PPI Reclaiming discussion Part II

angelwillow

Yes G.E have been fined and I've been to the FLA aswell but go nowhere. :mad:

alleybabes

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.

Hi angelwillow the 1st reply i got off fos was to tell me they had received my paperwork and would contact me shortly,surely they would have said then that it wasnt covered by them woulnt they? they wouldnt have sent me a letter every month to update me about an adjudicator would they? they would have told me straight away? its confusing now

angelwillow

marshallka wrote: »

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

Thanks for that - so I can go via the FO with this one if I go with Stonebridge rather than Creations/Adams?

angelwillow

alleybabes wrote: »

Hi angelwillow the 1st reply i got off fos was to tell me they had received my paperwork and would contact me shortly,surely they would have said then that it wasnt covered by them woulnt they? they wouldnt have sent me a letter every month to update me about an adjudicator would they? they would have told me straight away? its confusing now

I agree,it's very confusing - I seem to have been going round in circles with these for months!

marshallka

angelwillow wrote: »

Thanks for that - so I can go via the FO with this one if I go with Stonebridge rather than Creations/Adams?

Yes, looks that way. Good luck

(don't forget to get a letter of final response though)

angelwillow

marshallka wrote: »

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

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

Must be doing something wrong as when I put in the details on the link it came back with 'no match found'.

angelwillow

angelwillow wrote: »

Must be doing something wrong as when I put in the details on the link it came back with 'no match found'.

Ignore that,just put in details without the post code and it has come up.

di3004

Please could I have your suggestions folks, thank you.:D .

Okay now this loan/ppi is when the brokers of e-loan sold the loan to us and provided us with Nemo.

Will try not to confuse you but we had won the loan advance PPI a few months back with the FOS.
But now going to try to pursue the first loan of when we first had the loan which was sold by e-loan.

The first loan with e-loan was Nov 2005 so were regulated by the FSA, it was a joint loan but hubby was sold the single PPI for a secured loan of 25 years for 5 of those years.
Nothing was explained, only the fact that you get back so much percentage of this if you do not claim within the 5 years.
No other information was given, so we assumed it all part of the agreement itself.
So it was Nemo they found to provide us with a loan.

Anyway a few months on we requested for a loan advance with Nemo, as we were already with them we thought it was just as easy to do that, so they gave a quote, and for curiosity we requested for a quote without the PPI as we had just then learnt we could have a cheaper stand alone option elsewhere, they would not supply it, but were told even though its a new loan we would have to continue with the PPI or we would have to borrow more which we would not be eligible for anyway, so what choice did that give us ?

We had taken the advance in July 2006 but was angry with the fact of my hubby being pressurised into accepting the cover !:mad:

I looked into this further and thought right stuff it ! I'm going to request cancelling this but we missed the 30 day deadline to do this and hardly anything in rebate, (same here in rebate when closing down the first loan to start a new loan with these). But then only then was aware this could go further.

This case did drag on a bit but then I recieved some information including a disc etc which I played back during the advance sale - this proved it was mis sold and the FOS agreed which it went in our favour. We recieved over £12K for the mis sold loan ppi advance.

The FOS also added on his paperwork that even though we had the advance ppi upheld the first loan is separate to these where I can pursue on these separately.

But now to pursue on the first one, so here I need your suggestions if this is possible folks ?

I am in the middle of writing a draft letter to reclaim the PPI to the brokers (e-loan) who sold this from the start, because it should have been advised, the loan then was £41,000 they added almost £9K for the PPI on top.
We never knew anything about these products and how they worked and nothing was explained, we were not informed it was optional, my hubby has a life time back problem and did then years before taking this, but again nothing mentioned.

Do you think I should mention on the draft letter that we have already pursued and reclaimed from the loan advance that was dealt with by the FOS themselves ?
But as this is a separate policy we wish to reclaim here etc etc ?

Any suggestions will be a great help thank you.

(also just to say before we received the last mis sold payments we had paid Nemo off out of the way by remortgaging).

