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PPI Reclaiming discussion Part II
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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.0 -
marshallka wrote: »So its got to go back to the FOS again. Laini, i bet you are really annoyed with this. I wondered if anyone had ever had this happen. I do know that once it goes back and the ombudsman agrees again it is FINAL. How long have they given it til its finished? I really feel for you :mad:0
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I really couldn't agree more - the Financial Ombudsman has more power to request information from the business - don't bother with an SAR just take your claim to the FOS as soon as a complaint has not been upheld !!!!
In fact this forum should be split into pre-2005 mis selling and post 20050 -
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
ksh1230 -
marshallka wrote: »So its got to go back to the FOS again. Laini, i bet you are really annoyed with this. I wondered if anyone had ever had this happen. I do know that once it goes back and the ombudsman agrees again it is FINAL. How long have they given it til its finished? I really feel for you :mad:
I now think it is a stalling tactic just to annoy u and make more work for FOS to do.
I am not giving up!
I am waiting for letter from fos so should be here tomorrow so I can put some meat on the bones of this.
watch this space!!:mad::mad::mad::mad::mad::mad::mad:still fighting for my money !!!0 -
Di has been through it with NEMO.
I now think it is a stalling tactic just to annoy u and make more work for FOS to do.
I am not giving up!
I am waiting for letter from fos so should be here tomorrow so I can put some meat on the bones of this.
watch this space!!:mad::mad::mad::mad::mad::mad::mad:0 -
Thanks Tiggrae, you are so helpful. I will def take it to the FOS.
Cross fingers!! The FOS have already given me a reference number over the phone and agreed that if they receive a letter from my gp showing I'm currently ill, awaiting surgery and on incapacity benefit at present (for the first time in my life I might add and its horrid!) they will fast track my case which will prob mean 1 year instead of 2 ha ha!!!.
Cheers
Leighmcl0 -
marshallka wrote: »So its got to go back to the FOS again. Laini, i bet you are really annoyed with this. I wondered if anyone had ever had this happen. I do know that once it goes back and the ombudsman agrees again it is FINAL. How long have they given it til its finished? I really feel for you :mad:
Yep, mine was exactly the same and with Nemo, they tend to use stalling tactics, it would have been done within 5 months, as the caseworker upheld it but Nemo wasn't having any of it, and kept on requesting for further information, yet all they were sending was the same information, so to me it was just to halt the issue.
They were complicated, unlike what they advertise on the TV.....:mad:
Just for the record of it, mine was about the loan advance PPI, it went in with the FOS in NOV 2006, we then had a upheld decision by the caseworker in March/April 2007, the case then passed on to the FOS, was given the provision decision in Aug 2007, this was the last chance for both parties to send anything else in support of the case.
The final decision was then 31 October 2007, and it stayed in our favour, but then they did hang about with paying this out.
Here I learnt a little more of how this worked, it lagged on for a bit, Christmas got in the way, so I realised there was a letter I could send, a letter before action (LBA), they then paid this out within the 14 days requested.;)
My case was very complex, this is why mine had also taken longer, and I know others who have had their complaint that has gone as far as the ombudsman and their case had been more or less sorted out within a short time.;)
Laini hunni, you have to support you in your case and I'm sure it will be resolved a lot damn quicker than what mine was, but this time I am ready for the other claims and what to expect.;)
Di.
xxxThe one and only "Dizzy Di"0
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