PPI Reclaiming discussion Part II

bezntom

Originally Posted by bezntom
Typed this post and lost it
Here we go again 2nd attempt
I claimed back against egg.
Success got letter back saying they were refunding m e, however as the loan is still active they have paid the money into my loan account , reduced my term by approx 1 year but my payments remain the same.I did not want my repayment this way but wanted it back in cash/cheque/or into my current account.I rang egg to discuss this and was told it was company policy and i had agreed to this under terms and conditions when i took out the loan.I pointed out that could not be the case as a term and condition of this nature implied that they knew it was an illegal action to force insurance on me and the resulting action should i claim would be what they have applied. The lady i spoke with then informed me she did not have the authority to alter her companies policy i asked could she pas sm eon to someone who could escalte my claim , 2 minutes later she came back and had spoken to a team leadre " on his way to a meeting" who dismissed my query and again stated she had followed company policy. I was wandering has someone else had the same problem with having refund paid into loan ?.Can Egg do this ? Any ideas folks? Obviously I am about to take claim to ombudsman but would like feedback
Thanks
Next installment with egg
finally got letter back stating "Please find the paragraph below which has been authorised by an adjudicator in the Financial Ombudsman Service in relation to how banks calculate refunds.
"Basically if a customer owes money to the bank the bank can deduct the amount the customer owes from the amount it owes to the customer.It usually does this by transferring money held to the credit of one of the customers other accounts,( my loan is still active by the way).
It is Eggs business policy to refund amounts of insurance directly to the outstanding debt to reduce the principle balance.........
So they get away with not refunding in cash it seems althought they illegally applied ppi on me :rolleyes: .Is this worth pursuing further?
:rolleyes: Can some one check the figures applied to refund for me
Principal Loan £5000.00
Loan payment protection £880.50
84 monthly installments of £90.68 taken out in may 2004
Refund..........£1,161.33 made up of £880.50 full insurance premium and £208.83 interest on this amount whilst it has been on the loan calculated at a rate of 7.9%
After all this it has reduced my loan term by about a year but my payments remain the same :mad:
What do i do next if anything would like to hear any ideas you have
Thanks in advance Bezntom

marshallka

bezntom wrote: »

Originally Posted by bezntom
Typed this post and lost it
Here we go again 2nd attempt
I claimed back against egg.
Success got letter back saying they were refunding m e, however as the loan is still active they have paid the money into my loan account , reduced my term by approx 1 year but my payments remain the same.I did not want my repayment this way but wanted it back in cash/cheque/or into my current account.I rang egg to discuss this and was told it was company policy and i had agreed to this under terms and conditions when i took out the loan.I pointed out that could not be the case as a term and condition of this nature implied that they knew it was an illegal action to force insurance on me and the resulting action should i claim would be what they have applied. The lady i spoke with then informed me she did not have the authority to alter her companies policy i asked could she pas sm eon to someone who could escalte my claim , 2 minutes later she came back and had spoken to a team leadre " on his way to a meeting" who dismissed my query and again stated she had followed company policy. I was wandering has someone else had the same problem with having refund paid into loan ?.Can Egg do this ? Any ideas folks? Obviously I am about to take claim to ombudsman but would like feedback
Thanks
Next installment with egg
finally got letter back stating "Please find the paragraph below which has been authorised by an adjudicator in the Financial Ombudsman Service in relation to how banks calculate refunds.
"Basically if a customer owes money to the bank the bank can deduct the amount the customer owes from the amount it owes to the customer.It usually does this by transferring money held to the credit of one of the customers other accounts,( my loan is still active by the way).
It is Eggs business policy to refund amounts of insurance directly to the outstanding debt to reduce the principle balance.........
So they get away with not refunding in cash it seems althought they illegally applied ppi on me :rolleyes: .Is this worth pursuing further?
:rolleyes: Can some one check the figures applied to refund for me
Principal Loan £5000.00
Loan payment protection £880.50
84 monthly installments of £90.68 taken out in may 2004
Refund..........£1,161.33 made up of £880.50 full insurance premium and £208.83 interest on this amount whilst it has been on the loan calculated at a rate of 7.9%
After all this it has reduced my loan term by about a year but my payments remain the same :mad:
What do i do next if anything would like to hear any ideas you have
Thanks in advance Bezntom

The refund looks ok below and this reducing the term by 1 year and your repayments staying the same. If you take the 1134.95 (which is my calculation of the PPI back below) from the loan total of 7617.12 you get 6482.17 and divide that by 6 years instead of 7 then your repayments would have been £90.03 per month and you are actually paying them £90.68 so that looks fairly ok too.

It looks fairly correct to me but wait for Tiggrae to take a look. I worked out your PPI element was 14.9% of the loan. I am not a complete wizz at this yet so don't take this as gospel. So 14.9% of £90.68 works out at 13.51 per month PPI and times that by 84 equals £1134.95. There would be statutory interest on this too. Like i say perhaps tiggrae may be on later but almost certain the calculations are correct here.

If the ombudsman has agreed to the way that banks can refund if there is still a debt owing then I don't think there is anything you can do now and may have to put up with it. You have still won but not in the way you wanted but you got your money back. Well done.

sue149

sue149 wrote: »

loan amount £68 500 ppi £16775 july 2006 offered £7632 if cancelled

just had another letter stating they will not admit to mis selling our ppiand this is there final answer do you thunk i should take it further

marshallka

sue149 wrote: »

just had another letter stating they will not admit to mis selling our ppiand this is there final answer do you thunk i should take it further

Definately sue, do not let them get away with this. You now need to download and fill in the complaints form for the Ombudsman and send it off. Send all the details of the claim and copy letters and also send it recorded delivery. There is a long wait but will be worth it for you in the end. Barlcays Firstplus were members of the GISC in November 2001 so you will be ok with the jurisdiction thing.
http://www.financial-ombudsman.org.uk/consumer/complaints.htm

Your loan/PPI was taken in 2006 so most likely to be upheld no trouble. They had rules to follow from Janaury 2005 set by the FSA and they clearly did not follow these.

