Thread: trying to reclaim ppi

Originally Posted by gemini65

hi all, i'm new to all this so apologies in advance if i've posted in the wrong place.
i'm trying to claim back 3 lots of PPI from three seperate loans, i purchased all three loans through ocean finance, the three companies used were first national, swift advances and the london mortgage company, all three loans were paid off early and i received no refund of the ppi's for this. my ppi on all three loans was put down as a single premium and i was also told that having this ppi would assist my loan application, i took this as if i didn't have it i wouldn't get the loan.
i have written to all three companies with my complaint (letter templates i downloaded from mse) i also put copies of these letters in with a further letter i sent to ocean finance, i have received a standard letter from ocean with a copy of their "how we handle your complaint" leaflet saying that they are looking into it but have received nothing from the three companies.
who would actually deal with these complaints, would it be ocean or the three companies, could anyone shine on a light on this please.
would love not to miss the boat on this one as i probably left it a tad too late with the bank charges, i was just about to go down the court route when the oft announcement was made and am now in limbo with what to do about this one.
sorry for the long winded post but as i say i'm all new to this.
thanks in advance to anyone who can help
gemini x x x

Hello Gemini,

Firstly, as far as I am aware you must continue down the well trodden path of reclaiming your bank charges. Please read the threads in your particular bank forum.

Now as for the ppi, You reclaim back the ppi to however sold it to you. Have you sent a SAR to ocean finance to get all of the details that they hold in your file. If not do so.

Please read around the ppi forum, the different threads that people have posted. Some like yourself are just beginning, some halfway through, some at the court stage and some have been successful

The process of reclaiming back ppi is relatively the same process as reclaiming back your bank charges, but it is newer and they will play hard ball and never admit that it was mis-sold.

If you need help, just post on this thread so others can help

Originally Posted by gemini65

hi hellhasnofury

thanks very very much for your reply, it's great to know someone is trying to help, i know this is probably a really dumb question but what is an S.A.R - (Subject access request) and how will that help me. i have just sent off for a court pack re my bank charges i'm not going to give up that easily.
your advice and feedback is very much appreciated

thanks again

Hello Gemini65,

You are most welcome, and many thanks for the clicky thing

Unfortunately or fortunately I have been a victum of mis-sold PPI and went after these financial institutes with a passion. I was successful without the need to issue a court claim. These financial companies prey on the ignorance of the consumer, who trust them and are normally desperate for money, they trick them with ppi and they have made extortionate profit from it with little or no benefits for the poor sucker, that does not know what it is or cannot claim on it, because of the exclusions.

They make my blood boil and that is why I try to help

Rant over

Now regarding the SAR It is your right under the data protection act to receive all information relating to any information the company holds on you and your accounts. This includes all payment, credit agreements, transaction, letters of correspondence, telephone calls and transcript. Basically absolutly everything.

Maybe Send this letter and amend it to your own details.

Your address

Their address

Date

DATA PROTECTION ACT 1998
Subject access request


Dear Sir/Madam

Namexxxxxxxxx
Account No/No'sxxxxxxxxx


I understand that you currently hold details of my personal and financial information within your internal record systems with regard to personal loan accounts

Please supply me with a complete list of transaction and charges relating to my history with your organization, INCLUDING Loans, payment protection insurance and other products. Alternatively a complete set of statements for the accounts or associated accounts is acceptable. I would be grateful if you would provide the following for ALL accounts or associated accounts I have held with your organization:

-Full copies of all contracts which you believe exist or have existed between myself and your organization, including true copies of any documents you hold in support of the same.

- A complete list of all transactions or statements relating to ALL of my Loan Accounts with your organization.

-Copies of all documents which include any of my personal information including copies of any contacts or invoices, emails or computer records containing my personal information, or any records which pertain to this information.

-Full copies or transcripts of any correspondence in postal, email or any other format which you have entered into with any individual, organization or third party which contains my personal or financial, or which pertains to me.

- Where any previous information or records held have been deleted or disposed of, the methods used to do so, including dates, certificates or references confirming details of destruction. Where you are unable to provide such certificates, please provide a declaration, signed by an authorised officer of your company, confirming the dates and methods of destruction of this data.

-Full hard copy print outs of my personal or financial information, held in a digital, magnetic or any other format which is held in any archives, backups or other storage devices / locations.

