Flower vs Co-op PPI via FOS

[flowerofsarum]

I have subscribed to several threads, and now feel I should start my own. The story so far ….

In June 2005 I took out a loan with the Co-operative Bank for £2250. I got the usual shpiel about PPI and its “benefits”, how the bank wouldn’t look favourably on my application if I didn’t take it out, etc. I really needed the money to bring my stored goods from South Africa to England, so agreed like a fool. The monthly repayments on the PPI are an extra £19.17.

It added £1610.28 including interest to the loan!

However, when the news of PPI mis-selling came to light, I did my homework and found I could get a stand-alone policy so much cheaper, then I got mad.

I first wrote to Co-op in January, and many letters and phone calls later, they still maintained they were in the right, as the terms and conditions clearly state the PPI is OPTIONAL.

BUT … upon reading the t&cs, there was NO mention whatsoever that it was optional!

I contacted the Financial Ombudsman on 24th April, they agreed that the policy had been mis-sold and contacted the bank on 13th June, the bank had til 13 July to respond. They missed the deadline and received an extension until 2nd July (tomorrow) and after that it will go to the Ombudsman for a final decision.

I have asked for the PPI to be credited to my loan from day one, and for the payments made so far, including interest, to be refunded.

Will let you all know tomorrow what transpires.

[flowerofsarum]

Moderator please help, have posted this in the wrong place, should be under Co-operative Bank, or PPI.

 

Thank you

[flowerofsarum]

Received a letter from the FO this morning, wherein the Co-Operative Bank offer me a refund ... of £101.64!! :o

 

Cheeky blighters !!

 

Considering the fact that I have been paying £19.17 premiums on the PPI for the past 23 months, at an interest rate of 25.36%, I calculate they are about £450 short on their offer.

 

I contacted Cheryl Wild at the Co-Operative and she admitted they may have made a mistake in their calculations ... pullleeezzz, they are professionals, how could they make such a huuuuuge mistake.

 

I'm so angry, this is how they try and rip us off. Anyway, she has agreed to re-work the offer and get back to me via the FO. Hey-ho, another 2 weeks to wait I suppose. :-|

[reidnet]

Hi,

Just like they made the mistake mis selling the Insurance in the first place.. What a Joke.

 

They will see sense and refund the lot , sooner rather than Later Hopefully.

 

Ian

[flowerofsarum]

Well would you believe it .....

 

THEY CAVED IN!!! Yes, the Co-Operative Bank have refunded my PPI IN FULL. They credited the original amount to my loan account during the week.

 

HOORAY!! :D After months of them digging in their heels, one letter from the Financial Ombudsman, and I'm a happy bunny!!

 

Please excuse all the exclamation marks !!! but it's been a long tough road, the bank really played hard-ball, and it makes my victory even sweeter (here comes another one) !!! and more of these :D

 

Now we are negotiating refund of interest paid on the premiums, and I have to decide whether to reduce the monthly loan repayment or continue paying the same amount and reduce the repayment time. As this was a budget issue, I will go with the former.

 

Best of luck to Itsmeandonlyme, Carinas, mich7k and all of you trying to get your PPI refunded, it can be done !!! (Oh, I'm so very happy)!!

[jster$$$]

hi flower

 

many congrats. so pleased for you.

 

I had read lots and lots and received some very good advise from some very knowledgable people on here.

i will defo consider FO but i have read that they don't work regarding "welcome".... on the other hand i have read that they have helped others get back their PPIs!!!!

 

welcome seemed to be the toughest but that wont stop me(here come some of your favs) !!!!!!!! :D

 

thank you for your advise

 

and again congrats:)

 

J:)

[itsmeandonlyme]

Congratulation,

So happy for you:))

Well done!

xx

[hellhasnofury]

Hiya flower,

 

Many many congratulations to you. