Advice re Claiming PPI+Unfair charges on personal loan

[PossVox]

Hi all,

 

I was advised to post a new thread here to see if anyone can offer some advice.

 

http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/137386-help-valid-cca-not-new-post.html

 

Many thanks in advance

 

PV

[Paintball]

Hi PV

 

I've read the thread and would agree that you could/should be reclaiming the charges on the a/c and most definitely the PPI.

 

 

With regard to the PPI element, I have amended your letter to include some highly relevant and up-to-date info to help you with this claim. I presume that you have already sent the 'Account in Dispute' letter to put a hold on the account while this matter is resolved. If not, then I feel it would be advisable.

 

 

 

Dear Sir or Madam,

 

Re: Account number:

I took out a loan/credit card with company name on (Date) and was also persuaded to purchase Payment Protection Insurance (PPI) at the time of taking out the loan/card.I now believe that I was mis-sold PPI for the following reasons:

 

I paid a single premium for my policy but did not see it through to the end of its initial term after a change in my circumstances meant I was no longer able to pay.

 

This single premium accrued excessive interest as it was added to the loan thus adding to my indebtedness.

 

I assert that I was not given the correct information when the policy was sold to me, as:

• your salesperson stated / implied that taking out the policy would assist my credit application.
  
• your salesperson was very pushy in selling me the policy so that I felt I could not say no.
  
• your salesperson did not tell me that the policy was optional.
  
• your salesperson stated / implied that taking out the policy was essential for me to get the associated credit even though I informed them that I already had alternative insurance cover.
  
• your salesperson did not give me full information on what the policy would and would not cover.
  
• I am concerned the sales assistant that sold me the policy had no financial background and the policy was not sold in my best interests.
  

I would remind you that the FSA takes the issue of 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. At the worst performing firms very few customers were given adequate information on the cost of their policy." (FSA report 30/9/2008).

 

This last statement mirrors my own experience with your organisation and I am extremely disappointed that you have not complied with FSA guidelines and regulations, and the Principles of Business in the Financial Services and Markets Act 2000, contained within the FSA Handbook, and which are legally binding upon you to provide me with a reasonable level of care. I had reposed faith in (the company name) as a respected financial institution to follow industry guidelines and regulations and am shocked to discover that you have breached these.

 

Unless you can satisfactorily justify to me that the policy was fairly and reasonably sold to me, I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.

 

I also wish to reclaim, in full, the additional interest charges and the cost of letters sent by yourselves as these costs are excessive and unfair. These costs total £**.**.

 

I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.

 

Yours faithfully,

[alanalana]

Hello PV and welcome to the PPI forum.

 

I see you have been redirected from your previous forum to here for assistance. Without having to link back to your old forum through your link, it may be better to post in full to make it easier for people on here to help.

 

Can I suggest before diving in you have a good look at the following...

 

Full S.A.R - (Subject Access Request) for ppi

 

PPI - Some Notes for Claimants..

 

Supporting Legislation

 

links

 

I see you have already prepared a letter to claim back your PPI. This is a copy of the one I sent off. If you feel you can use anything from it please do.

 

The Royal Bank of Scotland

 

Dear xx xxxxxxxxxx,

 

Re: Loan accounts. Reference numbers:

 

xxx Account No xxx

xxx Account No xxx

xxx Account No xxx

 

References:

A. My Subject Access Request (S.A.R - (Subject Access Request)) dated 7 January 2008.

B. Your xxx (Acknowledgement).

C. My xxx (Supply of additional information).

D. Your xxx(Supply of copies of statements).

E. Your xxx (Forwarded information to branch).

F. Your xxx (Duplicate statements for account xxxxxxxx).

G. Your xxx (Duplicate statements for account xxxxxxxx and request for more information).

H. xxx (Letter stating full disclosure as requested in Reference A had not been received and concern over missing data).

I. Duplicate statements for account xxxx no letter attached.

J. Your xxx requesting dates, times, names and departments re telephone conversations.

K. My xxx requesting full details as required by my Reference A including all records of all telephone conversations.

L. My xxx forwarding my xxx with attachments.

M. My xxx CCA request for loans.

N. Your letter with reference Your xxx enclosing information with regard to account xxx.

O. My xxx requesting further data.

P. Your letter with ref Your xxx stating you do not have the paperwork on two previous loans.

Q. My xxx my response to Reference P.

 

 

I write in regard to the above References A-Q. Sadly, The Royal Bank of Scotland (RBS) have so far failed to comply fully with my DSAR in accordance with the Data Protection Act 1998 (despite the correct procedures being followed and the correct fees being submitted) for the provision of all data applicable to myself and the three loan accounts. I have submitted a separate letter on this subject to the Data Protection Officer and, indeed, have lodged a formal complaint with the Information Commissioners Office. You have forwarded copies of the three Loan account statements, my current account statement and information as requested in Reference M.

 

 

In each case PPI policies were attached to the above loans obtained from you on 8 March 2004, 20 May 2005 and 21 August 2006. I am now convinced that I was mis-sold these PPI policies for the following 7 reasons:

1. Underwriting a Policy of Insurance: On each occasion when the details of a loan were discussed, Your sales advisors failed to check my personal circumstances at the time of the sale, which they are under obligation to do when underwiting a Policy of Insurance. If they had done so, they would have realised that the PPI policies were useless to me. At no time was any attempt made to ascertain if the product provided was fit for purpose, suitable for my needs or if indeed it was required at all.
   
2. Alternative Insurance Cover: Your sales advisors did not ask me if I had any alternative arrangements for insurance cover. My employer has a generous illness package which would cover a period of sickness as follows: 6 months full pay followed by 6 months half pay. I would also be entitled to a generous redundancy package and a substantial payment would be made in the event of my death in service (more than suffice to clear the balance of the loan).
   
3. Significant Policy Exclusions: I was most definitely not informed that the PPI policies could contain certain exclusions which could affect me and my ability to claim on the policies if I should need to. Additionally I was never told that Pre Existing Medical Conditions could invalidate my policy and I was never asked if I had any Pre Existing Medical Conditions. Indeed your Loan Customer Duty of Care Checklist and the Loanguard Certificate of Insurance to which the Customer Duty of Care Checklist refers (forwarded under cover of Reference N) contain no reference to any Pre Existing Medical Conditions or includes any questions to me on the subject. I am in fact in receipt of a 40% War Disablement Pension from Her Majesty’s Government (HMG) since 1991. One element of this pension includes back injury which I now know is an exclusion in your PPI Policies. I also believe that I would also be excluded on at least one other existing condition.
   
4. Widespread PPI Mis-Selling: I cancelled the PPI policy on xxx Account No xxx on 7 Jan 2007 after becoming aware of the widespread mis-selling of PPI by some financial institutions, following recent media coverage and recent OFT and FSA investigations regarding the mis-selling of PPI. I believe this is borne out by Point 3 above. I am also aware that the question of PPI cover is the subject of an ongoing inquiry by the Competition Commissioner.
   
5. Wholly Inappropriate PPI Selling Bonuses: I understand that some employees are paid higher bonuses if they get prospective creditors to take out PPI with loans. How can the best interests of the customer possibly be met, if there is a clear conflict of interest between your responsibilities to me, and the drive of your employees to sell Payment Protection Insurance whether it is suitable or not in order to receive bonuses?
   
6. PPI Loan Interest Payments Miscalculated: Since I cancelled the policy, I have actually received a smaller reduction in the PPI loan interest payments than the figure stated on the agreement. The explanatory letter sent to me has, I believe, confirmed that I have paid for single premium PPI policies on each loan taken with your establishment.
   
7. True Nature of Single Premium PPI Not Explained: No explanation was forthcoming from any advisor on any occasion on the full extent of single premium PPI policies, or the fact that they would offer little or no refund if the loan was settled early or if the insurance was cancelled. The statements you have forwarded on accounts xxx and xxx, show no element of any refund of PPI or PPI interest when the accounts were settled on refinancing. There was also no explanation that the cost of the PPI premium would be added to the total cost of credit and interest added for the full term of the agreement. I believe this practice is unlawful.
   

I now believe that the single premium PPI policies attached to the loan accounts were extremely unfair, totally unreasonable and of very limited protection value. I am therefore requesting a full refund of all costs including all single PPI premiums that have been paid, the interest added to these premiums and the payments, that I have paid to date.

 

Furthermore, as I believe I have been unlawfully deprived of this money, I also expect the repayment of the interest at the Statutory Interest rate of 8% applicable to of each of the single premiums.

