PPI Reclaiming discussion Part II

di3004

marshallka wrote: »

You can ring firstplus for a copy of the agreement and they have to send it to you within 12 days. They did not charge me for mine and it was taken 8 years previous. Make sure that in your letter you state the misselling on BOTH loans taken out.

I'm back !:D

Had to pop out too, that's why I have arrived back a little later than expected ........:o .

I did make a point earlier of this by requesting the paperwork mentioned, because I believe they would have to have the figures from the first one and if this did have to go the FOS a copy of these agreements would also help them.;)
Also to request for a copy of the breakdown of the first loan when settled would be a help too I believe.......:D .

TheClarks

Yep, will be on the phone to them first thing.

oh I scare myself as i try to dig my way through this :rolleyes:

di3004

Marshallka I still have to deal with Click yet, and still waiting for some responses from different ones here, the CAB are unable to do anything.... , did email trading standards and was left a reply last week that someone will get back to me, I had forgotten about this until now, now that its been the subject of business's closing and so and bought over.:rolleyes:

I will email Trading standards again tonight just to remind them and hope they will reply tomorrow.

See this is what gets me, and I do know the problem here, Click started in 2001 and still running now under that same company, taken on another click group within that group, which we had a loan/ppi with, but as this one stopped trading and dissolved in 2006, and the director already had the one from 2001 that is still running, I think its so wrong that they have walked away from complaints.........:mad:

Okay it went to the liquidators etc but how can they not be part of the complaints (Click), they obviously had funds to keep the other Click groups running, confusing though isn't it ?

di3004

TheClarks wrote: »

Yep, will be on the phone to them first thing.

oh I scare myself as i try to dig my way through this :rolleyes:

You will be just fine......:D
It will all be worth it in the end.......imagine all that money :j lol.

marshallka

TheClarks wrote: »

Is it worth posting up the letter for comment?

Always worth it...

TheClarks

TheClarks wrote: »

Yep, will be on the phone to them first thing.

oh I scare myself as i try to dig my way through this :rolleyes:

Right, just to make my mind even more blurred, I am happy with how I have covered the misselling of both policies, the only part on my letter I am not 100% about is:


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

Does this still work for me as one is active? Sorry, tell me to get lost, perhaps I'm stressing to much....

Full letter:

Dear Sir or Madam,

Re: Account numbers: xxxxxxxx and yyyyyyyy

I am contacting you regarding the above-mentioned policies which were purchased from you on xxxxxxxxxx and yyyyyyyyyy. At the time I was not given the correct information when the policies were sold to me, therefore, I now believe that I was mis-sold these policies for the following reasons:

• Your salesperson did not tell me that the PPI policy was optional.
• Your salesperson did not give me full information on what the policy would and would not cover, for example that the loan only covers the first five years of my loan term.
• Your salesperson did not explain that the cost of the policy would be added to the full term of the loan which even with the cash back the policy still costs more over the full term than the original premium.
• The cost was added to the loan without my knowledge or request.
• I was never offered a cheaper monthly alternative and is therefore contrary to the FSA's COB 4.3.6 (now ICOB 5.3.2).
• The policy is expensive, any rebate is unfair and not in proportion to the policy premium paid.

I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date, unless you can satisfactorily justify to me that the policy was fair and reasonable. I am also expecting 8% statutory interest, as I believe I have been deprived of this money, to be added 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 complaints.

Yours faithfully,

Cheers

marshallka

TheClarks wrote: »

Yep, will be on the phone to them first thing.

oh I scare myself as i try to dig my way through this :rolleyes:

You will be ok but try and communicate by letter as much as possible and send them recorded delivery so you have a copy and proof.

marshallka

TheClarks wrote: »

Right, just to make my mind even more blurred, I am happy with how I have covered the misselling of both policies, the only part on my letter I am not 100% about is:


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

Does this still work for me as one is active? Sorry, tell me to get lost, perhaps I'm stressing to much....

