PPI Reclaiming discussion Part II

singlep

di3004 wrote: »

Thank you very much Sarah, and WOW that was quick.;)
Sarah that is wonderful and makes perfect sense and is a fantastic letter.;)

I will post this one up tomorrow then and crack on with it now tonight.

You have a talent here hun, that is brilliant, well done and what an asset you are.;)

I can't thank you enough, but a BIG thanks anyway hunni, your a star.

Di.
xxx

Yes this is very much better but you need the KISS principle. Remember you are writing to the liquidators not eloan and they will have little knowledge of the ppi sale but they will have a compliance specialist to deal with complaints. Try a simple letter with this para -"I believe that eloan were in breach of ICOB 4.3.6R as they failed to consider the cost of the single premium in relation to my demands and needs. They failed to offer me a monthly premium alternative which would have been more suitable". The liquidators will either pay up or you then go to FOS. You currently risk receiving a long and complex reply which will not progress your claim and will be difficult for you to contest.

marshallka

singlep wrote: »

Yes this is very much better but you need the KISS principle. Remember you are writing to the liquidators not eloan and they will have little knowledge of the ppi sale but they will have a compliance specialist to deal with complaints. Try a simple letter with this para -"I believe that eloan were in breach of ICOB 4.3.6R as they failed to consider the cost of the single premium in relation to my demands and needs. They failed to offer me a monthly premium alternative which would have been more suitable". The liquidators will either pay up or you then go to FOS. You currently risk receiving a long and complex reply which will not progress your claim and will be difficult for you to contest.

I had to look up the KISS principle.

Busta_3

Can i ask anyone out there DI(lol) or any other expert. i did write to halifax about the credit card and being charged PPI as i never realised i was paying for this, so i quickly cancelled it and wrote to halifax, but they refused my claim, anyhow i failed to put this in the other claims i have with the FOS (Loans & mortgage ppi) ive gone past the 6 month mark of bringing it to their attention. DO you think the FOS will pick this up through their investigations

sarahc5388

singlep wrote: »

Yes this is very much better but you need the KISS principle. Remember you are writing to the liquidators not eloan and they will have little knowledge of the ppi sale but they will have a compliance specialist to deal with complaints. Try a simple letter with this para -"I believe that eloan were in breach of ICOB 4.3.6R as they failed to consider the cost of the single premium in relation to my demands and needs. They failed to offer me a monthly premium alternative which would have been more suitable". The liquidators will either pay up or you then go to FOS. You currently risk receiving a long and complex reply which will not progress your claim and will be difficult for you to contest.

keep it simple stupid! we use this daily in our line of work! tweaked a little more to include singlep's quote - please comment

Dear Sir/Madam

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

The salesperson did not ask me about any existing medical conditions - having now read the terms of the policy, my medical condition was not covered making the cover pointless.

The salesperson did not advise me of any exclusions or explain the product in any detail whatsover, they did however, emphasis to me that if I did not claim in the first five years, I would be refunded a percentage of the cost of the PPI. This is untrue!

I was not informed the product was optional, nor was I asked if I had cover elsewhere.

I was not provided with a quote without the product, therefore I was under the impression that it was compulsory.

The cost of the product was added to the loan, this was not explained to me, resulting in additional interest.

The loan and the PPI were bundles together as one agreement. With effect May 2005, these products should have had separate agreements.

The term of the PPI was for 5 years, the secured loans term was 25 years, therefore as the PPI was added to the loan this resulted in me paying the additional interest for 25 years. This was not explained to me.

I know believe that the salesperson had received no training and was inadequately positioned to sell or offer advice on this product.

I am now aware Brokers/Advisers selling PPI are obliged to inform their customers about the specific criteria of the policy to ensure it is the correct product to suit their circumstances.

I would like to add that this loan was renewed in Jul 2006 and part of it used to pay off in full, including ALL of the PPI, the loan taken in question. Your salesperson stated that because I had PPI on the first loan, I must also have it on the renewal loan.

Please find enclosed a copy of the Subject Access Request containing further detail, please note the comment made when I tried to cancel the PPI over the telephone, “The Evans’s wanted to cancel the PPI, but I managed to talk them out of it".

I later discovered the subject of PPI mis-selling in the Media and subsequently tried to cancel the PPI, however I was informed that I could not cancel. I then submitted a claim against NEMO for the loan taken out in Jul 2006 , to which they denied any wrong-doing, I submitted my complaint to the Financial Ombudsman, who upheld my complaint resulting in a refund of all PPI premiums and interest, plus monetary compensation for stress and inconvenience.

I believe that eloan were in breach of ICOB 4.3.6R as they failed to consider the cost of the single premium in relation to my demands and needs. They failed to offer me a monthly premium alternative which would have been more suitable and therefore request that you investigate my complaints thoroughly. Unless you can justify to me that the policy was fair and sold in my best interests, I expect a full refund of all premiums, and subsequent interest, that I paid until the loan was paid in full. I also expect 8% statutory interest to also be awarded, to each payment made and subsequent interest.

