and arrange out a new loan.
In summary I cannot agree that your PPI was mis-sold as your legal agreement clearly state that the PPi is paid for upfront. The fsa's comment regarding "No Refund" polices does not apply in this instance as your rebate will be calculated once you choose to cancel your PPI by arranging a new account.

Also when I did speak to them about this I was refused a new loan


what should I do now?????

cmac

HI
Does this sound ok

I write regarding the stated "you have made a successful claim on the 2nd aprilo 2007 when you had a broken leg"

I have looked through the copy of entries you sent me (still waiting for ALL data requested on 27th May 2008) and can find no conformation of this entry.

Please advise as to how I can check this payment was actually made and can you please tell me why I only received ONE payment when I was actually off work for 5 months?

marshallka

singlep wrote: »

FF is one of several brokers who have set up separate offshore companies to become exempt from paying vat on their advertising. Unfortunately this means that customers are dealing with offshore firms who are not subject to FOS. BUT, whilst the loan is "processed" on behalf of the offshore broker the PPI sale is commenced in the UK by the UK firm taking the role of the broker. A processor cannot be a broker and sell insurance! Write to FOS, FSA and OFT and also refer to unfair contract terms.

Thanks so much for this info. I will try to do what i can with it now and find the laws applicable. This whole thing is really making me ill because i know we were robbed of our hard earned money. I have spoken to them today and apparently they are saying that the advertiser was lowcostloans.co.uk and that freedom finance were acting on behalf of Bespoke finance from that actual advert. Its so blummin annoying. I want to scream. I came off the phone after giving some abuse this time. Not good but it made me feel better after weeks of trying to find out who sold the policy. thanks again. xx

Also spoken to the FSA after to make a complaint about this company Freedom Finance and their off shore company and they did not want to know. I will now take it higher as i wanted them to listen and all they wanted to do was get me off the phone. No wonder this country is in the state its in.

marshallka

cmac wrote: »

HI
Does this sound ok

I write regarding the stated "you have made a successful claim on the 2nd aprilo 2007 when you had a broken leg"

I have looked through the copy of entries you sent me (still waiting for ALL data requested on 27th May 2008) and can find no conformation of this entry.

Please advise as to how I can check this payment was actually made and can you please tell me why I only received ONE payment when I was actually off work for 5 months?

Sounds ok to me but your sar might give you more information.