PPI Reclaiming discussion Part II

Laini

marshallka wrote: »

thanks Laini, keep us udated. I will too. xx

just saw today that Tiggrae is helping on another thread bank charges or credit card charges so she is still here but lending a hand everywhere:T

Sam2349

Evening,

I sent 3x letters to Abbey last week and have received a form back today requesting completion of a short questionnaire. It asks for details of my employment & financial status at the time of borrowing(s). It is quick to mention failure to complete will result in my complaint being upheld and not investigated further.

Should I complete this & if so, is this common practice?

I look forward to a response!

Thanks

Sam

ksh123

tiggrae wrote: »

the fsa have stated companies should not rely upon sending of documentation to ensure an individual has read and understood the implications - ignore any timescale central trust have provided - you have 6 months in which to refer your complaint to the ombudsman - just fill in the complaint form and send it off - send a copy to central as 'a courtesy' !

This is another great reply to my post. Thank you so much Tiggrae. I'm on to them now!!

Also, its interesting I think that, although the PPI they sold me was only for 3 years (which I genuinely hadn't realised) and has now expired - no one has tried to sell me any more!:p

Laini

any news emarshallka yet?
I havent heard anything either from FOS about NEMO
Laini x

stvgrsty

Hi All, two weeks today since FOS adjudicator wrote to me saying, in there opinion Loans .co.uk were at fault and should refund etc...I have copies of correspondance between Loans.co.uk and FOS.
Decided to ring FOs after not receiving a reply to my e mail over a week ago and a few voicemails to his direct line! Guess what? Not available again and giving out the number of a London solicitor in his voicemail! Obviously a mistake I thought, I've written it down wrong! No, double checked and rang it again, receptionist assured me "This is xxxxxxx & Co" Anybody have any idea how long this part of the process takes as I'm in a right mess with my landlord as I'm waiting for my new housing benefit to sorted out after losing my job. :mad: :mad: :mad: :mad: and 1 for good luck:mad:
Thanks

Lilyannsdad

Hi all,

I am new to this site and looking to reclaim PPI that believe was miss-sold by Lloyds. I am working through the template letter and have 4 reasons why I think a miss-sale took place. My issue is that Lloyds gave me a "Personal Summary & Our Recommendation" form which states that they did all of the things they didn't do!

For example it say that I told them I would have no way of meeting the loan commitment if I became unemployed, blah blah - No I didn't!

Apparently I confirmed do not have any existing insurance to cover this loan -No I didn't and yes I have!!!!

Do you think I should refer to this form (signed by the salesperson) and say what a pack of lies it is or just ignore it?

Thanks L A D

di3004

Lilyannsdad wrote: »

Hi all,

I am new to this site and looking to reclaim PPI that believe was miss-sold by Lloyds. I am working through the template letter and have 4 reasons why I think a miss-sale took place. My issue is that Lloyds gave me a "Personal Summary & Our Recommendation" form which states that they did all of the things they didn't do!

For example it say that I told them I would have no way of meeting the loan commitment if I became unemployed, blah blah - No I didn't!

Apparently I confirmed do not have any existing insurance to cover this loan -No I didn't and yes I have!!!!

Do you think I should refer to this form (signed by the salesperson) and say what a pack of lies it is or just ignore it?

Thanks L A D

Hi there Lilyannsdad.
How long ago did you take this out ?
I would get some photocopies of what cover you have send to them by recorded delivery to prove this, but I have not been in this actual situation myself of already having that type of cover with anyone else we always used to stupidily accept their cover thinking we had no other option, but I'm sure someone else will give you some good advice what to do.;)

Good luck.
Di.

di3004

stvgrsty wrote: »

Hi All, two weeks today since FOS adjudicator wrote to me saying, in there opinion Loans .co.uk were at fault and should refund etc...I have copies of correspondance between Loans.co.uk and FOS.
Decided to ring FOs after not receiving a reply to my e mail over a week ago and a few voicemails to his direct line! Guess what? Not available again and giving out the number of a London solicitor in his voicemail! Obviously a mistake I thought, I've written it down wrong! No, double checked and rang it again, receptionist assured me "This is xxxxxxx & Co" Anybody have any idea how long this part of the process takes as I'm in a right mess with my landlord as I'm waiting for my new housing benefit to sorted out after losing my job. :mad: :mad: :mad: :mad: and 1 for good luck:mad:
Thanks

Hi there.
This can vary on time depending on how complex the case is, but no harm done to get in touch by phone or email to find out.;) (THE FOS), have you email contact details ?

Fingers crossed your will be straight forward, but going from experience and others this can take between 3 - 6 mths, mine was over a year because the loan company were being very difficult.:mad:
Hopefully though this won't be the case with yours, fingers crossed.;)

Di.
xx

stvgrsty

Something really spooky happened about ten minutes after i posted my last comment this morning! The FOS Adjudicator rang me asking for evidence of my financial hardship so the case could be seen by an Ombudsman!! They might be reading this!!:T

Wait and see eh!:money:

Angel1972

Please can someone look at this letter and tell me if it's ok? Should I add anything? amend anything? remove anything? change the calculation of my figures? This is my last ditch attempt before I take this to court.

Thanks In advance - sorry it's a long letter.

GE Home Finance Ltd
53 – 61 College Road
Harrow
Middlesex
HA1 1FB

18th July 2008

Dear Sir or Madam,

Re: Account numbers : 8XXXXXX and 6XXXXXX and 5XXXXXX

I refer to the above accounts and my various letters together with the information received in response to my SAR request and copy applications.