I enclose a cheque in the sum of £10 to cover your fee.
IF YOU UNABLE TO DEAL WITH THIS REQUEST, YOU SHOULD IMMEDIALTELY FORWARD IT TO THE PERSON WITHIN YOUR ORGANISATION RESPONSIBLE FOR DATA PROCECTION.

I look forward to hearing from you in the first instance of receipt.

Yours faithfully

xxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxx

You have to pay a fee of £10 for the SAR and they have 40days to comply or they break the law











I have gained much experience in the process of ppi and it will I believe become the biggest [problem] since Endownment Mortgages, with the general public chopping at the bit to reclaim it back.

Originally Posted by gemini65

hi again hellhasnofury

thanks again for your help, i have taken your advice and done the letter to ocean finance requesting the S.A.R - (Subject access request) and will post it off tomorrow, will definately keep you updated on this and the bank charge issue.

thanks again you've been great
luv gemini x x x

Thanks again Gemini,

Glad as always to be of help, you best keep us posted

Nice letter Hellhasnofury 9.75 out of 10....lol

Ian

Originally Posted by gemini65

hi guys, just thought i'd give you an update on whats happening.
Have sent off for the S.A.R - (Subject access request), thanks to the advice of hellhasnofury, and in the meantime have received 3 letters from ocean finance, the first states that they had listened to a tele con that was made when the offer was made to myself and looked at screen notes during the process of the application, they go on to say that the figures quoted by the underwriter included PPI and that i had confirmed that i wanted it, the underwriter had a number of years experience within the financial industry and had passed a fis association course and exam when the offer was made. that they hold no records to confirm that i was told or implied the ppi was compulsory or that it would assist my application or that they held no records to confirm that i had told them of my intention to pay the loan off early or that i had queried the ppi at any point therefore they are unable to uphold my complaint.
the second states that they had just looked at computer screen notes and documentation during the process of the loan application and then pretty much the same as the second, but now for worrying bit they state that the fos would be unlikely to investigate this further as the sale of insurance has only been regulated by the fsa since 14th jan 2005 and as these policies were sold prior to this date they basically wouldn't be interested.
the third letter was re swift advances and also states they had listened to a tele con and had screen notes etc etc, this offer of finance included their initial disclosure document, credit agreement etc, this letter states that i can go to fos, just to let you know this ppi was for £1148.00 with an apr of 14.3% over 10 years £944.80, total cost of insurance £2092.80, i managed to pay this loan off after 16 months and yet got no rebate whatsoever.
don't know if i mentioned before but all three were single premium policies
1st with first national, took out on the 4th jan 2002, paid off early £768.86
2nd withlondon mortgage company, took out 13th nov 2003, paid off early £700.00
and the third as above.
does this mean i stand no chance of getting this back now

sorry for the waffling, this is what happens when i get a tad frustrated x x x

Hello

I truely understand your frustration, but they have done no more than I would have expected.

Have they sent you a copy of the telephone conversations, if not demand them, you only have their word for what is one them. Did the give you the option of quotes without ppi?????

As for their experienced sales advisor, she or he gets a bonus for every premium sold and they have to hit targets I would presume.

They are correct in the fact that the FOS will not pursue the matter, but you can with the use of the legal system. ie court.

Keep at them and do what is right.

If you need help shout.

hello again hellhasnofury

thanks again for your advice and support its nice to know i have an ally in all of this, i will wait for the S.A.R - (Subject access request) to come back and see what that holds, if i am going to go down the court route do i go through the small claims court the same way as the bank charges?

have a good weekend x x

Originally Posted by gemini65

hello again hellhasnofury

thanks again for your advice and support its nice to know i have an ally in all of this, i will wait for the S.A.R - (Subject access request) to come back and see what that holds, if i am going to go down the court route do i go through the small claims court the same way as the bank charges?

have a good weekend x x

Hello Gemini,

You are very welcome,

Yea it is the same process as the bank charges,

Prelim letter as for it back
letter before action demand it back
Court

Originally Posted by gemini65

hi there, wanted to keep an update going just incase it proves usefull for anyone else but help is also reqired please.

