PPI Reclaiming discussion Part II

di3004

marshallka wrote: »

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

Thank you Hun.;)

I agree it defo looks too long and shortening is a must.:D

And there are stuff I can also take out too, which is not really needed I think.;)

Feeling a little drained right now but will have a bit of chill now and get back later.

Thanks so much hun and I will catch ya shortly.;)

Di.
xxx

singlep

di3004 wrote: »

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

I appear to have missed the point of your complaint as this letter is confusing to me. You appear to be saying that your complaint against Nemo, the lender, was upheld by FOS and you are now making a complaint against eloan, the broker, in respect of the same PPI policy.
If I was eloan I would be delighted with your letter as it would allow me to engage you in lengthy complex correspondence. If you were sold single premium ppi after jan 05 and you were not offered a monthly alternative FOS will find in your favour on the grounds of cost. Your objective should be to get a quick response from eloan as some firms are simply paying out whatever. If the answer is no you can go immediately to FOS. Do not get involved in a debate.

marshallka

singlep wrote: »

I appear to have missed the point of your complaint as this letter is confusing to me. You appear to be saying that your complaint against Nemo, the lender, was upheld by FOS and you are now making a complaint against eloan, the broker, in respect of the same PPI policy.
If I was eloan I would be delighted with your letter as it would allow me to engage you in lengthy complex correspondence. If you were sold single premium ppi after jan 05 and you were not offered a monthly alternative FOS will find in your favour on the grounds of cost. Your objective should be to get a quick response from eloan as some firms are simply paying out whatever. If the answer is no you can go immediately to FOS. Do not get involved in a debate.

Glad you can try to help out here. I am confused here too. Its a tough one

di3004

singlep wrote: »

I appear to have missed the point of your complaint as this letter is confusing to me. You appear to be saying that your complaint against Nemo, the lender, was upheld by FOS and you are now making a complaint against eloan, the broker, in respect of the same PPI policy.
If I was eloan I would be delighted with your letter as it would allow me to engage you in lengthy complex correspondence. If you were sold single premium ppi after jan 05 and you were not offered a monthly alternative FOS will find in your favour on the grounds of cost. Your objective should be to get a quick response from eloan as some firms are simply paying out whatever. If the answer is no you can go immediately to FOS. Do not get involved in a debate.

Hi there Singlep.
Nice to see you here and thanks for your reply regarding this matter.

I am unable to get in touch with e-loan any longer as they were confirmed as placed in voluntary liquidation.
I received the letter from Begbies & Traynor in this mornings post.

Unfortunately, they had only liquidated in May 2008.

We had won a mis selling claim through the FOS when we had a loan advance with the lenders Nemo, but did not pursue this one with the brokers e-loan on the first loan until later on, because these are 2 separate loans, this is what the ombudsman had also confirmed.

I had no fight in me at the time to pursue 2 claims at the same time due to health reasons.
The ombudsman made in his statement last year that we had to pursue these on a separate complaint.

I agree the letter I added is long and only a draft, because I was not certain what to add in it altogether.
But I do not think the FOS will actually look at this now due to these not being active any longer, similar to Click financial really but at least this one I can actually try to FSCS.

Sorry to confuse anyone reading the letter as I understand its very complex in itself, but will be gladly happy to shorten this letter but it needs to look better than what I have it, which is my sore point here really...:o .

Thanks again.

Di.

marshallka

di3004 wrote: »

Hi there Singlep.
Nice to see you here and thanks for your reply regarding this matter.

I am unable to get in touch with e-loan any longer as they were confirmed as placed in voluntary liquidation.
I received the letter from Begbies & Traynor in this mornings post.

Unfortunately, they had only liquidated in May 2008.

We had won a mis selling claim through the FOS when we had a loan advance with the lenders Nemo, but did not pursue this one with the brokers e-loan on the first loan until later on, because these are 2 separate loans, this is what the ombudsman had also confirmed.

I had no fight in me at the time to pursue 2 claims at the same time due to health reasons.
The ombudsman made in his statement last year that we had to pursue these on a separate complaint.

I agree the letter I added is long and only a draft, because I was not certain what to add in it altogether.
But I do not think the FOS will actually look at this now due to these not being active any longer, similar to Click financial really but at least this one I can actually try to FSCS.

Sorry to confuse anyone reading the letter as I understand its very complex in itself, but will be gladly happy to shorten this letter but it needs to look better than what I have it, which is my sore point here really...:o .

Thanks again.

Di.

We need tiggrae to tweak here:D

di3004

marshallka wrote: »

We need tiggrae to tweak here:D

lol, yes we do.......:D .

I feel rather silly now lol, I gave the impression in that letter that I was trying to reclaim on the same ppi policy.......:o , I should have made it more clear, but I know I did mention about this a few pages back, and I feel like I'm a parrot going on......:o .

What I will do to make this clear is add what loan we had when eloan arranged the loan, even though it was to the lenders Nemo, but its eloan I am now trying to pursue for the mis selling of this loan.

I will explain this in another thread post.......:D

Then the following year it was a loan advance with Nemo,who mis sold this during the loan advance, it was a start again loan, so a separate policy,different account number and a brand new loan & ppi amount which this one has been resolved by the FOS.;)

di3004

Here I will explain my loans.

The first one arranged with eloan.co.uk in November 2005, these sold this over the telephone. They lenders were Nemo personal finance.

In July 2006 as we were already with Nemo we had a loan advance, it was classed as a new loan, it wasn't until we learnt from the media about the mis selling, so we pursued this, it went with the FOS and won.
We were informed by the FOS if we believed we were mis sold by the brokers from when they arranged the loan we have to pursue through them as these are 2 separate loans/different account numbers etc.

Its only the last few months we have been trying to catch with all the claims, due to health reasons.

sarahc5388

di3004 wrote: »

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

Di,

i'm ploughing through this for you and tightening it up a bit, it is a bit confusing, please give me a brief outline to help me along the way.

sarahc5388

di3004 wrote: »

Here I will explain my loans.

The first one arranged with eloan.co.uk in November 2005, these sold this over the telephone. They lenders were Nemo personal finance.

In July 2006 as we were already with Nemo we had a loan advance, it was classed as a new loan, it wasn't until we learnt from the media about the mis selling, so we pursued this, it went with the FOS and won.
We were informed by the FOS if we believed we were mis sold by the brokers from when they arranged the loan we have to pursue through them as these are 2 separate loans/different account numbers etc.

Its only the last few months we have been trying to catch with all the claims, due to health reasons.

right, you had a loan, then got a top up - then claimed for the PPI on the first loan, you won - did they pay you?

you now wish to claim the PPI on the top up loan?

both loans were from the same company?

sarahc5388

sarahc5388 wrote: »

right, you had a loan, then got a top up - then claimed for the PPI on the first loan, you won - did they pay you?

you now wish to claim the PPI on the top up loan?

both loans were from the same company?

answers on a postcard please