PPI Reclaiming discussion Part II

angelwillow

Also GE have finally send my statements but apparently about a year are missing (not from same year,months here and there over 4 years)
FLA are useless so can I just use what I have to make a court claim?

Kaia_2

tiggrae wrote: »

Hi Kaia, It's actually the interest on the PPI element you need to work out how much in PPI you've paid - If it's not clear from the papaerwork then you can always ask them for the details - they are obliged to provide this information under the Data Protection Act !

I have all the statements here in front of me, but i just dont understand how to calculate the amount!
My PPI premium was £2021.33 so do I need to calulate how much interest I was paying on top of this AND then 8%, oh dear I just keep getting more and more confused.....
To all of you who CAN go to the FO, you are very lucky.
I feel like giving up today!

Thanks for taking the time to reply x

marluc

tiggrae wrote: »

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

Hi Tiggrae.
Thanks for replying. Just tried to post back before, but for some reason didn’t work. Anyway here goes...
Claimant contends price of PPI far exceeds what is “reasonable” as required by S.15 of Supply of Goods and Services Act 1982. Policy mis-sold – all amounts and boxes were pre-checked there was a conflict of interest as £1500 was paid to the broker. This is in breach of CCCA 1974, where a company must be fit to be involved in activities the licence covers.
The PPI was unfit for purpose and unfair. Freedom Finance were licenced under Section 20 of CCA 1974 and is in breach of Consumer Protection Law – by unfair contract terms – PPI only applied to claimant – loan was in joint names. I would not have needed to use the PPI as my job would have covered me. PPI only applied to 5 years rather than full term. This is also in breach of Unfair Terms in Consumer Contract Regulations 1999, where a term is unfair if “contrary to the requirement of good faith if it causes a significant inbalance in parties rights and obligations under the contract, to the detriment of consumers”.
There was over-reliance on information sent through the post, which again breaches CCA 1974 and is therefore negligent in line with 1967 Misrepresentation Act. Under CC P18 claimant requests full documentary evidence of absolute compliance with best practise in sale of PPI and detailed record of training undertaken by Sales Reps.
Phew.! Hope it was OK. Anyway, if you want me to send you Freedom Finance’s Defence, then let me know.
I don’t know how to fill in the Allocation Questionnaire. Any advice on that? It would be much appreciated. Thanks.

infowatcher

LilacPixie wrote: »

Just a quickupdate on WFS. They have responded to my SAR sent earlier this month enclosing details of 2 accounts but not 2 prior to 2005. :rolleyes:

:T

Hi LilacPixie

Just wondering which address you had for WFS head office, ive been told:-
WFS, Mere Way, Ruddington Field Business Park, Ruddington, Nottingham, NG11 6J2

Also is it best to send my 'SAR' to Head Office or does it have to go to the local branch and
who did you make the 'SAR' Postal Order/cheeque payable to.

tiggrae

LilacPixie wrote: »

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??

The way I do it is to take the total amount which is loan + interest + ppi + interest then work out the % of the ppi element

ie loan £10000 + interest £2000 + ppi £1000 + interest £100 = £13100
which you're repaying at £363.88 over 36 months.

the ppi is 8.4% of the total amount, therefore 8.4% of £363.88 is £30.56 - which gives you your monthly ppi premium - another way would just be to divide £1100 by 36

tiggrae

marluc wrote: »

Hi Tiggrae.
Thanks for replying. Just tried to post back before, but for some reason didn’t work. Anyway here goes...
Claimant contends price of PPI far exceeds what is “reasonable” as required by S.15 of Supply of Goods and Services Act 1982. Policy mis-sold – all amounts and boxes were pre-checked there was a conflict of interest as £1500 was paid to the broker. This is in breach of CCCA 1974, where a company must be fit to be involved in activities the licence covers.
The PPI was unfit for purpose and unfair. Freedom Finance were licenced under Section 20 of CCA 1974 and is in breach of Consumer Protection Law – by unfair contract terms – PPI only applied to claimant – loan was in joint names. I would not have needed to use the PPI as my job would have covered me. PPI only applied to 5 years rather than full term. This is also in breach of Unfair Terms in Consumer Contract Regulations 1999, where a term is unfair if “contrary to the requirement of good faith if it causes a significant inbalance in parties rights and obligations under the contract, to the detriment of consumers”.
There was over-reliance on information sent through the post, which again breaches CCA 1974 and is therefore negligent in line with 1967 Misrepresentation Act. Under CC P18 claimant requests full documentary evidence of absolute compliance with best practise in sale of PPI and detailed record of training undertaken by Sales Reps.
Phew.! Hope it was OK. Anyway, if you want me to send you Freedom Finance’s Defence, then let me know.
I don’t know how to fill in the Allocation Questionnaire. Any advice on that? It would be much appreciated. Thanks.

