PPI Reclaiming discussion Part II

di3004

Okay, just dug out the form ready for Endeavour, and the FOS letter is with it again I will add what the FOS added in the letter so that many of you will know when it comes to your own complaints, if mis sold or unfair rebate etc.

29 August 2008

Dear

Thank you for contacting us.

As this is a NEW complaint I have allocated a NEW reference which is:
XXXXXXX

I should explain that you may be eligible to complain about the unfair settlement/rebate.
But before we can consider a complaint, the business concerned must have been given a chance to put things right.

I would therefore suggest contacting the business with details of your complaint.
Thir address is:

Sirs
Endeavour Personal Finance Limited
Central Complaints Department
PO BOX 3607
Birmingham
B1 2XJ

The business should issue their final response in writing within 8 weeks of the date they receive your complaint. On receipt of the business's final response, if you feel they have not put things right, or alternatively, if you have not heard from them after those 8 weeks, please complete the enclosed complaint form and sent it to us along with any supporting documentation including a copy of the original agreement.

We will take no further action unless you contact us.

Yours sincerely

Consumer consultant
...................................................................................................
Right then okay a new ref number is added for me.

The reason they added on the form ready where it states:
"Please tell us what your complaint is about"

The FOS added:

Unhappy with Unfair settlement of the insurance. (Customer believes the rebate was incorrect) this is not connected to ref XXXXXX

They also added the date for me on the question
"When did the advice, transaction or poor service that your complaining about take place? Nov 2005
.................................................................................................

di3004

As I have stacks of paperwork everywhere right now, I have also come across some of the FOS letters when my complaint against Nemo were with them.

Now from the start this was case with mine.

The caseworker first looks at the complaint.

Then it was moved on to the Adjudicator because Nemo were not having any of it the first time round.

Then it was moved on to the Ombudsman himself because Nemo requested for a review.

I take it this is how Laini's has worked out:

Caseworker
Adjudicator
Ombudsman.

Very complexed case !!!!

di3004

Looking back at the documents from the FOS (letters), I will add some of the findings that was added.
This was when they were dealing with Nemo (loan advance).
I will not write everything but just parts.

FINDINGS

I determine complaints in accordance with the powers granted to me by the Financial Services and Market Act 2000. This requires me to make a decision that I consider fair and reasonable in the circumstances of the case, bearing in mind the terms of the insurance contract, the law and good insurance practice. I have now had the opportunity to consider carefully all of the evidence and arguments provided by both parties.

Firstly, Whilst I note that Nemo suggests that the Sale of the loan was originally done by a Third party broker and that as such it should only make restitution for the part of the premium that it sold; I am afraid I do not agree.
The two loans are separate loans and I note that Nemo, in its solicitor's letter of 16 April 2007, admits the loan taken on the 7 July 2006 redeemed the previous loan. This suggest to me that the sale in 2006 was completely separate and independent of any loan and payment protection policy sold by a third party broker in 2005.

The evidence therefore confirms that in fact, a new loan agreement was taken taken out which replaced the one signed in November 2005, it therefore follows that the payment protection policy was a new policy replacing the one which was already in existence.
Nemo cannot therefore say that any part of the insurance premium of £10,862.50 plus interest detailed on the July 2007 agreement was sold by a third party broker.
Furthermore, it seems that Mr & Mrs XXXXX were expressively told that in order to be able to borrow the amount they required they would have to take the payment protection policy as re-financing without the insurance would take them ove the threshold that Nemo would be prepared to lend.

Of course if Mr & Mrs XXXXX are unhappy with the rebate that they received when the 2005 loan and policy were redeemed they are free to pursue the broker that sold for the balance if they consider that - that policy was also mis-sold.
................................................................................................
Now this is why we are currently now trying to sort out the Twopart/eloan claim, the amounts to relclaim etc
It was then we realised we were mis sold by the broker too.:rolleyes:

di3004

Came across this while going through the SAR lloyds tsb.
Also a document/certificate stating they were then members of the GISC.;)

Loan taken out on Dec 2004

Loan amount £10,000
Monthly repayment 154.23

PPI £2,241.37
Monthly repayment 34.57

Total loan £12,241.37
Monthy repayment total = £188.80
Annual percentage of 7.7%

Price of loan protection premium £2.241.37
Interest on the loan protection loan £662.42
Total price of loan protection £2,903.79

We had settled this one in Nov 2005 when we had the eloan loan arranged by broker, the final payment was that of £9,676.45 plus on its statement it states: other £1,658.23
Interest charged £65.40
Early settlement fee £140.14, so all in all in the total of that loan an amount of £13,222.68 in the total balance.
..............................................................................................
There are more to go yet.:rolleyes:
Where it states Optional loan protection, we have not ticked these, these are printed crosses.

bezntom

marshallka wrote: »

Have you acepted their offer here in writing... Also have they put you back into the position as if you never had the PPI at all. That means all the PPI back including interest added onto the loan and statutory interest too. If you post the figures on here someone can check you are not being fleeced again here and as regards the payment. I think you can demand it as a cheque and not that it be taken off the loan. If they do not play ball as you want then i would let the FOS deal with it for you.

I have not accepted their offer , I have just emailed egg stating my rejection and my reasons for doing this unless it is in the way I request . I have also asked for a full break down of how they arrived at the figure they did and informing them i will exercisae my rights to contact the FSO if they fail to resolve it to my satisfaction
Will keep you updated and thanks for your help :T

di3004

bezntom wrote: »

I have not accepted their offer , I have just emailed egg stating my rejection and my reasons for doing this unless it is in the way I request . I have also asked for a full break down of how they arrived at the figure they did and informing them i will exercisae my rights to contact the FSO if they fail to resolve it to my satisfaction
Will keep you updated and thanks for your help :T

Good luck hun!

I'm sure you will get through this.;)
Di.
x

di3004

crikey I have never seen so much SAR........:eek:

Looking through their comments, there is when I was sending them my complaint letters of being mis sold credit card ppi (lloyds), they made a statement which said

"Received letter from Cardholder stating Payment Protection Cover Mis sold.
Sent cardholder our Tamplate letter to reject complaint as cardholder requested on application form".


Yeah right I did not even have a clue in 2001 what this was then :rolleyes: and in any case it would not have covered me anyway the muppets........:mad:

marshallka

di3004 wrote: »

crikey I have never seen so much SAR........:eek:

Looking through their comments, there is when I was sending them my complaint letters of being mis sold credit card ppi (lloyds), they made a statement which said

"Received letter from Cardholder stating Payment Protection Cover Mis sold.
Sent cardholder our Tamplate letter to reject complaint as cardholder requested on application form".


Yeah right I did not even have a clue in 2001 what this was then :rolleyes: and in any case it would not have covered me anyway the muppets........:mad:

Di, get your letters done and sent for monday.

di3004

marshallka wrote: »

Di, get your letters done and sent for monday.

Cheers hunni will do, just making sure I have not missed anything.....:D .

Anne.Jade

marshallka wrote: »

Just been looking at the past and this was what i got from the FOS going back to my Firstplus claim. I am a bit wary now with my other one as they told me with this one to hang on and made out they would look. My claim form was about settlement as you can see. First they say yes then no so just want to make anyone aware that even though they say to you that they can look into something (like again my second firstplus one for unfair rebate) they maybe cannot when it comes to the crunch.

Hi Marshallka

I think that as it gets closer to the statute of limitation time, you should start the court proceedings anyway and this should then protect your position should the FOS say they can't deal with it. You can always stop the proceedings if you get a favourable response from the FOS. Not sure how you go about it at the mo but I can always ask someone at work (I work for a solicitors) and let you know.

x