PPI Reclaiming discussion Part II

marluc

Hi everyone. I haven't been on here for a few days I have been so busy at work and at home.
I have received a letter from FF solicitor's stating that CPR 18 does not apply to Small Claims (CPR Rule 27.2)
But with a view to narrowing the issues in dispute they have responded to my request for more info.
To sum up they state:

• that FF policy - to provide clear + comprehensive documentation to ensure customers are fully aware of their options.
• FF always operated on a non-advised sale. FF forwarded all enquiries to their underwriting department.
• All FF customer facing employees undertake initial induction programme specific to their role. Underwriters + advisors undertake lender traing with ongoing product testing to maintain competence.
• I had the mandatory consideration period to enable me to make an informed choice. I signed the credit agreement, FF understood that I had read all documentation and were happy to proceed.
• FF does not retain data with regard to internal audits prior to FSA regulation of FF

The letter then states that i have made 8 heads of claim against FF which are without merit.

Does this mean that they are telling me I won't win?????

Also included was a separate letter Without prejudice save as to costs
in which they offer me £1000 in full and final payment subject to entering into standard confidentiality agreement. I have until May 23rd to respond

Does this mean that they think I will win?????

If anyone has any ideas about whether I should reply to this letter, or whether I should go and see a solicitor or what? I'd be very grateful for any advice. Thanks in advance.

sparky0107

Hi everyone,
Just a quick question. Are GE Money, GE Money Home Lending & GE Capital bank all the same company, or seperate entities?
Thanks again in advance

Kaia_2

marluc wrote: »

Hi everyone. I haven't been on here for a few days I have been so busy at work and at home.
I have received a letter from FF solicitor's stating that CPR 18 does not apply to Small Claims (CPR Rule 27.2)
But with a view to narrowing the issues in dispute they have responded to my request for more info.
To sum up they state:

• that FF policy - to provide clear + comprehensive documentation to ensure customers are fully aware of their options.
• FF always operated on a non-advised sale. FF forwarded all enquiries to their underwriting department.
• All FF customer facing employees undertake initial induction programme specific to their role. Underwriters + advisors undertake lender traing with ongoing product testing to maintain competence.
• I had the mandatory consideration period to enable me to make an informed choice. I signed the credit agreement, FF understood that I had read all documentation and were happy to proceed.
• FF does not retain data with regard to internal audits prior to FSA regulation of FF

The letter then states that i have made 8 heads of claim against FF which are without merit.

Does this mean that they are telling me I won't win?????

Also included was a separate letter Without prejudice save as to costs
in which they offer me £1000 in full and final payment subject to entering into standard confidentiality agreement. I have until May 23rd to respond

Does this mean that they think I will win?????

If anyone has any ideas about whether I should reply to this letter, or whether I should go and see a solicitor or what? I'd be very grateful for any advice. Thanks in advance.

Hi Marluc
Looks like they are going to be awkward to deal with (putting it politely....not really what i wanted to say
Do you mind me asking (cant remember if you have already said) How much is your claim??? ( mine is just under the 5k)

You say you havent been on here for a while, have you been reading all the stuff about these unenforceable agreements? Interesting reading!

http://forums.moneysavingexpert.com/....html?t=852567

Does your CCA include all the details such as total cost for credit, I have been told that mine may be flawed that some details have been omitted which breaches the Consumer Credit Act 1974, so it may be worth looking further into this.
I wasnt sure whether I would be able to do all this myself and like you had a few sleepless nights before I issued the claim, I am still waiting for a response , FF have until the 26th May.

I am expecting a response like yours.

I think I will probably look into getting someone to take it on for me, apparently you CAN add the costs to the claim....unless anyone knows any different???

What the solicitors have told you above , is stuff they HAVE to say, they are obviously going to defend and they try to frighten you into thinking that you dont stand a chance, (because thats what your thinking now arent you....so they have suceeded in frightening you already)

Now... you and I and thousands of other people out there know full fact that options were NOT given , bully tactics WERE used, and you only have their word for it that the staff were fully trained, in court they will have to prove it.( and we all know their word doesnt count for much :rotfl: !!!)
If they havent done anything wrong, I wonder why are they offering you a £1000 to shut up and go away!!!!!!
I think they are the ones who are fightened, they know you will win!

And as for the point they constantly love to bring up ...that they sold on a "non-advised basis" there were still standards they had to abide by and didnt.

This is what the FSA say about Non-advised sales...."The customer must, however, still receive sufficient information on the product to enable them to make an informed decision as to whether it meets their own demands and needs".

Any firm providing advice when they don’t have the appropriate permission is acting outside their scope of permission and is therefore NOT meeting our requirements.

If the sale was made without advice, the firm that sold the product should be able to demonstrate through their records that the customer selected the product without any specific recommendation.
So they WILL HAVE TO prove this.