Thx again folks, you have been most helpful and am open to your suggestions/advice.;)

Di.
xx

m.colak

rikkdh wrote: »

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!?

Ok have just checked the sums and have worked out that all the interest and premiums had be worked out and that your interest rate was therefore not variable to that end:

PPI Remaining on Loan £1322.14
(The total interest to be added over the period of the loan for PPI Interest was £250.90)

Amount of PPI Paid £1449.71
Amount of PPI Interest Paid £136.85
Statuatory Interest On Payments Made £290.87
Total Reclaim: £1877.44

To Write off all PPI and relevant Interest = £3199.58
Of course minus their commision however if mis sold then they shouldn't receive any.

To sum up it is your decision how you accept the refund however it would mean that your premiums of £156.51 would stay the same if it wasn't removed from your account. If you don't take the money then your loan should go down to £5720.73 and your payments back down to £127.13. Write back and explain that the FOS policy on rebates is that you the person who have been mis sold the policy dictate the refund and if they don't accept then yes you will go to the FOS with copies of their letters stating that they admit they were wrong.

m.colak

di3004 wrote: »

Please could I have your suggestions folks, thank you.:D .

Okay now this loan/ppi is when the brokers of e-loan sold the loan to us and provided us with Nemo.

Will try not to confuse you but we had won the loan advance PPI a few months back with the FOS.
But now going to try to pursue the first loan of when we first had the loan which was sold by e-loan.

The first loan with e-loan was Nov 2005 so were regulated by the FSA, it was a joint loan but hubby was sold the single PPI for a secured loan of 25 years for 5 of those years.
Nothing was explained, only the fact that you get back so much percentage of this if you do not claim within the 5 years.
No other information was given, so we assumed it all part of the agreement itself.
So it was Nemo they found to provide us with a loan.

Anyway a few months on we requested for a loan advance with Nemo, as we were already with them we thought it was just as easy to do that, so they gave a quote, and for curiosity we requested for a quote without the PPI as we had just then learnt we could have a cheaper stand alone option elsewhere, they would not supply it, but were told even though its a new loan we would have to continue with the PPI or we would have to borrow more which we would not be eligible for anyway, so what choice did that give us ?

We had taken the advance in July 2006 but was angry with the fact of my hubby being pressurised into accepting the cover !:mad:

I looked into this further and thought right stuff it ! I'm going to request cancelling this but we missed the 30 day deadline to do this and hardly anything in rebate, (same here in rebate when closing down the first loan to start a new loan with these). But then only then was aware this could go further.

This case did drag on a bit but then I recieved some information including a disc etc which I played back during the advance sale - this proved it was mis sold and the FOS agreed which it went in our favour. We recieved over £12K for the mis sold loan ppi advance.

The FOS also added on his paperwork that even though we had the advance ppi upheld the first loan is separate to these where I can pursue on these separately.

But now to pursue on the first one, so here I need your suggestions if this is possible folks ?

I am in the middle of writing a draft letter to reclaim the PPI to the brokers (e-loan) who sold this from the start, because it should have been advised, the loan then was £41,000 they added almost £9K for the PPI on top.
We never knew anything about these products and how they worked and nothing was explained, we were not informed it was optional, my hubby has a life time back problem and did then years before taking this, but again nothing mentioned.

Do you think I should mention on the draft letter that we have already pursued and reclaimed from the loan advance that was dealt with by the FOS themselves ?
But as this is a separate policy we wish to reclaim here etc etc ?

Any suggestions will be a great help thank you.

(also just to say before we received the last mis sold payments we had paid Nemo off out of the way by remortgaging).

Thx again folks, you have been most helpful and am open to your suggestions/advice.;)

Di.
xx

Hi Di,

I would suggest you look into the distance selling regulations laid down by the FSA and OFT recently which pertain both to new contracts and ones in the past where information hadn't be given properly especially if the loan/product was taken over the phone or via the internet. Next i would look at the Finance services and Marketing Act (2000) which has a section dealing with distance selling.