 

Details of the single premiums for each account with the interest payments made are as follows:

 

xxx Account No xxx

Insurance premium including interest on the premium = £6,109.32

Monthly interest payments made 8 April 2004 to 9 May 2005 £72.73 X 14 = £1,018.22

Sub Total £7127.54 Plus @ 8% Statutory Interest £570.20 =

Total sum £7,697.74

 

xxx Account No xxx

Insurance premium including interest on the premium = £7,534.90

Monthly interest payments made 20 June 2005 to 20 July 2006 £89.70 X 14 £1,255.80

Sub total £8,790.70 plus @ 8% Statutory Interest £703.25 =

Total sum £9,493.95

 

xxx Account No xxx

Insurance premium including interest on the premium = £8448.72 Less rebate on PPI premium £5,598.03 and rebate on PPI interest £1,552.78 (£7,150.81) = £1,297.91

Monthly interest payments made 20 September 2007 to 22 January 2007 £100.58 X 5 £502.90

Sub total £1,800.81 plus @ 8% Statutory Interest £144.06 =

Total sum £1,944.87

 

The total repayment figure I require is: £19,136.56

 

If I do not receive a favourable response to this letter, I will pursue my claim through the Financial Ombudsman Service (FOS) and indeed the Courts if necessary.

 

In Reference P paragraph 2 you stated: “With regard to the two loans with DLFS this has been passed on to the relevant Department who will correspond directly with you.“ I still await correspondence from that Department in relation to that information. Please expedite a reply from this Department at your earliest convenience.

 

Yours faithfully,

 

name

 

Taken from this link...

 

alanalana PPI claim against RBS (looking for some help) please

 

Hope this helps to get you on the road to reclaiming;)

 

aa

[alanalana]

Hello PV and Painty,

 

Beaten to it:)

 

PV Painty is great so follow the lead and if my post is of use then fine.

 

aa

[PossVox]

Hi alanalana and paintball and thanks very much for your replies.

 

There's lots of excellent info there and I'll spend some time this evening having a good read (and a couple of beers!).

 

The "Account in dispute" letter to Nelson Guest will be in last post today-1st class recorded naturally.

 

Thanks again and I'll let you know how we get on.

 

PV

[Paintball]

Hello PV and Painty,

 

Beaten to it:)

 

PV Painty is great so follow the lead and if my post is of use then fine.

 

aa

Thanks pet

Hi alanalana and paintball and thanks very much for your replies.

 

There's lots of excellent info there and I'll spend some time this evening having a good read (and a couple of beers!).

 

The "Account in dispute" letter to Nelson Guest will be in last post today-1st class recorded naturally.

 

Thanks again and I'll let you know how we get on.

 

PV

I'm glad you've sent the a/c in dispute letter. Yes, could could hold back the letter I amended and send a full SAR to the original lender so that you're following the full stage of letters. That way you obtain all the relevant information relating to the purchase of loan and PPI and this helps you state your case.

[PossVox]

Hi again,

 

I have typed up the letter and added the excellent bit you suggested.

 

Will post them in the morning and see what response we get from the OC.

 

You never know, they might send us lots of useful info for free, might save us a tenner we'd be paying for the SAR!!!

 

Seriously though, we'll request the SAR next week, I just wanted to get something on the OC's system as soon as possible so the account goes back into dispute.

 

Many thanks

 

PV

[alanalana]

Hello PV and painty.

 

firstly fpr Painty

 

Thanks pet

 

 

A lovely northeastern saying:D

 

daughter in Cramlington:D

 

Now a geordie:evil: LOL. Love it

 

And for PV

 

Hi again,

 

I have typed up the letter and added the excellent bit you suggested.

 

Will post them in the morning and see what response we get from the OC.

 

You never know, they might send us lots of useful info for free, might save us a tenner we'd be paying for the S.A.R - (Subject Access Request)!!!

 

Seriously though, we'll request the S.A.R - (Subject Access Request) next week, I just wanted to get something on the OC's system as soon as possible so the account goes back into dispute.

 

Many thanks

 

Welcome home PV to the PPI forum you will get loads of help here even though this is new territory we all try to get results.

 

aa

[Paintball]

Evening aa,

 

actually, she's not a Geordie, sorry, she can only lay claim to that if she's in the Newcastle area ...

 

Yup, welcome to our world of PPI PV; you'll get loads of help

[PossVox]

Glad to be here!

 

CAG Power!

 

 

PV

[alanalana]

Hello Painty,

 

Evening aa,

 

actually, she's not a Geordie, sorry, she can only lay claim to that if she's in the Newcastle area ...