They must not be allowed to get away with it.
Please dont give up! Take them all the way!!!:money:

marluc

Thanks Kaia for the very detailed info. I will let you know how things pan out. You are always supportive. Take care. Marluc

maisy

I took my 1st loan out with natwest november 2003, i've since taken out 4 more loans, each to pay off the amount exsisting on the previous loan as well as paying for other things, all of which had PPI. I took my last one out october 2006 for £21000, I took it out over 7 years at £396 per month, in total I would be paying back £33,600!!! It was brought to my attention by a friend at work what a rip off PPI was. I was told about this site and after reading the article I realised I had been sold single premium policies with all of my loans. Although I was aware I was taking the PPI I had no idea how much it would add to the overall cost of the loan and I was mortified to find out I had been loaned the £21000 I needed plus the £6700 For the PPI!! This was not brought to my attention by the sales person therefore I feel I was missold. Also when I found out about all this I promptly went to my bank and cancelled the PPI, upped my repayments and shortened the length of the loan. One thing that bothered me was by this time I had paid 14 payments of £396 on my £21000 loan, a total of over £5500, but when i went to the bank they told me my total amount outstanding was £19750!! How can that be? Where has the other £4000 gone? Is it legal? I hate being ripped off and it annoys me that banks are getting away with this. Do i have a good case?

maisy

I took my 1st loan out with natwest november 2003, i've since taken out 4 more loans, each to pay off the amount exsisting on the previous loan as well as paying for other things, all of which had PPI. I took my last one out october 2006 for £21000, I took it out over 7 years at £396 per month, in total I would be paying back £33,600!!! It was brought to my attention by a friend at work what a rip off PPI was. I was told about this site and after reading the article I realised I had been sold single premium policies with all of my loans. Although I was aware I was taking the PPI I had no idea how much it would add to the overall cost of the loan and I was mortified to find out I had been loaned the £21000 I needed plus the £6700 For the PPI!! This was not brought to my attention by the sales person therefore I feel I was missold. Also when I found out about all this I promptly went to my bank and cancelled the PPI, upped my repayments and shortened the length of the loan. One thing that bothered me was by this time I had paid 14 payments of £396 on my £21000 loan, a total of over £5500, but when i went to the bank they told me my total amount outstanding was £19750!! How can that be? Where has the other £4000 gone? Is it legal? I hate being ripped off and it annoys me that banks are getting away with this. Do i have a good case?

Kaia_2

Hi Maisy
Have you sent any letters yet or requested the SAR?
These are generally the first steps to take.

Use Martins template letter to complain to NatWest re: the mis-sold PPI highlighting whatever is specific to your case.....
....... and there is a very good template letter courtesy of Laini for the SAR request letter (post #412 on page 21).
Remember,you must include £10 cheque /postal order for your SAR.

It is always recommended to send any letters by Registered Post to comply with legislative timescales.

gamekeeperturnedpoacher

Hi, I think you are low balling your rebate, remember it is 8% APR so you have to add the first years interest to your reclaim amount then x 8% to that reclaim amount and the first years interest and so on. Your interest should be £1186.26. You get 8% per year not 8% of the reclaim amount.

Jul-02 2021.33 8% 161.7064 Jul-03 2183.036
174.6429 Jul-04 2357.679
188.6143 Jul-05 2546.294
203.7035 Jul-06 2749.997
219.9998 Jul-07 2969.997
237.5998



Total Interest 1186.26

Kaia wrote: »

Trying to work out the amount to claim.....is this the way it works...can anyone tell me if this sounds about right...please .....

PPI amount was "2021.33 back in july 2002
So i eed 8% of that , yes?

8% of £2021.33 = £161.71

£161.71 divide by 365 = 0.4430

3334 days x 0.4430p = £1476.96

So the PPI amount of £2021.33 plus the figure above £1476.96 =£3498.96

So i need to claim £3498.96....(to date)

does it sound about right do you think??????? do the calculations seem right?
HAVE I DONE IT THE RIGHT WAY?????

Any advice would be hugely appreciated....I need to get this claim in ASAP as I am running out of time.
Any one been down the MCOL route lately, any tips appreciated.

gamekeeperturnedpoacher

Hold on not sure I am right, let me work it out again

gamekeeperturnedpoacher wrote: »

Hi, I think you are low balling your rebate, remember it is 8% APR so you have to add the first years interest to your reclaim amount then x 8% to that reclaim amount and the first years interest and so on. Your interest should be £1186.26. You get 8% per year not 8% of the reclaim amount.

Jul-02 2021.33 8% 161.7064 Jul-03 2183.036
174.6429 Jul-04 2357.679
188.6143 Jul-05 2546.294
203.7035 Jul-06 2749.997
219.9998 Jul-07 2969.997
237.5998



Total Interest 1186.26

gamekeeperturnedpoacher

Where are you getting 3444 days from??

This is the correct calculation;

Jul-02 2021.33 8% 161.7064 Jul-03 2183.0364
174.64291 Jul-04 2357.6793
188.61434 Jul-05 2546.2937
203.70349 Jul-06 2749.9971
219.99977 Jul-07 2969.9969
237.59975
3207.5967 to 30/04/08 - 5.33APR 170.9649 Total Interest 1357.2316