PPI Reclaiming discussion Part II

Leighmcl

Hi All

Well I've today received my final response from First Plus/Barclays with their offer of thr £7K towards the loan but they are def not budging on the mis-selling front (total of around £25K)

My concerns are I really need help putting my FO letter together (i we still have a case , read on) the case is for alot of money complex and I'm so ill at the mo, I really need some help, tiggrae, anyone.

We feel the policy was mi-sold to us as;

1) When trying to make a cliam in April this year for my illness we were informed that only my husband was covered fully and i for only life insurance.

2) I have pre-existing medical conditions, this wasn't made clear to us that some of these would not be covered.

3) We feel the policy was not sold in our best interests as we were consolidating as in debt, and the ppi was recommended to us as needed and as a good way of saving money as would be paid out a lump sum in 5 years time.

4) We feel that the policy was not necessary then as I already have life insurance for £500K with Norwich union

5) It was not clear to us that the ppi was added to the loan from the start meaning that we borrowed more than we actually needed and then paid interest on that larger sum.

They have listened to the phone calls (I requested a CD copy of these now)
and said the following in their final response letetr to us;

1) The account manager explained that we had a duty to disclose any relevant details i.e pre-existing medical conditions.
2) The account manager recommended ppi based upon a set of questions and my answers to them called 'demands and needs'.
3) When they receommended to me and asked if I was happy I said 'Yes I think we need that'
4)Account manager confirmed that we had applied for he optional ppi and that the policy would cover our payments in the event of accident. sickness, involuntary unemployment,hospitalisation and in the event of a life claim.
5) He advised us that the cover would last for the first 5 years of the loan
6) Account Manager confirmed that the ppi would be added to the loan £72K + £17632.80. (my query is we didn't realise that the loan therefore became £89632.80, and thought we paid the ppi on a monthly basis, so didn't realise we were paying interest on the whole amount, naive I know!)
7)He confirmed that I had £500k life insurance already.
8)Accoutn manager then said that my husband would only be covered fully and I for only life insurance (thats where we are stung?)
9) Barclays clonfirm that their secured barclay loa account managers can not provide finanicial advice (why then did they recommend the ppi to us?)
10) FInally they offer as a gesture of goodwill and without admission to mis-selling
A further £5351.12 to add to the £1863.87 we have already been offered as a rebate sum for cancelling the policy - total of £7K

My question is with all this, do we take it on the chin that we've been idiots in taking this ppi out and been mislead yes but totally naive and accept the £7K off the loan (as they will not send as a cheque to us, I've already asked this)
OR
Do we fight and go to FO, if so do we stand a chance with what Barclays have come back with and can someone help me put my letter together?

Soz to whinge and thank you to anyone who has taken the time to actualy read all of this!!! Tiggrae please take our case on beg beg

Arrrgggg help!!! So fed up.

di3004

Leighmcl wrote: »

Hi All

Well I've today received my final response from First Plus/Barclays with their offer of thr £7K towards the loan but they are def not budging on the mis-selling front (total of around £25K)

My concerns are I really need help putting my FO letter together (i we still have a case , read on) the case is for alot of money complex and I'm so ill at the mo, I really need some help, tiggrae, anyone.

We feel the policy was mi-sold to us as;

1) When trying to make a cliam in April this year for my illness we were informed that only my husband was covered fully and i for only life insurance.

2) I have pre-existing medical conditions, this wasn't made clear to us that some of these would not be covered.

3) We feel the policy was not sold in our best interests as we were consolidating as in debt, and the ppi was recommended to us as needed and as a good way of saving money as would be paid out a lump sum in 5 years time.

4) We feel that the policy was not necessary then as I already have life insurance for £500K with Norwich union

5) It was not clear to us that the ppi was added to the loan from the start meaning that we borrowed more than we actually needed and then paid interest on that larger sum.

They have listened to the phone calls (I requested a CD copy of these now)
and said the following in their final response letetr to us;

1) The account manager explained that we had a duty to disclose any relevant details i.e pre-existing medical conditions.
2) The account manager recommended ppi based upon a set of questions and my answers to them called 'demands and needs'.
3) When they receommended to me and asked if I was happy I said 'Yes I think we need that'
4)Account manager confirmed that we had applied for he optional ppi and that the policy would cover our payments in the event of accident. sickness, involuntary unemployment,hospitalisation and in the event of a life claim.
5) He advised us that the cover would last for the first 5 years of the loan
6) Account Manager confirmed that the ppi would be added to the loan £72K + £17632.80. (my query is we didn't realise that the loan therefore became £89632.80, and thought we paid the ppi on a monthly basis, so didn't realise we were paying interest on the whole amount, naive I know!)
7)He confirmed that I had £500k life insurance already.
8)Accoutn manager then said that my husband would only be covered fully and I for only life insurance (thats where we are stung?)
9) Barclays clonfirm that their secured barclay loa account managers can not provide finanicial advice (why then did they recommend the ppi to us?)
10) FInally they offer as a gesture of goodwill and without admission to mis-selling
A further £5351.12 to add to the £1863.87 we have already been offered as a rebate sum for cancelling the policy - total of £7K

