Citi ppi claim after loan was passed to Moneyway

[hel1984]

Hi, my mum took out an unsecured loan with Citifinancial in 2005, then she renewed this loan and borrowed a bit extra in 2006. She told the advisor she did not need any cover as she was in a secure job and would receive sick pay. The advisor said she would need to take out life cover. The term of the loan was 5 years and it has just finished being paid this month. My mum checked her paperwork and it said she had taken out Creditcare Insurance for Life and Disability which covers her for death, sickness and disability.

 

I have just been looking through my mum's bank statements and she received £3009 in her bank for the original loan, then in 2006 when she renewed it, she received £798. Her paperwork for the 2006 loan says the cost of the creditcare insurance was £1312.45, this was added to the loan. Looking through her bank statements, she seems to have paid back over £14,000. Does this sound right, are the interest rates really that bad?!

 

The original loan was taken out because my brother passed away and it was to pay for his funeral, the second loan was taken out to pay for the headstone. Obviously at the time of taking it out, my mum was not thinking clearly and was desperate to get the money. I didn't know the full extent of it all until now and I feel like they have taken advantage of my mum when she was clearly vulnerable.

 

Anyway, i am sorry for the long story, but what i am getting at is do you think i could make a claim on my mums behalf to try and get the insurance back? Is the Creditcare Insurance the same as PPI or are they different things. I have looked at the questionnaire and wonder whether that would be applicable in this case?

 

Any advice would be greatly appreciated.

Thanks

Edited September 26, 2011 by citizenB
formatted for easier reading

[citizenB]

Yes, PPI was given all sorts of fancy names in order to reel in the consumer.

 

I will find someone who will be able to confirm this for you and advise what you should be doing.. BRB..

[citizenB]

Do you have all the paperwork/statements and can you let us know what the interest rate was on this loan.

 

To pay back 14,000 for just under £4,000 borrowing does seem an awful lot. From what you are saying, the Insurance was approximately half as much again !

[citizenB]

Someone will be with you later on.. you havent been forgotten

[MARTIN3030]

Can you say if you have all the statements or else have access to them ?

[hel1984]

Thanks for getting back to me so quickly. I don't have the statements but have just spoke to my mum who has the paperwork for the second loan but not for the first. I found out a bit more info on the loans, the original loan was taken out on 18th Nov 2005, she got £3009.10 paid into her account but do not know the amount of Insurance taken out on top of that. She paid monthly instalments of £155.35 starting on 3rd Jan 2006. On the 23rd August 2006, she took out the second loan. She received £798.63, and £5201.37 paid back the original loan. The interest rate was 26.45% per annum. She paid monthly instalments on the second loan for 5 years of £224.35.

[ims21]

Hi

 

Dropping in as requested by citizenB

 

Can you please post up the agreements (MINUS ALL PERSONAL INFORMATION)? You can use this method...

 

scan the required letters/agreements/sheets

as a picture file

remove all pers info inc barcodes etc using paint

but leave all figures and dates.

goto one of the many free online pdf converter websites

convert the image to pdf format.

or if you have PDF as an installed printer drive use that

or use word and save as pdf

open a new msg box here

hit go advanced below the msg box

hit manage attachments below that box

hit the add files button on the top right

hit select files, navigate to your file on your pc

hit upload files

NB:you can set where it goes in the post by hitting insert inline.

then hit reply button

 

(thanks to dx100uk)

 

Also of you can answer Martin's question about the statements.

 

If one loan was re-financed into another then you may have roll over ppi. Take a look at No1 in my signature as you will find a lot of information there.

 

If you can get copies of agreements posted up we can get started on the figures for you.

 

ims

Edited September 26, 2011 by ims21

[ims21]

Thanks for getting back to me so quickly. I don't have the statements but have just spoke to my mum who has the paperwork for the second loan but not for the first. I found out a bit more info on the loans, the original loan was taken out on 18th Nov 2005, she got £3009.10 paid into her account but do not know the amount of Insurance taken out on top of that. She paid monthly instalments of £155.35 starting on 3rd Jan 2006. On the 23rd August 2006, she took out the second loan. She received £798.63, and £5201.37 paid back the original loan. The interest rate was 26.45% per annum. She paid monthly instalments on the second loan for 5 years of £224.35.

 

 

Hi...your post crossed with mine.

 

I would send a Subject Access Request (SAR) to the lender. The cost is £10 but they will supply you with all the information they hold on you (your mum rather). There is a template for this in the CAG library, the link to which is at the top of every page in green. They will have 40 days to comply. Amongst other things you should receive a full transaction history on the accounts and that will be very useful to enable us to quantify your claim.

