Written by John Kruse, one of the leading experts on Bailiff Law, this consumer friendly guide is essential reading for anyone who comes into contact with a bailiff.
The book is easy to understand and clearly explains the rights
a bailiff has, and also what they cannot do when collecting debts and repossessing goods etc.
And I've read a thread in MSE that someone has just claimed back £2,000 because he stated that he was mis sold the policy, the terms and conditions were not explained to him properly (needs to be by law??) and therefore they had to give it back to him......but I couldn't find a letter template etc.
Has anyone done it here or link a thread to me? Sorry if this has been brought up a million times, I really have looked and couldn't find anything.
If the forum members here don't know about this and it's possible to actually do this, then there'll be a lot of letters being sent out next week I'm sure!!!
Well, I've just read quite a few threads with people trying to get back the insurance paid on loans/ccs....
It's all very confusing......I think that there are alot of people on this site who could benefit from step by step instructions as to how to get this money back.
I've heard of one company (there may be more) who claim this money back for you but take a HUGE percentage when they do.
Can we not do this ourselves? But how?
I'm gonna write to Abbey, we've had a loan out with them for 6 years ish, which was defaulted about 4 years ago. We've still been paying them £90 a month as a payment plan was put in place. But I just can't help but wonder, how much of that loan is insurance, insurance that we obviously won't be using?
We need to get on this peeps, don't ya think???....sort out a proper structure for action and work out who can claim etc....If there are companies claiming that they can do it for a profit then surely we can do it for the money that's ours anyway???
The thing is that they lump the insurance at the front of the loan, so you're essentially paying that off first. If, like ourselves, they defaulted us after a year or so then shouldn't we have only paid for a year's worth of insurance? and not the whole lot?
I'm still pondering writing to the Abbey but I need someone who knows about this stuff to tell us what we can and can't do.
I have just been enquiring about this with a BOS insurance as I heard from one of the threads that, and I'm not too sure of the legitimacy yet so don't get too excited, if the loan insurance came before the interest then the loan becomes unenforceable
Now someone here in BAG has suggested they had heard of a case going through the courts which was lost by the bank purely on this point. So get searching people because I am miffed about a £6k insurance on a 13k loan only to find out bos probably only paid a fifth of that to St Andrews for the policy http://www.consumeractiongroup.co.uk...insurance.html
I will be digging and posting back but keep an eye on my thread too and I'll watch this one!
I got this template from Robert Harper 2000 ( a member of this site)...thank you!, the sample letter is as follows:
Complaints department
Bank's name & address
Re: account 999999999999999999999
COMPLAINT
Dear Sir or Madam,
I took out the above loan for £x,000 on dd/mm/yy. When I took it out, I signed up for Payment Protection Insurance. I phoned up on dd/mm/yy to ask to cancel it and was told that this is impossible. I am writing to complain.
Put in any of the following which apply:
[When I took out the loan, I was told that I would not have been given the loan if I did not take PPI. 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 did not do. 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 want.]
[I am self-employed/work as a contractor/unemployed and therefore will not be eligible for any payments from the PPI if I cannot get work or am sick. My situation was known to the person who sold me the loan, however he/she did not point out that the insurance was virtually useless to me so I think that I have been mis-sold the insurance.]
[When I took out the loan, I said I did not need the PPI as my employer provides generous illness and redundancy benefits, but I was told I should still take it out. As this is not correct, I consider that I have been mis-sold this expensive insurance, which I do not need and which I said that I did not want.]
[I wish to cancel the PPI because since taking out the loan, my employment situation has changed. I am now self-employed/work as a contractor/unemployed and therefore will not be eligible for any payments from the PPI if I cannot get work or am sick.]
[I wish to cancel the PPI because I now have sufficient alternative insurance cover from my employer and other sources.]
[I wish to cancel the PPI because I am in financial difficulties and cannot afford it. I enclose a Statement of Affairs which shows this.]
I have been advised that I should be able to cancel the PPI contract at any time and receive a partial refund of the premium that I have paid. I would like to do this. [And in view of the way I was mis-sold the insurance, I would like to ask for a full refund of the whole premium.]
I would appreciate a reply to this letter within fourteen days. If you reject this complaint, I would be grateful if you could explain whether you provide an internal appeals process. If you do not, please supply me with a final response letter, so that I can take up the matter with the Financial Ombudsman Service.
Yours faithfully,
nb There is no reason why you have to be able to prove that you cant afford the PPI before you cancel it, so in theory you should not need to send an SOA. However, I think it helps because it puts the bank morally in an even worse position if their PPI is causing you hardship.
I used that template letter to Lloyds TSB regarding the insurance.
