PPI Reclaiming discussion Part II

tiggrae

VLADTHEIMPALA wrote: »

Hi,
Are there any experts on ppi reclaiming ou there?
I wrote to Welcome Finance in March re a ppi. I cited various practices which forced me to take a ppi, and as a 'loan' at 36%. I had no option as Welcome contacted my creditors. Having had only a holding response since March, I this week wrote to the FOS, which took some hours. This morning Welcome sent me their 'Final Response' - a copy of the signed agreement which states that the policy was optional; and a letter stating that when I took out the policy and loan in 2004 Welcome were not regulated by the FSA (you don't say!) and that I cannot refer my complaint to the FOS as 'the agreement number' (presumably the date) 'falls outside the FOS's jurisdiction.
Has anyone had this problem, or more importantly got past it. I have the FOS complaint ready to go but I don't want to waste their time or my own.
Thanks

Welcome are correct in stating they weren't regulated by the fsa until 15.01.05, therefore, any mis selling which took place proir to this cannot be referred to the FOS. However, what you can do is start court proceedings under the 1967 Misprepresentation Act for Negligent Misprepresentation - you can download this act from the internet - it's only 3 pages long and quite easy to read

tiggrae

sunnybubble wrote: »

thank for that tiggrae, i see what you mean by going back to the ombudman, but i do not quite understand what you mean by fileing for misinterpretation - could you explain it a bit broader, please.
many thanks

you can do is start court proceedings under the 1967 Misprepresentation Act for Negligent Misprepresentation - you can download this act from the internet - it's only 3 pages long and quite easy to read

tiggrae

Milly123 wrote: »

Hello

I have been going through Debt Management for the past 4 years. I started with one recommended charity who wasn't much help, I then switched to PayPlan.

When registering with PayPlan, they advised me that I should take out insurance (PPI) with a company called Adminicle, who they very much recommended. The plan was to protect me against unemployment and ill health.

Earlier on this year I finished working for a company as my 6 month contract ended and two days later I went into hospital for an operation. I am still signed off until this date.

I have tried to make a claim and been refused because of several reasons: Pre existing medical condition (I was never asked about) and the fact that my work contract is counted as temporary (which is not included as covered employment - again not advised)

Am I able to claim against my debt management company? Or the insurance company?

Very sorry for the long explanation!

it's against PayPlan or whoever 'sold' you the policy

tiggrae

di3004 wrote: »

Secured Loan £21,000
Single PPI £2835.00
Total loan £23835.00

300 mths at £208.51
Apr 9.9%

Taken 30 July 2004

SETTLED IN FULL OCT 2005 of Settlement Figure = £23646.04

How they worked out their Calculations:
Current Balance - £23561.73
Add settlement interest - 374.71
Add Additional interest - 1123.29
Future charges + (Insurance) 39391.10

Total before rebate - 64450.83
less rebate - 40924.79

Total after rebate: 23526.04
Add legal fee: 120.00
Balance to settle: = £23646.04

Here is the final response from Endeavour when I complained:

03/June 2008

Dear Mr & Mrs xxxxx

Account number xxxxxxxx


Further to your letter, I am sorry to learn that you remain dissatisfied with Endeavour Personal Finance and that you are unhappy with the response to your complaint regarding the Payment Protection Insurance Policy purchased on the 30th July 2004.

I can confirm that you did receive a part rebate of the insurance premium within the settlement dated 4th October 2005 amounting to £1,533.69. This is also confirmed on the attached statement of the account.

The amount of £23,835.00, which you refer to as the total cost of the agreement, relates to the amount borrowed and not the cost of the loan. Interest was not added as an upfront amount but was charged on a daily basis on the balance of the total loan amount and debited to the account monthly. The total cost of the loan would be calculated by multiplying the monthly instalment by the term of the loan and deducting the original amount borrowed. For example: £208.51 x 300 - £23,835.00 = £38,718.

As I advised you in my letter dated 13th May 2008, the broker acted as your agent and by using the broker you did so of your own free choice. Endeavour Personal Finance cannot be held responsible for the advice or actions of the broker concerned.

In summary, our position remains unchanged and therefore I regret that I am unable to uphold your complaint or provide a refund on the premium interest. If you believe that the policy was inappropriate for you, you should continue to pursue the broker for any redress.

I realise this may not be the response that you were hoping to receive but it does nevertheless bring an end the steps available to you through our internal complaints procedure, as this letter constitutes our final response.

As you purchased the policy prior to the introduction of the Insurance Code of Business Regulations on the 14th January 2005, I regret that the Financial Ombudsman will be unable to adjudicate in this matter. In addition, prior to the 6th April 2007 and the introduction of the Consumer Credit Jurisdiction legislation, Endeavour Personal Finance was not a member of the Ombudsman Scheme. As your complaint relates to an event, which took place prior to the 6th April 2007, the Ombudsman would be unable to adjudicate on a complaint against Endeavour Personal Finance.

