PPI Reclaiming discussion Part II

SuzySu

OMG.....I had not even heard of PPI before this thread. I have no idea whether we have claim or not and this thread is so so long I'm not sure whether it will get lost

Basically we took out a secured loan with Picture in May 2007 for £45,000 and the PPI attached to it was another £11,227 making a grand total of £56,227. We are selling our house (jumping before we're pushed) and our redemption figure is now £57,644. But we only borrowed £45,000 (I say "only"....)

I have no idea why we had to have PPI (it does say 'optional') but does that mean we should have said we didn't want it?

Can we claim anything back now that we are redeeming the loan after just a year?

Sorry for such basic questions - I couldn't find anything that asked what I need to know.

YEOSAL

bathgatebuyer wrote: »

Thanks - I'll print out a copy of the CCAct today and try and ascertain which section advises on the over-reliance of info. I suspect that this is exactly what they'll come back with ('we sent t & c, you had the chance to read them................'). I know that it is often said that the banks should not over-rely on printed terms and conditions sent in the post, although I'm trying hard to find the piece of legislation or guidance which specifically states this. Would welcome any guidance or direction here.

ICOBS on the FSA website gives some contradictory (I feel) guidance on the sale of PPI cover which appears to suggest that info should be supplied before an agreement for insurance concluded, while another rule suggests that this info could be sent after the point of sale.

I may contact them direct to clarify that point.

CPR 18 is civil procedure rule 18 - a request for information. This rule does not apply to the small claims court, athough a judge could over rule and request the information. It is worth sending just to get a response even though it is unlikely they will send you the full list of requirements.

Laini

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.

This sounds like a break through for you Marshallka
Laini xx:T:T:T:T:T

marshallka

Laini wrote: »

This sounds like a break through for you Marshallka
Laini xx:T:T:T:T:T

Thanks for noticing Laini but i am getting down now as i don't think i can handle it anymore. They are still saying that Bespoke sold it and that they have no records of anything of mine as it was 8 years ago. I rang to ask about the SAR and they told me that they cannot trace anything. Firstplus have been very picky as to what they have sent and have not sent and after talking to FSA tonight it seems i don't have a leg to stand on in a court case as i do not know the seller or should i say the only one actually saying "it was meeee" is BESPOKE finance. They are admitting it and they know that i can't touch them. Even ICO say "why should they have anything" "they only sold the loan".

Tonight whilst talking to FSA they asked why i though it was missold and i realed off my complaint "that it was a condition of the loan", that it was only 5 years on 13 plus year policy etc and they seemed to think that condition of the loan was actually ok. They said that was not breaking any rules at all. How misleading this is to everyone.

YEOSAL

money2008 wrote: »

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?????

Hi

Did they put it in writing that they refused you a new loan? I would suggest that you write them a letter and state that as you have been
refused a loan how do they suggest you cancel the ppi. I dont know if it is worth ringing the FOS or/and the FSA to see if they can offer any guidance.

I have not come across this so really not too sure as I am not an expert, but it sure sounded like you needed some support and you will find plenty on here. Hopefully you will get a few helpful replies to point you in the right direction.

cmac

marshallka wrote: »

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

thank you I have requested a SAR just waiting for it to arrive

Laini

marshallka wrote: »

Thanks for noticing Laini but i am getting down now as i don't think i can handle it anymore. They are still saying that Bespoke sold it and that they have no records of anything of mine as it was 8 years ago. I rang to ask about the SAR and they told me that they cannot trace anything. Firstplus have been very picky as to what they have sent and have not sent and after talking to FSA tonight it seems i don't have a leg to stand on in a court case as i do not know the seller or should i say the only one actually saying "it was meeee" is BESPOKE finance. They are admitting it and they know that i can't touch them. Even ICO say "why should they have anything" "they only sold the loan".

Tonight whilst talking to FSA they asked why i though it was missold and i realed off my complaint "that it was a condition of the loan", that it was only 5 years on 13 plus year policy etc and they seemed to think that condition of the loan was actually ok. They said that was not breaking any rules at all. How misleading everyone is.

I dont know what to say...
can we keep our fingers crossed and wait for FOS to have a look at the situation.
I would say give them a chance to look at it
I wish I could wave a magic wand for you
Laini xxx

Darth_chaffinch

After reading last Saturday's Times Money supplement I came across an article on PPI in which Martin stated that we don't even to have to request statements, we can simply request the PPI refunded. Have I read this correct please?? Can I just write asking for all PPI refunded??

Thanks.

sarahc5388

Darth_chaffinch wrote: »

After reading last Saturday's Times Money supplement I came across an article on PPI in which Martin stated that we don't even to have to request statements, we can simply request the PPI refunded. Have I read this correct please?? Can I just write asking for all PPI refunded??

Thanks.

This is correct - I sent a letter off for my dad and at first they said no - i then sent Martins 2nd letter off and they gave him his money back. They try to fob you off - you may need to request a SAR so that they know you have done a bit of homework and are not willing to give up so easily.

maxdp

rich_kim wrote: »

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

Yes PPI on three Loans for OH were upheld 8000.00 ish finding its way back to us:T . Still waiting on Barclaycard CC PPI heres keeping fingers crossed/ It will happend just keep patient they are very busy have still not been assigned worker for this.

I wonder whether they take on one lender for specific thing e.g Loans or CC as when I had my result with Barclayloan I noticed on the success web site other people had also had results

Keep chin up:rotfl: