Thread: ppi first trust bank

Have just had response from bank to say that the "member of staff who dealt with your loan was an experienced maber of staff who would have followed procedure and has confirmed that she would not have advised that the decision in relating to offering the loan would be dependant on taking payment protection" blah blah.............."
They also go on to say that they will cancel premium and rebate using the rule of 78.
Basically they are saying that their staff are telling the truth becuase they are experienced and I am lying, what do I do now.
have already sent lba.
I remeber particular details of the day (2nd of month) that I took out the loan such as the "experienced member of staff, being in a hurry as she had to attend a physio apppointment, and giving me an old fasioned manual , blank loan application for my husband to complete".
Went next day with said complteted loan application to collect cash loan , Member of staff off with bad back, so loan monies given in form of overdraft.
She was subsequently off work for the nex two weeks
New pre printed loan application forwarded on 16th of month,signed and returned, loan drawn down 21st of month.
The response that I have refers to "we further understand that you had copies of these for a number of weeks prior to the loan being arranged which would have provided additional time to review the evidence of cover".
Now my point here is that
a) we didnt as the loan application had not been processed due to the "experienced member of staf"s sick leave (thus being made in to the overdraft"
Nowhere on evidence of cover does it say that I could cancel the PPI at any time.
How do I respond?

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Got letter on Saturday to say that they had received me Bally35s fax dated 01/02/07, and had we received their letter of same date.(lba)
Did we intend "onthe course of action" outlined in letter.
If so the bank would be in a position to respond atthe end of 14 days.
Here is letter I am thinking os sending.
Any thoughts greatly appreciated!
With reference to your response, which I received yesterday, 01/02/07, I wish to raise a number of matters.
Firstly I was disappointed to note that you imply that I am in some way lying i.e. that you will only accept confirmation from “ experienced member of staff “.

You also refer to my husband and myself being in receipt of the loan agreement for “ a number of weeks”. This was certainly not the case.

I remember particular details of that day, being that the “experienced member of staff “ was in a hurry as she had a physiotherapy appointment due to back problems. She further stated, “ he (being the branch manager) might insist on insurance.

****** then left me alone for a few minutes to discuss my application “it was outside my discretion”.
When she came back she confirmed that the manager had agreed to the loan on the basis of us taking out the protection insurance.

The loan application was not processed that day, as my husband was not present (the loan needed to be joint, and my husband was the only person who would qualify for the PPI).
Therefore, I was given a blank, manual loan application for my husband to sign and informed to return the following day when the application had been processed and the loan drawn down.

When I returned the following day the loan had not been processed due to the fact that this member of staff was now on sick leave.

The applied loan was therefore given as an overdraft facility until such times that ***** returned and the loan processed.

This duly happened after a few weeks when the application (of which you have a copy), was forwarded to my husband and I to sign. You will also note that the loan was drawn down on ******
Given this, it would have been impossible for us to be in possession of the agreement for the number of weeks that you state.

As to the fourteen days notice for PPI cancellation, I believed at that time that fourteen days had already elapsed because of the time delay from the original application to the loan being processed.


I also further believed that this cancellation referred to the whole loan, (since the agreement form is unclear on this issue) which I was not in a position to finance at that stage from other funds.

Given that my recollection of the facts on this matter and the day in question are so clear, I am in no doubt as to being pressurised into taking PPI where the words explicitly stated that not taking PPI meant not getting the loan.

If you do not agree with my recollection of the above events, I would be obliged if you could confirm this in writing within seven days. Otherwise I will assume that my recollections are accurate.

I also wish to further advise (in response to your correspondence of 01/02/07) that my husband and I intend to continue with the course of action detailed to you on 01/02/07.

Please note that we are not taking this action lightly. We have had a very good relationship with First Trust in the past and the majority of the insurance products etc that we hold, have been sold through First Trust Bank.

We are taking the aforementioned action, as we truly believe that in this instance we were mis-sold an expensive and unnecessary product, at a time when we were financially vulnerable.


Yours sincerely






.

Recieved letter on 9th feb, confirming receipt of the above aqnd that they would have response issued by 14/02/07 (yesterday).
There had better be a letter waiting for me when I go Home!!!!!!!!!!!!!!!!!!!!!
Obviously one with a "so sorry you are right, have yer money back, (that we swindled you out of)".