 

Well she talks like one. She was born in Cyprus and lived all over but she sure as hell talks like a Geordie . Is there a cure ie can she move from Cramlington to become a real Geordie? If she has successfully claimed bank charges back does that count?

 

aa

Yup, welcome to our world of PPI PV; you'll get loads of help

 

Yes I will back that New claims but we are having successes:)

 

aa

[Paintball]

aa, she lives in a nice place so no need to move or change her accent

Edited October 6, 2008 by Paintball
oops, missed out the negative!

[alanalana]

Hello painty and PV of course

 

I will try and get her to change her accent as she will not move:cool:

 

aa

 

Pv just come back when you have digested all the stuff on this forum:eek:

 

see you in a couple of weeks then:)

 

aa

[hellhasnofury]

Pv just come back when you have digested all the stuff on this forum:eek:

 

see you in a couple of weeks then:)

 

aa

 

That quick:lol::lol:

[alanalana]

Hello hhnf,

 

did I say weeks ooops:eek:

 

and from here...PPI: FSA Update - 30/09/08

 

Usefull post thank you.

 

Financial institutions obviously seriously failing to follow FSA instructions and still being greedy. Time perhaps for some more hefty fines. Earlier fines on companies apparently did not get the message out loud and clear.

 

Perhaps a really big fine would make them all take notice:shock:

 

PS in light of the above link post 1. I believe it would be exremely important for anyone having trouble claiming back mis-sold PPI from anyone, to seriously consider writing an individual letter of complaint to the FSA listing the problems you are encountering.

 

Would this cover your last suggestion sent as PM?

 

aa

[hellhasnofury]

Hello hhnf,

 

did I say weeks ooops:eek:

 

and from here...PPI: FSA Update - 30/09/08

 

 

 

Would this cover your last suggestion sent as PM?

 

aa

 

:grin:

[PossVox]

Morning everyone,

 

Just an update:

 

Following our letter to Nelson Guest & Partners which stated that we were challening the OC re PPI & Charges, we received this letter from Wescot:

 

 

We now await the OC's response (which could take some considerable time I presume?).

 

Thanks for all the help so far,

 

We'll keep you posted.

 

PV

[alanalana]

Thanks for the update PV,

 

They are obviously treating this as an account in dispute due to the lack of them being in possession of a CCA.

 

aa

[PossVox]

Hi aa,

 

We have a copy of the CCA which we received some time ago and, according to several "expert" opinions in the Debt Forum, it appears to be enforcable.

 

This is why we went down the unfair charges route.

 

At least the account is suspended and no threat of court action for the time being!

 

Just been looking through our file and this account has been passed between Blair Oliver & Scott, Moorcroft, iQor, Incasso, Robinson Way & Co. and finally Westcot! It's now finally back to the OC to dispute the PPI & charges.

 

Thanks aa,

 

We'll keep you updated.

 

PV

[Paintball]

Morning PV, the account will and should be passed back to the original lender as they are the one you are making the complaint about.

 

Who is the original lender, remind me please?

[PossVox]

Hi Paintball,

 

The originaL loan was with Britannia Building Society, part of HBOS now.

 

Robinson Way claimed it was a "Chester Loan" and, somewhere along the line, it was claimed to belong to "Capital Bank".

 

Britannia was the OC though.

 

Many thanks,

 

PV

[Paintball]

Hi PV

 

I popped back to your original thread and did see Britannia mentioned ... thanks for clarifying.

[PossVox]

Your welcome

 

Thanks for helping us with this.

 

PV

[Paintball]

No probs

[alanalana]

Hello PV and Painty,

 

Re Britannia building society, I just did a search of the FSA Register ....

 

FSA Register

 

and this came up showing the Britannia building society are still authorised...

 

104879 - Britannia Building Society

Current status:Authorised

Effective Date:01/12/2001

Tied Agent:Undertakes Insurance Mediation:Y

Registered under Money Laundering Regulations:

Address:PO Box 20

Leek

Staffordshire

ST13 5RG

Phone:

Fax:

Email:

Website:

44 01538 399 399

44 01538 399 149

No email address supplied

 

Notices:UK authorised firms who have a deposit-taking permission do not usually need to obtain separate permission from the FSA to receive money from clients.

Other information:

 

 

 

Is this the same Britannia as on the CCA? As Britannia are still authorised I would guess Westcot will be going back to them for the CCA. Lets see what they come up with:)

 

aa