PPI Reclaiming discussion Part II

audi2

Hi All,
Can someone confirm for me about ‘full and final’ offers. I have had two, from two departments of the same bank – one for PPI and one for charges, both on my credit card. I am happy with the amounts (even though I think they owe more) but both departments are stating the offers are on condition that I am not to make any further claims or take any legal action against them or any of its subsidiaries, plus one department is also stating ‘This gesture of goodwill is without prejudice to our right to impose and recover default charges in the future.’

Can they legally do this?
If I put ‘Without Prejudice’ on my replies to accept the payments would this legally allow me to claim again from these departments if needed and also allow me to claim bank charges from the same bank.
I do not want to send back acceptance if the bank can stop me from being able to claim from them in the future!

marshallka

audi2 wrote: »

Hi All,
Can someone confirm for me about ‘full and final’ offers. I have had two, from two departments of the same bank – one for PPI and one for charges, both on my credit card. I am happy with the amounts (even though I think they owe more) but both departments are stating the offers are on condition that I am not to make any further claims or take any legal action against them or any of its subsidiaries, plus one department is also stating ‘This gesture of goodwill is without prejudice to our right to impose and recover default charges in the future.’

Can they legally do this?
If I put ‘Without Prejudice’ on my replies to accept the payments would this legally allow me to claim again from these departments if needed and also allow me to claim bank charges from the same bank.
I do not want to send back acceptance if the bank can stop me from being able to claim from them in the future!

They can legally do this as they are not admitting any liability to you. I posted earlier where bank/finance companies etc are now offering goodwill gestures knowing that there is a long waiting list for the FOS in the hope that people will accept these now. I would think hard about whether you are prepared to accept these conditions.

Who is the PPI with and when was it taken out if you don't mind us asking?

di3004

marshallka wrote: »

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.

Hi hun, sorry about that i had to have a doze.;)

Yes I think you have the drift hun, I was so tired earlier it may have been the way I worded it lol......:o .
Golly yours was really low wasnt it.

My loan was £21000 and not far off £4K (regulated agreement) for the ppi it was front loaded like you said and I think it worked out that over £26K was paid into the account, cannot remember off the top of my empty head lol, but they rebated just over £1.5 which was more than you were refunded, I will have to redig out the details, I do have them on here somewhere......:D .

lady123_2

Can anyone help me? ive just noticed that ive been paying cc protection on my egg cc.
now i dont check my statements regular as they are online so this maybe my fault, anyway i signed in today and noticed these charges for roughly £20 ish a month, ive never asked for cover, and my job ended in 2004, i couldnt have claimed if id wanted to as i will not sign on to receive benefits and have been bring my daughter up so not been back to work since, ive emailed them, but they ignored my request for a refund and said they would cancel the protection in 30 days, can i claim my money back?
i better check all my other cards, LOL
any help would be appriciated

marshallka

lady123 wrote: »

Can anyone help me? ive just noticed that ive been paying cc protection on my egg cc.
now i dont check my statements regular as they are online so this maybe my fault, anyway i signed in today and noticed these charges for roughly £20 ish a month, ive never asked for cover, and my job ended in 2004, i couldnt have claimed if id wanted to as i will not sign on to receive benefits and have been bring my daughter up so not been back to work since, ive emailed them, but they ignored my request for a refund and said they would cancel the protection in 30 days, can i claim my money back?
i better check all my other cards, LOL
any help would be appriciated

When was the first PPI actually applied to your card??

marshallka

di3004 wrote: »

Hi hun, sorry about that i had to have a doze.;)

Yes I think you have the drift hun, I was so tired earlier it may have been the way I worded it lol......:o .
Golly yours was really low wasnt it.

My loan was £21000 and not far off £4K (regulated agreement) for the ppi it was front loaded like you said and I think it worked out that over £26K was paid into the account, cannot remember off the top of my empty head lol, but they rebated just over £1.5 which was more than you were refunded, I will have to redig out the details, I do have them on here somewhere......:D .

We were only refunded that as we were 3 years into the policy which was to cover 5 years and also we did ask about cancelling at times and they said no. On yours if you were actually refunded something we cannot have them for the NIL refund thing but there is still a letter needed to them and also a phone call to the FOS about whether they can now look into this. Maybe give it one more day (taking account of the bank holiday weekend) and then get things moving again. Have you ever mentioned taking Endeavour to court before?? DId Tiggrae say it in the letter she did you a while back.??

Edit found the Tiggrae letter here

Dear Sirs

With regard to the above, upon early settlement of my loan in November 2005, I only received a small proportion of rebate against the Payment Protection Insurance, which I believe to be unfair under the Unfair Consumer Contract Terms Regulations 1999, especially considering the loan / PPI was taken over 25 years and settled only one year later

I am also aware the FSA have stated Companies should provide a fair refund upon early settlement.

Also, as only a small proportion was rebated, yet your own Marketing state, ‘if settle early you may be entitled to a refund’ in my opinion I did not receive a refund and believe this statement to be mis-leading and amounts to Negligent Misrepresentation under the 1967 Misrepresentation Act.


In summary, I do not feel I was treated fairly, should you fail to uphold my complaint by which I believe you unlawfully deprived me of approximately £3722.68, if this amount plus 8% Statutory Interest is not forthcoming, upon receive of your final response I will without further notice take my complaint to the Financial Service Ombudsman, on the grounds of an Unfair Settlement Rebate.

I look forward to receiving your response within 14 days of this letter.


