PPI Reclaiming discussion Part II

sarahc5388

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?????

these people make my blood boil GGGGRRRRRRR - try phoning the CAB or the FOS and explain all this to them - they should be able to help. In the meantime - write a second letter reiterating all your points and add that you were told you couldn't have the original loan unless you took out the PPI - also request a SAR and further info regarding staff training and competencies in the selling of PPI.

sarahc5388

Just had a thought - how much money are they making on SARs???

sarahc5388

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?????

Just found this in another thread - hope it helps:

Complaints department

Bank's name & address



Re: account 999999999999999999999





COMPLAINT



Dear Sir or Madam,



I took out the above loan for £x,000 on dd/mm/yy. When I took it out, I signed up for Payment Protection Insurance. I phoned up on dd/mm/yy to ask to cancel it and was told that this is impossible. I am writing to complain.



Put in any of the following which apply:



[When I took out the loan, I was told that I would not have been given the loan if I did not take PPI. I have since been told that this is not true, and that you are not allowed to make PPI a condition of taking out the loan unless you include the costs of PPI in your quoted loan interest rate, which you did not do. I therefore consider that I have been mis-sold this expensive insurance, which I do not need and which I said that I did not want.]



[I am self-employed/work as a contractor/unemployed and therefore will not be eligible for any payments from the PPI if I cannot get work or am sick. My situation was known to the person who sold me the loan, however he/she did not point out that the insurance was virtually useless to me so I think that I have been mis-sold the insurance.]



[When I took out the loan, I said I did not need the PPI as my employer provides generous illness and redundancy benefits, but I was told I should still take it out. As this is not correct, I consider that I have been mis-sold this expensive insurance, which I do not need and which I said that I did not want.]



[I wish to cancel the PPI because since taking out the loan, my employment situation has changed. I am now self-employed/work as a contractor/unemployed and therefore will not be eligible for any payments from the PPI if I cannot get work or am sick.]



[I wish to cancel the PPI because I now have sufficient alternative insurance cover from my employer and other sources.]



[I wish to cancel the PPI because I am in financial difficulties and cannot afford it. I enclose a Statement of Affairs which shows this.]



I have been advised that I should be able to cancel the PPI contract at any time and receive a partial refund of the premium that I have paid. I would like to do this. [And in view of the way I was mis-sold the insurance, I would like to ask for a full refund of the whole premium.]



I would appreciate a reply to this letter within fourteen days. If you reject this complaint, I would be grateful if you could explain whether you provide an internal appeals process. If you do not, please supply me with a final response letter, so that I can take up the matter with the Financial Ombudsman Service.



Yours faithfully,





nb There is no reason why you have to be able to prove that you cant afford the PPI before you cancel it, so in theory you should not need to send an SOA. However, I think it helps because it puts the bank morally in an even worse position if their PPI is causing you hardship.

Darth_chaffinch

sarahc5388 wrote: »

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.

Thanks sarah, will do that tomorrow!! What's a SAR btw?

marshallka

Laini wrote: »

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

Ahhh, thanks Laini, i hope its soon i hear and i'm not too bothered which way at the moment as this not knowing is worse.

singlep

The FSA cannot help you because these firms were only registered with the OFT, not the FSA, prior to regulation in Jan 2005 and since then they have sold loans only. The point is that the customer requests a loan and fails to read the smallprint that the broker is offshore and that the onshore (UK) firm is only processing. BUT the PPI is offered/sold by the onshore firm (FF) and the loan to pay the premium is created onshore in the UK. Therefore FF were not acting solely as processor and were responsible for the PPI loan. A complaint should be made to the OFT and the lender. Also FF should not allow Bespoke to use their name if it confuses customers into believing they are protected under English law.

sarahc5388

Darth_chaffinch wrote: »

Thanks sarah, will do that tomorrow!! What's a SAR btw?

Its a Subject Access Request - it's where you request all the info relating to you account under the Data Protection Act, you have to enclose a cheque or postal order for £10

sarahc5388

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 this is to everyone.

There was something on here about a TV programme being made - contact them and tell them your story - you never know, they may be able to get to the bottom of it all for you - wonder if there's a way of contacting Martin with this?

marshallka

singlep wrote: »

The FSA cannot help you because these firms were only registered with the OFT, not the FSA, prior to regulation in Jan 2005 and since then they have sold loans only. The point is that the customer requests a loan and fails to read the smallprint that the broker is offshore and that the onshore (UK) firm is only processing. BUT the PPI is offered/sold by the onshore firm (FF) and the loan to pay the premium is created onshore in the UK. Therefore FF were not acting solely as processor and were responsible for the PPI loan. A complaint should be made to the OFT and the lender. Also FF should not allow Bespoke to use their name if it confuses customers into believing they are protected under English law.

Apparently Gibrlatar is governed by English Law but tiggrae who does ppi claiming for a living, said she spoke their "Financial Services Commission" and found out you can use your local court for proceedings in Gibraltar but cannot instruct uk bailiffs should you win as they have no jurisdiction in Gibraltar.

sarahc5388

marshallka wrote: »

Apparently Gibrlatar is governed by English Law but tiggrae who does ppi claiming for a living, said she spoke their "Financial Services Commission" and found out you can use your local court for proceedings in Gibraltar but cannot instruct uk bailiffs should you win as they have no jurisdiction in Gibraltar.

marshallka - have a look at this - it might be of some use to:

http://www.gibraltar.gov.uk/bus/laws.asp