With regard to each of the above accounts I want copies of the telephone records confirming where I was advised about PPI, which show that the product was explained to me, that questions were asked about my eligibility for the product and also where it was disclosed to me that amount of commission that would be paid to the broker for taking out this product.

I believe that each time I took out a loan I was not told the Insurance was optional and that the advisers concerned should have explained the cover was optional.

The advisers should have made me aware of any significant policy exclusions, and checked whether these exclusions applied to me, I was not told or asked of any medical conditions which I have and did have when sold these products.

The advisers should have made it clear how much the policy would cost and should have informed me that the Insurance would be paid for by a Single up-front premium, this was not explained.

As it was a Single protection cover the adviser should have made it clear that the cost of the insurance would be added to the Loan and that I would be paying interest on the premium, again this was not explained.

As the insurance expired before my loan agreement, the advisers should have made it clear to me, because mine was a Single premium policy that I would continue to pay interest on the premium after it expires. I was not informed of anything by my advisers during the sales of these products.


The Insurances were only 5 year policies but each of my loans were for longer than this period but the limitation of 5 years was not explained to me.

I feel I have been deprived of my money, and if this was explained to me, then I would have obviously have not chosen to take this costly option and would have taken out cheaper stand alone options if I felt the product was applicable to me and I felt it was necessary.

I feel that in each case I am entitled to a refund of the total premium paid due to misselling under the law of agency you had a fiduciary duty of care to act in my best interests and by selling me a single premium as opposed to a monthly alternative you failed in that duty but I would be happy to reach a compromise of refunds of premiums for the length of time each PPI product was not required.

Account number 6XXXXXX taken out November 2002

• The application does not ask whether I wish to take out PPI
• On the credit agreement the box was preticked
• I was charged £879.99 as a single premium at the start of the loan and interest was then charged on this amount in addition to interest being charged on the loan amount.
• Nowhere does it set out the term of the PPI cover but the loan was taken out over 10 years and the intimation is the PPI cover is for the full term of the loan.
• This loan was repaid July 2003 and I was not contacted about whether the PPI policy was still applicable or offered a refund of part premiums
• I complained to Welcome Finance about the PPI on this policy and was told if the loan had been repaid early it was yourselves who should have offered me a refund of the partial premium and as it was repaid 4 years early I want a proportionate refund based on 4 years premiums overpaid.

Account Number 5XXXXXX taken out July 2003

• The application shows a pre-printed form with the PPI pre ticked and all I had to do was sign and complete my mortgage details again I do not believe PPI was explained.
• On the credit agreement again the PPI box was preticked
• I was charged a single premium of £2801.07 and charged interest again on this amount as well as the loan amount
• Again nowhere does it set out the terms of the PPI cover yet the loan was taken out over 7 years and the intimation is the PPI cover is for the full term of the loan.
• This loan was repaid November 2004 and yet again I was not contact about whether the PPI policy was still applicable or offered a refund of part premiums

Account Number 8XXXXXX taken out November 2004

• The application was again preprinted and the PPI box preticked and nowhere did it set out the term or cost of the PPI cover
• The credit agreement PPI box I left UNTICKED under Customer Declaration and yet I was still charged £6,300 as a single premium and again I was charged interest
• Nowhere does it set out the term for the PPI policy but the loan was taken out over 25 years and again the intimation is that the PPI cover is for the full term of the loan.
• The unticked box was not picked up by yourselves when you received the Credit Agreement back and no-one called me to check if I did or did not want PPI cover.
• This loan was repaid December 2007 and in a letter dated 25th January 2008 I was advised I could get a partial refund I confirmed I did want a partial refund – if not a full refund – in my letter dated 28h January 2008 – the refund was not processed until 10th June 2008.

I have looked into what the FSA say about Single Premium PPI policies and refunds and they state that “If you repay your loan early, the PPI is of no further value to you because the PPI benefits are linked to it. So a firm should not prevent you from receiving a partial refund from the PPI policy if you cancel the policy or repay the loan early”

With regard to account number 8XXXXXX I received from yourselves on the 10th October a refund of £472.50 with no explanation of how this figure was obtained.

I want a breakdown of how the refund was calculated. As a premium of £6300 over 60 months is a monthly premium of £105.00. I wrote on the 30th October complaining about the PPI policy it was obvious that I did not want this policy and when the loan was repaid on the 17th December 2007 then the PPI policy should definitely have been cancelled at that point but I actually put in writing that I wanted a refund on the 28th January and therefore the policy was cancelled 22 months early. Therefore I calculate a refund should have been £2310.00 and that after the deduction of £472.50 already paid a balance of £1837.50 is due.

On each of the other loans I calculate that refunds that should have been due to me are:
6XXXXXX – Premium £879.99 over 60 months is a monthly premium of £14.67 and the loan was repaid after 16 months therefore a refund should be due on 44 month premiums of £645.48

5XXXXXX – Premium £2801.07 over 60 months is a monthly premium of £46.68 and the loan was repaid after a year and therefore a refund should be made on 48 months premiums of £2,240.85


I have noted from the FSA website that refunds may not be proportionate to the monthly premium cost after deduction of a proportion of the commission paid and administrative fees However when you have charged interest on a single premium policy and you take into account that you have earned interest on top of that for having my money for over 5 years in terms of the first PPI policy I am sure that would even out some of the proportionate commission and administrative fees incurred.

Therefore I am requesting a refund of £4,723.83.

Should I not receive a refund and satisfactory response within the next 28 days then I will take this matter to County Court under the Misrepresentation Act 1967 - Negligent Misrepresentation and will also report you on the FSA website under the Unfair Contract Terms that they have sent up in relation to Single Premium PPI policies.

Yours faithfully,