Nominal Refund

[romanytony]

Attached Spreadsheet, this is just the OD Protection fee's, does not include any charges.

[dx100uk]

you have ffes included in the list

 

slick132 will outline the charges issue later i'm sure

 

dx

[romanytony]

Thanks DX, the fee's included do not amount to much at all, if theres any problem with them I would be happy to remove them.

[slick132]

Hi RT,

 

If the OD fees were only incurred because the PPI (or OD protection) put you into that postition, then I would leave them in the spready.

 

Even if the OD fees would have been incurred regardless of the PPI, leave them in and go for the reclaim.

 

As regards the Paid Referral fees, we'd normally say these are not reclaimable. BUT, again if they were incurred because of the PPI, then those fees should also be refunded. I would reclaim all these even if older than 6 years. You can always negotiate when reaching a settlement with the bank to leave out fees that were incurred solely due to your a/c being delinquent.

 

In essence, reclaim all that you can and negotiate with the bank to reach an acceptable settlement.

 

[romanytony]

Thank you Slick, so claim for everything and let the bank do the bartering down. So should I rewrite the spreadsheet, and this time include the bank fees as they arise. And should I inform the bank that I have done that, or just write the reclaim letter and let them figure it out? Is there a template letter (does it have to follow a specific format) or should I just make one up?

[dx100uk]

adapt to suit

 

 

The Complaints Department

[Lender’s address]

[Date]

Dear Sir/Madam,

Ref – policy number

I believe I have been mis-sold a payment protection insurance policy and would like to request a full refund of my premiums, plus interest paid.

I took out a £xxx loan/credit card at your [branch name] branch on [date] and also bought a payment protection policy which would cost me an extra £xxx over the life of the loan. [The name of the salesperson who sold me the policy is …] The total amount of my premiums plus interest is £ xxxx.

When I took out the loan, I was told that my application would be refused if I did not also buy a PPI policy. The Financial Services Authority’s advice to consumers is that, while it does not breach FSA guidelines, a borrower should not be refused a loan if they choose not to buy an insurance policy.

Possible additional paragraphs – include any which apply to you

[i also told your salesperson that I had adequate insurance cover through a separate income protection policy.]

 

[i said I did not need the PPI as my employer provides a generous illness and redundancy package.]

[You are not allowed to make PPI a condition of taking out the loan unless you include the costs of PPI in the quoted interest rate, which you did not do.]

[in forcing me to buy this policy, you have also breached paragraph 8.6 of the Banking Code, to which you are a signatory.]

I do not believe being forced to buy this policy as part of the loan was a fair and reasonable obligation as I did not need this insurance and said at the time of taking the loan that I did not want it.

I am requesting a full refund of all my insurance payments, plus interest, which total [£ xxx].

If I do not receive a favourable response from you I will pursue this claim through the Financial Ombudsman.

Yours faithfully,

or

http://www.thisismoney.co.uk/money/bills/article-1606652/LETTER-TEMPLATE-Mis-sold-PPI.html

 

 

Dear Sir or Madam,

Re:

 

I am writing in relation to the above payment protection (PPI) policy which i believe was mis-sold to me in relation to my

I believe you have not treated me fairly for the following reasons;

· The PPI was added without my knowledge..

· You have been punished by the Financial Conduct Authority for failing to treat customers fairly and I do not believe that the PPI I bought was sold in my best interest.

Unless you can prove that the policy was fair and reasonable and that I was treated fairly when I was sold the insurance, I demand a full refund of all premiums, and subsequent interest on these payments, that I have paid in relation to this policy. I also expect 8% interest to be added to each payment I have made as this is the statutory amount a court would pay.

I look forward to your full and prompt response to this letter. If this matter is not settled within eight weeks of this letter I shall be contacting the Financial Ombudsman to investigate my complaint.

This letter is in respect of the above account that was issued by

Yours faithfully

[slick132]

Ignoring the OD fees which you'll leave in the PPI spready, how many Paid Referral or other default fees are there.

 

Also over what period were they incurred and have you done a spready for these charges.

 

As I said above, generally speaking, these aren't reclaimable unless they were incurred BECAUSE of the PPI.

 

[romanytony]

Just gone through the statements, from 2006 to 2008 there are 41 x £30 Paid Referrals, with interest that would take the total claim to over £7200.

[slick132]

Hi RT,

 

Would you say you were in the habit of getting hit with the default fees because you didn't always have the necessary money in your a/c ?

 

Or would you say you would never have been in default, had it not been for the PPI charges taken.

 

Given that most or all of the default fees are outside the normal 6 year limit, you'd need to be really sure about the reasons for reclaiming them.

