Various PPI Claims and Vans world of debt

[Vanderpelt]

Ello all

 

I have been slowing paying off my loans and sorting out my bank accounts and my cards (as well as my wifes) and have also discovered (like so many others) that i have been sold PPI with practically every loan i have touched. So a few questions so i can get my head around this and get the money back!

 

1) Do we have to claim an amount (like in charges) or request a repayment of the PPI paid +8% (as not all of our loans are finished).

 

2) for my wifes HSBC loans there are paperwork that she was given about how optional it was and everything like that and although she was working at the time, it was when i explained what the PPI bit mean (around 3 years later from the loan start date) did she realise that she did not wont the product. Would we still be able to argue that it was missold as we would have sort a stand alone product.

 

3) I have the paperwork for my Beneficial Finance loan where it states that i will pay £191.52 for the priviledge, i was lead to believe (like so many others) that i had to take this to get the loan, therefore am i ready to write to them and demand my money back. Do i add the 8 % from the start of the loan period?

 

thanks

 

Van

[Paintball]

Ello all

 

I have been slowing paying off my loans and sorting out my bank accounts and my cards (as well as my wifes) and have also discovered (like so many others) that i have been sold PPI with practically every loan i have touched. So a few questions so i can get my head around this and get the money back!

You're in the same boat as many others in this PPI forum, so welcome, you'll get lots of help and support ...

1) Do we have to claim an amount (like in charges) or request a repayment of the PPI paid +8% (as not all of our loans are finished).

That depends on how the PPI product was sold, sometimes it is applied to say, a loan as a Single Premium, added at the beginning with interest applied. You will often be able to claim on this for 3 or five years, but when the claim period ends, you will still be paying the interest applied to the single premium. Often, people are not made aware of this ... along with other relevant pieces of info ...

If you have a credit card or store cared, then you can be paying the PPI (with interest applied) continuously ...

2) for my wifes HSBC loans there are paperwork that she was given about how optional it was and everything like that and although she was working at the time, it was when i explained what the PPI bit mean (around 3 years later from the loan start date) did she realise that she did not wont the product. Would we still be able to argue that it was missold as we would have sort a stand alone product.

Many people do not make informed decsions about PPI when they take out a loan or card. Lenders take advantage of our ignorance and do not make us aware of all the info we should have to help us decide whether the product suits our needs and circumstances and particularly the true cost of it ... mis-selling is rife!

3) I have the paperwork for my Beneficial Finance loan where it states that i will pay £191.52 for the priviledge, i was lead to believe (like so many others) that i had to take this to get the loan, therefore am i ready to write to them and demand my money back. Do i add the 8 % from the start of the loan period?

They have mis-led you there ,a clear case of mis-selling and sharp practice on the part of the lender. You should ask for the premium paymen ts and the interest added to these. 8% is the statutory rate of interest which is what you would request in addition at court stage ... some people ask for it as well ... it's up to yopu but for my part, I wouldn#t ask for this unless I had issued a claim in court ...

thanks

 

Van

 

The thing to do is to send SARs to all the lenders for each PPI product sold to you and to your wife. Perhaps costly at £10 per lender, but worth it!! You should request all the documents you need, application forms, credit agreements, transcripts of sales calls to help you determine HOW the ledner has mis-sold PPI ... then you ame your preliminary request for payment on each product sold for each loan, card ...

 

HTH

[Vanderpelt]

I have the paperwork for my wifes loans and one of our hfc loans, and we did not have any sales pitches after this point as we did not speak to them, is that enough as I was reading to the Martin Lewis site and I crafted the letter below to be sent to Hfc is that ok or jumping the gun?

 

HFC Bank Limited

NORTH STREET

WINKFIELD

WINDSOR

BERKSHIRE

SL4 4TD

 

Dear Sir or Madam,

 

Re: Account number: xxxxxxxx

 

I purchased the above policy from you in [insert date] but now believe that I was mis-sold this policy for the following:

 

This is due to the fact that you have been fined by the FSA for failing to treat your customers fairly when selling Payment Protection Insurance and I do not believe that my policy was sold in my best interests.

