PPI Reclaiming discussion Part II

Laini

Hello everyone

just to say no news yet - update on the Nemo PPI complaint it is still with the ombudsman
will keep you informed as soon as I get any news
Laini x

sarahc5388

Hi all - sent the 4th letter on behalf of my dad to LTSB requesting a final response and letting them know that as they hadn't concluded within 8 weeks I would be taking my complaint to the FOS. Giving Barclays till Tue then sending in all my paperwork to the FOS. Will let you know if I, or my dad hears anything. Hope you all had a nice weekend

steveg001

I'm a newbie so apologies in advance.
I'm claiming ppi back from HFC Bank, but have had the brush off from letter 1. I'm sending letter 2 tomorrow and will await the response. I'm at a loss though of how to prove their wrong doing. I've had the same loan for several years and have on a number of times renegotiated and can distinctly remeber one occasion whereby they didn't even mention ppi, but it was added. Another occasion with the attitude of "just sign this, i've got to show you for legal reasons, but just sign it". During one renegotiation they even sold me life assurance and critical illness cover knowing full well i was a homeowner and would have this cover for my mortgage anyway!
Suffice to say i have cancelled the ppi with them now, but would like to claim what i have paid, although i'm not sure how i stand. They have the paperwork to say i've signed, but i cannot prove the above details.
Any advice or pointers to other threads would be appreciated. Thanks!:D

sarahc5388

steveg001 wrote: »

I'm a newbie so apologies in advance.
I'm claiming ppi back from HFC Bank, but have had the brush off from letter 1. I'm sending letter 2 tomorrow and will await the response. I'm at a loss though of how to prove their wrong doing. I've had the same loan for several years and have on a number of times renegotiated and can distinctly remeber one occasion whereby they didn't even mention ppi, but it was added. Another occasion with the attitude of "just sign this, i've got to show you for legal reasons, but just sign it". During one renegotiation they even sold me life assurance and critical illness cover knowing full well i was a homeowner and would have this cover for my mortgage anyway!
Suffice to say i have cancelled the ppi with them now, but would like to claim what i have paid, although i'm not sure how i stand. They have the paperwork to say i've signed, but i cannot prove the above details.
Any advice or pointers to other threads would be appreciated. Thanks!:D

Hi, do you have copies of any of the paperwork? send your second letter and if you have no paperwork, send a SAR (subject access request) it costs £10 and they have 40 calendar days to provide you with everything they hold pertaining to the account. They have 8 weeks from receiving you first letter to providing you with a final response. If they take longer than 8 weeks you can report them to the ICO. If you do not get the final response that you want after 8 weeks, you can take your complaint to the Financial Ombudsman. Please be patient but don't give up, everyone on here is after the same thing and there's plenty of really helpful and knowlegable people on here to help you along the way! I believe it is up to the banks to prove that they didn't mis-sell, not for you to prove that they did!!

di3004

Melmoneysaver wrote: »

Hi there, I just wanted some advice realy as I tried to cancel my loan insurance last year and was told my loan would have to be reworked if I did and a new amount was sent to me, the figures just don't add up here have a look, I called up today and got all the exact figures as well as my account number so that I can have a go at reclaiming them

Loan 10k
insurance £2115.64 - they advised me that the insuance was added to the loan and interest was added which is included in the figure to the left but totals £466.16

I was told today that my Ins is £43.03 a month

My current repayments are £246 a month and when I asked to cancel the Ins they said it would only come down to £233 which is clearly £13 pm diffrence but they STATE over the phone that I pay £43.03, when I challenged them they said this is how they work it???

I've printed out the reclaim letter to go Monday morning and I'm livid to find out i've been well and truly scammed, when I took the loan out I thought it may help my application if I took out loan Ins and the agent that sold me my loan agreed it would, I've since learnt that this is not the case.

MSE DFW CONVERT

Hi there Melmoneysaver.;)

They do recalculate using the loan and insurance amounts together.
And not much difference in the amounts after even if cancelled the insurance.....:rolleyes: .