I look forward to a full and prompt response to this letter and for the matter to be concluded within 8 weeks. If you feel that this is not possible, then I will have no option but to take my complaint, once again, to the Financial Ombudsman.

Yours Faithfully,





Encls

mortimerrankine

marshallka wrote: »

Was it fast tracked then?? Sounds like it if you only actually asked for the fast track at end of June.

Let us know how you get on.:D

Well i dont know if it has been fast tracked it has been there since Dec 08, So it's actually been with them for 9 months. I don't know if it was because they never passed the request on it just got filed with my case instead of been looked at. But at least it is getting looked at now.

dennyjns

Hi..
G'day to Everyone, I am new in this forum,forum contain gud information about finance. me also having one informaton related to finance.

Thnx

http://www.personal-loan-for-tenant.350.com/

HAVEFAITH

Is this reclaimable, ... I.E. Accidental Death Cover with Barclaycard .... along with PPI

marshallka

HAVEFAITH wrote: »

Is this reclaimable, ... I.E. Accidental Death Cover with Barclaycard .... along with PPI

I presume so. My ppi covered death as well. Let us know a bit more about it and someone can help.

singlep

sarahc5388 wrote: »

keep it simple stupid! we use this daily in our line of work! tweaked a little more to include singlep's quote - please comment

Dear Sir/Madam

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

The salesperson did not ask me about any existing medical conditions - having now read the terms of the policy, my medical condition was not covered making the cover pointless.

The salesperson did not advise me of any exclusions or explain the product in any detail whatsover, they did however, emphasis to me that if I did not claim in the first five years, I would be refunded a percentage of the cost of the PPI. This is untrue!

I was not informed the product was optional, nor was I asked if I had cover elsewhere.

I was not provided with a quote without the product, therefore I was under the impression that it was compulsory.

The cost of the product was added to the loan, this was not explained to me, resulting in additional interest.

The loan and the PPI were bundles together as one agreement. With effect May 2005, these products should have had separate agreements.

The term of the PPI was for 5 years, the secured loans term was 25 years, therefore as the PPI was added to the loan this resulted in me paying the additional interest for 25 years. This was not explained to me.

I know believe that the salesperson had received no training and was inadequately positioned to sell or offer advice on this product.

I am now aware Brokers/Advisers selling PPI are obliged to inform their customers about the specific criteria of the policy to ensure it is the correct product to suit their circumstances.

I would like to add that this loan was renewed in Jul 2006 and part of it used to pay off in full, including ALL of the PPI, the loan taken in question. Your salesperson stated that because I had PPI on the first loan, I must also have it on the renewal loan.

Please find enclosed a copy of the Subject Access Request containing further detail, please note the comment made when I tried to cancel the PPI over the telephone, “The Evans’s wanted to cancel the PPI, but I managed to talk them out of it".

I later discovered the subject of PPI mis-selling in the Media and subsequently tried to cancel the PPI, however I was informed that I could not cancel. I then submitted a claim against NEMO for the loan taken out in Jul 2006 , to which they denied any wrong-doing, I submitted my complaint to the Financial Ombudsman, who upheld my complaint resulting in a refund of all PPI premiums and interest, plus monetary compensation for stress and inconvenience.

I believe that eloan were in breach of ICOB 4.3.6R as they failed to consider the cost of the single premium in relation to my demands and needs. They failed to offer me a monthly premium alternative which would have been more suitable and therefore request that you investigate my complaints thoroughly. Unless you can justify to me that the policy was fair and sold in my best interests, I expect a full refund of all premiums, and subsequent interest, that I paid until the loan was paid in full. I also expect 8% statutory interest to also be awarded, to each payment made and subsequent interest.

I look forward to a full and prompt response to this letter and for the matter to be concluded within 8 weeks. If you feel that this is not possible, then I will have no option but to take my complaint, once again, to the Financial Ombudsman.

Yours Faithfully,





Encls

Please believe that I am trying to help as I will show you how easy it is to challenge these letters, waste time and delay your ultimate complaint to FOS. The first line of the letter is a perfect example and this is the reply "we note you refer to eloan as the third party broker but have no record of any other broker and should be pleased if you would clarify before we can consider your complaint". Third party brokers introduce customers to other brokers (often known as masterbrokers) or sometimes lenders, usually when they are unable to assist themselves, and it is those firms who have the regulatory responsibility not the third party broker. The liquidator is quite entitled to query why you are complaining about a third party broker. I could go on..............Just send 2 or 3 paras as their reply will allow you to guage their attitude to complaints.

HAVEFAITH

marshallka wrote: »

I presume so. My ppi covered death as well. Let us know a bit more about it and someone can help.

Well my B/card statements have come through and I have 3 narratives on charges:

1) Payment Protection Plan
2) Barclaycard, Card Protection
3) Accident Death Cvr

+ of course 'Late Payment Charge' ... which i know is reclaimable

So are the listed 3 reclaimable and should i send a separate letter for each of the 3 or lump them in 1 claim?