PPI Reclaiming discussion Part II

angelwillow

Can anyone give any advise on this one?
Asked for and received my SAR from Creations on my Adams account card,got statements and copy of the original application form but nothing to say I requested any insurance. So I wrote requesting it back to be told that although they took the payments from my account they weren't responsible for it,it is a company called Stonebridge International,so I need to get in contact with them.
So do I need to start again with another SAR or are they just trying to fob me off?

rikkdh

m.colak wrote: »

Ok first of all its a great result on the first loan however they are remiss if they can't provide the paperwork for either as they could actually be ripping you of. Second of all the amount that you have paid so far might when you take into account what you have paid on your loan already my make more of a substatial difference. Ie you took a loan out for 10k and the ppi was 2.5k the amount or rate you paid that off when taken against a settlement figure of one where you just had the 10k but paying the same amount in payments could almost (in most case's) be double on the PPI.

I would recommend you work out 7.5% of the original loan as this should give you a rough figure for the PPI on the original loan and see if this is close to what you are getting back. On the second loan i would ask for a settlement figure and then if you give me the details i could work out what difference you would be looking at overall.

Something to note as well is that it is your right to decide who you get a refund/rebate otherwise it is conditional and therefore may/may not be in your best interests. To me looking at the information all that they will do on the second loan is refund the PPI plus interest and not take into account the overpayments and reduction interest that you have already paid.

Thank you - They have said that they don't have the paperwork to substantiate the selling of the PPI. I'm not sure about the status of the actual loan / PPI agreement. I do have copies and the amounts that they are refunding equates to the full PPI amounts over the terms of the loans. Plus Interest which they have told me in writing they cannot provide until I accept their offer!!!! Strange I know!

On the 2nd loan the loan amount was £11,500 to be repaid over 99 payments of £127.13 with the PPI amount being £2657.81 being paid over 99 payments of 29.38. The agreement was taken out in Dec 2003.

In their 1st response the say

"Loan Account number xxxxx was taklen out on the 16th Dec 2003 for the sum of £2657.81. Again as I am unable to obtain the necessary information to support the sale of your insurance I am offering to refund the sum of £2657.81, plus any interest accrued as a gesture of goodwill on our behalf. However as your loan is with our Collections Dept the sum of £2657.81 will be refunded back to your loan account, and this will reduce your outstanding debt"

In the letter I was given the option to call her, which I did to obtain rough Interest amounts, and says that if I'm not happy with the decision I would have the option of escalating matters further with Lloyds TSB General Insurance.

I challenged this as the amount due in collections is only £1700 and said that they could take this and refund the difference to me.

Their latest reponse says:

"With regards to loan account number xxxx this was re-financed through our colections dept for the sum of £2657.81, I have offered a full refund of insurance of £2657.81, plus any interest accrued.

As discussed with myself on the telephone on the 23rd of june and also with my colleague we are unable to confirm an interest adjustment figure until after the refund is issued. This is because the interest is not processed by Lloyds TSB General Insurance.

I do not feel that you poloices have been mis-sold, my offer has been made as a gesture of goodwill on our behalf to resolve your concerns.

I am unable to cancel your insurance on your behalf on loan acc no. xxx, I have offered a full premium refund on this policy, if you accept my offer your policy will then be cancelled and your policy will cease to exist.

Final Decision
As I have offered a full premium refund on loan account no xxx the FOS deem it fair and reasonable that we have put you back into the same financial position that you were before taking out your policy. Therefore I am unable to consider any further payments for distress and inconvenience."

There is then some blurb about only having to retain paperwork for 3 years and that if i'm not happy then my next course is the FOS. This contradicts her 1st letter of having the option to escalate it further within Lloyds TSB General Insurance!

ARGHHHH...I know i should be please but it really gets me that they want to put all of the refund into my loan. Should I be grateful and accept or challenge again!?

alleybabes

angelwillow wrote: »

Can anyone give any advise on this one?
Asked for and received my SAR from Creations on my Adams account card,got statements and copy of the original application form but nothing to say I requested any insurance. So I wrote requesting it back to be told that although they took the payments from my account they weren't responsible for it,it is a company called Stonebridge International,so I need to get in contact with them.
So do I need to start again with another SAR or are they just trying to fob me off?

I cant understand this as i have sent a letter to them about my adams and jjb which is creation finance,they refused to pay me back ppi but i sent the complaint to fos and they have been in touch every month to say it will soon be with an adjudicator, you are saying they refuse to look at yours! what is going on? my jjb was 2004 and adams 2003

marshallka

angelwillow wrote: »

Can anyone give any advise on this one?
Asked for and received my SAR from Creations on my Adams account card,got statements and copy of the original application form but nothing to say I requested any insurance. So I wrote requesting it back to be told that although they took the payments from my account they weren't responsible for it,it is a company called Stonebridge International,so I need to get in contact with them.
So do I need to start again with another SAR or are they just trying to fob me off?

Perhaps before requesting a SAR you need to write to them telling them about the misselling and then see what they say. If they argue then you may need a SAR or wait for their final response and then go to FOS

angelwillow

I'm confused aswell have Adams (Creations) and BHS + Debenhams with GE and the FO def said on the phone that they couldn't help?

angelwillow

marshallka wrote: »

Perhaps before requesting a SAR you need to write to them telling them about the misselling and then see what they say. If they argue then you may need a SAR or wait for their final response and then go to FOS

I take it you mean contact Stonebridge? Will this not be like other store cards that the FO have said they can't help with even although it's thru a different name?

marshallka

angelwillow wrote: »

I'm confused aswell have Adams (Creations) and BHS + Debenhams with GE and the FO def said on the phone that they couldn't help?

Is it to do with store cards. I read something on here a short way back about store cards and the FOS???

I would ring FOS again and ask about it.

angelwillow

Yes and I really wish that I hadn't taken them on as they have caused nothing but problems.

Last call to FO to confirm this was just this week - I think it's a no go as they were taken out in 2003 which is before the new jurisdiction.

marshallka

angelwillow wrote: »

Yes and I really wish that I hadn't taken them on as they have caused nothing but problems.

Last call to FO to confirm this was just this week - I think it's a no go as they were taken out in 2003 which is before the new jurisdiction.

Who actually sold the ppi? Have you checked that they were not GISC members before that date?? Or registered with FSA to sell insurance before that date.

Haven't GE already been fined???

Stonebridge international were registered with FSA 1st December 2001 to sell insurance so you should be ok


just put stonebridge international into here and all the details are there

http://www.fsa.gov.uk/register/home.do

You WILL be able to go to FOS

You first need a final response from them though so need to write to them first.

angelwillow

Not checked Stonebridge International as yet but GE have basically said 'we weren't regulated by anyone so haven't done anything wrong so tough'.