 

 

This is due to the fact that I was not given the correct information when the policy was sold to me, as

• your salesperson 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 implied that taking out the policy was essential for me to get the associated.
  
• i am concerned the sales assistant that sold me the policy has no financial background and the policy was not sold in my best interests.
  

Unless you can satisfactorily justify to me that the policy was fair and reasonable 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 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,

 

Me

 

I will be sending out SARs to the rest and see what comes back.

 

(and thanks for the prompt and good response )

[Paintball]

I have the paperwork for my wifes loans and one of our hfc loans, and we did not have any sales pitches after this point as we did not speak to them, is that enough as I was reading to the Martin Lewis site and I crafted the letter below to be sent to Hfc is that ok or jumping the gun?

 

 

HFC Bank Limited

NORTH STREET

WINKFIELD

WINDSOR

BERKSHIRE

SL4 4TD

 

Dear Sir or Madam,

 

Re: Account number: xxxxxxxx

 

I took out a loan/credit card with your organisation on (date) and was persuaded at the time to purchase Payment Protection Insurance (PPI), which was added to the loan/card. Having investigated this matter and in the light of the FSA's recent report and findings on mis-selling of PPI, I now believe that I was mis-sold this policy.

 

I note that your organisation has been fined by the FSA for failing to treat your customers fairly when selling Payment Protection Insurance and I do not believe that the policy that was sold to me met my own personal needs and circumstances, not did your organsation follow FSA regulations and guidelines in the sale of a financial product to me your customer.

 

 

I do not believe that I was treated in a fair and responsible way, nor was I given the correct information when the policy was sold to me:

• your salesperson 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 implied that taking out the policy was essential for me to obtain the loan/card.
  
• I am concerned the sales assistant that sold me the policy has no financial background and the policy was not sold in my best interests.
  

Unless you can satisfactorily justify to me that the policy was sold to me in a fair and reasonable way and that you followed FSA rules and guidelines during the sale, I will be 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 will also be claiming 8% statutory interest to the amount claimed, which is the amount a court would award.

 

I look forward to a full and prompt response to this letter. If you do not enter into a sincere dialogue with me and provide a satisfactory response, I will escalate my complaint to the Financial Ombudsman for a full investigation.

 

Yours faithfully,

 

Me

 

I will be sending out SARs to the rest and see what comes back.

 

(and thanks for the prompt and good response )

 

Hi Vanderpelt

 

I've taken the liberty of amending you letter to include a little more information to help your case, and tweaked a few things here and there.

 

I have left in some either ors for you to amend as appropriate ...

[Vanderpelt]

Thanks for that, i have copied and pasted to word and have made ready to sign.

 

Do i state that i want a responce in xx days/weeks or do i leave it as prompt responce?

[Paintball]

VP, this is your initial letter informing HFC that you are unhappy.

 

I would always advise allowing the lender a little time to investigate at this stage of proceedings. What you need to bear in mind is the volume of complaints for mis-sold PPI that they will be receiving at this time ... they have been fined after all and are known to offer a poor service to their customers in selling products so they may be a tad busy and you are, after all, a reasonable person ...

 

Give them at least 28 to reply to you; they will probably send you a generic 'go away, we haven't mis-sold you' letter, then you can move to your LBA and give them 14 days in which to reconsider their position and return your pennies ...

 

Then you will need to decide whether you escalate your complaint to the FOS or issue an N1 in Court.

 

I would recommend thinking ahead and planning for each stage of reclaiming and reading all the stickies and successes threads in the PPI forum.

 

As this is your first PPI reclaim, it will act as a kind of blueprint for the next one.

[alanalana]

hello VP,

 

Paintball give sound advice IMHO. So go for it;)

 

VP, this is your initial letter informing HFC that you are unhappy.

 

I would always advise allowing the lender a little time to investigate at this stage of proceedings. What you need to bear in mind is the volume of complaints for mis-sold PPI that they will be receiving at this time ... they have been fined after all and are known to offer a poor service to their customers in selling products so they may be a tad busy and you are, after all, a reasonable person ...

