PPI Reclaiming discussion Part II

di3004

This is a good and interesting link here.;)
Banks etc face fines over mis selling loan insurance/investigations.

http://www.tiscali.co.uk/money/guardian/news/2005/11/5/banksfacefinesovermis-sellingloaninsurance.html

di3004

marshallka wrote: »

I would certainly try the FOS first Di. Also i would write another letter to Endeavour stating that you are now taking this matter to the courts.

Who actually sold the PPI to you on this one? Was it Endeavour and were they ever GISC members and also what was the date of your settlement. You can only go to the FOS for this unfair rebate as Tiggrae says but we have yet to know how to word these complaints. If its the courts route then its under the unfair terms in consumer contacts regulations 1999 where

A contractual term which has not been individually negotiated shall be regarded as unfair if, contrary to the requirement of good faith, it causes a significant imbalance in the parties' rights and obligations arising under the contract, to the detriment of the consumer.

Also misrepresnetation act 1967.

We really need Tiggae here to advise us but I would definately go to the FOS or at least give them a ring now to find out.

Thanks hun.;)
Yes I will write a further letter and mention the courts.

Endeavour were not covered by GISC.

And it was settled after a year of taking this out:
The loan was taken in July 2004 and paid almost 24 years earlier at the end of November 2005.
This one is about the unfair rebate hun.

Maybe the right wordings would help to get this into the FOS.
I know Tiggrae did mention on one of her posts last week that she has a client in the same situation here and the FOS are dealing with their complaint. Or something similar to this.;)

Hopefully Tiggrae will come along later and give me an idea on how to word this to the FOS.
thanks hun.;)

Di.
x

di3004

Now this bit of news here is very interesting.;)

http://www.tiscali.co.uk/money/guardian/features/2007/03/31/watchdog-steps-in-to-help-ppi-holders.html

marshallka

di3004 wrote: »

Now this bit of news here is very interesting.;)

http://www.tiscali.co.uk/money/guardian/features/2007/03/31/watchdog-steps-in-to-help-ppi-holders.html

Di, was this 2006????

I think all firms were asked to issue customers with letters stating how refunds would be calculated if they had originally put NIL refunds in their terms. Did endeavour have nil refunds in their terms??? If so then they went against the rules of the FSA...

di3004

marshallka wrote: »

Di, was this 2006????

oh dear........:o , this is embarrassing yes hun just checked at the bottom of that page, still it may be useful for the ones who are interested in finding our further information if they have not done so before, shall I remove them hun do you think ? lol.


I thought it something that I read before but I think I've gone a bit braindead at the mo......:o .

Sorry folks, yes that one link above is a link is from 2 years ago, things have been updated since then.;) The other above that is that of this month's news.

(I was also looking at the date on the above right which is over the last few days - silly me) lol.:rotfl: :rotfl:

marshallka

di3004 wrote: »

oh dear........:o , this is embarrassing yes hun just checked at the bottom of that page, still it may be useful for the ones who are interested in finding our further information if they have not done so before, shall I remove them hun do you think ? lol.


I thought it something that I read before but I think I've gone a bit braindead at the mo......:o .

Sorry folks, yes those above are links from 2 years ago, things have been updated since then.;)

(I was also looking at the date on the above right which is over the last few days - silly me) lol.:rotfl: :rotfl:

No Di, not silly if Endeavour had this in their terms and if they did then they went against the FSA in that they should have calculated something. Were there terms NIL refund and what refund did you get?


Under the agreement announced on Thursday, companies selling PPI policies will no longer include nil refund terms in new contracts and will not enforce those in policies held by existing customers.

Ahhhh, just realised something, this was 2006 and your ppi was settled in 2005. What a bummer...:mad:

The courts would not think like that though...

di3004

marshallka wrote: »

No Di, not silly if Endeavour had this in their terms and if they did then they went against the FSA in that they should have calculated something. Were there terms NIL refund and what refund did you get?


Under the agreement announced on Thursday, companies selling PPI policies will no longer include nil refund terms in new contracts and will not enforce those in policies held by existing customers.

Ahhhh, just realised something, this was 2006 and your ppi was settled in 2005. What a bummer...:mad:

The courts would not think like that though...

Arh I got you now lol, its okay hun, I have my head in the clouds, only had over an hours sleep last night....:rolleyes: .


In the paperwork of Endeavours what we did receive when we first had the policy they did state "if you settle early, you may be entitled to a refund", what they did do was part rebate (small proportion of the amount), nothing back in money though, to me a refund and rebate is a different issue, what do you think hun ?

Now when this was settled it did not show how they calculated this as such, but its possible the loan and ppi were calculated together I imagine, but when requesting this there were no informal answers here, only that they did rebate a part portion of the amount.

So I include the unfair rebate to be on both loan and ppi together sort of thing.

marshallka

di3004 wrote: »

Arh I got you now lol, its okay hun, I have my head in the clouds, only had over an hours sleep last night....:rolleyes: .


In the paperwork of Endeavours what we did receive when we first had the policy they did state "if you settle early, you may be entitled to a refund", what they did do was part rebate (small proportion of the amount), nothing back in money though, to me a refund and rebate is a different issue, what do you think hun ?

Now when this was settled it did not show how they calculated this as such, but its possible the loan and ppi were calculated together I imagine, but when requesting this there were no informal answers here, only that they did rebate a part portion of the amount.

So I include the unfair rebate to be on both loan and ppi together sort of thing.

I don't know about unfair rebates and unfair refunds? I assume they actually showed you how much was rebated of the insurance ppi thing. On my firstplus i had a £90 rebate/refund??? of a £4163 policy. (But of course the policy cost a lot more than the £4163 as the interest was spread over the entire term of the loan.)

I think the unfair rebate includes the loan and ppi as the ppi interest is spread across the whole loan meaning that you are paying an extortionate amount in the end. The amount they refund you is taken off the first bit of the policy amount. ie without the interest added. I think thats what you mean otherwise you will have to explain this to me Di.

rachey6th

Thanks all, will send another letter - this time by recorded delivery for the two seperate loans. I will keep you updated. Thanks again. Rachxx

marshallka

Just had a reply for the OFT about a complaint i put in about 2+ months ago about FIrstplus, Freedom Finance and Bespoke. They can't do anything for me personally but they have noted my comments. I think anyone that feels a company is out of order should make these complaints as the more complaints they actually get about a company the more likely they are to review their consumer credit licences and then put a stop to their unscroupulous lending methods.

They did send me a link that may be of use to anyone here

http://www.oft.gov.uk:80/advice_and_resources/resource_base/legal/cca/debt-management