Barclays PPI...PLEASE help

[dozymoo]

Hi

 

I have been told to post a thread on here following my previous thread on the Barclays forum....to cut a long story short, we have a secured laon, we are selling our house so that we can get rid of all our debts! We were totally shocked yesterday when the solicitor gave us the settlement figure that Barclays had produced....12k over what we originally borrowed and we have been paying it for 4 years now.

 

It transpires that I have PPI for this loan, we borrowed 60k, £14, 400 was added for PPI making it £74,400.....I feel so stupid for not questioning this at the time, but I just thought that we had to have it!!

 

I rang Barclays this morning, I told the lady on the phone that I was missold this insurance and she has logged a complaint! (I have a reference number for the complaint) I told her that I was not made aware of it not being compulsory, and also that I was definitely not told that I could get the insurance elsewhere, and that at the time I was part-time employed and part self employed....now I am fully self employed I wouldn't be covered anyway, as I was semi self employed at the time I should have been told that if I went full time self employed I wouldn't be covered, but I wasn't told this! And she actually helped me out by telling me that only my husband was fully insured for unemployment, critical illness etc as he was the main applicant, not me, I was only insured for death! This I didn't know either so she added this also to the complaint! Have I done the right thing??

 

She was surprisingly helpful...or am I being fooled??? She said that I didn't have to get a 3rd party involved - she done a full report on the phone and I should hear back within 40 days as to whether or not they would refund what we have paid and remove the remaining part from the loan, she also said that if I wasn't successful I could take it up with the FO.

 

Have I done enough, or do I need to still put it in writing?

 

I would really appreciate any help....I am now left wondering if selling my house is the right thing and worth it and we are so close to exchange!

 

Thank you x

[dj1971]

You certainly have made the right step in posting a thread here in the forum.

 

There are many who have been fooled by the likes of barclays, ( my other half included ) so do not feel bad. They are paid and trained to not give you everything you need to know in order to make an informed decision.

 

In my personal opinion, it is good that the agent on the phone has been so helpful, though I would be inclined to put everything in writing so that nothing can be disputed further down the line.

 

Does not have to be a complicated or fancy letter, just something along the lines of " further to our recent conversation I now believe the payment protection policy you sold me on ..... was mis-sold for the following reasons.............. Therefore I request that you refund all payments made under the agreement for the ppi plus 8% simple interest on each repayment as allowed under the FOS guidelines on PPI refunds. Failure to offer a satisfactory response within the statutory 8weeks allowed will result in a complaint being forwarded to the FOS.

 

Would also be a good idea to submit your own calculations of how much you are due. Let them see that you actually know what you are entitled to and cannot be pushed around or manipulated into accepting less than you are due.

 

Do you have a copy of the loan agreement? If so, would be a good idea to remove also personal information and post a copy on the forum so it can be looked at.

 

If you do not have a copy, then I suggest you submit a Subject Access Request. (SAR) There is a sticky containing all the information you need on the PPI homepage entitled "full sar for ppi"

 

Good luck

 

DJ

[firstship]

Hi dm you really need to SAR Barclays as dj1971 has made clear,you need all the statements and all data held along with a copy of the signed PPI agreement,so that you can calculate all of your mis-sold PPI payments.

 

Also confirm ASAP your telephone conversation raise all the points that the nice lady at Barclays stated, do this all in writing,do not phone them again keep everything in writing.

 

You will be able to add interest etc to your claim,we can deal with this once you have all details.

 

FS

[dozymoo]

Thank you to you both for the advice. I will dig out the agreement and put it on here. I will send the SAR on Monday along with a letter confirming what was discussed on the phone today.

 

Apologies in advance for the amount of help and questions I will no doubt be asking in the coming weeks!

 

Many thanks x

[dj1971]

Dozymoo,

 

If you already have a copy of the agreement, there may not be any need to send a SAR.

 

Have a look and if you do manage to find a copy post it on the forum and we can have a look, be in a better position then to suggest whether you need the SAR.