Go get them sue!!!

sue149

marshallka wrote: »

Definately sue, do not let them get away with this. You now need to download and fill in the complaints form for the Ombudsman and send it off. Send all the details of the claim and copy letters and also send it recorded delivery. There is a long wait but will be worth it for you in the end. Barlcays Firstplus were members of the GISC in November 2001 so you will be ok with the jurisdiction thing.
http://www.financial-ombudsman.org.uk/consumer/complaints.htm

Your loan/PPI was taken in 2006 so most likely to be upheld no trouble. They had rules to follow from Janaury 2005 set by the FSA and they clearly did not follow these.

so you think we should its all scary on paper it does nt look like we where mis sold as we signed it but we believed it was for 5 yrs and that covered us we did nt relise it only covered us for 5 yrs and the cover only hubby when he has cover on his wage we did nt relise that it was in the form of a laon

marshallka

sue149 wrote: »

so you think we should its all scary on paper it does nt look like we where mis sold as we signed it but we believed it was for 5 yrs and that covered us we did nt relise it only covered us for 5 yrs and the cover only hubby when he has cover on his wage we did nt relise that it was in the form of a laon

It was a single premium policy in that it was really another loan when you were already in debt asking for money. They did not offer you any other form of insurance and you did not realise that you would be only covered for 5 years of the loan and not the full term. You would have paid interest on this 5 year premium for the full term of the loan too so in the long run would have cost a fortune and this was not explained to you are the point of sale. It does not matter that you signed. These type of policies want banning. Don't get scared, get mad and get even. They have ripped you off and now its pay back.

http://www.insurancedaily.co.uk/2008/01/18/fos-upholds-80-of-single-premium-ppi-complaints/

Also someone posted on here the other day that 100% of Barclays Firstplus complaints are upheld. Their terms and conditions are horrendous.

sue149

thanks im gonna do that need to copy the letters got nothing too lose eh thanks for your help will keep you up to date might need your help again thank xx

marshallka

sue149 wrote: »

thanks im gonna do that need to copy the letters got nothing too lose eh thanks for your help will keep you up to date might need your help again thank xx

You will be fine sue, you will have to be patient but shout if you need support. We are always around to help you through.

marshallka

marshallka wrote: »

Di, they have now opened another company here called Click Limited


Basic details for:

488981 - Click Ltd
Current status:Appointed RepresentativeEffective Date:16/09/2008Tied Agent:Undertakes Insurance Mediation:Registered under Money Laundering Regulations:Address:Click House
Bear Lane
Farnham
Surrey
GU9 7LG
Phone:
Fax:
Email:
Website:
44 01252 728800
44 01252 728844

Di, this Click Limited that was authorised on 16/09/08 is an appointed representative of Click Financial.

Appointed representative
An appointed representative can either be an individual or a company that you use to get advice on buying specific types of financial products such as insurance policies or investment products, for example. The representative will be appointed to work on the behalf of one company and to advise on and sell their products and services to consumers and/or businesses. An appointed representative has basically been authorised to represent this particular company and no other.
Appointed representatives will not necessarily work for the company they represent in the standard manner. Most will actually be self-employed advisors. Under current legal requirements they do not themselves need to be regulated or authorised by a relevant industry body such as the FSA as they will be covered by the company they represent. This company will take responsibility for this side of things. In certain circles, these representatives are also known as tied agents as they are limited to advising on and selling the products and services of only one company.


Here is a list of the previous appointed representatives of Click Financial

Click for Freedom LLP 429991 22/03/2005 09/06/2008
Hiperative.Net Ltd 459439 31/10/2006 09/06/2008
Lightstate Ltd Y 465385 16/03/2007 09/06/2008
Saligo Bay Financial Services Ltd Y 459995 10/11/2006 09/06/2008

Note they all state until 09/06/08 that they were appointed reps and then not. Is this about the time that the old Click Finance closed too.

di3004

marshallka wrote: »

Di, this Click Limited that was authorised on 16/09/08 is an appointed representative of Click Financial.

Appointed representative
An appointed representative can either be an individual or a company that you use to get advice on buying specific types of financial products such as insurance policies or investment products, for example. The representative will be appointed to work on the behalf of one company and to advise on and sell their products and services to consumers and/or businesses. An appointed representative has basically been authorised to represent this particular company and no other.
Appointed representatives will not necessarily work for the company they represent in the standard manner. Most will actually be self-employed advisors. Under current legal requirements they do not themselves need to be regulated or authorised by a relevant industry body such as the FSA as they will be covered by the company they represent. This company will take responsibility for this side of things. In certain circles, these representatives are also known as tied agents as they are limited to advising on and selling the products and services of only one company.


Here is a list of the previous appointed representatives of Click Financial

Click for Freedom LLP 429991 22/03/2005 09/06/2008
Hiperative.Net Ltd 459439 31/10/2006 09/06/2008
Lightstate Ltd Y 465385 16/03/2007 09/06/2008
Saligo Bay Financial Services Ltd Y 459995 10/11/2006 09/06/2008

Note they all state until 09/06/08 that they were appointed reps and then not. Is this about the time that the old Click Finance closed too.

Thanks for this hun, and I will have another read shortly, just got back from the parents.:D
The old click who sold our loan was closed in 2006.;)