Full letter:

Dear Sir or Madam,

Re: Account numbers: xxxxxxxx and yyyyyyyy

I am contacting you regarding the above-mentioned policies which were purchased from you on xxxxxxxxxx and yyyyyyyyyy. At the time I was not given the correct information when the policies were sold to me, therefore, I now believe that I was mis-sold these policies for the following reasons:

• Your salesperson did not tell me that the PPI policy was optional.
• Your salesperson did not give me full information on what the policy would and would not cover, for example that the loan only covers the first five years of my loan term.
• Your salesperson did not explain that the cost of the policy would be added to the full term of the loan which even with the cash back the policy still costs more over the full term than the original premium.
• The cost was added to the loan without my knowledge or request.
• I was never offered a cheaper monthly alternative and is therefore contrary to the FSA's COB 4.3.6 (now ICOB 5.3.2).
• The policy is expensive, any rebate is unfair and not in proportion to the policy premium paid.

I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date, unless you can satisfactorily justify to me that the policy was fair and reasonable. I am also expecting 8% statutory interest, as I believe I have been deprived of this money, to be added 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 complaints.

Yours faithfully,

Cheers

Looks great. Well done;)

marshallka

di3004 wrote: »

Marshallka I still have to deal with Click yet, and still waiting for some responses from different ones here, the CAB are unable to do anything.... , did email trading standards and was left a reply last week that someone will get back to me, I had forgotten about this until now, now that its been the subject of business's closing and so and bought over.:rolleyes:

I will email Trading standards again tonight just to remind them and hope they will reply tomorrow.

See this is what gets me, and I do know the problem here, Click started in 2001 and still running now under that same company, taken on another click group within that group, which we had a loan/ppi with, but as this one stopped trading and dissolved in 2006, and the director already had the one from 2001 that is still running, I think its so wrong that they have walked away from complaints.........:mad:

Okay it went to the liquidators etc but how can they not be part of the complaints (Click), they obviously had funds to keep the other Click groups running, confusing though isn't it ?

CLick did dissolve though and although the other click is still trading it was trading before.. Where did you leave this one?? I forget... You were waiting for some more advice weren't you...Did you email or write another letter.

di3004

TheClarks wrote: »

Right, just to make my mind even more blurred, I am happy with how I have covered the misselling of both policies, the only part on my letter I am not 100% about is:


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

Does this still work for me as one is active? Sorry, tell me to get lost, perhaps I'm stressing to much....

Full letter:

Dear Sir or Madam,

Re: Account numbers: xxxxxxxx and yyyyyyyy

I am contacting you regarding the above-mentioned policies which were purchased from you on xxxxxxxxxx and yyyyyyyyyy. At the time I was not given the correct information when the policies were sold to me, therefore, I now believe that I was mis-sold these policies for the following reasons:

• Your salesperson did not tell me that the PPI policy was optional.
• Your salesperson did not give me full information on what the policy would and would not cover, for example that the loan only covers the first five years of my loan term.
• Your salesperson did not explain that the cost of the policy would be added to the full term of the loan which even with the cash back the policy still costs more over the full term than the original premium.
• The cost was added to the loan without my knowledge or request.
• I was never offered a cheaper monthly alternative and is therefore contrary to the FSA's COB 4.3.6 (now ICOB 5.3.2).
• The policy is expensive, any rebate is unfair and not in proportion to the policy premium paid.

I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date, unless you can satisfactorily justify to me that the policy was fair and reasonable. I am also expecting 8% statutory interest, as I believe I have been deprived of this money, to be added 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 complaints.

Yours faithfully,

Cheers

From what I read here, this is great and seems to cover all areas of your reasons why this was mis sold, well done.:D
As said they have 8 weeks to get back to you with a response.;)

Good luck on the phone tomorrow hun, when you receive the agreement and calculations from the first one, if you can post up with the breakdown of the first loan settlement, and it should say how much they rebated you, a bit like mine when I had a loan consolidation.

May I ask who the broker was to the first loan ? (the one who arranged this for you from the start hun)?;)

With my first loan it was arranged by a broker called twopart/eloan who found us the lender Nemo, and it was then Nemo we had a loan the first loan with and an advance for a 2nd loan.;)

Or do I have my wires crossed here somewhere with yours hun as I am aware you had First plus as lenders I assume, am I correct, where a broker would arrange this for you from the start of the very first loan.;)