PPI Reclaiming discussion Part II

RiaAnn

doingmybest wrote: »

but does anyone have any ideas as to how to argue the points that they raised. Thanks in advance.

Try searching the forums regarding over reliance on postal information, which I think is against the consumer credit act - that may apply.

kpwll

The following is what the FSA had to say on the selling of PPI in October 2005, look at item 4 & the last one, what you need to say is that the FSA has critisised firms for over reliance upon documentation and that when you take your case to court you'll be asking them to prove their compliance with all of the following, which will include copies of the training records for the staff who 'sold' you the policy !!!

• There was a risk of inappropriate sales: around half of the firms failed to take reasonable steps to ensure that customers did not buy policies on which they could not claim or which provided only very limited cover;
• There were inadequate controls in place for non-advised sales: about half of the firms selling on a non-advised basis did not have adequate systems to stop their staff giving advice or were providing information that amounted to giving advice;
• Advice on PPI was often likely to be poor: most firms did not have systems in place to assess suitability adequately;
• There was an over-reliance on product documentation given to the customer at the expense of explaining the policy to the customer orally: most firms selling by telephone did not give sufficient information on exclusions;
• The quality and timeliness of product and price disclosure by some firms selling single premium policies was poor;
• The level and structure of inducements and targets for sales staff could encourage mis-selling in some firms; and
• Training and competence of sales staff was not adequate in around half of firms;
• Compliance monitoring was variable and in some cases very poor.

This may be of some use to you. (Particularly point 4) Hope so in any case.

doingmybest_3

Kpwll and RiaAnn thank you very much, very useful.

frog8966

Hi

I sent the draft letter to my bank (Abbey) with regards to PPI as I work in the NHS so it would be highly unlikely that I would be made unemployed and if I was off sick there is extensive sick benefits.

To cut a long story short, Today I am pleased to post that I have a result. Abbey have granted in my favour and a lovely cheque for approx £830.00 is currently winging it's way to me.

Result

Thanks Martin and thanks to everybody who gave me advise.

With this success under my belt I am now going after the credit cards!!!!!

Kaia_2

m.colak wrote: »

Hi kaia have done some rough workings now:

60 month policy = 5 years at 8%
using maths it works out at approx 30 full 5 year interest payments
therefore interest = £768.22 at end of policy
add the original loan + interest = £4609.32

Then add interest to date at 4609.32/365*0.08 daily rate
Hope this helps
If it is over £5000 then you have several choices either get professional help ie solicitor to take the case and lose some money, use a no win no fee company whom charge the least or finally drop your figure below the £5000 mark. However there is a chance that the judge may rule for it to proceed the small claims route anyway.

I had eventually arrived at the figure of £4841.02 total claim with £999.92 as the 8% stat. interest, (on M's calculator) and the daily rate of £1.06.

Thanks mcolak
I went to the court today and handed in my forms took 3 copies as suggested on here and enclosed the calculations sheet as well, paid the £100 and came home with a huge sigh of relief thinkng...GREAT...ALL DONE:T

By the time I did a bit of shopping and came home, it was about 5....there was a message on the answerphone at home saying "this is the court could you give us a ring at your earliest convenience please".
Looks like I have done something wrong , in filling the form in ...do you think?
But the lady at the desk did read through them when I was there, albeit quickly.

Nothing I can do now till tomorrow.....so I may need more help then !

I hope I dont have to start all over....what a nightmare of a thought, you cant even save the form as you go along, I have copied and pasted sections into my notepad thank goodness.

Ps...I handed in 3 copes.....should they have kept all 3 copies, I thought one was for me???
or do they officially stamp it and post it back to me?

infowatcher

Just got my S.A.R. details back from W.F.S. and going through it tommorrow, however I just noticed thought on the recordered delivery envelope the return address for non delivery is Alliance & Leicester, Nottingham and not W.F.S.

marshallka

m.colak wrote: »

Ok look at it from another way was the loan settled after freedom finance became a member of the FOS. If so and you are complaining about a disproportional rebate then the FOS can act as it relates to the end of the loan not the set-up agreements etc and also the companies policies regarding refunds must have been bought in line with that of the FOS. As for the PPI am still thinking about that one and will have to get back too you.

The loan was settled before any of the 3 companies (Firstplus who i had the loan with, Freedom Finance - the broker but am told its Bespoke Finance i need to deal with) became regulated. It was settled in April, 2003.

I have two complaints going on, one with Bespoke about the ppi being missold and one with Firstplus about the settlement being unfair. I am waiting for a phone call from Firstplus today as i rang them yesterday and apparently the person thats dealing with the settlement side of things is getting in touch with me today to tell me what the outcome is. She said she will discuss the letter (which i have not received yet) with me. I bet its nothing we can do. I need it to be final don't i before i can complain to anyone if there is anyone i can complain to.

Kaia_2

UPDATE:
Panic over......there was nothing wrong with my forms....they said the fee should have been £108 not £100 (you'd have thought they would have known that when they took the fee off me in the first place...)
....ah! well...will go back there this afternon and pay the £8.
And then they can ISSUE the claim! Yippee.

m.colak

marshallka wrote: »

The loan was settled before any of the 3 companies (Firstplus who i had the loan with, Freedom Finance - the broker but am told its Bespoke Finance i need to deal with) became regulated. It was settled in April, 2003.

I have two complaints going on, one with Bespoke about the ppi being missold and one with Firstplus about the settlement being unfair. I am waiting for a phone call from Firstplus today as i rang them yesterday and apparently the person thats dealing with the settlement side of things is getting in touch with me today to tell me what the outcome is. She said she will discuss the letter (which i have not received yet) with me. I bet its nothing we can do. I need it to be final don't i before i can complain to anyone if there is anyone i can complain to.

Don't do it!!!!

Golden rule number 1: All correspondance via letter that means evidence and an audit trail

marshallka

m.colak wrote: »

Don't do it!!!!

Golden rule number 1: All correspondance via letter that means evidence and an audit trail

Too late. Firstplus have just telephoned me about the rule of 78 and have told me that "it was totally a fair way of settling the loan." She never let me speak and everytime i argued the fact that we were not made aware of the rule of 78 at the time of the loan and did not know how this was applied she shut me up with "let me finish". She has told me to tell the FOS about this (knowing that i have not got a leg to stand on). I feel worse upset now than this morning. I have never spoken to anyone so rude and unhelpful in my life. She is sending me a letter to say that that is their final response and that the ppi claim is to do with Bespoke Finance now. What do i do now. I have spoken to FSA yesterday and they say to go about things the county court route if i feel that their settlement was wrong. I feel now at a loss and all the work i have put into this has been for nothing. I WANT something done. They should not be allowed to get away with this and the law should let you do something.