Yours sincerely

Head of Operations
Endeavour Personal Finance.


So that settlement figure above includes the rebate of £1,533.69.

On one part of the document I received from a SAR there is a brokers commission on a CREDIT 400 SHEET: Brokers commission £1,680, 8%.

Here is the paragraph on one of the documents received WITH SAR:
IF YOUR METHOD OF PAYMENT IS DIRECT DEBIT, PLEASE CANCEL THIS WITH YOUR BANK ON THE DAY YOU REMIT YOUR SETTLEMENT PAYMENT TO US.
PLEASE NOTE THAT IF YOU SETTLE BEFORE THE SETTLEMENT DATE YOU MAY BE ENTITLED TO A REFUND.

ADDITIONAL INFORMATION:

FUTURE CHARGES - The amount of interest charged if the loan had run its full term without variation.

LESS AMOUNT OF REBATE: The amount of interest that is cancelled because the account being settled early. the difference between the future charges and rebate is the proportion of future interest you pay to settle your account early. The rebate has been calculated in accordance with the Consumer Credit (Rebate on early settlement) Regulations 1983.

REDEEM.

..............................................................................................
Do you think I have any grounds of complaint with these ? Rebate wise ?
I know its seems they have used the rule of 78, will appreciate any info, thanks again folks, I just wanted to add further information just to give you an idea.;)

Di.

this is what the fsa have to say on unfair early settlement rebates Refunds of Single Premium Payment Protection Insurance

you have to be very clear you're not making a claim for mis selling but for an unfair early settlement under the Unfair Consumer Contract Terms Regulations 1999

di3004

Thank you Tiggrae.;)

If complaining to the lenders/Endeavour about the unfair settlement, because I have wrote to the brokers/directors of Click for the mis selling part, will that hurt ? Or should I see what happens from the brokers first ? now that I've already sent it ?
Cheers.;)

Di.
xx

symikins

m.colak wrote: »

Hi,

Working on the fact that although you took the loan in nov 05 your first payment would have been dec 05 means:

You paid £515.24
with 8% int £99.30

Totalling £614.54

As for your reduced payments afterwards unfortunately you have no idea what it was paying off. ie was it interest/PPI or loan. Until you have that information you cant make a judgement about this. Also this is based on the fact that this was not a front loaded policy and you didn't actually pay off the interest and PPI first (another thing to check). The not so good news is though:

As of Nov 06 the amount remaining on your loan taking away the PPI element would have been £12672.80 and therefore if you take the remaining payments you have made off this then your actual remaining amount on your loan should be £12046.60.

Hope this helps (I'm sorry i have no better news for you then this).

hi m colak

thanks for taking the time to work that out for me the ppi was front loaded

and hopefully halifax will itemize where the payments went

its still good news cos its chipping away at my debt one way or another!!

thanks again for your time:beer:

sunnybubble

thank you tiggrae i am going to try and take on blk horse through the ombudsman at first as Lloyds tsb(as you suggested) failing that(does it usualy fail?) I will try and file for negligent misprepresentation.
thanks for all
sunnybubble:T

squirrelxxx

Never posted before,so please be gentle.
I have received settlement cheque from M & S money today for £1449.49 rather than full amount of £2814.17. They have taken off the arrears totalling £1364.68 although they had agreed earlier this month to a reduced payment which was part of a debt management payment plan.Can I ask for the full amount because they did not say they would deduct this amount?

sunnybubble

qube99 wrote: »

Please help I had a loan with Black Horse 5 years ago and I paid PPI on this loan I have written to BLack Horse and they are not playing ball and they are not accepting that I was mis-sold my ppi.

The financial ombunsman service are unable to help as black horse were not covered by them at that time.

Can anyone give me any help PLEASE

kay

i was told to take them back to the ombudsman as lloyds tsb t.a blk horse or you can take them on under 1967 Mispresentation act for Negligent MISPREPRESENTATION (i know) it is from somebody that does ppi reclaim for living(tiggrae)

di3004

Received an email this morning from S Teague the director from Click to inform me he is abroad until early August and will look into my case when he arrives back. (This is about the letter I sent the other day - as you will see a few threads back with amendments).;)
(He actually emailed from abroad - ).

I emailed the company the other day to make sure they received the letter, because it was not showing or confirming delivery on the Royal Mail website, so I had also sent them an attachment copy online, I did not realise then though he was on his holidays......:o .

I will let you know as soon as I heard which this one will now be in early August.;)