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Over 6 months ago I wrote to fos re Capital 1 mis-selling PPI insurance - I am self-employed and they said I must take out the ins. BECAUSE I was self-employed. They haven't got to my case yet.
The PPI payments, added to the loan at the beginning, came to over 2k. Once I realised that the insurance was useless to me I tried to cancel. Cap 1 refused but said if I paid the £600+ now I could settle early!!! Needless to say I was livid. So, 3 letters and 3 refusals to refund the insurance, finally wrote to the ombudsman. Meanwhile I haven't paid any more repayments.
Yesterday, I received a letter from Cap 1, offering to reduce the 'outstanding balance' (the PPI payments + a bit more) by 30% or they would be selling on the debt.
Does this mean they are willing to negotiate? Probably knowing they are in the wrong and trying to settle before the ombudsman decides? My first reaction was to write saying I want the whole amount written off + interest. Would appreciate any help with dealing with this tactic.
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my views are my own...seek legal advice if ness
NEVER EVER - act on a private message asking you to visit another website, make contact 'off list' or by telephone
- alert the siteteam IMMEDIATELY by hitting the black warning triangle on any message - Particularly if this results in a request to pay a fee to help you.
rather than hittting to be my friend - hit the star
Re: Cap 1 offer of 30% reduction before FOS decision
Is this formally with the Ombudsman> Meaning, have CAP1 investigated and said no and given you their final decision?
Please don't pm me about specific questions unless you have posted and it has not been dealt with or unless the matter is confidential. Please include a link to the post you want me to look at. If you have received a defence, contact me.
Advice & opinions of BankFodder, The Consumer Action Group and The Bank Action Group are offered informally, without prejudice & without liability. Use your own judgment. Seek advice of a qualified insured professional if you have any doubts.
Re: Cap 1 offer of 30% reduction before FOS decision
Just checked my records and the forms were sent to the Ombudsman 21/4/2008! Had several letters saying my case hasn't been allocated yet, they're so busy.
Cap 1 gave me their final response letter, refusing to accept liability on 18th March, 2008.
Since then I haven't paid anything (as far as I was concerned the debt was paid but not the PPI payments, i.e. loan + PPI + interest = £15k, PPI part £2,560. Cap 1 chasing £2,100 now and offering 30% to settle immediately..or sell debt on).
Surely if the ombudsman had decided, I would have been informed??
Re: Cap 1 offer of 30% reduction before FOS decision
I'm frankly amazed.
I gather from you that you have lodged a dispute with CAP1, they have rejected your complaint, given you their final response. The matter is now before the Ombudsman and yet they are continuing to threaten you over the issue even to the extent that they will sell on the debt if you do not comply with some condition which they have imposed on you.
I think that this warrants an immediate complaint to the Ombudsman.
We know very well that the finance industry have only contempt for the fos and consider it merely as a useful tool for introducing another hurdle to obstruct their customers from getting a fair result, but if I have understood you correctly then this really amounts to a spit in the face of the Ombudsman by Cap1.
I think that you should draft a letter of complaint to the FOS straightaway and tell them that despite the matter being with them, Cap1 are still coninuing the dispute and to take action agsint you on it.
Tell the Ombudsman that you consider that this is an afront to you and also to the Ombudsman.
Please don't pm me about specific questions unless you have posted and it has not been dealt with or unless the matter is confidential. Please include a link to the post you want me to look at. If you have received a defence, contact me.
Advice & opinions of BankFodder, The Consumer Action Group and The Bank Action Group are offered informally, without prejudice & without liability. Use your own judgment. Seek advice of a qualified insured professional if you have any doubts.
Re: Cap 1 offer of 30% reduction before FOS decision
After being at work all day (Sundays usually mean uninterrupted time to concentrate!) and not looking at my mobile, found a message from Cap 1 urgently wanting me to contact them by phone. Then, at home another on my landline, same thing!
Thinking calmly, they sound desperate to get a response from me before the outcome. Or, they think I was bluffing about the Ombudsman.
Thank you so much for your moral support here. It does bother me but I am determined to fight on. They know how to put on the pressure, don't they??
I was going to contact the ombudsman tomorrow by phone. I will take your advice, though, and send a letter to both the ombudsman and Cap 1.
Re: Cap 1 offer of 30% reduction before FOS decision
Quick update. I called the Ombudsman's office who reassured me my case was coming up shortly. However, interestingly, they told me letters like mine were quite common and that Cap 1 are within their rights to try to settle or pass on the debt. Even though the a/c is in dispute.
I, too, am within my rights to withhold payment whilst the case is going on, if I wish.
The upshot is that Cap 1 will get a letter from the ombudsman outlining that the case will be considered soon and to please wait before acting. I have to send a copy of the letter from Cap 1 for their records. Also, I will write to Cap 1 politely declining their offer until D-day (just in case they are right!). Has anyone got a story of winning (or losing) because they are self-employed and told that they must take out the insurance because of that fact? I don't feel over confident - just really angry if I end up having to pay for something I couldn't claim on.
Re: Cap 1 offer of 30% reduction before FOS decision
Thinking about my letters - should I send a copy to FSA, too? Do they take any notice of consumers??
Yes send them a copy they will reply but will not get directly involved but they will probably ask you for your permission to use the information you supply and to pass it on to other agencies and you will have to sign their forms to say you agree. Remember the FSA are the folks who impose the fines
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I would also complain to the OFT and ICO.
I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner. ------------------------------------------------
Bank charge successes:
Halifax - Full settlement incl interest.
HSBC - Settlement, goodwill no admission of liability about 75% of claim.
RBS - Settlement, goodwill no admission of liability about 70% of claim.
2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did
PPI Successes
PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.
2 claims settled in full with LV without FOS involvement.
2 claims settled in full with HSBC without FOS involvement
PPI Claims ongoing with:
Cap one Now with the FOS
Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.
LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc
Please do not PM me for advice as it may be sometime before I can respond.
Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.
Re: Cap 1 offer of 30% reduction before FOS decision
Just received a letter from the fos telling me Cap1 have 'as a goodwill gesture' (still convinced they are in the right!) agreed to repay in full. Ombudsman recommended they repay all +8% interest, as if the loan had been taken out without the insurance.
My first success and it feels SO good! They have 12 weeks to pay, though....ah, well, what's that after a year and a half of waiting...
Re: Cap 1 offer of 30% reduction before FOS decision
It's been nearly 2 years since I was refunded the PPI by Cap1 and the loan account finished and closed. However, today I did a credit check out of interest (I'm not wanting any credit - again - ever!) and saw that this loan account, although showing as 'account satisfied' and 'default satisfied/date' the status history has shown it to be in default right up to today!!
I have emailed the CRA but I just wondered if I could make an issue out of this? Like compensation? Defamation of character? I hate Cap1 with a vengeance after the way I was treated! Or am I being too vindictive?!
Re: Cap 1 offer of 30% reduction before FOS decision
I've written to Cap1 about this. No reply yet. Callcredit responded to my email today saying Cap1 were reporting the correct information-I DID default because I witheld payments whilst the Ombudsman was reviewing my case! The Ombudsman told me it was my choice to pay or not. The date of 'default', though, has been registered as the date they paid me the cheque. This surely is in retaliation, isn't it??
Anyway I called tCallcredit and talked it through. The guy said it needed to be escalated to the high level(?) - he seemed to mean 'with more authority' - hope he didn't just mean high 'priority'.....
Same old story, we can't do anything to stop this behaviour. It really is impacting on my life now because we need to move.
Has anyone had similar experience????
Cap 1 offer of 30% reduction before FOS decision
re Capital 1 mis-selling PPI
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