hi the allocation questionaire is easy - just remember it's the court asking you where you want the case to be held and what Court track you want your case to go down - Small Claims, Multi or Fast Track - always go for the Small Claims Court even if it's over £5000. You won't be calling any expert witnesses so just leave that blank.

Also on your particulars, If I were you I'd pull the bit out about CPR 18 and send it to their solictors by serving it on them - I'd also request the following information from them

All procedures in place at the time of the Sale of the Policy to ensure they conform to good practice in the sale of PPI and your client is not guilty of the following poor practices as identified by the FSA:
· Controls in place to prevent the risk of inappropriate sales: around half of the firms failed to take reasonable steps to ensure that customers did not buy policies on which they could not claim or which provided only very limited cover;
· Controls in place for non-advised sales: about half of the firms selling on a non-advised basis did not have adequate systems to stop their staff giving advice or were providing information that amounted to giving advice;
· The systems in place to assess customer suitability for ppi product;
· There was an over-reliance on product documentation given to the customer at the expense of explaining the policy to the customer orally: most firms selling by telephone did not give sufficient information on exclusions;
· Procedures in respect to the quality and timeliness of product and price disclosure;
· The level and structure of inducements and Sales staff targets; and
· Training of sales staff, particularly the person who sold me the policy;
· Management Information regarding compliance monitoring. Any Internal Audit reports into the sale of PPI.

DebtMagnet

tiggrae wrote: »

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

Thanks for the reply tiggrae, are you saying I may as well leave it altogether then? I appreciate that GE Money won't budge but are you also saying that it's no point trying the FLA either?

Appreciate your help and I see no point in persuing it if it will not achieve anything?

Thanks again,
DM

tiggrae

DebtMagnet wrote: »

Thanks for the reply tiggrae, are you saying I may as well leave it altogether then? I appreciate that GE Money won't budge but are you also saying that it's no point trying the FLA either?

Appreciate your help and I see no point in persuing it if it will not achieve anything?

Thanks again,
DM

Not at all - you can still take your claim to the county court !!!!

ANY_CHANCE

tiggrae wrote: »

Wouldn't bother, they're not going to move - take your complaint to the Financial Ombudsman

Hi Tiggrae,

Dont i have to have received their final decision before i can take it to FO?
If so i have not received this yet :think:

infowatcher

Hi all,

Just noticed the previous notes re GE Money and would like to ask a few questions?

Myself and my now ex-wife took out a secured loan with I-Group (GE Money) in 2003 for £7260

Loan Advance £5000
Optional Protection £1760
Total Credit £6760
Broker Fee £500
Total Loan £7260

It was suppossed to be a 5 year loan however it was paid of after 81/2 months.

I had requested details about this old loan and they eventually after numerous requests sent me a redemption statement. (Below)

Original Sum Loaned £7260.00
Total Charge for Credit £2444.84
Less Rebate of interest £1703.24
Charge for credit £ 741.60
Total £8001.60

Add Disbursements £ 416.63
Add Additional Interest/Int/ Adjs £ 41.09
Total £8459.32

Less monies received £ 813.34
Less other Credits/Capital Adjustments £ 0.00

Settlement Figure £7645.98

Add Discharge Costs £117.50
Add Administration Charges £258.75

Sum required to Redeem before **/**/03 £8022.23


Q1. Am I correct in saying I did not get a rebate on the PPI.

Q2. Also my monthly payments were £163.34, however if I had to claim on my PPI they would only payout a maximum of 12 months.

Therefore PPI Cost (excluding interest) £1760.00
Max Amount could be claimed £1960.08
Difference £ 200.08

Am I correct in saying this dosn't seem very fair as with interest on the PPI it surely exceeds the amount I was able to claim. Also when we took out the Loan we were told it was required.

I would appreciate any advice on how you think I would stand claiming the PPI back, as I believe after reading the previous threads The FSO will not look at this case as it is pre 2005.