PPI Reclaiming discussion Part II

di3004

Just come up with an old write up in the media (GISC).
Not a great deal of information really.......:rolleyes:


http://www.thisismoney.co.uk/insurance/article.html?in_article_id=370077&in_page_id=4&in_a_source=

And this but not a great deal of info really.

http://209.85.135.104/search?q=cache:rau_6BYT3ZwJ:www.hm-treasury.gov.uk/media/B/0/tc04_RIAMT.pdf+there+is+nothing+about+GISC+online&hl=en&ct=clnk&cd=2&gl=uk&ie=UTF-8

And this:

http://www.biba.org.uk/MediaCenterContentDetails.aspx?ContentID=658

Was this the link you added earlier hun ?
http://bila.org.uk/lecture_scripts/lectgisc.asp

You could always try contacting the last link I added, what do you think ?
They may be able to confirm the code of conduct on GISC ???

wayne

hi di,here,s the letter i sent them ---

16TH JULY 2008

LIVERPOOL VICTORIA BANKING SERVICES
OF COUNTY GATES
BOURNMOUTH
BH1 2NF

Dear Sir or Madam,

Re: Account number:
Re:ppi policy number:

I purchased the above policy from you in AUGUST 2006 but now believe that I was mis-sold this policy for the following reason.

This is due to the fact that I paid a single premium for my policy but did not see it through to the end of it’s initial term after paying back my loan earlier than planned on the 9th February 2007.

Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.

I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.

Yours faithfully,
oops dont know what i,ve done there but the letter is in there.sorry

marshallka

wayne wrote: »

hi di,here,s the letter i sent them ---

16TH JULY 2008

LIVERPOOL VICTORIA BANKING SERVICES
OF COUNTY GATES
BOURNMOUTH
BH1 2NF

Dear Sir or Madam,

Re: Account number:
Re:ppi policy number:

I purchased the above policy from you in AUGUST 2006 but now believe that I was mis-sold this policy for the following reason.

This is due to the fact that I paid a single premium for my policy but did not see it through to the end of it’s initial term after paying back my loan earlier than planned on the 9th February 2007.

Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.

I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.

Yours faithfully,
oops dont know what i,ve done there but the letter is in there.sorry

Wayne did you only mention your main reason for misselling was due to it being paid early as this letter implies here. It looks like it. You probably have made more of an issue on the rebate side of things and not the actual selling. Perhaps you could write back and add that this was missold to you because you had no idea you were purchasing a single premium policy and that you would be paying interest on the premium for the full term of the loan.Also state any other reasons that you feel it was missold to you.

Was it compulsory to your loan for instance and were you asked about previous medical conditions and told they would be excluded from the policy etc. It just seems to me they think you are saying you did not get a rebate.

Also, i thought that they were automatically repaying their customers back for these policies??

http://www.fsa.gov.uk/pages/Library/Communication/PR/2008/083.shtml


When customers rang LVBS to apply for a personal loan, LVBS added the cost of PPI to the quotation without the customer asking for it. If customers realised they did not have to buy the cover and objected to it, LVBS put pressure on them to take the PPI. When speaking to customers LVBS did not explain that the cost of the single premium PPI was added to the loan and that as a result customers paid additional interest on the PPI premium for the life of the loan. LVBS also provided inadequate information to its telephone customers about the features, exclusions and limitations of PPI and often provided information that was unclear, unfair or misleading. In 97 sales calls reviewed, the FSA found over 60% to be non-compliant.

Wayne when was your policy actually taken out???

wayne

further to previous correspondence,i have now completed my investigation regarding your ppi policy.
i am sorry that you felt the need to complain and thank you for giving l v the opportunity to investigate the issues you have raised.
your complaint.
you paid a single premium for your ppi policy but did not see it through to the end of its initial term after paying back your loan earlier than planned on 9th february 2007.
on 6th august 2008 mr jones called lv in response to a message that was left for him.mr jones agreed that the reason for the complaint is because you were charged the full premium despite the fact that you settled your account early.
my investigation.
in conducting my investigation of the issues you have raised,i have considered all of the information available to me including:
the documentation you completedat the time you took out the loanand purchased the ppi.
the recording of our telephone calls when you took out the loan and purchased the ppi.
the ppi policy document which was sent with the credit agreement upon the personal loan being agreed.
after careful consideration and weighing up all of the facts,i am satisfied that a refundof ppi premium and interest was applied to the settlement figure which you paid when you settled your loan on 9th february 2007.therefore,i am not able to uphold your complaint.
my 9investigation has shown that you settled the loan on 9th february 2007.a settlement figure has been calculated which included a rebate of ppi premium and interest.when the account was settled the account balance was credited with a rebate for the future payments of ppi premium and premium interest which reduced the balance outstanding after the settlement amount had been applied.
the ppi policy document states under part 2-general provisions
where you have paid the premium for this policy in full before the start date,upon early settlement of the sum due under the agreement before its original expiry date,provided no benefit has been paid to the coverholder under the terms of the policy you shall be entitled to a refund of premium calculated in accordance with the companies rebate procedures then in force.
the balance on your account as of 9th sept 2007 was £32,210.40 before the settlement amount was applied.
a refund of finance charges of £5503.75 was applied to your account which reduced the balance outstanding to £26,706.65
a refund of future ppi premium £2188.36 and interest £587.56 was applied to your account which reduced the balance outstanding to £23,930.73.
i appreciate that you may be disappointed with this outcome,however i hope that you will be satisfied that i have made every effort to review your complaint fully and fairly.
what happens now.
this is our final response letter.however,if you would like to discuss the content of this letter or any aspect of our investigation in more detail,please contact us on

---

.
should you remain dissatisfied with our conclusion,you may refer your complaint to the FOS...
thats the whole response from l v.also sent a leaflet about FOS and informing me that i have to contact FSO within 6 months.hope thats a help for you di lol

marshallka

wayne wrote: »

further to previous correspondence,i have now completed my investigation regarding your ppi policy.
i am sorry that you felt the need to complain and thank you for giving l v the opportunity to investigate the issues you have raised.
your complaint.
you paid a single premium for your ppi policy but did not see it through to the end of its initial term after paying back your loan earlier than planned on 9th february 2007.
on 6th august 2008 mr jones called lv in response to a message that was left for him.mr jones agreed that the reason for the complaint is because you were charged the full premium despite the fact that you settled your account early.
my investigation.
in conducting my investigation of the issues you have raised,i have considered all of the information available to me including:
the documentation you completedat the time you took out the loanand purchased the ppi.
the recording of our telephone calls when you took out the loan and purchased the ppi.
the ppi policy document which was sent with the credit agreement upon the personal loan being agreed.
after careful consideration and weighing up all of the facts,i am satisfied that a refundof ppi premium and interest was applied to the settlement figure which you paid when you settled your loan on 9th february 2007.therefore,i am not able to uphold your complaint.
my 9investigation has shown that you settled the loan on 9th february 2007.a settlement figure has been calculated which included a rebate of ppi premium and interest.when the account was settled the account balance was credited with a rebate for the future payments of ppi premium and premium interest which reduced the balance outstanding after the settlement amount had been applied.
the ppi policy document states under part 2-general provisions
where you have paid the premium for this policy in full before the start date,upon early settlement of the sum due under the agreement before its original expiry date,provided no benefit has been paid to the coverholder under the terms of the policy you shall be entitled to a refund of premium calculated in accordance with the companies rebate procedures then in force.
the balance on your account as of 9th sept 2007 was £32,210.40 before the settlement amount was applied.
a refund of finance charges of £5503.75 was applied to your account which reduced the balance outstanding to £26,706.65
a refund of future ppi premium £2188.36 and interest £587.56 was applied to your account which reduced the balance outstanding to £23,930.73.
i appreciate that you may be disappointed with this outcome,however i hope that you will be satisfied that i have made every effort to review your complaint fully and fairly.
what happens now.
this is our final response letter.however,if you would like to discuss the content of this letter or any aspect of our investigation in more detail,please contact us on

---

.
should you remain dissatisfied with our conclusion,you may refer your complaint to the FOS...
thats the whole response from l v.also sent a leaflet about FOS and informing me that i have to contact FSO within 6 months.hope thats a help for you di lol

Wayne see my post above but it seems your complaint was about a rebate and this reply also states that too. You have complained only about the rebate and said it was missold for that reason????? They have stated that a rebate was applied and they have now given you a final response to your complaint of paying it early. If you felt it was missold to you then you have not made it clear in your complaint and may have to go through it all again and this time put your reasons for misselling.

What was the original date the policy was applied??

di3004

wayne wrote: »

further to previous correspondence,i have now completed my investigation regarding your ppi policy.
i am sorry that you felt the need to complain and thank you for giving l v the opportunity to investigate the issues you have raised.
your complaint.
you paid a single premium for your ppi policy but did not see it through to the end of its initial term after paying back your loan earlier than planned on 9th february 2007.
on 6th august 2008 mr jones called lv in response to a message that was left for him.mr jones agreed that the reason for the complaint is because you were charged the full premium despite the fact that you settled your account early.
my investigation.
in conducting my investigation of the issues you have raised,i have considered all of the information available to me including:
the documentation you completedat the time you took out the loanand purchased the ppi.
the recording of our telephone calls when you took out the loan and purchased the ppi.
the ppi policy document which was sent with the credit agreement upon the personal loan being agreed.
after careful consideration and weighing up all of the facts,i am satisfied that a refundof ppi premium and interest was applied to the settlement figure which you paid when you settled your loan on 9th february 2007.therefore,i am not able to uphold your complaint.
my 9investigation has shown that you settled the loan on 9th february 2007.a settlement figure has been calculated which included a rebate of ppi premium and interest.when the account was settled the account balance was credited with a rebate for the future payments of ppi premium and premium interest which reduced the balance outstanding after the settlement amount had been applied.
the ppi policy document states under part 2-general provisions
where you have paid the premium for this policy in full before the start date,upon early settlement of the sum due under the agreement before its original expiry date,provided no benefit has been paid to the coverholder under the terms of the policy you shall be entitled to a refund of premium calculated in accordance with the companies rebate procedures then in force.
the balance on your account as of 9th sept 2007 was £32,210.40 before the settlement amount was applied.
a refund of finance charges of £5503.75 was applied to your account which reduced the balance outstanding to £26,706.65
a refund of future ppi premium £2188.36 and interest £587.56 was applied to your account which reduced the balance outstanding to £23,930.73.
i appreciate that you may be disappointed with this outcome,however i hope that you will be satisfied that i have made every effort to review your complaint fully and fairly.
what happens now.
this is our final response letter.however,if you would like to discuss the content of this letter or any aspect of our investigation in more detail,please contact us on

---

.
should you remain dissatisfied with our conclusion,you may refer your complaint to the FOS...
thats the whole response from l v.also sent a leaflet about FOS and informing me that i have to contact FSO within 6 months.hope thats a help for you di lol

Hi there Wayne

Just going through this now hun and I feel another letter will have to go to LV, even though they state its their final response.

Like our Marshallka has said, its a great letter but we need to add a bit more of the mis selling than the actual rebate itself.;)
I should have mentioned this beforehand, the more reasons for the mis selling the better, they have actually taken it that this is about the settlement at the end of it.

So write back and add it as a brand new complaint, tell them you feel this was overlooked where you would like them to reconsider this as a brand new complaint and add further information of your complaint.

Was this your first letter ?
If so you should be given the chance to give further information.;)

You could forward to the FOS if you wanted to at this stage but I feel something is missing, so write to them and request if they could re-consider your complaint as you also have other reasons for why you believe you were mis sold.

