Rejected PPI refund claim.

[Gemini001]

Hi,

 

I was just wondering is somebody could help me with this. I am not sure if I should give up or if I have a chance on still reclaiming for mis-sold PPI.

 

I sent a letter to Central Trust on 2nd September to claim mis-sold PPI

 

I received a letter from them on Friday stating what was in the attached letter.

 

How do I send the letter? I have tried adding it as an attachment

 

Thanks in advance

 

 

Gemini

[PGH7447]

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[Gemini001]

Hi,

 

I was just wondering is somebody could help me with this. I am not sure if I should give up or if I have a chance on still reclaiming for mis-sold PPI.

 

I sent a letter to Central Trust on 2nd September to claim mis-sold PPI

 

I received a letter from them on Friday stating what was in the attached letter.

 

How do I send the letter? I have tried adding it as an attachment

 

Thanks in advance

 

Please see below for letter received in its entirety from Central Trust.

 

Letter from Central Trust

`I am writing further to my letter dated the 14th October 2008.

As part of my role as Compliance Manager it is my responsibility to conduct a full & impartial investigation into any complaint received my Central Trust PLC and its group of companies including Central Capital.

It is my understanding that you are unhappy with the Payment Protection Insurance (PPI) taken with your Central Trust secured loan that we brokered to you in April 2006, in particular:

• You were self employed when you took out the policy and our member of staff did not ask you any employment questions when the PPI was sold.
  
• Our customer Account Manager (CAM) did not ask any questions relating to pre-existing medical conditions or inform me of the effect they would have on the policy.
  
• You were not given the correct information as our CAM stated that taking the policy would assist with your application and was very pushy.
  
• Our CAM did not explain the policy term
  

I have now had the opportunity to complete my investigations and provide my findings below.

Point 1

Having listened to the call it is clear that our CAM questioned your employment circumstances, you informed our CAM that you were a self employed builder and had been for two years. The policy will provide benefit for self employed individuals; it will cover you in the event of accident, sickness and permanent cessation of business and well as providing life cover.

Point 2

Again, it is clear that our CAM asked if you had consulted a doctor or suffered from any pre-existing conditions. You explained that you had previously suffered from a bad back some years back, but had not consulted a doctor about it recently. It was explained during the call that pre-existing conditions are not covered by the policy.

Point 3

In line with our regulatory requirements, our CAM assessed your demand, need & eligibility for the policy. As it was established you did not have cover in place that could cover this loan and you were eligible, the PPI was recommended. At no point did our advisor state or insinuate that by taking the insurance it would assist with your application for finance or that it was compulsory. I apologise if you felt that our CAM was pushy during the application, this was not our intention. I have listened to the call and I do not feel that you were forced into taking the insurance; however as this is a personal comment it is difficult to answer.

Point 4

While discussing the features of the policy, our CAM explained the level of cover, the policy term (being 60 months) and that in the event of redeeming the loan early you may be entitled to a pro-rata rebate of the premium however this would be proportionate to the time remaining of the policy. During the application we verbally informed you of numerous elements of the insurance both positive & negative. It is neither practical nor a regulatory requirement to go through all Terms & Conditions relating to the associated insurance; arguably it could be seen as misleading or confusing to retain the customer on the telephone for such a long period of time.

On receipt of your signed credit agreement we had no reason to doubt that you did not accept or understand the terms & conditions of the loan or the insurance policy. Had any doubt been brought to our attention at the time we would have looked to clarify the matter. In fact, by signing the credit agreement you have confirmed that you have read and understood the terms & conditions of the PPI.

Once the loan completed a copy of the full terms & conditions of the Payment Protection Policy was issued to you with the option of cancelling the insurance free of charge within 30 days if you deemed the policy not suitable for you requirements.

Please note, the policy provided with your loan offers a full proportionate rebate (less £50 admin fee) if you decide you would like to cancel. If you choose to cancel the insurance, this will leave our loan un-protected and I would suggest that you obtain independent financial advice. If you would like to cancel, please sign and return the enclosed letter.

Whilst I genuinely sympathise with your situation, I do not feel that the insurance policy was mis-sold to you. I fully appreciate this is not the response you were looking for but may I take this opportunity to thank you for bringing this matter to my attention and allowing me to respond accordingly. You may treat this letter as our final response.

If you are not fully satisfied with our final response, you may be entitled to refer your complaint to the FOS. Details of FOS are provided within the enclosed leaflet. From the date of this letter, you have a maximum of six months to refer details to the FOS.

 

 

Gemini

On Point 4 I would like to add that when going to the Central Trust office in Watford (as instructed by salesperson) to sign the agreement I was met at the front door by the salesman who asked me to sign the agreement in the foyer as it was busy inside. He said he would send the forms in the post but these were not received until I requested them from Central Trust in August 2008 when I was made aware by all the uproar on PPI's.

 

Can anybody advise me on the best route to take.

 

Thanks in advance

 

Gemini

[Gemini001]

Thank you for the information

 

Regards

 

Gemini

[pompeyfaith]

well you have got them on point 4 as they should not have sold the policy to you. Do you have the T&C's does it say anything there about self-employed.

 

As he is going by a recording have you requested a copy of this to hear for yourself.

 

It is neither practical nor a regulatory requirement to go through all Terms & Conditions relating to the associated insurance; arguably it could be seen as misleading or confusing to retain the customer on the telephone for such a long period of time.

 

But did they send you the T&C's for you to read in the 30 day cooling period

 

Finally do any of these apply to you:-

 

1 You were not in work or self employed at the time of sale

 

2 You were told that you had to take the PPI out at the same time as the loan or not at all

 

3 You were not asked whether you had any other insurance which would cover the loan

 

4 You were not told you could buy PPI elsewhere to cover the loan

 

5 You were sold a policy which had age restrictions which you fell outside of

 

6 You were led to believe that Payment Protection Insurance was compulsory

 

7 You were told that you would stand more chance of getting the loan if you took the Payment Protection Insurance

 

8 It was not explained to you that there were certain exclusions within the policy that could affect you

 

9 You were pressured into buying the PPI

 

10 You paid upfront for the PPI but it was not explained that there were some PPI policies where you could pay monthly

 

11 Your PPI was an upfront premium and you repaid the loan early and received no refund

 

12 You increased your loan and the PPI was increased automatically

 

13 The Terms & Conditions of the small print were not fully explained to you

 

Time to send another letter as it is not closed.

 

If you need anymore help post and someone will be along.

 

Regards

 

Leon

[Gemini001]

Hi Pompeyfaith,

 

Thanks for your advice on this matter. I haven't been online in a while & haven't had a chance to catch up on the paperwork side of things.

 

Just a quick question also........Central Trust had also sent an insurance cancellation form to fill in which stated 'Please take this letter as authority to cancel the Optional Payment Protection Insurance as at 16th September 2008', Is it advisable in signing this & sending it back to Central Trust as it will bring down the monthly payments considerably or will this affect the PPI mis-selling claim?

 

Thank You again

 

Thank You