PPI Reclaiming discussion Part II

georgiajam

After going to FOS with PPI mis selling against First Direct, they batted the ball back in my court by telling me I had to have a final answer from them, despite four letters I had written them it was just going nowhere! Have got my final response today ( a very patronising standard letter!) my question is can I just send the original FOS paperwork back to them with this letter or do I have to fill a new FOS form out? It has their ref number on it and date stamp Any help would be appreciated

mamshelly

Johnfosteruk wrote: »

Hi all, we have a PPI which we were sort of 'forced' into - total cost of PPI without any interest is just over $7500. Its on a loan with Paragon Finance

After we heard Martin on the Vine show we called them asking to cancel it about 6 months on (in January this year I think) and they replied with a yes. Quoting an amount for a rebate of just over £2000. I wrote them a letter based on the template here, requesting the full amount minus what we'd already paid. plus interest. They wrote back saying get stuffed. So we did the second letter and they wrote back saying get stuffed again.

We have since taken it to the FOS and after about 6 weeks received a response saying someone has been allocated to our case and we'll hear from them as soon as possible.

Yesterday I had a letter and a message on my phone from a compliance controller at Paragon Finance asking me to call him.
So I called him today and he said:
"The FOS have contacted us asking us to review this case, & although we don't feel we missold the ppi, in order to save money and time with this dragging on, I'd like to offer a compromise. So we're offering a rebate of £5200"

So, Is he doing this because he knows that if we refuse the offer the FOS will not enforce any more than that plus interest etc etc and he can say you had your chance and refused, get stuffed. Or is he doing it because he knows the FOS will enforce a full rebate plus interest etc

Bit of a dilema really and not sure wether to accept or not. If we do refuse the offer are we shooting ourselves in the foot or not? Bearing in mind there's nothing on paper yet and we've not heard anything concrete from the FOS.

Hi there, I have seen your post and we were too mis-sold this policy by Paragon in 2005 and were told that we have to take out the PPI as we would get it back after 10 years and it would help our credit. We cancelled the policy within a year as we couldn't afford the payments and asked for a refund. They agreed and only refunded us £1, 134.90 which they said would be taken off our balance. This didn't help us but we took the offer anyway as we needed the money, but we ended up missing payments as I lost my job not long after and was pregnant at the time. We have never received any statements from them but I decided to ask for one a couple of weeks ago and when it arrived I was shocked to see that the above amount hadn't been taken off our loan. I wanted some advice as to whether I should contact them again and ask why and then ask for a full refund or should I go straight to the FOS to complain? Any advice would be hugely appreciated.

reallylost

Hi there, sorry this is a long one.
Was looking for some help from an expert or 2.
I have been trying to claim mis-selling on a loan from Halifax that was taken out in Nov 2002

Original loan was £5000 @14.9% over 84 months
Interest on loan £3056.44
PPI £1622.53
PPI interest £991.55
Grand total £10670.52

I had a letter at the end of last year saying they agreed that I had been mis-sold and were working out suitable redress.
They then sent me 3 different new loan agreements for different amounts and all with different term lengths.
I refused them all as none of them addressed the money already paid over the last 2 years.( now 2 and a half)
I went to the FOS in December and have heard from them today by phone. They have had an offer from HBOS of the following.

HBOS will pay off they outstanding amount on the loan £5267.03????
They will send me a refund of
PPI payments £332.14 (is that all!! over 2 and a half years?)
Interest £508.20
8% interest £78.43
Grand total £918.77

Then I will have a new loan for £3976.00 over 5 years at 14.9%, which comes to £5662.81

I have already paid out £3556.84

This will mean a total of £9219.65 minus the £918.77 they will give me back.

My maths isn’t great but IF they had got the loan right in the first place I would have paid £8056.44 over the 7 years …..So I make it that I will be £244.44 worse off!!!!!

What do I do next????
Do my figures add up right?
Can’t I just ask for my full payments back and for them to start again with a loan for the correct amount over the original term?

Please help me as I have 14 days to come up with an answer.

Kaia_2

Hi any advice for my POC please ? mcolak..... ? tiggrae......?
How does this sound....
I HAVE to get it done ready to go on MONDAY.....
Really dont want to mess up ....because what I've done is.....
I have copied/adapted bits from different ones as i have no idea what to put, any chance you could just look it over and see if it makes sense...and all the bits "ACTS" are correct?
CHEERS:D

At the time of undertaking the credit agreement, the Claimants were mis-led into procuring Payment Protection Insurance as part of the overall credit.
The policy was not defined nor explained and not considered "optional".The Claimants were told that the PPI was absolutely necessary to obtain the associated credit.
This is in breach of CCCA 1974, where a company must be fit to be involved in activities the licence covers.
The policy was not fit for purpose as Mr K's employers operate a policy of death in service benefits full pay for 12 months of sickness in addition to this there was critical illness cover and life insurance already in place.
PPI only applied to 5 years rather than full term. This is also in breach of Unfair Terms in Consumer Contract Regulations 1999, where a term is unfair if “contrary to the requirement of good faith if it causes a significant inbalance in parties rights and obligations under the contract, to the detriment of consumers”.
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 staff.
The Claimant further contends that if the Insurance was applied correctly, that the Agreement was not executed in accordance with the Consumer Credit Act 1974;
i) As the Insurance was in fact a charge for credit on the Conditional Sale Agreement, it could not also be part of the credit on the additional insurances agreement as under section 9 (4) CCA credit charges cannot be treated as credit even where time is given for their payments
ii) If the Insurance was not a charge for credit in respect of the Conditional Sale Agreement, as it was compulsory, it was a charge for credit on the additional insurances and under section 9 (4) CCA credit charges cannot be treated as credit
iii) For the reasons stated in either (i) or (ii) above, the agreement for additional insurances failed to state the correct amount of credit and did not comply with paragraph 2, schedule 6, which requires that regulated agreements contain as a prescribed term stating the correct amount of credit
iv) The agreement for additional insurances was therefore improperly executed under section 61 (1)(a) of the CCA.



Theres no way thats going to fit in MCOL form, so I think I'll just do it through my local court instead
( probably have to do it TUESDAY then though ...because its BAnk Holiday Monday isnt it !)

I will get there eventually!!!

cazpattenden

Hi I am new to this and am trying to reclaim the PPi on my Husbands HSBC Loan. He had a rejection response form them today telling him that he signed an acknowledgement slip stating that he recieved no advice from HSBC Bank about purchasing the ppi. What do I do now? None of the responses in the second letter quite fit somehow to take it any further? Can anyone advise I am a little stuck.
Thanks

marshallka

Ok, just an update. I wrote to Firstplus, who i had my loan and ppi with and they told me during a phone call (just to see if they had received my letter) that my loan was arranged via a broker being "Freedom Finance". However today i have received my letter from Worstplus saying that the loan and ppi were actually sold by Bespoke Finance (never heard of them). They have said they have passed the complaint to Bespoke. Where do i go from here. This is making me ill. :mad:

marshallka

Kaia wrote: »

Hi marshallka
I took out a loan which is with GE money (lender) but it is the Broker Freedom Finance who I have to make the claim against (as advised by both tiggrae and mcolak)
I am in the process of preparing my claim....ready to issue next week.

I am at an even bigger loss here.

Loan with Firstplus and ppi
Told by Firstplus yesterday it was sold by Freedom Finance
Told today in letter that my complaint has been passed to Bespoke Finance as Freedom Finance is an umbrella company of Bespoke.

Bespoke are based in "Gibraltar".

I smell a rat

TwinsMum_2

I have tried emailing the Managing Director at FirstPlus but they all keep getting returned does anyone know if he has changed his email address. Thanks, it seems to be that they are getting through to FirstPlus and it is them that is returning them.

Kaia_2

marshallka wrote: »

I am at an even bigger loss here.

Loan with Firstplus and ppi
Told by Firstplus yesterday it was sold by Freedom Finance
Told today in letter that my complaint has been passed to Bespoke Finance as Freedom Finance is an umbrella company of Bespoke.

Bespoke are based in "Gibraltar".

I smell a rat

Hi Marshallka
Sorry i dont know, I recall reading that on here before , dont know if it was one of your previous posts or someone elses ?
Mine is straightforward really ...Freedom sold me the loan and ppi as the broker, GE Money are the lenders. I initially wrote to GE who told me it was the broker who sold that I needed to claim from , and its the broker I have been in correspondence with for the lsat fewmonths and now I am taking them to court.

Maybe someone can give you advice.......
Found this address if its any help....
Bespoke Finance, Suite 2C, Eurolife Building, 1 Corral Road, Gibraltar

hmog

Hi

Im just about to send off my letter to try and reclaim my ppi.

What happens about canceling it as its an ongoing loan and I dont want to keep paying the ppi?

Cheers