If you think you were mis sold this for any reason, try reclaiming by using the letter template on this site, and also if you think this is unfair.

I'm sure someone will advise you on your best option here, but I agree it seems unfair they way they work out the calculations to see it doesn't make that much difference afterwards.

Do you still have the paperwork for this, such as the terms and conditions etc ?;)

Di.
x

sarahc5388

Melmoneysaver wrote: »

Hi there, I just wanted some advice realy as I tried to cancel my loan insurance last year and was told my loan would have to be reworked if I did and a new amount was sent to me, the figures just don't add up here have a look, I called up today and got all the exact figures as well as my account number so that I can have a go at reclaiming them

Loan 10k
insurance £2115.64 - they advised me that the insuance was added to the loan and interest was added which is included in the figure to the left but totals £466.16

I was told today that my Ins is £43.03 a month

My current repayments are £246 a month and when I asked to cancel the Ins they said it would only come down to £233 which is clearly £13 pm diffrence but they STATE over the phone that I pay £43.03, when I challenged them they said this is how they work it???

I've printed out the reclaim letter to go Monday morning and I'm livid to find out i've been well and truly scammed, when I took the loan out I thought it may help my application if I took out loan Ins and the agent that sold me my loan agreed it would, I've since learnt that this is not the case.

MSE DFW CONVERT

you'll still be paying the interest on it because they add it on at the front of the loan, you cancel the actual PPI payments but the interest is spread out across the life of the loan, which is why it never goes down by much, we're all on here for the same thing! we'll all help and support you and feel free to have a rant, we've all done it at various times so no worries about that either, don't give up

di3004

Hi folks, here is one I have wrote on behalf of hubby where we believe this was mis sold from the start, we had already won on the advance with the lenders but this one is going back to the brokers for the first loan, so if you think this needs tweaking please feel free.
It was a joint secured loan, single PPI front loaded on loan, just for hubby although I still had to sign for this !
Thx.;)


Dear Sir/Madam

I purchased a Loan and Payment Protection Policy from you the Third Party Brokers at e-loan in November 2005, but now I believe I was mis sold this policy for the following reasons:

This is due to the fact that your member of staff did not ask me about any medical conditions which could have exempted me from the cover.
Now that having read the terms of the policy I have noticed that my medical condition was not covered, which down to this condition I have taken time off work sick, but the member of staff did not advise me of any exclusions or explain the product overall, only that if I did not claim in the first 5 years of the policy I would be entitled to a percentage of a lump sum of the product.

I was not told it was an option, and not even given a quote without the Insurance Product, where I had then obviously had taken on this product assuming it was part of the loan agreement, where I realised this was then a front loaded Insurance Policy.
I was sold a Single Payment Insurance Policy where the whole of the cost of this was added as a lump sum at the start of agreement.
Where in this case meant I borrowed more which had to be paid off throughout the loan, including interest as well as the loan.
This was definitely not explained to me, and not at all informed of this.

I note this was sold on one agreement and not separate and am now aware that sales of these products made after May 2005 that this should have been signed separately to the loan itself.

The policy sold to me was to cover for 5 years only and not that of 25 years which was the term of my secured loan arranged by you. This meant I had paid more. Plus Interest on the Insurance for the Full Term.

