PPI Reclaiming discussion Part II

marshallka

ellychokka wrote: »

Hi dont know if anyone can help me. My mum has a personal loan with Barclays which she took out (with the dreaded ppi) in 2005.
I advised her to cancell it after looking at the t's and c's and realising it is costing £80 and it was a 10 year policy.
She hasnt been missold so not an avenue we're able to go down.
She's spoken to 3 different people at Barclays, the latest of which told her they "have to recalculate the loan as it was a single premium policy" and that if she cancelled the ppi she would have to accept the new loan at 19%!!. Considering that the current loan is on 7.4% I'd say thats pretty unfair and obstinate.
Particulalry that my mum wants to cancel to save money and stated this during the phonecall.
Does anyone have any advice at all? I'm sure this cant be acceptable.
Not quite sure what to do next anyone know the best course of action?
Thanks for any advice.

They should not recalculate the loan at anything higher than before. It should be the same rate. I would make a complaint about unfair terms on this one.

Also what would the rebate be if she were to cancel??

http://www.fsa.gov.uk/pages/Doing/Regulated/consumer/tackle/ppi.shtml

di3004

marshallka wrote: »

What i wanted to know is from the time that the FOS receives your complaint and then sends out the letter to say its awaiting adjudication how long before they can tell you if its something they can or cannot look into - or have they already checked if it is before sending out the letter to say its now awaiting an adjudicator????

Hi hun.
Right going from my experience, as you know the Endeavour FOS complaint was returned to me.
It was about a fortnight after i had posted it -if that, where as they could not proceed for this to be passed onto the adjudicator.;)

We have since received letters back between me and hubby regarding the lloyds tsb who we know the FOS can look into this, and it has been confirmed that these are waiting to be passed on to the adjudicator.

Hope this makes sense hunni.:D

marshallka

di3004 wrote: »

Hi hun.
Right going from my experience, as you know the Endeavour FOS complaint was returned to me.
It was about a fortnight after i had posted it -if that, where as they could not proceed for this to be passed onto the adjudicator.;)

We have since received letters back between me and hubby regarding the lloyds tsb who we know the FOS can look into this, and it has been confirmed that these are waiting to be passed on to the adjudicator.

Hope this makes sense hunni.:D

I have received a letter to say they have recieved my complaint last week and then one today to say its awaiting an adjudicator. Does that mean its passed the stage of yes we can look???

singlep

Not neccessarily. Even though FOS may believe it can act, they will write to the firm who may put forward grounds as to why it is out of their jurisdiction.

tiggrae

marshallka wrote: »

What i wanted to know is from the time that the FOS receives your complaint and then sends out the letter to say its awaiting adjudication how long before they can tell you if its something they can or cannot look into - or have they already checked if it is before sending out the letter to say its now awaiting an adjudicator????

there are 3 stages to the fos complaints - 1 administration - this is where they check such things as jurisdiction, 2nd is case management, where they request any further information from both parties 3rd - Adjudication. So it's the very initial stage where they'll let you know whether they can look at it or not and they usually do this very quickly

tiggrae

marshallka wrote: »

They should not recalculate the loan at anything higher than before. It should be the same rate. I would make a complaint about unfair terms on this one.

Also what would the rebate be if she were to cancel??

http://www.fsa.gov.uk/pages/Doing/Regulated/consumer/tackle/ppi.shtml

you can't claim an unfair contract term until a contract has actually been signed

banks have all signed upto something called 'treating customers fairly' TCF - I'd write in as say this is in no way treating her fairly. Also you say she wasn't mis sold to, but did they explain about it being a single premium policy, expensive and she could get a cheaper policy elsewhere - if not I'd say she was mis sold to

These are the FSA's Insurance Conduct of Business Rules that all brokers/lenders must comply with since Jan 05. Section 4.3.6 sets out things the broker should consider when advising or giving information to a customer and one of these is COST. As monthly premiums are invariably cheaper this should have been drawn to your attention. When FOS upholds a complaint it will cite against single premium PPI, "failure to provide a monthly alternative". These rules are now updated to ICOBS but it was ICOB when you were sold PPI.

ps this is singlep's quote - hope you don't mind me using it !!!!

di3004

tiggrae wrote: »

there are 3 stages to the fos complaints - 1 administration - this is where they check such things as jurisdiction, 2nd is case management, where they request any further information from both parties 3rd - Adjudication. So it's the very initial stage where they'll let you know whether they can look at it or not and they usually do this very quickly

Thanks Tiggrae.

They were very quick with the Endeavour complaint, because that was posted and returned back to me within a fortnight of them recieving this as they were unable to investigate any further.
(this was a few months back now).;)

Angel_A_2

Hi Guys just me being my nosey self.....No news yet on my side? ?

di3004

heavenlygee wrote: »

Hi Guys just me being my nosey self.....No news yet on my side? ?

Hi there hunni, how's it going ?:D
Me being nosey too lol.......:D

I'm sure you will have some news to tell us soon enough and lets hope its all good.:beer:


Di.
x

pinknico

Can anyone tell me what I do next if I receive no response from a company
regarding my complaint within 40 days, I can only find what to do if you get an unsatisfactory reply.

Thanks in advance.