Yours faithfully


This letter does not state the courts, only the FOS so now its time to mention the courts i would have thought. I wish Tiggrae was around now to advise....

di3004

marshallka wrote: »

We were only refunded that as we were 3 years into the policy which was to cover 5 years and also we did ask about cancelling at times and they said no. On yours if you were actually refunded something we cannot have them for the NIL refund thing but there is still a letter needed to them and also a phone call to the FOS about whether they can now look into this. Maybe give it one more day (taking account of the bank holiday weekend) and then get things moving again. Have you ever mentioned taking Endeavour to court before?? DId Tiggrae say it in the letter she did you a while back.??

Edit found the Tiggrae letter here

Dear Sirs

With regard to the above, upon early settlement of my loan in November 2005, I only received a small proportion of rebate against the Payment Protection Insurance, which I believe to be unfair under the Unfair Consumer Contract Terms Regulations 1999, especially considering the loan / PPI was taken over 25 years and settled only one year later

I am also aware the FSA have stated Companies should provide a fair refund upon early settlement.

Also, as only a small proportion was rebated, yet your own Marketing state, ‘if settle early you may be entitled to a refund’ in my opinion I did not receive a refund and believe this statement to be mis-leading and amounts to Negligent Misrepresentation under the 1967 Misrepresentation Act.


In summary, I do not feel I was treated fairly, should you fail to uphold my complaint by which I believe you unlawfully deprived me of approximately £3722.68, if this amount plus 8% Statutory Interest is not forthcoming, upon receive of your final response I will without further notice take my complaint to the Financial Service Ombudsman, on the grounds of an Unfair Settlement Rebate.

I look forward to receiving your response within 14 days of this letter.


Yours faithfully


This letter does not state the courts, only the FOS so now its time to mention the courts i would have thought. I wish Tiggrae was around now to advise....

Thanks hun, it would have taken me forever to have found that.;)

I have not seen Tiggrae here for a few days, hope she is okay, maybe having a chill for a few days.;)
But I think the next letter I should mention the courts.

Oh silly me it was 14 days then I gave and not 7 ?, I could have sworn I requested 7 days in the end, because they had already enough time dealing with the first one, or was this the first letter ? I will check my documents.

Thx hun.

marshallka

di3004 wrote: »

Thanks hun, it would have taken me forever to have found that.;)

I have not seen Tiggrae here for a few days, hope she is okay, maybe having a chill for a few days.;)
But I think the next letter I should mention the courts.

Oh silly me it was 14 days then I gave and not 7 ?, I could have sworn I requested 7 days in the end, because they had already enough time dealing with the first one, or was this the first letter ? I will check my documents.

Thx hun.

Di, this was the first letter to them that Tiggrae drafted for you..

di3004

Here is the latest lettter dated 14th August.

Endeavour Personal Finance
Birmingham, B1 2XJ


Unfair Rebate Reclaim/
Account Number:

Dear

I refer to your letter dated 12 August 2008 in which you stated that my “new complaint” of an “unfair rebate” of the policy that we had with yourselves fell outside the Jurisdiction of the Financial Ombudsman Service.

I have today received some advice about this matter and it has been confirmed to me as the complaint is about the “settlement” of the policy and the date of my settlement of this was November 2005 then this is a matter that the Financial Ombudsman service will be able to assist with.

I am surprised by your little knowledge on this matter, and just in case you receive any similar complaints then I suggest that you get the facts right before actually writing to customers with this misleading information.

Please read my letter dated 30th July 2008 again where you will note that this is about an “Unfair Settlement” which had taken place in November 2005.
I have enclosed a copy of this letter for your records.

As this event had taken place in November 2005 when settling this product, I request for you to reconsider this complaint as a “New complaint of unfair rebate Settlement” and uphold this complaint as and refund what is due to me and that also of 8% of what a court would award.

Due to this reason of “unfair rebate settlement” and the misleading information on your letter dated 12 August 2008 I am aware the Financial Ombudsman Service will be able to adjudicate in this matter and also the FSA started regulating on 14 January 2005 where this definitely comes into regulation of Jurisdiction of the Financial Ombudsman Service. So I am now preparing to take this further to these, so if you could respond within 7 days of this letter as this complaint has already been over the requested time going from the letter 30th July 2008, and I believe these 7 days are fair from the date of this letter, in order to give you a chance to add anything further or for you to resolve this matter, I enclose copies of all correspondence.

Please refer to my letter dated 30 July 2008, and reconsider this request for a refund.
I look forward to hearing from you within 7 days of this letter.

Yours sincerely

gavatar

Hi,

I've been reading up this stuff, and it seems my PPI protection is way too expensive. I want to cancel it and get whatever I can back. I don't necessarily think I was mis-sold it, I just didn't realise what a rip off it is.

I got this loan in 2005, so I'm well beyond the 30 days cancellation option. Under cancellation it says (regarding cancelling after 30 days):

"...as long as you have not made a claim " - (I have not) - " you will be entitled to a proportion of the premium paid. The refund will not be equal to the total value of the premium you have paid for the unexpired part of the term, as more of your premium is apportioned to the early part of the policy term when we bear the most risk. Any refund in premium after you have settled your agreement will be made directly to you."

I've read that about five times and I still don't completely understand it! Help!

This was one of these "insurance + loan in one lump" things - so my loan is presumably made up of what I wanted to borrow, plus the total cost of the insurance, all with interest! Is that right?

Any advice greatly appreciated. The loan has around 7.5 years left to run.

Thanks,

Gav.:question: