PPI Reclaiming discussion Part II

tiggrae

lily147 wrote: »

Hi
I'm new to this!!
recently sent in a reclaim to HSBC regarding 3 ppi policies....1 on a business loan, 1 on a business overdraft & 1 on a personal loan.
They have just replied to say that they will uphold the personal claim but not the business ones as the policy clearly states what the ppi is for & also that monthly payments were being taken from my accounts so I was aware I was paying for them. Plus there was a cooling off period. Plus I have only just complained & have never tried to cancel the policies.
My main complaint with them was that I did argue at the time with the bank manager, face to face, and he stated that he would not give me the money without my taking out the policies. Since then, I had been too scared to cancel them as I feared they would demand all their money back.
I only put the claims in after closing my business & repaying the business loans.
Should I accept their offer or push on with my claim? If I push on do I lose the initial offer, even though it's on a different policy/account?
Can anyone offer any advice Please

take your complaint to the financial ombudsman

tiggrae

YEOSAL wrote: »

Hi
I am after a bit of help if possible.
Have done court forms for Lloyds TSB who are defending their claim and have advised me they have instructed a solicitor. I am not sure that I have calculated the interest correctly.

The total amount paid for PPI including interest is £1993.20. I calculated the 8% interest from the beginning of the loan, not sure whether this should have been from the end of the loan.

I have got a claim to do for Lombard too, but struggling with the calculations.
Loan Amount £15000.00
PPI amount £4132.09
APR 13.9% - Loan 5yrs from May 1998 - April 2003. 60 monthly payments.

Stuck again with when the 8% should be charged from.

Any help would be great!

hi there, you need to calculate how much of your monthly premium you paid for the PPI element - then feed those figures into the bank charges calculator for each month you paid - this will work out the statutory 8%

the calculation is of statutory interest is (monthly premium paid x .00022222) x number of days since paid

tiggrae

DebtMagnet wrote: »

So just had a reply to my first letter from GE Money and no surprise they are saying that there is no evidence of any mis-selling and no refunds are due. However a few things they say have given me new questions.

They pointed out that as my agreement dates back to 1999 the FSA fine they recieved (which I pointed out on my letter as per Martins template) is not relevant as it only relates to policies purchased after 14th Jan 05. Fair enough and I have looked at the other thread on the FLA and other bodies but to be honest, it doesn't seem like they are much use? Has anyone had anything other then the FLA passing the complaint straight back to the original company?

My other question relates to my original agreement. They say they can't retrive a copy of my credit agreement due to the length of time since my account was opened yet they go on to state that:

"I can confirm that on your credit agreement it asked for you to sign the relevant section if you required the account cover, which you did."

Now maybe this is too simplistic of me but if they have no agreement to show this, how can they confirm that I did actually sign the relevant section as they claim? Can I not simply just tell them to go ahead and prove it?

I may well have signed something, but it was in a shop, I was young, I had never had any credit and nobody explained that there was anything added to the card that would have cost me more. If they told me to sign a box or two then I would have done it. They say that as it was shown on each monthly statement then I should have known it was there and could have claimed on it at any time or likewise cancelled it. The fact of the matter is I didn't know it was optional and just thought it was just part of the standard monthly charges for the store card and certainly didn't know it was insurance.

So I can't go to the ombudsman but should I simply write back to them and tell them that I do not agree with their findings and ask them to provide proof that they follwed the guidelines they state and that I did actually sign this 'relevant section' of the form? Am I right in saying that without anything showing my signature, they wouldn't have a leg to stand on should I go down the court route (which I would like to avoid if possible?) and merely pointing that out should be enough?

Thanks in advance,
DM

you can have a go but by experience I know they won't move !!!

tiggrae

mishnewclaimer wrote: »

can anyone help with this please

there isn't a template letter but why don't you want to fill in their questionaire?

tiggrae

marluc wrote: »

Does anyone have any knowledge of reputable companies - No Win no Fee types? Or is it better to just go and see a Solicitor from the High Street as it were?
Thanks for help in advance

go to the citizens advice bureau first ! just as a matter of interest what did you put on the particulars on your court documents ?

miaoww

Hi guys,
Can anyone help / advise of any success stories re first plus - have just sent off 2nd template letter to them - 1st reply was basically you signed to form etc whats their likely response to be?
Do they just credit the amount off the loan? or send you a cheque
How long does it normally take with these people?

Just need a little encouragement the letter was intimidating and not used to this also reclaiming bank charges at the mo so a lot going on!

Thanks

tiggrae

miaoww wrote: »

Hi guys,
Can anyone help / advise of any success stories re first plus - have just sent off 2nd template letter to them - 1st reply was basically you signed to form etc whats their likely response to be?
Do they just credit the amount off the loan? or send you a cheque
How long does it normally take with these people?

Just need a little encouragement the letter was intimidating and not used to this also reclaiming bank charges at the mo so a lot going on!

Thanks

First Plus will always reject every claim - your 2nd letter will have no affect whatsoever, you need to take your complaint to the financial ombudsman.

LilacPixie

Tiggrae - Need a little help with sorting out a PPI calc. WFS loan, ppi front loaded at the start and interest from the begining at a massive rate. How should I do the calc??

Should I remove the ppi front loaded amount and workout how much I would of paid without PPI and subtract that from the actual amount paid?? Then divide that amount by the 36 months the loan ran for and feed that amount into the 8% calc??

angelwillow

Challenged Lloyds with the pre-ticked box fact and they have said it was up to me to say something at the time - am I right in thinking this isn't right and is frowned upon by the FSA?
Is my next port of call FO?

Tabitha72

tiggrae wrote: »

take his complaint to the Financial Ombudsman - you can download the complaints form from their website

Thank you very much.
I will do so.