PPI Reclaiming discussion Part II

marshallka

I,_Brian wrote: »

Not sure if it helps, but Which? are fighting this as well:
http://www.insurancedaily.co.uk/2008/08/21/lenders-are-still-taking-the-ppi-out-of-2-million-loans/

More information on claiming back PPI from Which?
http://www.which.co.uk/campaigns/payment-protection-insurance/index.jsp

This is a good link

some info below for pre 2005 sales

If you bought your policy before January 2005

The Financial Ombudsman Service is able to deal with complaints about sales that happened before 14 January 2005 as long as the policy was sold by a high street bank or the firm was a member of the General Insurance Standards Council (GISC).
If the firm you dealt with wasn't a major bank or a GISC member, but was a member of the Finance & Leasing Association (FLA), then the FLA may have to deal with your complaint, rather than the Financial Ombudsman Service.
The firm you have complained to must tell you which body your complaint can be referred to in their rejection letter.

I have not heard any feedback on the FLA yet???????


Anyone got anywhere with these??

marshallka

What which say about refunds

Refunds

If you don’t think the company are offering to refund you a fair amount, ask them to tell you exactly how they calculated the figure.
Unfortunately you can’t just divide the premium by the number of years the PPI lasts for. This is because the insurance costs more at the beginning of the term when there is the longest amount of time in which a claim can be made.
For example, during year 1 of a 5-year policy, there are 5 years in which a claim might be made, but in year 4 there is only 1 year left in which a claim might be made. The risk gets less as the term progresses, so the premiums get lower.
Ask the firm to tell you how much of the premium is allocated to year 1, year 2, year 3 and so on. If you don’t think the refund you have been given is fair, ask the Financial Ombudsman Service if they can check this for you.
If you’re refused a refund

If the lender refuses to give you a refund, refer the firm to the FSA’s press release dated 29 March 2007.
If they still refuse, make a formal complaint to the firm and if they reject that, take your complaint to the Financial Ombudsman Service. You should also report the firm to the FSA, as they are breaking FSA rules.


They say if a company is covered under the GISC then you can make a complaint to the FOS so i assume this information relates to complaints pre 2005 if this is the case. (correct me if i wrong here............:D )

petermb_2

marshallka wrote: »

Your argument is a matter of morals to me. I borrowed money and i really do not expect to be refunded/compensated for money that i actually had and WANTED/NEEDED at that time. I only want a fair solution to this misselling and unfair rebates thing. I personally have no objection as to whether the paperwork was a little out of touch at the time of my loan but i do want things doing fair. Myself, I would not feel right asking for the whole loan to be paid back but of course i can see the reason why some people do. Everyone to their own.

I have no issue with your moralistic stance but do you really think the lenders have those same moral standards. I know they do not. I see how thier morals work on a daily basis.

When I talk to a 78 year old pensioner who gets £92 per week and a lender takes £50 per week off her and leaves her with £42 a week to live on. The first thing that lady said to me was "please dont tell my family I am in trouble".

Or a client whose loan spiralled from £8000 to a debt of £185,000 when he lost his job as a soldier after serving in the Gulf.

Explain those morals.

Did those lenders have morals? So forgive me if i dont really have regret.

di3004

I would like to add this link out of interest.

As some of you are aware at least 2 of the loan companies/brokers that we tried pursuing has dissolved/went into liquidation, although this is old news on this link these directors tend to continue to be active and start again, I have also noticed there are a lot recently having the same problems as myself where they are now going through the FSCS (Compensation scheme), but its damn maddening why they have been allowed to continue regarding these directors, walking away from complaints and will not take any responsibility whatsoever.

Read this link it will explain more.;)

http://www.fsa.gov.uk/pages/Library/Communication/Speeches/2005/0610_ml.shtml
http://www.fsa.gov.uk/pages/Library/Communication/PR/2005/064.shtml

marshallka

petermb wrote: »

I have no issue with your moralistic stance but do you really think the lenders have those same moral standards. I know they do not. I see how thier morals work on a daily basis.

When I talk to a 78 year old pensioner who gets £92 per week and a lender takes £50 per week off her and leaves her with £42 a week to live on. The first thing that lady said to me was "please dont tell my family I am in trouble".