 

Give them at least 28 to reply to you; they will probably send you a generic 'go away, we haven't mis-sold you' letter, then you can move to your LBA and give them 14 days in which to reconsider their position and return your pennies ...

 

Then you will need to decide whether you escalate your complaint to the FOS or issue an N1 in Court.

 

I would recommend thinking ahead and planning for each stage of reclaiming and reading all the stickies and successes threads in the PPI forum.

 

As this is your first PPI reclaim, it will act as a kind of blueprint for the next one. Yes best to keep copies of everything,

 

Good luck with your quest and painty you are a true star helper:-D

 

aa

[Paintball]

Thanks aa, you are a star helper too, brilliant at noticing errors and typos ...

 

Yes, keep a copy of each letter you write VP, and send it first class recorded delivery so that you can keep track online of when the letter is signed for by the recipient.

[Vanderpelt]

Ok letter amended, and date found (bless the lady at HFC she tried to lend me more money )

 

I will leave the letter as is and put a date in my diary for a chaser, thanks for the help and off to bed for me

 

Van

[Vanderpelt]

Well another folder created (makes my 17th of its kind ) and the letter is going to be sent today recorded delivery, so we shall see.

[Vanderpelt]

BTW for the loans that we have PPI on at present, is it ok to insist that it gets removed, and that it WILL make our payments smaller?

 

as HFC kept insisting that it wouldnt and would not do it for me

 

Van

[Paintball]

Well another folder created (makes my 17th of its kind ) and the letter is going to be sent today recorded delivery, so we shall see.

Sooooo organised my dear Note to self; sort letters into folders for new claims

BTW for the loans that we have PPI on at present, is it ok to insist that it gets removed, and that it WILL make our payments smaller?

 

as HFC kept insisting that it wouldnt and would not do it for me

 

Van

That is a whole new ball game Van. As PPI is NOT compulsory, you are within your rights to cancel. I would urge you though, to check out the small print in the T&Cs for these a/cs just to check if you are entitled to a reimbursement.

 

If you feel PPI has been mis-sold on these ac/s too, then have a think about the reasons why and start new threads for them ...

 

Painty

[Vanderpelt]

It drives my wife to distraction as in our living room on the table we have a huge crate with around 20 folders now of all the paperwork (as out of sight out of mind).

 

Well this thread will become the HFC thread since they are the worse culprits I have. I am currently paying a loan with them (and have sent them a S.A.R - (Subject Access Request) today so that I can get accurate paperwork). But is it better to leave the loan payments as they are and argue it all when I have the paperwork (so money back you greedy oiks and also don’t charge me any more) or go to the closest branch and get them to remove it (maybe with a shovel)

Also is it £10 per lender or account (as we have 2 hsbc loans, one paid off the other, and 2 HFC loans) so is that £20, or £40?

thanks

Edited October 21, 2008 by Vanderpelt
Missed a question, me being a muppet

[Vanderpelt]

I have had a letter from HFC today which raised a number of interesting questions, they have sent me there Complaints procedure and in it, it states that they have 5 working days to respond to my request. Here are the current facts.

I sent it on the 8 October.

So allowing for 7 days (to be generous I should have had a response by (as in my grubby mitts) by the 15 October.

They sent it on the 16th October and it got to me on the 22nd October.

So my original though is that they could not follow their own guidelines why should I? However I will allow them to the end of next week (so 23 Days from my first letter) before I respond.

Or should I respond to this letter with an acknowledgement and how long I think they should take?

Thanks

Van

[Paintball]

Well Van, as I sense that you are an exceedingly reasonable man, you will allow them 7 working days to respond to your complaint ... then hit them with both barrels

[Vanderpelt]

I have yet to have a full response i and i have drafted a kick them harshly letter. If someone (eg PB) have a quick look to make sure it is right

 

I refer to my letter dated 8 October 2008 in which I wrote asking for justification that the insurance sold with my loan was sold fairly, reasonably and within my best interests. A copy of this letter is enclosed for your information.

