PPI Reclaiming discussion Part II

m.colak

niemowle wrote: »

clever people out there !!!!
please if you have got a minute, could you check this letter if all make sense, i would be very happy,as you can see i took a lot of info from loads of others posts, hope it makes sense, please be honest, do i need to add anything,put any figures in or take anything out, here it is, sorry it's a bit long:


I am writing in response to your letter dated the *****, with regards the insurance sold with my loan. Your reference is: ****** I take it as your final response.

I do not feel that your letter has offered a satisfactory justification that my policy was sold fairly, reasonably and within my best interests and I would like to express my disappointment through this letter.

In order to refresh your memory I shall briefly summarise again why I was mis-sold this policy:
-this is due to the fact that I paid a single premium for my policy but did not see it through to the end of it’s initial term after paying back my loan earlier than planned on the *****
-your salesperson did not give me full information on what the policy would and would not cover for example that the loan only covers the first five years of my loan term and also that I could get the cover elsewhere
-I paid upfront for the PPI but it was not explained to me that there were some PPI policies where I could pay monthly
-my PPI was an upfront premium and I repaid the loan early and received no refund


To outline the situation further for you, in order for you to make a fair and informed decision, I will try to go more into details to point why I am so disappointed.
On the day I visited *** branch -*****- I was enduring financial difficulties, my husband was self-employed and things were not going right way financially then, so a loan was my only option. The salesperson was very brief in his explanations and answers and therefore I believe I have not been explained properly to, for example that the loan only covered the first five years of my loan term, I think that was crucial for me to be informed about at the time as I would not have agreed to it otherwise. It has only become apparent to me after the recent coverage by media, and the following the recent OFT and FSA investigations regarding the mis-selling of PPI by finance companies. Regarding the loan with the PPI applied, I believe that I have been gravely mis-led and have been mis-sold this expensive insurance that I did not need. I am truly shocked that you have operated my loan account in this way as I had always repose confidence in your integrity end expertise as my fiduciary ever since I became your customer in *****. I was never told that I could get the PPI elsewhere, no option whatsoever, I was led to believe that I had to take it with Barclays only, I believe that the single premium policy sold to me essentially made me borrow more money rather than simply pay a monthly fee for insurance. I also believe that it should have been made clear to me that the policy generated large profits for Barclays at my expense. You clearly failed to do this and in so doing have failed in your “Duty of Disclosure” to me. This is because insurance contracts are basically Contracts Uberrimae Fidei (contracts of the utmost good faith). This imposes on you a duty to disclose all material facts because one party, Barclays in this case, is in a strong position to know the truth. Your failure to disclose these facts to me is Negligent Misrepresentation under the Misrepresentation Act 1967 and as such under case law, the onus us upon you to prove otherwise.
I would like to point out another failure on your behalf. As I mentioned above my PPI was an upfront premium and I repaid the loan early and received no refund, if that’s the case, and it clearly is, the Financial Services Authority take the view “that this type of term may be unfair under the Unfair Terms in Consumer Contracts Regulations 1999. This is because, contrary to the requirement of good faith, it could cause a significant imbalance in parties’ rights and obligations under the contract, to the detriment of the consumer.” I have no doubt in my success in court over this point, should the need arise here.

In response to the points in your letter, yes, I was aware of the T’s and C’s of the policy, which is why I knew it was of negligible benefit to me. However, as I mentioned above, the T’s and C’s were run through with me by the salesperson, somewhat briefly,I was led to believe it had to be in place for the full term of the loan and I do not believe I was in receipt of the booklet.
As for the 30 –day cooling off period I believed that your staff would not lie to me over the T’s and C’s of my acceptability for the loan so that is why I did not challenge it as you said in your last letter to me that “our staff are monitored on monthly basis”.
Again, this is not an acceptable or fair reason on your part to confirm that the policy was sold fairly or reasonably.

Your concealment of the act of mis-selling has prevented me from asserting my right until now. I believe that there are strong grounds for action against you under common law, statute and consumer regulations.
I am extremely upset that this situation has arised. I have got financial problems now and I am fully responsible for this. However, I am not prepared to take responsibility for the amount of money plus interest you have loaned to me.

I previously wrote to you to ask you to refund all premiums paid with interest equal to you APR at the time plus 8% statutory interest, (the amount a court would award) under the accepted principle of mutuality and reciprocity. You have not responded positively to this request.
I did hope that you would enter into a sincere dialogue with me about this matter and start taking my letters seriously on the assumption that you would prefer to do this rather than merely respond with standard letters and leaflets.
When I finally did receive your response I do not feel that your letter has offered a satisfactory justification that my policy was sold fairly, reasonably and within my best interests so I request that you look into my complaint again. If I do not receive a more favourable response within 14 days I shall be taking my complaint to the Financial Ombudsman.