My question is with all this, do we take it on the chin that we've been idiots in taking this ppi out and been mislead yes but totally naive and accept the £7K off the loan (as they will not send as a cheque to us, I've already asked this)
OR
Do we fight and go to FO, if so do we stand a chance with what Barclays have come back with and can someone help me put my letter together?

Soz to whinge and thank you to anyone who has taken the time to actualy read all of this!!! Tiggrae please take our case on beg beg

Arrrgggg help!!! So fed up.

Hi there Leighmcl

Sorry to hear of this hun, and hope you don't mind me jumping in here, I'm sure our Tiggrae and Marshallka and everyone else will try to jump in to help you here too.;)

My usual advice to everyone is to request a Subject Assess Request (SAR) a template is a few pages away from here if you cannot find it then one of us will add post this here for you.
This will cost you £10 so a cheque or postal order will be appropriate, myself I would say a cheque payment because you know this has been debited from you bank account, then recommended to send by recorded delivery.

These will supply information which may be very useful to help back your complaint, they should also supply telephone recordings.;)

You should always have a final response from the company before forwarding this on the the FOS, as you know its then the final decision you will have from these.

As this was your final response hun, then it would be time to move this on to the FOS, the forms are on the FOS site which is:
http://www.financial-ombudsman.org.uk/consumer/complaints.htm

The procedures are also explained on the site.;)

I'm sure one of them will be along shortly hun, but I agree you do have a case, so time to move forward to the next step.

Hope this helps for now.

Di.
xxx

marshallka

Leighmcl wrote: »

Hi All

Well I've today received my final response from First Plus/Barclays with their offer of thr £7K towards the loan but they are def not budging on the mis-selling front (total of around £25K)

My concerns are I really need help putting my FO letter together (i we still have a case , read on) the case is for alot of money complex and I'm so ill at the mo, I really need some help, tiggrae, anyone.

We feel the policy was mi-sold to us as;

1) When trying to make a cliam in April this year for my illness we were informed that only my husband was covered fully and i for only life insurance.

2) I have pre-existing medical conditions, this wasn't made clear to us that some of these would not be covered.

3) We feel the policy was not sold in our best interests as we were consolidating as in debt, and the ppi was recommended to us as needed and as a good way of saving money as would be paid out a lump sum in 5 years time.

4) We feel that the policy was not necessary then as I already have life insurance for £500K with Norwich union

5) It was not clear to us that the ppi was added to the loan from the start meaning that we borrowed more than we actually needed and then paid interest on that larger sum.

They have listened to the phone calls (I requested a CD copy of these now)
and said the following in their final response letetr to us;

1) The account manager explained that we had a duty to disclose any relevant details i.e pre-existing medical conditions.
2) The account manager recommended ppi based upon a set of questions and my answers to them called 'demands and needs'.
3) When they receommended to me and asked if I was happy I said 'Yes I think we need that'
4)Account manager confirmed that we had applied for he optional ppi and that the policy would cover our payments in the event of accident. sickness, involuntary unemployment,hospitalisation and in the event of a life claim.
5) He advised us that the cover would last for the first 5 years of the loan
6) Account Manager confirmed that the ppi would be added to the loan £72K + £17632.80. (my query is we didn't realise that the loan therefore became £89632.80, and thought we paid the ppi on a monthly basis, so didn't realise we were paying interest on the whole amount, naive I know!)
7)He confirmed that I had £500k life insurance already.
8)Accoutn manager then said that my husband would only be covered fully and I for only life insurance (thats where we are stung?)
9) Barclays clonfirm that their secured barclay loa account managers can not provide finanicial advice (why then did they recommend the ppi to us?)
10) FInally they offer as a gesture of goodwill and without admission to mis-selling
A further £5351.12 to add to the £1863.87 we have already been offered as a rebate sum for cancelling the policy - total of £7K

My question is with all this, do we take it on the chin that we've been idiots in taking this ppi out and been mislead yes but totally naive and accept the £7K off the loan (as they will not send as a cheque to us, I've already asked this)
OR
Do we fight and go to FO, if so do we stand a chance with what Barclays have come back with and can someone help me put my letter together?