To date, I have not received a full response from you with regards this matter so I am writing again to request a full refund of the premiums, subsequent interest that I have paid on these premiums and the 8% statutory interest that a court would award.

The response that I received on the (DATE), enclosed a copy of your complaints procedure which stated that you would have a full response within 5 working days, this has passed and no response has been forthcoming. Further that if a full response could not be provided then an interim letter would be sent to me to inform me of the current progress, I have also not received this. Therefore I have sent this letter to yourselves as well as to the following department of your organisation HFC Bank Limited Customer Complaints Team.

If I have not heard from you within 14 days I shall be taking my complaint to the Financial Ombudsman.

Yours faithfully,

ME

Thanks

[Paintball]

Job done! Get it sent ...

[Vanderpelt]

Gone today, sent one to the place i complained before, the second the the next stage in the process, maybe i will get the refund twice

[pinny24x7]

Hi VP

 

Just a quick question in regards to the initial letter you send requesting for a refund. Did you leave all of the following bullet points in your letter or did you delete as appropriate?

I do not believe that I was treated in a fair and responsible way, nor was I given the correct information when the policy was sold to me:

• your salesperson 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 implied that taking out the policy was essential for me to obtain the loan/card.
  
• I am concerned the sales assistant that sold me the policy has no financial background and the policy was not sold in my best interests.
  

I am looking to make a claim for a halifax credit card containg repayments cover and in the proccess of sending of a letter requesting a refund.

 

I have already recieved a S.A.R but only contains statements for the entire period, should I send another S.A.R reqeust asking for full disclosure and would this also include them sending the CCA or should I send a seperate CCA request aswell as a S.A.R?

 

Are there any suitable threads V halifax credit card repayments cover I could follow?

 

Apologies for posting in your thread, I will be starting my own threads soon and will be making them as detailed as possible including all the steps I have taken and just prepating for them.....

[Paintball]

Hi Pinny24x7

 

Please start your own thread as posting on another person's is classed as hijacking. With your own thread, you can get the help and support you need and other people can follow your progress.

 

 

[Vanderpelt]

Pinny

 

Short answer is all of them, as they were all equally true, and also it is on the side of HFC to prove they didnt.

 

and whilst i have no problems with your posting it can cause issues with who is posting to what later on, trust me they dont leave you hanging here!

 

Van

[Vanderpelt]

Well good news, i have been offered £211 + change for the Complaint that i have made (the figures appear to be around right), and that means that was dealt with.

 

Second one is due to start, but a few questions if i may

 

We are still paying the loan (with PPI added in) the amount left to pay is around £2,000, and if HFC follow suit then by the time they respond with an offer it will be aorund £1,600. So will they pay off the loan then send me the balance or simply send me the money.

 

Also will i have to get a new loan for the existing one?

 

thanks

 

Van

[Paintball]

Well good news, i have been offered £211 + change for the Complaint that i have made (the figures appear to be around right), and that means that was dealt with.

Was this for the Beneficial Financial loan that you mentioned in your post #1?

Well done though ...

Second one is due to start, but a few questions if i may

 

We are still paying the loan (with PPI added in) the amount left to pay is around £2,000, and if HFC follow suit then by the time they respond with an offer it will be aorund £1,600. So will they pay off the loan then send me the balance or simply send me the money.

 

Also will i have to get a new loan for the existing one?

 

thanks

 

Van

 

I think I suggested earlier that you check out the T&Cs if you have them for the HFC loan to verify the cancellation details.

 

If you believe that this product has been mis-sold (this is your wife's loan?) then you will be starting afresh with the process of letters. You will want this product cancelled and a reduction accordingly in your payments with return of however much the premiums are and the interest attached to these.

 

[Vanderpelt]

Well got the new informatrion and have sent off letter to HFC again today so here we go again

[Vanderpelt]

Not had a responce and on around day 41 of the 8 weeks or so. So sent a reminder to the same department and the next level in their internal step.

 

Should be interesting to see what happens.