 

According to your post, loan 2 paid off loan 1 so there was certainly a roll over of ppi. It can be a bit complex but I'll help you with the figures when the results of the SAR come back.

 

Regards

 

ims

[hel1984]

Thanks so much for your help. I will request the SAR. The only thing is, is the loan was passed over to a company called Moneyway in 2009. Will i send the SAR to Citifinancial or Moneyway or one each?

Also my mum says she has got some paperwork which the advisor filled in stating the reasons why she didnt need certain cover but needed the cover given. My mum said she has signed this so must have agreed to it although it was never explained properly and the costs of it were certainly never explained to their full extent. She is worried she hasn't got a leg to stand on as she obviously signed the papers for it. Do you think she will have a case or will they just say they did everything by the book?

[MARTIN3030]

Given the known difficulties members of the CAG have experienced with Citi cards and CitiFinancial over the years,I would strongly suggest that you run your thread in the Citi forums.

There you will also find all the contact details and famillarise yourself with some of the staling tactics they have used,and how to deal with them if they come.

[MARTIN3030]

The only thing is, is the loan was passed over to a company called Moneyway in 2009. Will i send the SAR to Citifinancial or Moneyway or one each?

 

Send the SAR to Citi at their Canary Wharf address-these are duly bound as the original creditor.

[MARTIN3030]

Money way is a trading style of OBC Insurance consultants,who trade under a raft of associate names

 

Auto & General Auto & General Insurance Consultants BRM Insurance Consultants Moneyway North Staffs Insurance Consultants OBC Roy Ashby Insurance Brokers Roy Ashby Insurance Services Secure Direct Insurance Services Secure Homes Insurance Services Secure Performance Securedirect Snowball Snowball Insurance Services

 

 

Are they still managing your finances now ?

[MARTIN3030]

http://forums.moneysavingexpert.com/showthread.php?t=3178900

[hel1984]

Thanks Martin, the last payment on the loan was made at the beginning of this month so no longer have any finances with Moneyway. I dont even know why Citi transferred the loan over to them, there was never a single payment missed or anything.

If you let me know how to move this thread to the Citi forums or if i should start a new thread there, if you let me know where to find this forum then i will do that. Sorry, i have looked but can't find the Citi forums!

[MARTIN3030]

ok will do it for you now.

[hel1984]

When i send a SAR, does the reply have to go to my mums address? Or can we request for them to send it to my address? I live in a different city to my mum and I am going to be dealing with this as my mum isn't the type of person to question things and she would just rather forget the whole lot but I am furious now I have found out how much this loan has cost her and will do what I can to try and reclaim something for her. I will copy the letter from the library and get my mum to sign it before i send it. Thanks.

[MARTIN3030]

Ok to answer your question,In some cases Citi will send out their own form and ask you to fill it in.

Provided that you are clear in asking for what you want,and you include some evidence of ID,then you have absolutely no need to fill out their forms.

In a situation where the address is different to what they hold on file,my experience is that they will use it for staling.

The 2 reasons they are known to use are that the request is not specific,and that they are not satisfied the the application is being made by the subject entitled.

These 2 points are both backed up with the relevant clauses of the DPA on their own form.

 

So with that in mind,I think that you need to be really specific in what you request in the SAR,and I would suggest the following;

 

1 A copy of the original signed agreement.

 

2.A full statement of payments made.

 

3.A complete list of charges levied which details the reasons for the charges.

 

4 A screenshot or statement which shows all interest added.

 

5. Copies of communications whether surface mail or electronic sent to third parties.

 

6.Details of third parties to which my data has been shared,divulged or reported.

 

7.Details of any account assignment to third parties giving the names and address of the third parties.

 

8.Details of any third party collection agencies,credit reference agencies or in house recovery to which my data has been passed,shared,or reported.

 

9.Copies of written communications sent to me by Citifinancial.

 

10.A screenshot or copy of telephone call logs.

 

11. Copies of Customer activity screenshots and/or activity reports.

 

 

 

For the purpose of ID,you need to be sending one doc that shows proof of address such as a utility bill dated in last 8 weeks.

 

A copy of something which is commonly used to prove ID usually show such as passport,drivers licence,birth certificate etc with the sig screened out.

 

 

Hope all that is clear.

Edited September 27, 2011 by MARTIN3030

[MARTIN3030]

I would not request it to be sent to any address that is not on their file history,since it is likely to hold things up.