 

DJ

[firstship]

Have you all statements for the Loan, if not you will need the SAR to work out your PPI payments,

 

if you have a copy of the agreement and PPI agreement and statements then the SAR would not be required

 

All the best FS

[dozymoo]

UPDATE!

 

Barclays told me that they would get back to me by the 11th March....yesterday I received a letter saying that they need to fully complete their investigation "we remain committed to resolving your complaint as quickly as we can and will contact you again by the 8th April 2011!"

Can they do this?? My next worry is that we complete on the sale of our house on the 30th March...therefore the solicitor will have paid the amount they say is outstanding! Will this make it harder for me to get the money back once the loan has been settled? Also, this maybe a stupid question, but should I have already cancelled the policy? I just wasn't sure if this affected the claim if I did cancel.

My nightmare continues......thank you so much for your help so far - it is so nice to know that there are people out there like you to help xx

[dozymoo]

And I am still waiting for the SAR....I had no statements (they said it was a loan taken out before is was regulated to send out annual statements) so I needed to do this - I didn't send this straight away as I was trying to find agreement etc....so they still have time to send me this.

Thank you

[dirkuberpower]

They have 8 weeks to investigate, they send letters every 4 weeks.

[dozymoo]

OK, thanks, 8th April will be around the 8 week mark.

On my email notification of your reply it says that you ask 'What's is semi self employed anyway? surely you are or not.' but it doesn't appear on here...in answer to your question - it means that I had a part time job whilst being self employed - whilst I was trying to build up my business, I still needed to earn money so had a part time job too....I don't think that is so uncommon!

Thanks

[dj1971]

dozy,

 

Selling your house and therefore paying off the loan in full will not make any difference to your claim.

 

If it was mis-sold they will have to pay you back everything they took on the ppi.

 

Don't understand your last couple of posts. Are you saying you sent off a mis-sold letter without knowing how much you were claiming?

 

DJ

[dozymoo]

Hi DJ

 

I done the claim before I came on this forum....the only amount that I had for the claim was that the insurance element of the loan was £14,000.

 

I have never received statements, so the only way of knowing how much I have paid, charges etc.. was to do a SAR.

 

Thank you

[dozymoo]

At last I have found the loan agreement....it was in my loft! I have attched it but I wasn't quite sure how to, so I hope it has worked

 

Thank you

loan agrrement.pdf

[firstship]

Hi DM...read your agreement,as is very often the case the PPI is taken first and based on the info concerning self or part self employed the PPI could be recovered,but you need the statements,to enable you to establish if the full amount of the the earlier payments where paid only for the PPI element or split between the principal and PPI,I can guess what it was but I would rather be sure.as there will also be interest involved to claim back.

 

Barclays will send delaying letters every few weeks,but are usually quite good with responding to PPI claims,any response to date ?

 

fs

[dozymoo]

Thank you FS....did you look at the agreement I attached? Is it any help at all? Or am I just to wait for the copy statements to arrive

before I can do any proper calculations?

 

No response as yet...only the delay letters!!! Such a waiting game!

[dj1971]

Dozymoo,

 

Great one for finding the loan agreement which provides almost all the information you will need.

 

The only other information we need is when was the loan taken out and what was the date you made the first payment?

 

DJ

[firstship]

DM HI Yes read the agreement,this is really helpful,as dj1971 states need the start date of the 1st payment,and then copies of the earlier statements to see how your payments where treated

 

Just wait get the statements then we can help you with the PPI mis-sold situation

 

Regards FS

[dj1971]

Firsthip,

 

There is no need to wait for the statements, in fact dozymoo does'nt even need the statements now she has the agreement.

 

DJ

[firstship]

DJ understand where you are coming from,Dozzy has been paying the loan back for 4 years and from the statements it will show what % has been applied to PPI or have they taken the PPI in full 1st which is very often the case,then there will compound interest involved

 

You are correct the agreement tells us pretty much all we need

 

FS

[dozymoo]

Hello....I now have that info - the loan was taken out on the 10/05/07 and the 1st payment was taken on the 11/06/07

 

Thank you soooo much

[dj1971]

Dozymoo,

 

I have attached a spreadsheet for you showing the amount you should be reclaiming.

