PPI & Barclays

[Milo19]

Bump!

[reidnet]

Hi Milo19,
If you have a look at this thread you will find a copy of the statement of claim that I used against Firstplus, challenging the Rule of 78.

Funny though they did say that their legal experts did not agree with my arguements...But they Paid up in Full as a gesture of Goodwill..lol

http://www.consumeractiongroup.co.uk...tml#post499574

Ian

[TANZARELLI]

Hi Milo just subscribing to this one as have some interest in the PPI blag companies have been giving and have something against Welcome which I will go for when some of my other claims have been sorted, as well as poss HSBC, just waiting for loan and account info from a Subject Access Request from them.

Will keep an eye! lol on this one.

Tanz

[reidnet]

Hi Tanz,
you just keeping one eye on this..lol you must look a bit like my ex..One eye in the middle of her forehead..lol

Ian

[TANZARELLI]

Originally Posted by reidnet

Hi Tanz,
you just keeping one eye on this..lol you must look a bit like my ex..One eye in the middle of her forehead..lol

Ian

Hope not!! lol

[Milo19]

Ok, having read a few letter, and wanting to add some more, I have come up with this as my pre lim letter:- COMMENTS PLEASE!


COMPLAINT
Barclayloan Number: 350*******

Dear Sir or Madam,

I took out the above loan for £****on *th September 2004.
When I took it out, I signed up for Payment Protection Insurance (PPI). Although I stated to the member of staff at the time that I did not need the PPI as my employer provided generous illness and redundancy benefits, I was told I should still take it out because “a lot of young people get themselves into large amounts of debt, and then if they lost their job could be declared bankrupt. Being at the age of 20, not earning a huge amount of money and having to pay rent etc, I concluded that I’d rather be safe than sorry. More worryingly, I was also told that if I opted not to take the insurance, then the likelihood of my application being accepted was substantially less.

I have since been told that this is not true, and that you are not allowed to make PPI a condition of taking out the loan unless you include the costs of PPI in your quoted loan interest rate, which you have not done so. I therefore consider that I have been mis-sold this expensive insurance, which I do not need and which I said that I did not really want.

I feel that in a time of being financially vulnerable I was pressured into taking the loan protection

As you will see, I have recently cleared the remaining balance of the loan. In the past, I have tried to cancel this expensive insurance, but was told that I could only cancel it, if I were to take out another loan to repay it with. I have enclosed a copy of my terms and conditions, and clearly highlighted where it states I could cancel my Personal Protection Insurance (PPI) at any time.

In view of the way I was mis-sold the insurance, outlined above, I would like to ask for a full refund of the whole premium, less the rebate I received when I paid my loan off, within 14days from the date of this letter.

The cost of the Policy was £**** plus £***** in interest making £******
The same cover from another insurer would cost a total of £***** thus saving £*******
The rebate I received for the early repayment was *****, making a difference of £*** This is the figure I require to be returned with in the 14 deadline I have mentioned above.


Yours Faithfully

My plan is to see what they see to this, and then bring up the rule 78 thing once I read up on it and know what I'm talking about, because I'm not 100% sure I understand it!

[reidnet]

The rule of 78 is used to calculate what Interest they can charge you (as a penalty) when you settle a loan before the natural end of the loan. This they say is to cover their loss by you settling the Loan early. In fact it is another racket that they had going up to Feb 2005 when the FSA stepped in and changed the ruling. Though the ruling came in on Feb 2005 If your loan agreement was taken out before that date they will tend to still use therule of 78.

Im sure I have the guide Booklet with all the info about the rule of 78, If you want a copy of it I will try and find it and scan it for you.

By the way your letter looks fine..

Good Luck
Ian

[Milo19]

If you can find it, that would be fantastic. But no worries if you can't. I'll send the letter this eveing and see whats happens.

[Milo19]

One more question, where should I send this letter? To Barclays insurance in Dublin or the HQ address in London?

[TANZARELLI]

Originally Posted by Milo19

One more question, where should I send this letter? To Barclays insurance in Dublin or the HQ address in London?

HQ 1 Churchill Place, you know the one.

[Milo19]

Sent the letter about a week ago, still no repsonse!

Must be very busy!"

[reidnet]

Originally Posted by Milo19

Sent the letter about a week ago, still no repsonse!

Must be very busy!"

I think a lot of these companies will be getting busier with PPI claims, especially now that the FSA is starting to hit them with Fines for Mis-Selling PPI etc..

Ian

[marcelle]

Tanzarelli's moving eye is killing me!!

[TANZARELLI]

Originally Posted by marcelle

Tanzarelli's moving eye is killing me!!

Don't look into it for too long you'll feel very strange. lol

[Milo19]

Ok, had a letter finally from Barclays today, standard "thanks for writing to us, we get back to you within the next 14years"

So, the 14days is up shortly so I'll send a leter saying pay up or else. I'm off to Boston on Wednesday, so hopefully nothing will happen too much whilst I'm away!

[Milo19]

I have a letter saying,

• You signed the forms
• You had 30days
• PPI not a condition of the sale.

So, my response is this - with a little help of a leeter I saw on another thread. What do you think of this.

Thank you for your letter dated **th February 2007 and for the enclosures.

I am writing to request that my complaint be escalated in line with the Bank’s internal complaint procedure. I am very unhappy at your initial response to my communications with yourselves, as I feel strongly that I have been mis-sold PPI, and that you have no concern whatsoever at this.

As stated in my previous correspondence dated *th February 2007, this policy was mis-sold to me by a member of your staff at a time when I was in financial difficulties, and I was pressurised to take the policy on the understanding that otherwise the loan would not be approved unless I did so. In view of this the 30 day cool period you mentioned would not have made a shred of difference, as it would not have been an option.

On subsequent approaches to you in attempts to cancel the policy I would not have been able to have secured a new loan to cancel the PPI because of my financial situation.

This policy was sold in a deceitful manner by a member of your staff and this matter has also been discussed with the FSA and a complaint form has been filled out for the Financial Ombudsman Service.

I would like to bring to your attention the FSA principles of ‘Treating customers fairly – towards fair outcomes for consumers’.

Principle 7 “A Firm must pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading”.

Principle 9 “A firm must take reasonable care to ensure the suitability of its advice and discretionary decisions for any customer who is entitled to rely upon its judgment”.

I would also draw your attention to the terms of the contract which you agreed to at the time that I opened my account. It is an implied term of that contract that you would conduct yourselves lawfully and in a manner which complies with UK law.


I feel that in relation to the above points, Barclay’s bank has been sorely lacking in this instance.

I require a refund in the form of a cheque for the sum of £********
I require repayment in full of this money and if I do not receive this refund within 14 days I will be submitting the completed complaint form regarding this matter to the Financial Ombudsman Service forthwith.

Shortly afterwards I will also be considering bringing a claim for the stated amount in my local county court.


Yours sincerely