Thread: reclaiming single premium ppi missold A and l help please asap

look at what i have said in this thread:

http://www.consumeractiongroup.co.uk...ioner-ppi.html

and the 'notes for claimants stickie at the top of this forum

you can use the PPI calaculator spreadsheet or the on-line calculator.

just type in PPI calculator in the search in the blue bar above.

dx

write to wescot inform them the A/C is in dispute about PPI.

dx

How did Wescott orginally introduce themselves to you ?

They say in their letter above they are responding to a letter you sent to them.. what was the exchange of letters in respect of that.

As dx has already advised you need to write to Wescott advising that having discovered you were mis sold a PPI product that this account is now in dispute until it has been resolved.

What you need to do now is get yourself organised in order to reclaim the PPI.

You have a copy of the agreement and it was an up front premium with the interest calculated then added to the loan.

It is my understanding that you would require the PPI sum to be removed and then you would reclaim interest at what ever rate be it contractural or simple from the payments you have already made.

You need to write to the company/bank that you took the loan out with, in the first instance.

Letter to Wescott

Dear Sirs,

Account Number.

Account in Dispute

I am in receipt of your letter dated 5th January 2010.

I have just discovered that there is a mis sold payment protection insurance added to this account and am in the process of making an official complaint to the original creditor.

As there is now a genuine and valid dispute which has yet to be resolved, you will be in breach of OFT guidelines should you continue to pursue for payment.

Please note, that I require all communication between us to be in writing. This is in order to protect myself should this proceed to litigation. I will not enter into any discussions about my personal finances over the telephone, therefore any further attempts to contact me in that manner will be considered harrassment and reported as such to the regulatory bodies.

To the Bank who sold you the loan/PPI. This is just a suggestion. You need to tailor the letter to your own circumstances. Please read it carefully and amend where necessary. Thanks to Shakespeare62 for the original draft.

Dear Sirs,

Account No:

Dear Sir / Madam

OFFICIAL COMPLAINT

Re: Request for return of Payment Protection Insurance premium and contractual interest.






On the DATE OF LOAN I took out an unsecured loan with your company/bank. But now believe that I was mis-sold this policy for the following reasons:


Give your reason for mis selling below:

Were you self employed
Did you have a pre existing medical condition
Were you advised about exclusions (you say they wouldnt allow you to claim for redundancy ? - Why was this)

Do any of the following apply to your circumstances.. delete/amend those that do not apply




I was not given full information on what the policy would and would not cover for example that the loan only covered the first five years of the loan term.



I am concerned the sales person that sold me the policy had no financial background and the policy was not sold in my best interests.


I was not advised that I could obtain insurance elsewhere to cover myself for this new commitment to your bank or shown any comparisons for other products in the industry – which may have been more competitive or better suited than your own. This latter concern has now been the subject of an enquiry by the Competition Commissioners Office who were especially critical of PPI

It was not explained to me that the policy premium would be paid upfront as a single premium and would be added to my debt and attract interest from the outset. I believe you should have disclosed to me that the single premium policy, did not give a pro-rata refund in event of early settlement.

I was not told that there were other options than a single premium policy, i.e. that I could take a “pay monthly one”.

No attempt was made to ascertain if the product provided was fit for purpose, suitable for my needs or if indeed at all. No inquiry was made as whether I had pre-existing insurance for accident, illness or unemployment. I was not given full information on what the policy would and would not cover, I was not given a copy of the insurance policy nor were any rights to cancel explained. I believe you manifestly failed in your fiduciary responsibilities, and your duty of care.

With reference to recent OFT and FSA investigations regarding the mis-selling of PPI by finance companies, I now believe that I was gravely misled when you mis-sold me this expensive insurance policy, which I did not want and did not need and for the reasons given above, totally unsuitable.


I believe you should have made it clear to me that the policy generated large profits for you. You failed to do this. I believe that you have also therefore failed in your duty of disclosure. Your failure to disclose is misrepresentation at common law.

Your concealment of the act of mis-selling has prevented me from asserting my right until now. I believe that there are strong grounds for action against you under common law, statute and consumer regulations.



The original insurance premium of £XXXXX plus interest of £XXXXX making a total of £XXXXXwhich was then added to the loan amount on the DATE OF LOAN


If this were to proceed to litigation, Statutory 8% interest (S69 of the county court Act) allowed by the Courts would also be payable.

I am writing to ask you to refund the premium paid together with interest equal to your APR at the time under the accepted principle of mutuality and reciprocity. I would also like to claim statutory compensation in view of the fact that I have been deprived of the cash over that period.

Financial Ombudsman Service

Please now investigate my complaint within the eight weeks allowed to you. If I do not receive a favourable response from you I will consider pursuing this claim through the Financial Ombudsman.

May I bring to your attention that fos rules which are backed by the Consumer Credit Act 2006 require a business to acknowledge in writing a complaint by the end of the next working day.

To quote from the page 5 of the Financial Ombudsman Service rules (see link below)

http://www.financial-ombudsman.org.uk/publications/introduction_consumercred it.pdf

"When handling complaints, your business should:
■ send the consumer a prompt written acknowledgment
(if you have not been able to resolve the complaint on the
spot, or by the end of the next working day);

It is requested you treat this as a formal complaint and provide me with a copy of your Complaints procedure.

Yours faithfully

and if you've not guessed, they have NO legal right to any I/0 forms from you.
your financial affairs are NONE of their business, only a judge can request this info.

dx

Yep,

The Default is incorrect in any respect. They say "14 days from date of service". Apart from the fact that you may never receive it they should put a proper date. Tis is in the regulations.

And as you say, this should be issued by Santander (if they are the Creditor) and bear their address not someone elses.

Next. I find it strange that they notify you of an intention to register a default After they have issued a default notice, although that I think is irrelevant.

So your DN is not correct.

Wescott.

The letter you sent them saying the account was in dispute. Have you confirmed that it has been received by checking on the RM Website. If it has then TBH, ignore it.

You could if you feel the need to send something just pop a copy of the letter you sent them advising of the dispute and along with a covering letter say.

Dear Sirs,

Your letter dated blah blah was received by me on (date).

I see this was sent after you had received my letter dated blah, blah. A copy of which is enclosed for your attention.

Yours etc



TBH, If you are going to send Wescott the shorty.. just obtain a free proof of posting slip from the post office and attach it to your file copy..

Posted on your other A&L thread.

Need to keep to one thread. If you ask site team, they can delete the other one.