Or a client whose loan spiralled from £8000 to a debt of £185,000 when he lost his job as a soldier after serving in the Gulf.

Explain those morals.

Did those lenders have morals? So forgive me if i dont really have regret.

Yeah ok, life is not fair:rolleyes: but I prefer not to treat others as treated myself in that I will stick by my own morals and hope that some justice will be done without the need to compromise them.

I have not slated whoever does this but have just stated that i could not do that myself. Maybe i was bought up wrong perhaps.... I sometimes wonder why I have this little voice in my head telling me what is right and wrong for me. I always know when I am doing something against my beliefs and one of my beliefs is that if I have borrowed money from someone then i pay it back. If i am being ripped off for "X" amount then I will try to get my "X" amount back through the proper channels in the hope that justice will prevail.

How you earn your money is entirely up to you and whether it is right for you and others is up to you and them. I just stated that my beliefs are quite different and that is what makes me do what i do.

I really don't think these lenders think like myself but we can live in hope ey...

I just have not reached your point of view YET but time will tell.:eek:

I am not a BANK lover, believe me. I think they deserve all they get.

PS as regards the old lady (that had a family) i would have told her to inform her family of it and see if they could perhaps help. If that was my family i would want to help..and be informed to.:D

marshallka

di3004 wrote: »

I would like to add this link out of interest.

As some of you are aware at least 2 of the loan companies/brokers that we tried pursuing has dissolved/went into liquidation, although this is old news on this link these directors tend to continue to be active and start again, I have also noticed there are a lot recently having the same problems as myself where they are now going through the FSCS (Compensation scheme), but its damn maddening why they have been allowed to continue regarding these directors, walking away from complaints and will not take any responsibility whatsoever.

Read this link it will explain more.;)

http://www.fsa.gov.uk/pages/Library/Communication/Speeches/2005/0610_ml.shtml
http://www.fsa.gov.uk/pages/Library/Communication/PR/2005/064.shtml

So the same directors of the firms that went into liquidation have set up again to rip more people off and this is allowed?????

I would let everyone know about the type of company they are dealing with and Di, have you informed all the FSA, OFT and whoever else you can about this. They owe you money and yet they must have some to start again in business but all their previous debts are just wiped?? These laws need changing i thinks...They should be closed down.:mad:

What about Watchdog Di or the media full stop.

di3004

marshallka wrote: »

So the same directors of the firms that went into liquidation have set up again to rip more people off and this is allowed?????

I would let everyone know about the type of company they are dealing with and Di, have you informed all the FSA, OFT and whoever else you can about this. They owe you money and yet they must have some to start again in business but all their previous debts are just wiped?? These laws need changing i thinks...They should be closed down.:mad:

What about Watchdog Di or the media full stop.

Yep hun, this is also becoming a common thing.......:rolleyes: , and maddening it is......:mad: .
Wasn't Picture Financial also one of those companies ?
The way its going I will be going further on this, its just not on !

marshallka

di3004 wrote: »

Yep hun, this is also becoming a common thing.......:rolleyes: , and maddening it is......:mad: .
Wasn't Picture Financial also one of those companies ?
The way its going I will be going further on this, its just not on !

The post above perhaps....:D

di3004

marshallka wrote: »

The post above perhaps....:D

lol........:D

Now I had better be persitant, have a read of this.;)

http://www.moneymadeclear.fsa.gov.uk/news/firm/2005_archive/phoenix_firms.html

marshallka

di3004 wrote: »

lol........:D

Now I had better be persitant, have a read of this.;)

http://www.moneymadeclear.fsa.gov.uk/news/firm/2005_archive/phoenix_firms.html

I would now ring the FOS tomorrow about Endeavour and tell them you have a final response and that Click have gone into liquidation but you want to ask if it is within their jurisdiction to make a complaint for the unfair rebate of the ppi you had with them. It does no harm to ask here or have you already been down this route. If not i would certainly ask.:D

At the same time i would just keep on at this new click all the time. I would not give up, just keep on and on. Let them know you are NOT going away.