I am now aware Brokers/Advisers selling PPI are obliged to inform their customers about the specific criteria of the policy to confirm it’s the right product to suit.
I would like to state that as you will be aware you arranged a loan with the Lenders of Nemo Personal Finance Limited, and would like to confirm we had pursued through Nemo regarding the loan advance which was taken up in July 2006, but then we questioned about cancelling the PPI product, but was then told by the adviser of Nemo we have to continue with the Payment Protection Product, even though the loan advance was classed as a new loan, or we would have to borrow more and because we had an existing PPI that we had taken from yourselves. This had put us in the position, where I am enclosing you a copy of the paperwork SAR we had from Nemo on request of when the advance loan & PPI was taking place over the telephone, we note the comment made by Nemo adviser which was “The XXXX'X wanted to cancel the PPI, but I managed to talk them out of it. You will see this on the enclosed paperwork copy sent with this letter.
Due to this and Nemo Personal Finance denying mis-selling during the advance stage, this was forwarded to the Financial Ombudsman Service, and the FOS agreed from the disc & evidence supplied this was mis-sold where Nemo had to repay all premiums, and Interest from the loan Advance PPI from then.
I had since requested a SAR (Subject Access request) from Nemo because we did not have all paperwork, these were not used in the FOS complaint, but they add they have not enclosed anything from third parties, but I did find some of the paperwork from you at home in the meantime.
I had remortgaged late last August 2007 where I paid off Nemo, but due to this when settling with Nemo this included paying off the whole loan and the costly PPI, which had taken the amount over £66K to clear this, it was then in October 2007 the final decision was made by the FOS and Nemo had to repay all the PPI from the loan advance stage from July 2006, plus Interest, and Compensation for the inconvenience and stress this had caused.

Despite the above about Nemo, I am holding you/e-loan responsible for the Loan/PPI arranged by yourselves in 2005, and am requesting you to uphold my complaint, or I will have to complain to the Financial Ombudsman Service to investigate this case and will forward my existing evidence, as I believe I was deprived of my money and could have saved money by being told I this was optional and to search for another stand alone option.

I also note you gained a Brokers commission amount from arranging this loan & PPI, obviously this was paid by the lenders of Nemo, but I did not receive any paperwork enclosing what the amount was to be paid to you, I have in the meantime the paperwork for this that I did not have when sold this Loan & PPI agreement.

As I have explained why I believe this was mis-sold to me, I would like to make some further points here: as it was a Single policy this would not have covered my wife as I understand that I was recommended this because I was the only wage earner, yet my wife still had to sign for this.
If I was aware this was an option, I would have opted to have taken the Insurance product elsewhere, to obviously save me money, which here I had paid more than the amount and interest that was not explained to me.
Even though you sent the paperwork, as nothing was explained to me, I assumed this was the only way I would be entitled or be eligible for credit, ie: a loan arranged from you. The ONLY part that was explained to me was, that I would receive a lump sum if not claimed in the first 5 years, where I believe this is mis-leading into making any customer think this was a bonus for the product, yet nothing was explained what would happen after the 5 years for when this ended !
I signed this thinking it was my only option, due to my lack of knowledge of these products until learning of this mis-selling in the media it made me realise over the years that I was mis-sold on the Payment Protection Insurance products.
The loan amount was that of £43,000 over 25 years and the Payment Protection Insurance was £8,492.50 over 5 years, this was added as a Total loan amount of £51,492.50.
The total price we would pay for this cover of PPI was £18,332.24.
And sold as a Single Life, and Single ASU Cover.

The FOS that dealt with the last complaint (NEMO) explains he feels we did not know how these products worked where there was lack of knowledge from Mr & Mrs XXXXX, and I fully agree. I have this on the paperwork in the findings of when the FOS dealt with this.

Because I feel let down by this, I understand that you will realise this situation and will uphold this complaint due to all my given reasons for this.
I note you did send a Demands & Needs statement where both me and my wife signed but assumed this was part of the agreement as there were not a separate one produced for this.

I appreciate, your staff members were very polite, but themselves were not experienced in these sales of Payment Protection Insurance, but the FSA would take a dim view on this type of sale as from when they become regulators in January 2005.

I look forward to hearing from you within 14 days from on the day you receive my letter, and if you do not uphold my case, as stated I will immediately forward this on to the Financial Ombudsman Service for further investigation.


Yours faithfully

Melmoneysaver

di3004 wrote: »

Hi there Melmoneysaver.;)

They do recalculate using the loan and insurance amounts together.
And not much difference in the amounts after even if cancelled the insurance.....:rolleyes: .