 

A couple of things to note:

 

1) The £69786.19 is what I calculate should have been your resettlement amount in February. Only way I can think of the difference between this and your figures are that barclays had increased the interest rate chargable on the loan a few times.

 

2) The 8% simple interest is payable on each monthly repayment from the date of each repayment until the date barclays pay you back. Now as there is no way we can know when they will settle, I have used 31st March 2011 for the purpose of the calculation.

 

3) By my calculations the amount you may be able to claim back is £15,396.01. But this may be reduced if barclays did give you an early settlement rebate on the PPI which they should have done but you have not made any mention of so I left it out.

 

This should give you an idea of how much you can expect should barclays come back with an offer of settlement.

 

Good luck

 

DJ

dozymooppi.xls

[dozymoo]

Thank you so much for working ths out for me...it is great help. I will let you know their response. We have since completed on the sale of our house...but the secured loan has not been settled as they would not give my solicitor a redemption figure! So he solicitor is holding our funds from the sale! Nightmare continues.

 

Thank you again.

[dozymoo]

Still nothing from Barclays....yesterday they did eventually give my solicitor the redemption figure for the loan (a week after completion on the sale of my house!!) - I spoke to 2 different solicitors at the firm of solicitors and both gave me different redemption figures!! So I rang Barclays today to find out if it was something to do the PPI claim - they said no, it was still being investigated and the higher of the figures given to me by the 2 solicitors was correct...gutted!!! But now at least the solicitor will release the money left over from the sale of our house to us.

 

How much longer do I give them to come back to us with a decision? Also, if they do pay up, as it's a joint loan will they pay us by cheque? I have a Barclays account in just my name, and I really don't want them to put the money in there!

 

Thank you

[dj1971]

Dozymoo,

 

They have 8 weeks from the day after you submit your initial claim to provide a full and final response, otherwise you have the right to take the next step ie either FOS or court.

 

Good luck

 

DJ

[dozymoo]

Hi there....I received a letter from Barclays today...I am not sure what to make of it really but they are not paying up!!

 

Here is what is said

 

In our previous letter we promised to keep you updated on the progress of our investigation.

Having reviewed your complaint we can confirm that weare unable to provide a final response to your complaint at the moment and would like to explain why this is so and the implications for you and your client. (not sure what client they are on about - we made the claim ourselves).

 

ssessd, (not sure what that means - but this is exactly how it appears on the letter I received) namely the Financial Services Authority (FSA) policy statement on Payment Protection Insurance (PPI) complaints and guidance published by the Financial Ombudsman Service (FOS) are subject to legal proceedings between the British Bankers' Association (BBA), the FSA and the FOS.

In August 2010, the FSA published new requirements concerning the way in which the industry should handle customer complaints about the sale of PPI policies. The BBA (the main trade association for UK banks) believes that these requirements go beyond the rules and regulatory requirements in force at the time of sales. Accordingly, the BBA has sought clarification from the Court on that and on a related point concerning complaint handling by the FOS.

The BBA intends to work with the FSA and the FOS to ensure these matters are resiolved as soon as possible. Once the court has provided clarification as to the standards against which your complaint should be assessed we will then be able to make a final decision.

In the meantime:

. we have registered your complaint in our records

. we will keep you informed if there are material developments in the Court case that affect your complaint; and

. we will revert to you once the matter has been resolved through the Court:

. we confirm the time for the Court to make a decision will not prejudice your complaint in relation to calculating any time bar periods or timeframes for reforming your complaint to the FOS.

For further information please call 0845 002 1149 where a member of our team will be happy to help.

If you are unhappy with this outcome, you may now ask the FOS to review your complaint. We have enclosed a copy of their leaflet, which includes details of how to contact them.

Yous faithfully

Marc Jones

Customer relations manger

Are they just fobbing me off...or are they within their rights to wait for the decision in court? Please...what do I do next?

 

Thank you