Yours sincerely,

Looks very good and professional go to the top of the class A++

m.colak

SUFC wrote: »

Hi, thanks for responding, the loan was taken out in Aug 2005, taken out over 60 months but then paid off early in Nov 2005. I don't feel confident to represent myself, so what do i need to do, who do i need to contact? I have a copy of their defence that they have so kindly sent me, even though they have informed me that the court will send a copy. Is that to scare me? Will the court send me the allocations questionaire now that i have previously read about? What assistance can you offer me please, anything would be good. Regards, SUFC

Note before what i said about the halifax and now its time for you to act. Using CPR 18.1 request the following information regarding the person whom sold/advised you on the insurance product. Again the fiancial services and marketing act 2000 assists you and you have the additional ammunition of the person may not be qualified/authorised to give advice in the selling of products. They may try to dispute this but if they carried out a means test (which i know black horse does) then this means that the actively sold you a policy and might not of been allowed too.

http://fsahandbook.info/FSA/html/handbook/PERG/5/3

m.colak

marshallka wrote: »

Apparently Firstplus have contacted Bespoke on my behalf. They said they would then write to me with Bespokes phone number although i have never heard of Bespoke Finance and certainly had no dealings with Bespoke. I will ring Firstplus again today if no letter arrives. Apparently from what other people on here have said Bespoke were not regulated at the time i took out my loan. Does that mean i will not be covered by the FOS? Who do i contact then if they are not. I will find out if they were regulated for myself first.

0800 032 3826 Bespoke Finance LTD:D (although i think its just a shell company for freedom finance)

marshallka

m.colak wrote: »

0800 032 3826 Bespoke Finance LTD:D (although i think its just a shell company for freedom finance)

thanks for that. I was told by Firstplus as Freedom Finance were an "umbrella company" for Bespoke. I don't really know what it means.

m.colak

marshallka wrote: »

thanks for that. I was told by Firstplus as Freedom Finance were an "umbrella company" for Bespoke. I don't really know what it means.

shell company. Imagine the same company trading under different names for tax purpose's or have elements which deal with different products trading under different names but part and parcel of the same company.

marshallka

I have just called the FSA about Bespoke and they were not regulated until 28/03/07, Freedom Finance were not until 31/10/04 and Firstplus until 14/01/05. Just great.

They have said that the small claims court is an option for claims up to £5000 and the county court costs a lot of money.

TwinsMum_2

Well here I am again still waiting for a cheque from FirstPlus, what would they do if I paid them late maybe I should charge a late payment fee ???? they are though going to send me a free gift maybe a FirstPlus pen or something ha ha. God I am really sick of this I thought once I had won my case with the FO it would all be plain sailing silly me.:mad:

m.colak

marshallka wrote: »

I have just called the FSA about Bespoke and they were not regulated until 28/03/07, Freedom Finance were not until 31/10/04 and Firstplus until 14/01/05. Just great.

They have said that the small claims court is an option for claims up to £5000 and the county court costs a lot of money.

First of just because they weren't regulated until a set date doesn't mean that the FOS won't investigate the claim.

The small claims court set a limit of £5000 however its not unknown for case where the amount exceeds this for them to be sent the small claims route anyway. It is a discussion made by the judge at the time of the case not prior.

County Courts cost from as little £35 to maximum of £200. Take into fact that you won't require a solicitor in most case's and you have already saved money. Second the banks/financial instituations can't claim costs against you if you take them the small claims route either way.

m.colak

TwinsMum wrote: »

Well here I am again still waiting for a cheque from FirstPlus, what would they do if I paid them late maybe I should charge a late payment fee ???? they are though going to send me a free gift maybe a FirstPlus pen or something ha ha. God I am really sick of this I thought once I had won my case with the FO it would all be plain sailing silly me.:mad:

Have you spoken to FOS about an enforcement order??. Or what they do to enforce payment.

marshallka

m.colak wrote: »

First of just because they weren't regulated until a set date doesn't mean that the FOS won't investigate the claim.

The small claims court set a limit of £5000 however its not unknown for case where the amount exceeds this for them to be sent the small claims route anyway. It is a discussion made by the judge at the time of the case not prior.

County Courts cost from as little £35 to maximum of £200. Take into fact that you won't require a solicitor in most case's and you have already saved money. Second the banks/financial instituations can't claim costs against you if you take them the small claims route either way.

what do i tell the FOS i am complaining about. When people are mentioning unregulated companies and ppi they are being told that the FOS won't deal with them. I have read this back in this thread. So what you are saying is i should still complain about the ppi and settlement figure. ?