Bank of Scotland admit mis-selling PPI but do not want to pay

[Bradley68]

Have a preference account with Bank of Scotland, they have admitted misselling PPI. our calculation including contractual compound interest is £5,750, however today received letter from them stated they are repaying £1,921.44p as they believe that there is no interest charged on PPI premiums.

 

Any ideas of how I progress this. Can anybody confirm that either our thinking is correct or theirs?

 

Appreciate any help.

 

Thanks

 

Bradley68

[alanalana]

Have a preference account with Bank of Scotland, they have admitted misselling PPI. our calculation including contractual compound interest is £5,750, however today received letter from them stated they are repaying £1,921.44p as they believe that there is no interest charged on PPI premiums. (They only believe this so they are not committing to the fact that there was no interest added to the PPI premiums) This IMO is a load of Ballhooks any bank would not dare to add ppi and forget about the interest (at least not any employee looking for a bonus on selling PPI)

 

Any ideas of how I progress this. Can anybody confirm that either our thinking is correct or theirs?

 

Appreciate any help.

 

Thanks

 

Bradley68

 

Hello can you post up more specific details but with the private details ommitted.

 

1. what is a preference account? loan or credit card ?

 

2. how long since this started?

 

3. do you have copies of the original paper work?

 

4. If you do not let us know and we can take it from there.

 

aa

[alanalana]

waves to the ten guests watching this thread. Hello why not sign up for CAG?

[Bradley68]

Hi aa

 

The preference account started with a personal loan and they sent me a credit card with it and these two together they have named as a preference account. there was an upfront premium on the loan and monthly PPI payments on the card and they have upheld the complaint on miselling.

 

The loan was taken out in November 1999 and have the CCA document. It is the same account as Fred Bassett has so you could view that as our scanning does not work very well at all.

 

any help would be gratefully received.

 

Many thanks

Bradley68

[alanalana]

Hi aa

 

The preference account started with a personal loan and they sent me a credit card with it and these two together they have named as a preference account. there was an upfront premium on the loan and monthly PPI payments on the card and they have upheld the complaint on miselling. (Is they the BOS?)

 

The loan was taken out in November 1999 and have the CCA document. It is the same account as Fred Bassett has so you could view that as our scanning does not work very well at all.

 

any help would be gratefully received.

 

Many thanks

Bradley68

 

Can you give me the link to Fred Bassett thread please.

 

Also have look through these threads to see whether you have a valid reason to claim mis-selling.

 

PPI - Some Notes for Claimants..

 

For claims before 2005 and the FSA ruling from which campaign

How to tell if you’ve been mis-sold PPI

 

Quick check: were you mis-sold? - How to tell if you’ve been mis-sold PPI

 

There is much more from the link below.

 

Mis-sold PPI? Want your money back? use these links to help

[Bradley68]

aa

 

There final response letter has already upheld our claim for mis selling so i am a little unsure as to your response. Unfortunately I am not sure how to do link to Fred Bassett.

 

I am disputing their calculation after working it out they have not taken into consideration the loan side of PPI or interest on PPI payments.

Appreciate any help

 

Thanks

Bradley68

[alanalana]

aa

 

There final response letter has already upheld our claim for mis selling so i am a little unsure as to your response. Sorry about that so basically you have a win under your belt you are just unhappy with the figures being offered. Unfortunately I am not sure how to do link to Fred Bassett.

 

To do a link to fred basset just find his thread hightlight the link then right click copy and then paste into this thread.

 

I am disputing their calculation after working it out they have not taken into consideration the loan side of PPI or interest on PPI payments.

Appreciate any help

 

Thanks

Bradley68

 

Pompeyfaith is the calculations whizz see if you can get his attention for help with interest calcs.

 

aa

[Bradley68]

Hi

tried to pm pompeyfaith but no reply. OH worked out contractual interest sent letter to bank of Scotland outling the reason for contractual intrest given them 14 days threaterned with FOS or court action can you do both or one or other because FOS takes about 6 months just want to put this to bed because they've upheld the claim

any ideas

bradley68

[alanalana]

Hi

tried to pm pompeyfaith but no reply. OH worked out contractual interest sent letter to bank of Scotland outling the reason for contractual intrest given them 14 days threaterned with FOS or court action can you do both or one or other because FOS takes about 6 months just want to put this to bed because they've upheld the claim

any ideas

bradley68

 

You are correct to ask for contractual interest they charge it to you so you should be able to claim the same back where they will have made profits on the money you paid for a product that was duff.

 

You have a choice here you can go to the FOS and yes it can take months but remember the FOS are upholding 90% of the complaints so the odds on you getting you full refund are high and you should also get 8% statutory interest on top. If it goes to the ombudsman he can actually get the company to award a sum for compensation for all the hassle but the amount will be for the Ombudsman to decide.

 

If the Ombudsman does not uphold you complaint you then still have the option to go to Court you will need to be fully prepared for this but there are other forums on the site in the legal section that will no doubt have sound advice on this.

 

If you decide on the Court option first you must be well prepared I say this as the banks will have a legally trained team with them. The point is they are legally trained and you will no doubt be representing yourself as a Litigant in Person (LiP).

 

So you could be in for a fight. CAG will give you the support you need but on the day if your claim is not upheld in Court then you cannot present your claim to the FOS.

 

So for the best chance of getting your dosh back FOS first with the Court action as a reserve.

 

Not all caggers would agree with this but in the end the decision is yours. CAG can advise but not make your decisions.

 

The other point is the Courts in Scotland differ from England so depending where the case would be heard is something to consider I believe in Scotland if you lose you may be liable for the costs of the bank

 

idainfife may be able to advise on this issue.

