PPI Reclaiming discussion Part II

tiggrae

sarahc5388 wrote: »

Just had a letter from Barclays saying they are not in a position to be able to provide a full response and that i may now take my complain to the FOS as they have exceeded the 8 weeks since my complaint about PPI on an overdraft. They also sent this response about PPI on a loan which I have already sent to the FOS Should I report them to the ICO as well?

LTSB have written to my dad saying no - even though I put in the last letter that they had paid out on the last one - looks like that will be going to the FOS as well.

Hope somebody has had some good news!

you can make a complaint to the ICO but I think they've got a 6-9 month delay on dealing with complaints at the moment so don't hold your breath

tiggrae

di3004 wrote: »

Just to say hubby rang the compensation scheme and the guy who answered said to write to them first before filling in the form or email instead of posting, which I have done just before the phone call anyway, but to add all the information they would require to investigate if they could proceed with this, such as copies of letters sent, received etc, but now I am stumped a bit because I did not end up sending the reclaim letter yet, although it was almost ready to go, but was still working through the miixed up breakdown calculations....., so would that matter as such ? I do have a copy that I could still send to them, but I suppose the main thing is that they would just need proof that the company are in liquidation....

Any thoughts folks ?;)
Cheers
Si.
xx

the FSCS act like the company now, you make your complaint for mis selling etc to them - they in turn will investigate and make a determination as to whether you have a right to compensation

di3004

tiggrae wrote: »

the FSCS act like the company now, you make your complaint for mis selling etc to them - they in turn will investigate and make a determination as to whether you have a right to compensation

Thank you again Tiggrae.;)
I suppose there is no actual timescale on these claims through the FSCS are there ?

Cheers.
Di.
x

marshallka

di3004 wrote: »

Thank you again Tiggrae.;)
I suppose there is no actual timescale on these claims through the FSCS are there ?

Cheers.
Di.
x

Di, info here

6. How long will it take to process my claim?

After a declaration of default, FSCS aims to process all claims within six months. However, the time this takes depends very much on the type of claim. For example, most credit union claims can be completed within four weeks. For other types of claim it may take longer, depending on how complex it is and on some factors that may be outside of our control, such as waiting for information from third parties


http://www.fscs.org.uk/consumer/faqs/claiming_compensation_faqs/

marshallka

Just checked how many ongoing complaints i have with various places (not all PPI) and i have got 6 at the moment.:eek:

Only one solved close to completion so far:mad:

di3004

marshallka wrote: »

Di, info here

6. How long will it take to process my claim?

After a declaration of default, FSCS aims to process all claims within six months. However, the time this takes depends very much on the type of claim. For example, most credit union claims can be completed within four weeks. For other types of claim it may take longer, depending on how complex it is and on some factors that may be outside of our control, such as waiting for information from third parties


http://www.fscs.org.uk/consumer/faqs/claiming_compensation_faqs/

Wonderful thanks hun, had not had the chance to check out all the FSCS info earlier so thanks for adding this for me.;)

Before hubby rang the FSCS earlier, I had emailed them, but then thought after it was sent it would be quicker to ring them and surprised we have also had an email back from them already, this is the email reply we received from a guy from FSCS;) .


FSCS Ref:
(Please quote this reference when contacting us)

Dear Mr & Mrs

[FONT=Arial, sans-serif]Thank you for your e-mail about your potential claim for compensation against E-Loans.[/FONT]
[FONT=Arial, sans-serif][/FONT]
[FONT=Arial, sans-serif]The Financial Services Compensation Scheme (FSCS) investigates claims for compensation against financial services firms, authorised by the Financial Services Authority (FSA), that are no longer trading and cannot honour claims against them. [/FONT]
[FONT=Arial, sans-serif][/FONT]
[FONT=Arial, sans-serif]In order for us to investigate this matter further, please provide the following information:[/FONT]

[FONT=Arial, sans-serif]
[*]Confirmation of the name of the company that provided the advice to purchase the product you wish to complain about.
[*]Details of the product sold to you and the reasons you believe the advice given to you at that time was incorrect or inappropriate.
[*]Your full address[/FONT][FONT=Arial, sans-serif][/FONT]
[FONT=Arial, sans-serif]Once I receive this information I will be able to consider further.[/FONT]
[FONT=Arial, sans-serif][/FONT]
Any personal information you provide us with will be held by the Scheme in accordance with our data protection policy, which is on our website or available on request.

[FONT=Arial, sans-serif]If you have any further questions about this matter please e-mail me, or telephone us on 020 7892 7300 and ask to speak to our Customer Services Team. For general information about FSCS, please visit our website at [URL="mip://03dcaae0/www.fscs.org.uk"]www.fscs.org.uk[/URL][/FONT]
[FONT=Arial, sans-serif][/FONT]
[FONT=Arial, sans-serif]XXXXXX XXXXXX - Senior Claims Officer[/FONT]
[FONT=Arial, sans-serif]Customer Services Team[/FONT]
[FONT=Arial, sans-serif]Financial Service Compensation Scheme[/FONT]
[FONT=Arial, sans-serif]7th Floor, Lloyd's Chambers[/FONT]
[FONT=Arial, sans-serif]1 Portsoken Street[/FONT]
[FONT=Arial, sans-serif]London[/FONT]
[FONT=Arial, sans-serif]E1 8BN[/FONT]
[FONT=Arial, sans-serif][/FONT]
[FONT=Arial, sans-serif]Tel 020 [/FONT]
[FONT=Arial, sans-serif]Fax 020 [/FONT]

di3004

Okay regarding my above post just posted about an email from the FSCS, shall I also attach a copy of the original reclaim letter that I was going to send eloans ?

If so do you think I could post this here for possible tweaking first ?
Not certain if I have done that on here yet - cant think - cannot remember :rolleyes: .

And I am still baffled on the calculations because there were different rebate figures added...... , any suggestions on this part also please ?;)

Thank you all so much for your help with this, I have a stinking headache :mad: , but need to crack on before I crack up......:eek: .
At least this is another lead I suppose.;)

I must especially thank our Tiggrae and Marshallka, you have both been amazing and wouldn't know what to have done here without you 2.;)
Thanks so much both.

Di.
xx

marshallka

di3004 wrote: »

Okay regarding my above post just posted about an email from the FSCS, shall I also attach a copy of the original reclaim letter that I was going to send eloans ?

If so do you think I could post this here for possible tweaking first ?
Not certain if I have done that on here yet - cant think - cannot remember :rolleyes: .

And I am still baffled on the calculations because there were different rebate figures added...... , any suggestions on this part also please ?;)

Thank you all so much for your help with this, I have a stinking headache :mad: , but need to crack on before I crack up......:eek: .
At least this is another lead I suppose.;)

I must especially thank our Tiggrae and Marshallka, you have both been amazing and wouldn't know what to have done here without you 2.;)
Thanks so much both.

Di.
xx

Get it posted here Di, I am sure Tiggrae will take a look. Go and get a coffee and take a break. You sound like you need five.

di3004

okay folks its one long letter and don't think I really need all this info, but will appreciate any tweaking to make it more professional, thank you so much.;)



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 Evans’s 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 documents after the loan was sorted out, 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 Evans, 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

marshallka

Di, i would let Tiggrae have a look and maybe shorten this for you a little. I think you should get it back (or would through the FOS) for definate and now that its going to compensation one it will perhaps be the same procedure. She shortened mine for me. It covers everything and looks good to me but let the professional take a look before you send.

Hope you are feeling a little better now.:D