i sent off the S.A.R - (Subject access request) letter that hellhasnofury very kindly posted for me and i have had some details come back along with the £10 cheque as a goodwill gesture, to which i was most surprised until i realised why!, they say and i quote
"please find enclosed our computer screen notes along with your application data relating to records we hold in your name. The notes recorded were made by our staff during the processing of your loan applications. These notes may include abbreviations as they are intended for internal use."
"As ocean finance is a finance broker and we process applications on behalf of our panel of lenders, it will be necessary for you to contact the relevant lender to obtain a full list of transactions and charges applied to your accounts as we do not have access to this information"

Sorry to waffle, but considering they said they had listened to a conversation that took place when the offer of one finance was offered on a certain date regarding the PPI, i can't seem to see anywhere where i had this conversation, are they supposed to send me a recording of this?
also there are that many abbreviations am i supposed to write back and ask what they all mean? and finally should i now go to the individual companies and request S.A.R - (Subject access request)'s from them?
totally confused as to what to do now, here's hoping hellhasnofury see's this!

thanks in advance
gemini x x x:-? :-? :-?

This is a simple, Its not us, go and chase someone else.

Now who sold you the loans and the ppi??????

Who do you pay now or paid???????????

They want to be most unhelpful They are not going to say, oh we are sorry here is you money

Now write back to them stating that you hold them responsible for this mis-selling of the ppi to the loan/loans, Did they give you the option of loans without it. So they gave you no option. They apply the ppi to the loan because they make profit on it.

As regards the SAR write back with the £10 and demand that they supply you with all information they hold on you and that included all telephone transcipts and telephone recordings.

They are trying to confuse you and put you off, some people would be put off and give up. but you must not give up. Once they know you are serious, they will start talking.

Originally Posted by gemini65

hi again hellhasnofury
in reply to your questions it was ocean finance that sold me the loans with the PPI on behalf on the loan companies that i then paid (hope that made sense!!).
i am just writing a letter now asking for the copy of the tele cons, (that they say they have listened to) good idea of yours to put the cheque back in, will make sure i do that.
i've got a bee in my bonnet about all this now, there would be no way i'll give up now.
sorry to keep repeating myself but i sincerely thank you for all your help, support and advice, you stopped me looking stupid to these people and trust me thats an accomplishment on its own lol!!!
i'll keep you posted if thats ok x x

Hello Gemini,

You are not stupied, just not educated in the ways of the underhand selling techniques of these financial companies. They basically are loan sharks, who tempt you in and bang:o

You will become more educated of that I am sure, You are going to have a big of a fight on your hands I think. but we will see what they come back with. and then fight back.

You are most welcome, and please do keep us posted.

Originally Posted by Bigmark

FSA/PN/099/2007
6 September 2007
The Financial Services Authority (FSA) has fined Hadenglen Home Finance Plc (Hadenglen) £133,000, and its chief executive £49,000, for inadequate systems and controls when recommending re-mortgages and Payment Protection Insurance (PPI) to customers. This is the first time the FSA has fined both a firm and its chief executive for re-mortgage and PPI failings.
The failings were discovered as a result of the FSA's second phase of PPI work in May 2006. The FSA found that Hadenglen exposed approximately 2,000 re-mortgage and 1,900 PPI customers to the unacceptably high risk of being sold a product which was not suitable.
Hadenglen's Chief Executive Richard Hayes was responsible for the firm's business practices and for ensuring that its systems and controls for selling re-mortgages and PPI were appropriate. He implemented a sales strategy for re-mortgages without regard to the risk that customers would have to pay an early redemption charge and other fees when re-mortgaging may have been unsuitable.
Mr Hayes also failed to ensure that the sales practices for PPI were adequate. Hadenglen did not gather sufficient information from customers and did not take into account the cost of PPI when making a recommendation.
As a result re-mortgage customers incurred significant charges that may not have been in their best interests and PPI customers were advised to purchase a product that may not have been suitable for their needs or under which they were not able to claim.
Margaret Cole, FSA Director of Enforcement, said:
"Firms must develop and maintain systems and controls that minimise the risk of providing unsuitable advice to customers. The penalty imposed on Mr Hayes should leave senior management within firms in no doubt that the FSA will hold them to account if they fail to treat their customers fairly.
"PPI has been a priority for the FSA since general insurance regulation began and it continues to be a priority for us. This is the first time we have taken action against a chief executive for PPI selling failures. The significant fines imposed on both Hadenglen and Mr Hayes reflect the seriousness of their actions."
The FSA also found serious weaknesses in Hadenglen's compliance monitoring, training and competence regime, use of management information and senior management oversight of the business.
Mr Hayes has implemented a comprehensive review of systems and controls and retained external consultants to advise on this process. Hadenglen has implemented a remedial action plan for consumers which involves a customer contact exercise and redress where appropriate. Without this action the fines would have been significantly higher. In addition, Mr Hayes and Hadenglen agreed to settle at an early stage of the FSA's investigation and therefore qualified for a 30% discount under the executive settlement procedures. Without the discount the fines would have been £70,000 for Mr Hayes and £190,000 for Hadenglen.
Notes for editors

