Thread: Paintball v Magic Loans Ltd

I currently have a loan with LMC (taken out 15/09/06) which includes a Single Premium amount of £4,326 in PPI added to the total amount owing on the loan. This PPI amount includes interest.

I have no recollection of actually agreeing to the PPI and have requested cancellation and reimbursement. Sterling Insurance who act as the Insurance Broker for LMC have corresponded with me and stated that I am entitled to a partial reimbursement; no actual refund, just a partial amount which is reduced from the total owing on the loan. The letter stated that this includes "incurred expenses" and "incurred risk".

I replied to Sterling requesting a Breakdown of their costs to include risk and expenses and received a complaints procedure document Quel surprise!!!!

I have issued a complaint through the FSA and their reply followed on 22 February informing me that they will provide me with a response as soon as they can.

...


Razz

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Originally Posted by Paintball

I currently have a loan with LMC (taken out 15/0/06) which includes a Single Premium amount of £4,326 in PPI which is added to the total amount owing on the loan. This PPI amount includes interest.

I have no recollection of actually agreeing to the PPI and have requested cancellation and reimbursement. Sterling Insurance who act as the Insurance Broker for LMC have corresponded with me and stated that I am entitled to a partial reimbursement; no actual refund, just a partial amount which is reduced from the total owing on the loan. The letter stated that this includes "incurred expenses" and "incurred risk".

I replied to Sterling requesting a Breakdown of their costs to include risk and expenses and received a complaints procedure document Quel surprise!!!!

I have issued a complaint through the FSA and their reply followed on 22 February informing me that they will provide me with a response as soon as they can.

...


Razz

Hello Paintball

Just a quick question, have you referred a complaint through the FSA or the fos, or both . With regards to the partial re-imbursement. They are refunding the unpaid ppi and interest into the balance of the loan, therefore reducing it. The part of the ppi and interest you have paid, should be returned to you, with contractual interest.

Originally Posted by Paintball

Hi Helly..

Through the Financial Ombudsman Service complaints procedure. I understand what they have refunded to the balance of the loan, and am concerned now about the lack of reimbursement for the amount paid plus interest.

I can wait until the fos makes its decision and gets back to me (hmm hmm, waiting patiently ) or I can procede down the lba and N1 route as I did with my Capital Bank PPI claim (blatant mis-selling to a student!!)
and claim/argue mis-selling ...

Painty x

Hello Painty

If you have put a complaint to the Fos they will investigate thoroughly, although I do believe they are rather busy, due to the consumer revolt They do take time, but I also believe that they are upholding 80% of mis-sold ppi complaints.

If you do the court route, this can also that some time, so its your call really.

I wish you good luck in your decision

Keep us posted

Nicho, you are a star Thanks for this response, it's exactly what has happened to me except that the T&C's for the PPI that I finally received after the fos's intervention state that I'm entitled to 49% reimbursement.

However, I'm still unhappy with this for the reasons you state in your message and don't think it's fair that I'm still paying the premium in my monthly amount which includes interest. What I feel I need to do is work out what the interest is and how much that would add to the amount 'reimbursed'.

Watch this space and I'll be watching yours ...

P x

Originally Posted by nicho1120

i am in a similar situation to yourself. I wrote to sterling to ask them to cancel the single premium policy that was taken out with my initial loan. they sent me a cheque for 40% of the single premium. I wrote a letter to them to ask how they had arrived at the figure and they sent me a Breakdown of what costs were incurred e.t.c. I don't believe that 40 % is a fair amount considering that I will be paying this ppi for the duration of the loan with interest added. I am not sure really what to do now. I have written to the broker that set the loan up and asked for Data Protection Act. I don't believe that i was told that the ppi only covered me for 3 years. Not received the info yet and the 40 days are near. Will get back to you when i have more info

I'm reviving my claim after a period of confusion with it. Noted your comments Nicho which mirror my own circumstances ...

Originally Posted by nicho1120

shouldnt you be sending the S.A.R - (Subject access request) to your broker then ???

Yes, I should Nicho I have finally unearthed the original paperwork for the loan.

It was brokered by Magic Loans and I'm sending the S.A.R - (Subject access request) today. I refuse to accept the 40% refund, was mis-sold PPI in the first place as Magic Loans did not follow FSA selling guidelines and Banking Code of good practice and did NOT treat me fairly, and I was not told that I would be paying the premium and interest for the duration of the loan once the three year period of the cover was ended. The latter amounts to concealment at the very least and misrepresentation at worst ...