Soz to whinge and thank you to anyone who has taken the time to actualy read all of this!!! Tiggrae please take our case on beg beg

Arrrgggg help!!! So fed up.

Go to FOS if you can. Can you afford to let it go just like that? I would wait for your SAR from them. I take it you have asked for one?

Absolut_Wench

Hell yes, I'd be straight onto the FOS with that.

Martin's guide is very good, and there are plenty of very knowledgeable folk here who can guide you.

The FOS will take a few months, as they are snowed under, but its worth it if you can afford to wait.

ksh123

I posted this first on the main Loans board and now think that mayu have been the wrong place which would explain why no response yet. Apologies to Moderators and all for duplicating the post in a bid to find some answers.


I am trying to reclaim cash for a PPI which I believe was missold via Central Trust relating to a secured loan for £17000 with Swift Advances which I took out in Dec 05.
I first contacted Swift with my reasons for claiming re misselling, they said there was no case to answer but referred by communication to Central Trust who sell and operate the PPI.
Central Trust have replied saying they have investigated, saying there is no case to answer and leaving any blame squarely at my door for not asking the right questions and not reading the small print of the policy. and taking advantage of the 30 day cooling off period if I was at all unhappy . no surprise there then.
According to Central Trust I now have until 24th July 08 to inform them if I intend to take the matter further by going to the Financial Ombudsman.
Interestingly they also refer to "organisations who provide standard letters of complaints" to enable customers to claim misselling.

In their letter Central Trust allege that they came to their conclusion after "listening to tapes and talking to the advisor that sold me the policy". Unsurprisingly their view of how the sale was conducted (about 3.5 years ago) differs quite alot from my memory of the event.

Is it really likely that companies retain all recorded telephone calls for this period of time? Do I have a right to ask for a copy of the tape assuming they are telling the truth and it exists?

I would be grateful for advice on how to proceed. Should I ask for a copy of the taped telephone call they refer to?
Secondly, how much of the onus is on the customer to read the small print and thus be assurred that the policy has been correctly sold?
Many thanks
ksh123

Absolut_Wench

Absolutely, you have the right to a copy of a tape that refers to your loan. If the lender is using it as evidence in their argument, it would be unwise to take their word for it - you need a copy too! Do I sound as though I'm suspicious of lenders?

(as an example, I have just claimed back almost £500 that was added as an extra insurance premium on a credit card account of my father's - the lender said they had it on tape that my dad asked for it, but couldn't produce a copy when asked)

You don't have to tell the lender if you are going to the Ombudsman, and the lender cannot set their own deadline for that.

I think you have to contact the FOS within 6 months of the lender's final response - have you had a final response yet?

singlep

Leighmcl wrote: »

Hi All

Well I've today received my final response from First Plus/Barclays with their offer of thr £7K towards the loan but they are def not budging on the mis-selling front (total of around £25K)

My concerns are I really need help putting my FO letter together (i we still have a case , read on) the case is for alot of money complex and I'm so ill at the mo, I really need some help, tiggrae, anyone.

We feel the policy was mi-sold to us as;

1) When trying to make a cliam in April this year for my illness we were informed that only my husband was covered fully and i for only life insurance.

2) I have pre-existing medical conditions, this wasn't made clear to us that some of these would not be covered.

3) We feel the policy was not sold in our best interests as we were consolidating as in debt, and the ppi was recommended to us as needed and as a good way of saving money as would be paid out a lump sum in 5 years time.

4) We feel that the policy was not necessary then as I already have life insurance for £500K with Norwich union

5) It was not clear to us that the ppi was added to the loan from the start meaning that we borrowed more than we actually needed and then paid interest on that larger sum.

They have listened to the phone calls (I requested a CD copy of these now)
and said the following in their final response letetr to us;

1) The account manager explained that we had a duty to disclose any relevant details i.e pre-existing medical conditions.
2) The account manager recommended ppi based upon a set of questions and my answers to them called 'demands and needs'.
3) When they receommended to me and asked if I was happy I said 'Yes I think we need that'
4)Account manager confirmed that we had applied for he optional ppi and that the policy would cover our payments in the event of accident. sickness, involuntary unemployment,hospitalisation and in the event of a life claim.
5) He advised us that the cover would last for the first 5 years of the loan
6) Account Manager confirmed that the ppi would be added to the loan £72K + £17632.80. (my query is we didn't realise that the loan therefore became £89632.80, and thought we paid the ppi on a monthly basis, so didn't realise we were paying interest on the whole amount, naive I know!)
7)He confirmed that I had £500k life insurance already.
8)Accoutn manager then said that my husband would only be covered fully and I for only life insurance (thats where we are stung?)
9) Barclays clonfirm that their secured barclay loa account managers can not provide finanicial advice (why then did they recommend the ppi to us?)
10) FInally they offer as a gesture of goodwill and without admission to mis-selling
A further £5351.12 to add to the £1863.87 we have already been offered as a rebate sum for cancelling the policy - total of £7K