1. Hadenglen Home Finance plc is a mortgage broker based in Ashby de la Zouch, Leicestershire and Mr Hayes is the firm's Chief Executive. The Final Notices are available on the FSA website. Hadenglen's customer base for re-mortgages is typically sub-prime and therefore includes customers with low or impaired credit ratings who may find it difficult to obtain finance from traditional sources. A significant proportion of customers had previously purchased their home under the government Right to Buy scheme.
2. The failings concerning re-mortgaging occurred between 31 October 2004 and 15 June 2007 and the PPI failings took place between 14 January 2005 and 2 November 2006.
3. Hadenglen was one of the firms visited during the FSA's second phase of PPI work published in October 2006. The first phase of the FSA's PPI work and the Dear CEO letter concerning PPI were published in November 2005. The FSA is due to report on its latest investigations into PPI sales standards in September 2007.
4. The FSA has previously fined five firms over poor PPI selling practices – Regency mortgage Corporation Limited £56,000 (PN 88/ 2006), Loans.co.uk £455,000 (PN 105/2006), Redcats (Brands) Limited £270,000 (PN136/2006), GE Capital Bank £610,000 (PN/015/2007) and Capital One Bank (Europe) Plc £175,000 (PN 22/2007) and has imposed a public censure on Eastern Western Motor Group (PN 137/2006) and Cathedral Motor Company Limited. Two other cases have been concluded where problems relating to PPI also featured - Capital Mortgage Connections Limited Ltd £17,500 (PN 119/2006) and Home and County Mortgages Limited £52,500 (PN 132/2006). Other PPI enforcement investigations are underway.
5. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.
6. The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.

Thank you for posting this information on the site. It is great to see firms being fined for mis-selling of ppi. My main concern with this that the FSA only seem to be getting the small fry, whilst the bigger sharks get away with it. They bigger sharks are the ones that make the most profit, because the consumers go to them, because they have their bank accounts and they can monitor who is desperate for a loan

I think the FSA, Trading Standards and the Office of Fair Trading are all in cahoots with the Government in the present financial climate and unrest by the consumers They want to keep us down and inflation

Hi Gemeni,
I would now put pressure on Oceon Finance to provide you with copies of the telephone conversations that they admit they have listened to, That is your right under the Data Protection Act, and you may even find out that they dont actually have these calls recorded..

Ian

Originally Posted by VWdriver35

Hi everyone!

I'm new to here. I've been reading through some of the threads and I'm really glad I have. Some of you guys on here are sooooo knowledgable!

I heard about the PPI scandal and decided to look into a loan i had with HFC Bank few years ago. I took out PPI as I was led to believe I wouldn't get the loan if I didn't and also, I felt quite pressured by the salseperson. I, as many of us, signed up for something I had no clue about!

I'm proper incensed now so I recently sent a template letter (from MSE) stating the above and HFC replied saying they had explained everything, they weren't at fault, they aren't going to pay me back basically! They enclosed two photocopied pieces of paper showing I had ticked a PPI box and signed them (obviously it was my contract!!)

What should I do next guys? I still think I was mis-sold the PPI. It wasn't explained that it was added to my loan PLUS interest etc.

I want justice ! Can anyone advise me on what I should write to them next or should I go straight to the Financial Ombusman?

Thanks in advance for your help!
VWdriver35

Hello Vw.

First things first, welcome, please start your own thread on the ppi forum.

Can you paste the letter that you send them up on your thread so we can see what was in it.

They are trying to be clever and hold you to your tick. That will be their arguement.

Have you stated your reasons for mis-selling.

Can you let us know, so we can help you move forward on this one.