PPI Reclaiming discussion Part II

di3004

Angel1972 wrote: »

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,

Wow, to be honest I think its a fantastic letter and you've covered all grounds.;)

I don't think there is anything to amend or add unless of course someone else will give their opinion, but don't forget they must also award you the 8% on top of what a court would award.;)
Well done !

Good luck and keep us posted.;)
Di.
xx

embarrassed_about_my_debt

Hi,

I have just started looking into this and wanted some advice,

I had a loan i took out in 2002 (4 year loan) for a car (which was paid off in full and early approx 2 and a half years ago), now this was my first loan and I got told I had to take out ppi for it.

I've dug out my old form and the amount of the PPI is 544.15 and 260.81 interest on the PPI - Total £804.96

Now on the form it says that I have been given full details, but at the time i got told I wouldnt get the loan without the PPI so "had" to take it.

Can i reclaim all of this? Obviously the £800 would go towards paying off a chunk of debt. How easy is it to reclaim and what information do I have to provide? I have the original loan agreement (Carbon Copy)

Dear Sir or Madam,

Re: Payment Protection Insurance on Loan Account

I purchased the above policy from you in November 2002 but now believe that I was mis-sold this policy for the following:

This is due to the fact that I was not given the correct information when the policy was sold to me, as your salesperson stated that taking out the policy was essential for me to get the associated credit
Also on the credit agreement the entire section for PPI was pre filled in meaning the form stated I received the information and the type of cover was already ticked and at no point was I told this was optional and could be removed from the application.
Further more 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 13th January 2006 and at no point was I offered any refund for the 11 Months of PPI not used.

Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments totaling £804.96, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.

I have enclosed a copy of the original loan agreement for your information unfortunately there is no agreement number on the application form and as such I am unable to provide you with the agreement number. Also please note my address has since changed and I would be grateful if all correspondence could be directed to the above address.

I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.

Is there anything else needed to be added? All advice gratefully received!

stereo_mike

stvgrsty wrote: »

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:

Of course they are reading this, and so are all the company's that decline your claims. Its a very useful source to know where people are getting their information from, and plus if people put their letters on this forum, company's can google the letter, and arrive straight at this sight.

Think before you post!!

blacktorch

Dear All,
I am a newbie here so please excuse, I applied to citi cards for a refund of my PPI on a credit card they replied on the 4th July saying that they had recieved it and on the 4th July sent me a letter saying that I had ticked the box in the application form therfore they had not missold it. I remember ringing them up reference the insurance to be told it covered all repayments I therefore ticked the box.

What also worries me is that this account has now been inactive and closed for over two years, when I rang them up they told me that it was in fact actually blocked as I had reported the card lost or stolen !!!! and was still active and the PPI was still in force.

If anybody could give me advice regarding the tick in the box bit I would be obliged

Regards

xpatx2008

Hello Everyone.

I had an operation in May 2005 then another in October 2005. I was then sold a PPI in December 2005.
Some 3 years on I am off work again relating to the previous operations.
I told the sales person at the time about my hospital stays when taking the PPI out, ( an added amount to my mortgage)


If I tried to claim for being off work for 3 months now, would they pay up and have I been mis-sold?


Many Thanks. Pat

wandbpat

I submitted a claim complaint in April this year with FOS as suggested when the company involved rejected our claim. the PPI involved was purchased in Sep 2004.

FOS have now replied to say that this is outside of their jurisdiction due to the fact that "selling of insurance became a regulated activity in January 2005"

Apparently because this PPI was taken out prior to this date there is nothing they can do.

Anyone got any advice?

tiggrae

wandbpat wrote: »

I submitted a claim complaint in April this year with FOS as suggested when the company involved rejected our claim. the PPI involved was purchased in Sep 2004.

FOS have now replied to say that this is outside of their jurisdiction due to the fact that "selling of insurance became a regulated activity in January 2005"

Apparently because this PPI was taken out prior to this date there is nothing they can do.

Anyone got any advice?

which company is it with ?

tiggrae

xpatx2008 wrote: »

Hello Everyone.

I had an operation in May 2005 then another in October 2005. I was then sold a PPI in December 2005.
Some 3 years on I am off work again relating to the previous operations.
I told the sales person at the time about my hospital stays when taking the PPI out, ( an added amount to my mortgage)


If I tried to claim for being off work for 3 months now, would they pay up and have I been mis-sold?


Many Thanks. Pat

I suspect they won't pay out and by the sounds of it you have been mis sold the policy due to a pre-exisiting condition

tiggrae

sunnybubble wrote: »

hi guys
to explain my situation shortly i had a car loan in march 2004 through a local dealer which (of course) put a ppi on the agreement whithout my consent + iam self employed. i have been trying to get the sum written of the loan but blk horse has refused balming the dealer, so when i wrote to the dealer they blamed me for signing the docs, and basicaly said- tough what are you going to do about it! in the meantime the car was involved in a crash (as the devil never sleeps)and was writen off - i had a pay out and i paid the car off(i only had 8 months left on the agreement anyway) but refusing to pay for the ppi
so i took it to the ombudsman and i just had a repply back from them saying that they can not deal with the claim as black horse have only came under their authority in jan 2005 and my agreement was issued march 2004.
so the car is in storage with the insurance company they want to auction it but they cant because blk hose refuses to weaver the hp of it - i refuse to pay for the ppi i never asked for so i have come to a dead end.

where can one go next? can i file a claim through small claims court?
sure there must be something to stop this escalating any further...
thanks guys

Last edited by sunnybubble : Today at 4:41 PM.

you have two options - as black horse are a part of LloydsTSB you could go back to the ombudsman and make your complaint against LloydsTSB t/a Black Horse, or you can start proceedings against black horse for mis representation

tiggrae

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

unfortunately it is standard practice for loans.co.uk to refuse to accept the adjudication and request the ombudsman give a final assessment - it's standard delaying tactics