I telephoned first and was told no way would I get refund on PPI insurnace,
They suggested that I cleared the loan by taking out another loand without PPI to cover the outstanding amount. mmmm I said No Ta, I want a refund..was told NO Way..
Sent letter off to Lloyds on Tuesday giving the 14 days to refund..
Unfortunately i'm not an expert in any given field legally and my advice and that of the Consumer Action Group and the Bank Action Group is given without prejudice and without liability so please if in any doubt whatsoever seek help from an insured qualified professional. Contents of my posts are purely my own personal opinions and not condoned or endorsed in any way, shape or form by CAG. Thank you!
Can a policy which cost a fortune which has had a claim against it paid out for a year still be classed as ' mis sold'? I'm running a thread http://www.consumeractiongroup.co.uk...insurance.html at present whilst investigating similar situation, but I feel a bit awkward stating the policy might have been mis sold when I actually had a claim paid out.
I still feel the original sale was mis sold. Be interested in anyones take on that point .
I would think that makes it difficult / impossible, as you have benefitted from it. If you ask for your premiums back I would expect them to ask for the payouts back with costs.
Jeep (The Wife & I)
Halifax joint a/c (£3800 charges + £40 interest on charges over 11 years) - paid in full 23/06/06
Halifax joint a/c new charges £1100 - LBA sent 02/08/06
Halifax 2nd a/c (£1500 charges + £150 interest on charges) - partial payment received 13/07/06 (no s69 interest) - AQ filed 07/08/06 - Court awarded 50% of s69 interest (Bank didn't turn up!)
Halifax Visa (#1) Data Protection Act sent - statements arrived - £350 so far
Halifax Visa (#2) Data Protection Act sent - refunded £170 DONATE - Support this site, it supported you! Follow the route: FAQs > Template Library > Parachute Account > Bank Forums > Spreadsheet All advice given in good faith and without prejudice or liability, to be taken at your own risk!
It wouldn't be the premiums Jeep, I paid nearly £6000 insurance on a 13,000 + £6000 interest loan over 5 yrs and have been told by a helpful BOS ex worker that it would have cost them one fifth of that to buy from St Andrews Insurance. I am a businessman myself and understand the word profit, but I had this insurance foisted upon me at a time when common sense wasn't common and panic ruled the day when I needed a loan. In effect, if you forget the claim for one minute, the insurance was mis sold in that it was (almost) forced upon me - (yeah yeah I had a choice etc) but it has become apparent that there were ' guidlines' given to staff at that time regarding the divulgance of information/rights at the time the loan was taken out. That's the bit which has been misleading. I also trusted them as ' fiduceries' as they saying goes. They are the Bank of Scotland after all - not joe bloggs financial services ex con Ltd
But the pink sheep in wellies...you dont know what that does to an Ex Aberdonian..lol
I havnt had any reply yet from TSB regarding PPI letter..will keep you posted though.
I have another one with First Plus..Cost £3388 they said I could cancel it and they would give me refund of £97.41 ..Think he understood what go forth and multiply meant..
The first Plus one Im contacting the FSA for advice on this one as have found the policy and documents to be very misleading.
Ian
Lloyds TSB -PPI - Full refund . 05/09/06 (As Seen on TV)
Halifax settled in Full.. 22/09/06
TSB First Claim SETTLED IN FULL 19/10/06
Second Claim to Lloyds TSB - Settled in Full
Firstplus - early settlement interest charges - Challenged the use of the rule of 78 - SETTLED IN FULL 12/1/07
PPI - GE Money / Purpleloans / Firstplus - Now Settled after 1 year long hard fight.
If my post has helped you, please click the scales! :grin:
Anything said is my opinion and how I understand the law, always consult professional legal advice before taking something to court.
"I was most concerned to read your letter, thank you for writing to us..
As your concerns relate to issues outside the control of this office, I have passed your letter onto Lloyds TSB General Insurance Department. It may take a while to gather all the facts together, but they will try to come back to you with a full response within the next few working days.
Copy of my letter below..meant to post earlier but forgot..lol
Mr Ian Reid August 21, 2006 xxxxxxxxxxx xxxxxxxx xxxxxx xxxxxx Tel. Email: xxxxxxxxxxxxxxx
Complaints department Personal Loans Service Centre
Lloyds TSB PO Box 43 Peterlee County Durham SR8 2YQ
Re: account xxxxxxxxxx
COMPLAINT & Request for return of PPI Insurance & Interest.
Dear Sir or Madam,
I took out the above loan for £1500 on 12/012005. When I took it out, I signed up for Payment Protection Insurance. I telephoned today to cancel the PPI insurance and was told that this was not possible.
When I took out the loan, I was told that I would not have been given the loan if I did not take PPI. 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 did not do. 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.
