Thread: PPI - how long for a reply

Originally Posted by Doc2527

Hi folks

Can anyone advise me on how long I should wait for a response to a mis sold PPI claim on a credit card?

Many thanks

Doc :?

Hello Doc and welcome,

How long did you give them in your letter????? and how long have you been waiting. Have they gone over their own timescale for investigation

They do not rush to respond to you, so you need to be chasing them up.

Did you send everything recorded delivery and are you sure that they received it???????

Can you tell us a bit more about your claim and where you are at with it

First check they have actually got it. I know you did not give them a timescale and most companies complaints proceedure response time is 8 weeks, but I always ignore that and give them 14 working days. If feel this is more than enough time for them to investigate (and print out there standard fob off letter ).

I try to dictate the time, not let them - not easy but it puts you in control.

Hello Doc

You have two choices here: 1) send a polite but firm reminder letter, giving them as a large organisation an additional 14 days in which to investigate your complaint and enter into sincere dialogue with you. You are a reasonable person after all 2) send your lba outlining the case for mis-selling, demonstrating how they have mis-sold PPI and the rules and guidelines the lender has breached in doing so.

If you need any more help, just shout ...

Originally Posted by Doc2527

Hi Paintball

Many thanks for your quick reply....can I be cheeky and ask if you would be able to send/give me a form of words that I could use?

thanks

Doc

No probs ...

Originally Posted by Doc2527

Hi folks

does anyone know if there is such a thing on the site as a lba PPI Template.

I have looked and looked, however I may not be searching properly, but I don't seem to be able to find one?

I really want to send an PPI LBA off as soon as possible as i feel that they have been given ample time to at least respond to my letter sent (recorded) on the 9th Sept 08.

Any help is much appreciated.

Many thanks

Doc

Hi Doc

There is a generic template for bank charges but I'm happy to help you prepare your own LBA for your PPI claim as there is a whole lot of additional information and legislation that you can use to help your claim.

To help me with this, could you please post up the gist of your first letter so that I have as much info as possible: loan/card account, date it was taken out, how the PPI was sold to you (face-to-face or telephone), advised or non-advised sale (if you know this), was the salesperson pushy, etc, etc.

Hi Doc ...

You don't say when the loan was taken out, but I take it from your first letter that it was in 2003.

You could send them the following:


Date

letter before action



Re: Account xxxx


Dear Mr Davies

I write to inform you that I am extremely disappointed in your lack of response to my intitial complaint about mis-selling of Payment Protection Insurance (PPI). I wrote to you on 9 September 2008 and have proof that my letter was received and signed for by an individual within your organisation. I have not even received an acknowldegement of receipt of my letter. I hereby repeat my assertion that I have been mis-sold Payment Protection Insurance (PPI) taken out on the above named account on date.

At the time of opening my More Than credit card account, PPI was added to the account as a direct result of a 'high pressured' sale by your salesperson.


I hereby repeat for your information, the reasons for my complaint about mis-selling, and more importantly, would like to express my disappointment that Marks and Spencer, an extremely well respected organisation, should resort to such poor sales practices. I assert that PPI was mis-sold to me for the following reasons:

• I was not asked whether I had any other insurance which would cover the loan.
• I was not told I could buy a PPI elsewhere to cover the credit card.
• I was led to believe that Payment Protection Insurance was compulsory.
• It was not explained to me that there were certain exclusions within the policy that could affect me.
• The Terms & Conditions of the small print were not fully explained to me.

Marks and Spencer had an obligation to me the borrower, to provide sufficient and appropriate information to enable me to make an informed decision as to the suitability of the PPI to meet my needs and financial circumstances. I should also have been made aware of alternative options available, or comparative costs of similar PPI products from other suppliers, which information as a well known financial institution, you would most certainly have had access to.

The Financial Services Authority (FSA) provides guidelines which Marks and Spencer should adhere to while making both Advised and Non-Advised sales. Where a Non-Advised sale takes place, "The customer must, however, still receive sufficient information on the product to enable them to make an informed decision as to whether it meets their own demands and needs." (FSA)

At no point did I receive any such information, either by letter, document or telephone call which followed the above guideline. The documents that I hold, do not contain any of the information that I have outlined above and cannot, therefore, be deemed as meeting the standard of care which you should have provided.

I reposed absolute trust in your ability to provide me, your customer, with a reasonable level of care and skill in ensuring that my best interests were met when taking out a finacial product with your organisation. This has not been the case and I am extremely shocked and disappointed.

I would further suggest that the Principles of Business which are legally binding upon Marks and Spencer under the Financial Services and Markets Act 2000 and which are contained in the FSA Handbook, have not been followed. Therefore you are in breach of regulations.

I would remind you that the FSA takes the mis-selling of PPI extremely seriously and you will be aware that recent investigations by both the FSA and the Competition Commission have found that lenders continue to engage in "poor sales practices" and that "customers were not informed orally of both the monthly and total cost of their PPI". (FSA report 30 September 2008).

I request the return of (insert amount here plus interest) within 14 days of receipt of this letter by you. If you do not comply with my request, I will have no option but to refer my complaint to the Financial Ombudsman Service (fos)/issue court proceedings against you for return of monies. I should remind you that the FOS take the issue of mis-selling of PPI extremely seriously and in many cases, have imposed large fines on financial institutions who are in breach of regulations.

I look forward to receiving a positive response from you within the prescribed time limit.


Yours sincerely


Your wife's name here

aaaaagh!!!! That smiley in the penultimate para should be a letter 8 ... can't get it to change for some bizarre annoying reason!!!

You're welcome. I look forward to their response ...

Originally Posted by Doc2527

Hi Paintball

I removed the line "high pressured sales" from the lba as there wasn't any sales advicegiven around the PPI.

Doc

Probably best to substitute something more appropriate then to indicate the level of disatisfaction you have with the whole PPI sale process ...

However, you can still feel that you have been pressured into purchasing a PPI product, even though no alternative information is provided to you of say other insurance options available to you.

Hi Doc

Yes it is the standard four week investigation letter. I have received one myself from BISL and will be very reasonable and allow them the four weeks ... and no longer.

I have written to tell them that as a large organisation I feel that four weeks is more than ample time to refer back to the FSA regulations and the Banking Code of Practice etc etc, in order to refresh their minds as to whether they have treated me fairly etc etc ...

After this time, if I have not received a satisfactory response, they will be receiving a rocket from me ... will M&S be getting one too from you?