My question is with all this, do we take it on the chin that we've been idiots in taking this ppi out and been mislead yes but totally naive and accept the £7K off the loan (as they will not send as a cheque to us, I've already asked this)
OR
Do we fight and go to FO, if so do we stand a chance with what Barclays have come back with and can someone help me put my letter together?

Soz to whinge and thank you to anyone who has taken the time to actualy read all of this!!! Tiggrae please take our case on beg beg

Arrrgggg help!!! So fed up.

I doubt you can win on the pre existing illness rules BUT they should have considered the total cost of the PPI as relevant to your Demands and Needs as stated in ICOB 4.3.6. FOS is likely to tell them they should have considered "a monthly premium alternative" which is always cheaper than single premium with interest and will likely find in your favour. Go to FOS and quote this rule which is renumbered in ICOBS, 5.3.2 (wef 01/08).

marshallka

ksh123 wrote: »

I posted this first on the main Loans board and now think that mayu have been the wrong place which would explain why no response yet. Apologies to Moderators and all for duplicating the post in a bid to find some answers.


I am trying to reclaim cash for a PPI which I believe was missold via Central Trust relating to a secured loan for £17000 with Swift Advances which I took out in Dec 05.
I first contacted Swift with my reasons for claiming re misselling, they said there was no case to answer but referred by communication to Central Trust who sell and operate the PPI.
Central Trust have replied saying they have investigated, saying there is no case to answer and leaving any blame squarely at my door for not asking the right questions and not reading the small print of the policy. and taking advantage of the 30 day cooling off period if I was at all unhappy . no surprise there then.
According to Central Trust I now have until 24th July 08 to inform them if I intend to take the matter further by going to the Financial Ombudsman.
Interestingly they also refer to "organisations who provide standard letters of complaints" to enable customers to claim misselling.

In their letter Central Trust allege that they came to their conclusion after "listening to tapes and talking to the advisor that sold me the policy". Unsurprisingly their view of how the sale was conducted (about 3.5 years ago) differs quite alot from my memory of the event.

Is it really likely that companies retain all recorded telephone calls for this period of time? Do I have a right to ask for a copy of the tape assuming they are telling the truth and it exists?

I would be grateful for advice on how to proceed. Should I ask for a copy of the taped telephone call they refer to?
Secondly, how much of the onus is on the customer to read the small print and thus be assurred that the policy has been correctly sold?
Many thanks
ksh123

Yes they do have telephone calls and have to keep them for 6 years. You need to request a SAR (subject access request) from them so you can listen to these calls and also have all the documents that they hold about you. There is a template letter on here.

singlep

marshallka wrote: »

Yes they do have telephone calls and have to keep them for 6 years. You need to request a SAR (subject access request) from them so you can listen to these calls and also have all the documents that they hold about you. There is a template letter on here.

I am surprised with the pre-occupation on this site with SAR on post Jan 2005 sales. Advise Central you are going to FOS. FOS will give you a tick box form and they will request the docs and call recording from Central. Tell FOS, Central did not make you aware of a "monthly premium alternative"which would have better met your Demands and Needs. These firms just want to get you into correspondence and frighten you. Just go to FOS as nearly all post Jan 05 single premium complaints are upheld.

marshallka

singlep wrote: »

I am surprised with the pre-occupation on this site with SAR on post Jan 2005 sales. Advise Central you are going to FOS. FOS will give you a tick box form and they will request the docs and call recording from Central. Tell FOS, Central did not make you aware of a "monthly premium alternative"which would have better met your Demands and Needs. These firms just want to get you into correspondence and frighten you. Just go to FOS as nearly all post Jan 05 single premium complaints are upheld.

Thanks for that singlep. We were all asking not long back just how much these companies are making on these SAR's from us. They can be useful for other things though. You do need a final response for the FOS. They will not look without it in words. They asked me to actually tell them the wording in my letter and it had to include "final response".

Sometimes a SAR is for peace of mind to ourselves too as they make us feel like we are going out of our minds. I hate being called a liar and will do all i can to prove myself otherwise.