Since this loan was taken out to refinance a high TSB overdraft that had risen mainly due to unlawful penalty bank charges (a separate complaint currently ongoing) I feel that in a time of being financially vulnerable I was pressured into taking the loan protection.
Having done some research I have found the same cover is available for £3.95 per £100 of cover compared to Lloyds Cover of over £22 per £100 of cover.
The cost of the Policy was £415.42 plus £199.05 Interest making £614.47 The same cover from another insurer would cost a total of £118.50 thus saving £495.97
I request a refund of the policy fee plus any interest paid on the fee.
I would appreciate a reply to this letter within fourteen days. If you reject this complaint, I would be grateful if you could explain whether you provide an internal appeals process. If you do not, please supply me with a final response letter, so that I can take up the matter with the Financial Ombudsman Service, and if need be make a claim via the small claims court to recover the PPI insurance fee + Interest + costs.
Yours faithfully,
Ian Reid
Well sit back and see what Happens Now
Lloyds TSB -PPI - Full refund . 05/09/06 (As Seen on TV)
Halifax settled in Full.. 22/09/06
TSB First Claim SETTLED IN FULL 19/10/06
Second Claim to Lloyds TSB - Settled in Full
Firstplus - early settlement interest charges - Challenged the use of the rule of 78 - SETTLED IN FULL 12/1/07
PPI - GE Money / Purpleloans / Firstplus - Now Settled after 1 year long hard fight.
If my post has helped you, please click the scales! :grin:
Anything said is my opinion and how I understand the law, always consult professional legal advice before taking something to court.
Might be a problem with claiming some of these policies, The FSA only started regulating this type of Insurance from 14th Jan 2005
Though the discussion I had with him regarding very Misleading terms in the policy etc, he was interested in and asked for the info to be sent to him to follow up..
Have to wait and see what they come back with.
Lloyds TSB -PPI - Full refund . 05/09/06 (As Seen on TV)
Halifax settled in Full.. 22/09/06
TSB First Claim SETTLED IN FULL 19/10/06
Second Claim to Lloyds TSB - Settled in Full
Firstplus - early settlement interest charges - Challenged the use of the rule of 78 - SETTLED IN FULL 12/1/07
PPI - GE Money / Purpleloans / Firstplus - Now Settled after 1 year long hard fight.
If my post has helped you, please click the scales! :grin:
Anything said is my opinion and how I understand the law, always consult professional legal advice before taking something to court.
We have taken out insurance on a loan and have found it cheaper and better value else where due to financial dificulties we asked to cancel the insurance and was told this was not possible although it would be in our interest. I thought the insurance was by choice and if you did not want it then it was up to you to finance payments in respect of unemployment etc? Because we were happy to change it as long as we could prove we had cover then this should be enough? The problem is the banks make so much profit in this, it is like buildings/ contents insurance etc.
reidnet-there maybe a legal precedent already in the domain re insurance on loans where no option of not taking it is concerned I come back in a mo with a link http://www.consumeractiongroup.co.uk...e-details.html
Here is the link. If you read the full judgement in the case mentioned. It is a long one, the case may be valid where the loan was sold with insurance and no other option of not taking it out was given
I will have a look at that link, May be able to use info from it..Thanks
Ive got 2 that im looking into, One with Firstplus (Lloyds backed Insurance though) where there is some very very small print not in the actual policy or original document. Hidden away in a welcome to firstplus there is a clause in there.. It states the clause and then says to refer to the Insurance Policy. There is nothing at all about this clause in the policy.
I discussed this one with the FSA on Friday..and they agree that it a misleading if not deceitful clause. I have written to them (posted today) asking for a refund of the policy fee + interest, stating that the policy was misold as this clause was not initially pointed out at time of sale etc.
The FSA have taken details of this particular one and are checking it out, they have also asked me to keep them informed of what response I get.
Could do with the £4000+ back on this one..
Just see what they say in their reply..oh have given them 14 Days and then Court..lol
Ian
Lloyds TSB -PPI - Full refund . 05/09/06 (As Seen on TV)
Halifax settled in Full.. 22/09/06
TSB First Claim SETTLED IN FULL 19/10/06
Second Claim to Lloyds TSB - Settled in Full
Firstplus - early settlement interest charges - Challenged the use of the rule of 78 - SETTLED IN FULL 12/1/07
PPI - GE Money / Purpleloans / Firstplus - Now Settled after 1 year long hard fight.
If my post has helped you, please click the scales! :grin:
Anything said is my opinion and how I understand the law, always consult professional legal advice before taking something to court.
Mis sold insurance on loans???
were not explained to him properly (needs to be by law??) and therefore they had to give it back to him......but I couldn't find a letter template etc.
Reply With Quote