 

[romanytony]

I have sent the letter off today and included bank fees. The fees came to £2k, the letter explained that had it not been for paying for an unrequested PPI I would not have exceeded my O/D. Some months the bank fees alone were £120, that led to going over the limit the next month and more charges.

Anyway its up to Barclays now, we'll see how they respond.

[romanytony]

I would add that the reason behind me asking for a total refund is because I saw a BBC news item a few weeks ago in that they said that banks had been under-refunding people with PPI claims. The news item said that PPI payments were being refunded, and banks had set aside money to do this, but they had not taken into account that if a PPI payment led to an unauthorised O/D charge, then the bank charge (£30) plus interest should also be refunded.

[slick132]

Hi RT,

 

Ask, by all means. But be realistic about what you can do if they refuse.

 

See how they respond ...........

 

[romanytony]

Received two very strange letters written by someone for who it would seem English is their second language.

 

The 1st letter is addressed to me and acknowledges me claim and sets out how they will investigate the claim. It is signed by Sheeba ponnusamydaniel. Notice the lower case initial to the surname. Google that name and it comes up with an online form filler for Skillpages. Maybe that is coincidental.

 

The second letter is addressed to my wife, the account was joint but in both our names, strange.

The first paragraph states that they have received my claim and have now concluded their investigation.

The 2nd paragraph states that the decision is based on information provided by me and what they have on their internal system.

The 3rd parargaph states that they are unable to find a policy, if I have one can I send it to them. They also request that I fill in a lengthy questionaire so they can fully investigate my claim.

The 4th paragraph states 'I hope that I have clearly explained how I have made my decision", what decision? It goes on to say that if the information that has been used is wrong they would be happy to reveiw their decision.

They end by giving me the option to contact the FOS.

 

1. They do not state what their decision is.

2. I was never provided with a policy. But the monthly instalements of £24.00 state PPI.

3. The questionaire is ten pages long, and is necessary because they do not have any record. Can I therefore invoice them for their lack of administration? My time is very valuable, and my hourly rate would reflect this, I am not sure that they can afford my book keeping skills. I have already taken the trouble to go back over fifteen years of statements, and provided them with dates of each PPI payment.

 

Has anyone else been done this route?

[slick132]

Hi RT,

 

I guess they've used a badly adapted template letter to reply.

 

If you want to reclaim PPI, you should fill in their questionnaire. Forget about billing them for your time in supplying the info. This is what the FOS think is needed for the bank to make a decision.

 

[slick132]

I've just noticed on the spreadsheet in post #21 above, the O/D Protection charges jump from £5 to £24 at the start of 2003.

 

Is there an error in the narrative and, if so, please confirm what it should say as there are over 130 of these charges.

 

[romanytony]

Hi Slick, no that is correct, the charge did change from £5 to £24. Just spoken to the FOS and they have opened a file, they said that it seems evident that it should be refunded. The questionaire that they (the FOS) provide is the same as the banks. I shall fill it in and return it.

[slick132]

Noted and keep us posted, thanks.

 

[romanytony]

I filled in the questionnaire form, but before I could return it I had another letter from Barclays. This one states that my claim has been upheld, sorry for mis-selling the policy and here's a cheque! The cheque is more than double what my claim was! I thought this must be a mistake, I checked the name and address, no, that's OK, the account number, no, that's OK!

Took my family of ten out for a meal!

This came out of the blue, and was so needed. My wife has been seriously ill, and has just been granted the highest rate of disability, but because I didn't claim when she first took ill, we cannot get the mobility benefit. That, once granted, provides you with a new car, everything paid, for the rest of our lives. There is a cut off at 66 years, and I missed claiming by a few months, even though she was I'll at the time. So the cheque from Barclays can give us a decent 2nd hand car.

[slick132]

Hi RT,

 

Excellent news and Big Congrats with the refund.

 

If you have any change left over after buying the car, a Site Donation will help us carry on helping folk.

 

Thread title changed to reflect your WIN !!

 

[citizenB]

Excellent news, very pleased for you.

[gigs]

congrats good to see it worked out well for you.

[romanytony]

I claimed back my bank charges way back before it all went pear shaped with the high court ruling,

however by the time my fee's were returned further charges had been applied to dormant accounts.

 

 

It has now gone over 6years during which time the interest charges have been steadily accruing,

now it has come to a head and the bank is terminating the account, which I asked them to do over 6 years ago.

 

 

As this is the first demand made for payment can I claim statute barred?

[dx100uk]

if you have not used the account in all that time then quite poss yes.

 

 

have you proof you asked them to close it?

 

 

dx

[romanytony]

I have a copy of the original letter, all letters are by recorded delivery.

[dx100uk]

send them a copy with a covering letter.

 

 

they'll sell it on I bet

 

 

dx