If you think you were mis sold this for any reason, try reclaiming by using the letter template on this site, and also if you think this is unfair.

I'm sure someone will advise you on your best option here, but I agree it seems unfair they way they work out the calculations to see it doesn't make that much difference afterwards.

Do you still have the paperwork for this, such as the terms and conditions etc ?;)

Di.
x

Hi there guys


I don't have the original paperwork but I called them today and got the breakdown of insurance and interest added to it over the life of the loan, should I go ahead and just ask them to repay or ask for my original terms and conditions first, to be quite honest I thought about sending both letters at the same time, since I don't really have to state the full amount I'm requesting on the initial template letter requesting refund of the policy, I've downloaded the letter and selected 3 miss-selling options

1. I asked if taking the insurance would help my application and was told it would.
2. I have sickness pay from work so I do not need it
3. I asked to cancel in march 07 but was advised that I would have to sign a new credit agreement if I did and my payments would not change by much.

Cheers guys and good luck with everyones claims! go get em!

di3004

Melmoneysaver wrote: »

Hi there guys


I don't have the original paperwork but I called them today and got the breakdown of insurance and interest added to it over the life of the loan, should I go ahead and just ask them to repay or ask for my original terms and conditions first, to be quite honest I thought about sending both letters at the same time, since I don't really have to state the full amount I'm requesting on the initial template letter requesting refund of the policy, I've downloaded the letter and selected 3 miss-selling options

1. I asked if taking the insurance would help my application and was told it would.
2. I have sickness pay from work so I do not need it
3. I asked to cancel in march 07 but was advised that I would have to sign a new credit agreement if I did and my payments would not change by much.

Cheers guys and good luck with everyones claims! go get em!

Hi hun.

If you have something to work by then that's okay, such as the breakdown in calculations, sorry to ask this in case you have already said and I may have possibly missed it but who was this loan etc provided from ?

Some here may already have a copy of the original terms and conditions, depending what bank, date it was taken etc, this can be checked to save you requesting this.

However, because most of mine were sold over the telephone I have requested SAR's (subject access request) because a disc recording was undertaken which proved the mis selling.
Not sure how yours was actually sold but if you do require a SAR you will need to sent a £10 cheque payment, there is a template somewhere on here to use (SAR wise), they have to comply within 40 days from on the day they receive the request, if they do not supply by the deadling you can complaint to the Information Commissioners Office (ICO) to report this.

But if your happy to go along and complain now by using the calculations you have been provided with, you can also add them on here if you want to then someone such as M Colak who helped with mine may be around to check these out for you.;)

It seems to me you have grounds to go by, so go for it hunni, get all your money back.

Good luck, if you want further help - give us a shout, one of us will be back here at some point.;)

Di.
xx

Melmoneysaver

di3004 wrote: »

Hi hun.

If you have something to work by then that's okay, such as the breakdown in calculations, sorry to ask this in case you have already said and I may have possibly missed it but who was this loan etc provided from ?

Some here may already have a copy of the original terms and conditions, depending what bank, date it was taken etc, this can be checked to save you requesting this.

However, because most of mine were sold over the telephone I have requested SAR's (subject access request) because a disc recording was undertaken which proved the mis selling.
Not sure how yours was actually sold but if you do require a SAR you will need to sent a £10 cheque payment, there is a template somewhere on here to use (SAR wise), they have to comply within 40 days from on the day they receive the request, if they do not supply by the deadling you can complaint to the Information Commissioners Office (ICO) to report this.

But if your happy to go along and complain now by using the calculations you have been provided with, you can also add them on here if you want to then someone such as M Colak who helped with mine may be around to check these out for you.;)

It seems to me you have grounds to go by, so go for it hunni, get all your money back.

Good luck, if you want further help - give us a shout, one of us will be back here at some point.;)

Di.
xx

Alliance and leicester (ALPF) is the culprit! and hmmm my loan was sold over the telephone too but I didn't know about the SAR request but it sounds like its going to apply to me :S

thanks for your help i'll have a look for that template