The battle continues

Received today the most arrogant response from Magic Loans regarding my S.A.R - (Subject access request).

To quote from the letter: "Our records show that you made a previous complaint about the sale of PPI and a comprehensive reply finding your complaint not to be upheld was issued to you on 25 February by my colleague X. Within this reply, it was clearly stated that you had a period of six months [...] to refer your complaint to the fos if you were unhappy with the decision. You did not do so and [...] your complaint became time-barred and would not be accepted or investigated by the FOS if you escalated it to them now.

As a consequence of this there is no case to answer regarding the sale of PPI. Indeed, my colleague found there was no case to answer in the first instance. As your request under the Data Protection Act 1998 was clearly stated a directly linked to the sale of PPI, there is no reason to involve you in the expense of the request and I therefore enclose your cheque [...] "

Firstly, I never received a letter from Magic Loans in February and I have never contacted them before my SAR in September. I have always dealt with Sterling Insurance, the underwriter.

Today I called the FOS who began their investigation of the complaint in February for me and who are baffled by this response, in particular the time-barring, informing me that they'll be happy to continue investigating it on my behalf. The chap was also baffled by the refusal to comply with my SAR!!

I have informed the chap who sent the letter that his reponse is arrogant, that the case is NOT closed and that I have a legal right to the info they hold on me regardless of whether it relates to a complaint or any other issue.

aa I was stottin' this morning when I read that letter. But chuckling afte I spoke to the nice young man at th fos and definitely now

Now, in relation to your comment about another letter going off the the ICO about Magic Loans failing to comply with a SAR, can you direct me to another complaint for this co? Save me a bit of time trawling but happy to try anyway

Cheers

Hello Painty,

Well I never. the arrogance of this company, but I am sure you will reply with a suitable response pointing out the error of their ways

As you know Painty, It really is not up to them whether to respond, or not, to your legal request for information By law they must comply

I am sure that you will report them to the information commissioners office as to their conduct:grin:

Is it not great when they give themselves more rope to hang themselves.

Why are the being so defensive I wonder Is there something in your S.A.R - (Subject access request) that they do not want you to see

Here you go Painty,

this was part of my response to a similar situation just fill in the relevant bits for your dates etc and use what you can. Long as my posts always are.

I would wish to point out that the information requested in my original letter Subject access request (S.A.R - (Subject access request)) dated xxxxxxxxx has not been forthcoming.
By law under the provisions of the Data Protection Act 1998 Section 7 sub section (1) ( c ) ( i ) and (ii) you are required to communicate to me in an intelligible form the information as requested within the requirements of the Act section 7 (2) (a) and (b), which as the data subject I have met.


I now must insist that you provide the following for ALL accounts or associated accounts that I as a Data Subject 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 including all details of payment protection insurance premiums applicable to those accounts with your organization.

When I insist on the provision of all details, I take that to include all data applicable to me as a Data subject including the data on payment protection insurance (PPI) including the terms and conditions applicable to the insurance applied to the loans.

Copies of all documents which include any of my personal information including copies of any contracts or invoices, emails or computer records, or letters containing my personal information, or any records which relate 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 information, or which pertains to me.

If you are then unable to trace the information on these loans then I will require the following action to be taken by your organisation.

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 (preferably the Data Controller) 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.”
To date I have not received this full information. I await the following:
1. Full details of PPI including the terms and conditions as applicable to the loans as detailed in my first request.
2. Full transcripts of all telephone conversations that have been recorded between your organisation and myself.
3. Full copies of all credit agreements and contracts between Magic Loans and myself.
4. Full copies of any and all postal or email correspondence.

If there is no information available then I will require written confirmation of this together with as stated before full details on your methods of erasure, disposal or destruction signed by an authorised officer of your company.

Failure to respond to this second request in a fully comprehensive and satisfactory manner within 14 days, will result in the submission of a formal complaint to the Information Commissioners Office detailing your failure to comply with the Data Protection Act 1998. Which is a Legal Statute within the Law.

You can chop and change to suit their response to you but the Data Protection Act Sections do apply.

Data Protection Act 1998 (c. 29)

You can confirm through this link.

aa
PS
have been a bit repetitive in some areas but it might get the message across if they read twice what you require.