For instance you may not have been eligible.
They may have added this without your knowledge.
They did not make you aware this was a front loaded product which would cost you more in the long run also due to the added interest.
You were not informed you could have had a separate cover (which would have been a cheaper option for you).
There are loads of reasons of why they may have mis sold you this hun.

I would ask them to let you know within 7-14 days if they will look at this complaint again as a brand new complaint as you were not given the option to forward further information.
However, because its classed as a brand new complaint, you would have to give them another 8 weeks, so if you have not heard from them about this (to let you know they will or will not look at the complaint again by 7 - 14 days) to confirm this to you then maybe it would be best just to get on to the FOS.

Keep posting here if you need further info, one of us will be able to guide you here.

Good luck!
Di.
x

(If they give you a chance to forward the information on this actual complaint then I would only give them 14 days anyway - especially if that was the first letter you received from them), normally a final response is the 2nd one in my experience).


Keep at them hun.

HKS

Hi everyone,

After your help a few weeks ago I sent my first letter off to the Halifax on behalf of my fiance. We had a response on the 2nd September and then a further response just six days later. To cut a a three page letter short they are rejecting all our claims about miselling but then state;

"However, as a valued customer we are prepared to put you back in the position you would have been in had you not taken the insurance. This is done without admission of liabilty and in full and final settlement of your complaint about PPI on your loan"

Ok, so think I'm savvy enough to work out this is a good thing (thanks so much to Martin and you guys for your help) but just wanted to make sure if there was anything I should look out for in their offer letter (which we should receive shortly)? I can't believe it was so easy, I was all ready for a big battle!!

Many thanks again for all your help.

Helen

di3004

HKS wrote: »

Hi everyone,

After your help a few weeks ago I sent my first letter off to the Halifax on behalf of my fiance. We had a response on the 2nd September and then a further response just six days later. To cut a a three page letter short they are rejecting all our claims about miselling but then state;

"However, as a valued customer we are prepared to put you back in the position you would have been in had you not taken the insurance. This is done without admission of liabilty and in full and final settlement of your complaint about PPI on your loan"

Ok, so think I'm savvy enough to work out this is a good thing (thanks so much to Martin and you guys for your help) but just wanted to make sure if there was anything I should look out for in their offer letter (which we should receive shortly)? I can't believe it was so easy, I was all ready for a big battle!!

Many thanks again for all your help.

Helen

Well done Helen,
If your happy then we are too.;)

They do not want to admit they mis sold, but never mind, as long as they put this back right for you as it should be then that's cool.

Post up here when you receive your letter if you want to hun just to make sure.
Someone will check this out for you, obviously do not add your personal details as you know.

Good work!:D :j :beer: .

Di.
x

marshallka

HKS wrote: »

Hi everyone,

After your help a few weeks ago I sent my first letter off to the Halifax on behalf of my fiance. We had a response on the 2nd September and then a further response just six days later. To cut a a three page letter short they are rejecting all our claims about miselling but then state;

"However, as a valued customer we are prepared to put you back in the position you would have been in had you not taken the insurance. This is done without admission of liabilty and in full and final settlement of your complaint about PPI on your loan"

Ok, so think I'm savvy enough to work out this is a good thing (thanks so much to Martin and you guys for your help) but just wanted to make sure if there was anything I should look out for in their offer letter (which we should receive shortly)? I can't believe it was so easy, I was all ready for a big battle!!

Many thanks again for all your help.

Helen

Hi,

If i was you i would post all your details on here for someone to check that they are actually paying you back the full amount and the interest too.

Is this loan still active?? If it is and this was a single premium policy then they have to take into account the interest payable on the PPI for the full term of the loan.

Just post the offer and details of your loan and dates and someone can maybe check this out for you.

Well done.

HKS

Thank you, as soon as we get the offer letter I will post details on here. The loan is still active and it was a single premium policy.

Thanks again

Helen