 

aa

[Bradley68]

HI

received letter from blair,oliver and scot (dca) today threatening court action. I phoned them saying based on the amount owed on PPI they could potentially owe me money depending on the outcome and therefore what dca could I get to collect the outstanding ppi refund from them? I informed them that I have given Bank of Scotland 14 days to reply to my letter I sent them today. They put account on hold for 14 days i also said if i am not happy with there response i will forward my complaint to the FOS and asked if at that point do they still try to collect funds or put account on hold till FOS have ruled on the complaint? they said once they get a FOS compaints reference number they put account on hold which could be a long time.

bradley68

[alanalana]

HI

received letter from blair,oliver and scot (dca) today threatening court action. I phoned them saying based on the amount owed on PPI they could potentially owe me money depending on the outcome and therefore what dca could I get to collect the outstanding ppi refund from them? (nice touch) I informed them that I have given Bank of Scotland 14 days to reply to my letter I sent them today. They put account on hold for 14 days i also said if i am not happy with there response i will forward my complaint to the FOS and asked if at that point do they still try to collect funds or put account on hold till FOS have ruled on the complaint? they said once they get a FOS compaints reference number they put account on hold which could be a long time.

bradley68

 

Well if it is on a hold with the DCA until the BOS responds and they respond with a negative then. Phone the FOS get a complaint number allocated give the reference to the DCA and bang in a complaint with copies of everything sent and received so far.

 

The FOS will take a long while but are upholding 90% of claims for mis-selling so you could be in for a refund which should go a long way to help.

 

aa

[Bradley68]

HI

just received calculations from BOS they dont take loan ppi into consideration or contractual intrest but they've still got 13 days to reply to our letter.

bradley68

[Bradley68]

hi

 

no response from Bank of Scotland even though given them an extra week! now want to do a letter before action as believe the court action route might be better as have heard FOS is taking nearly 2 years and as they have already admitted miselling PPI might be better option.

 

Anybody got advice on putting together a letter before action and do you apply the judicial interest in the letter or just threaten it when you start court proceedings?

help bradley

[Bradley68]

Help

[birchave0]

do as AA says and lodge a complaint with the FOS, it will call the dogs off for a while.

My complaint for miss sold PPI against Marbles has been with the FOS for 20 months, I'm not complaining, it keeps them off my back and gives me some breathing space.

 

AA is also right about the court action, if you go that route and lose you cannot then use the FOS, so best use them first

[RedVixen]

To add to the above - some banks are backing down quite fast when the FOS get involved

[Bradley68]

HI

I understand what you are saying but they have already admitted miss-selling me ppi. They have refunded the premiums and 8% interest. just think LBA might be quicker just dont want this hanging over me for two years as got HSBC to work on next!!

[RedVixen]

Ah I see - it still might be worth have a phone chat with an FOS advisor to see if they can offer any advice. As far as the FOS are concerned they have to refund sufficient funds to put you back in the same place as if the PPI had never been applied and that DOES include contractual interest for the duration of the loan. As they have already admittied misselling they may do what Lloyds did with me - they backed down before it even got a an adjudicator - at first contact from the FOS

[alanalana]

Here is a template letter before action (LBA)

 

it is aimed at bank charges but you can edit it to suit your needs.

 

Letter before action - Bank charges

 

aa

 

FOS is a good option:D

[Bradley68]

Hi Alanalana

 

Have just received this letter from FOS regarding my Creation Financial Service PPI Claim. Advice on what I do next would be gratefully appreciated. I cannot find any Insurance or policy documents.

 

Letter as follows:

 

I am writing to update you on the progress we have made on the complaint about Creation Financial Services Limited. I am sorry that it has taken so long to reach this stage of our process.

 

I am sorry to have to tell you we are unable to investigate your complaint about Creation Financial Services Limited because the event you have complained about (the sale of your payment protection insurance policy) took place on a date before the sale of insurance policies by this firm became covered by our jurisdication and the transitional arrangements in place that can extend our jurisdication in certain circumstances do not help in this instance.

 

However, I am presently investigating the possibiity of raising your concerns with the underwriter of your policy, i.e. the insurance company who actually provided the cover under the policy. It would be helpful if you could provide us with any information you have on the underwriter of your policy. This may inclues copies of certificates or insurance or policy documents. Please send any documents you may have to me at the address at the top of this letter.

 

Unfortunately, i am unable at this point to give any indication as to whethr the underwriter has (or is willing to accept) responsibility for the sale, but I will keep you updated on a regular basis with any progress we make.

 

Letter ends.

 

Sorry to hijack this with another issue. Would appreciate any advice desperately.

 

Regards

Bradley68

[Bradley68]

help

[Bradley68]

spoke to FOS today all ppi not covered by fos taken out before 2005 unless a loan with a highstreet bank but they are talking to the underwriters to see if they will take responsiblitey. what is going on?!

[Bradley68]

help

[alanalana]

spoke to FOS today all ppi not covered by fos taken out before 2005 unless a loan with a highstreet bank but they are talking to the underwriters to see if they will take responsiblitey. what is going on?!

 

PPI totally complex and difficult to follow with the amount of different practices employed on the PPI mis-selling front.

 

So Keep in touch with the FOS, update them with any other information you have and if you gather any other information pass it on to the FOS.

 

The FOS will take on cases prior to 2005 depending in the case and if the PPI mis-selling was linked.

 

I have a successful claim against Direct Line Financial Services/RBS back to 1997 and I was successful so do not accept the 2005 timeline cutoff without a fight.

 

aa

[Bradley68]

Just had phone call from BOS. they have upheld miss selling ppi on the loan part of the preference account but still wont pay contractual intrest

on credit card part final responce. so will complain to FOS

what do think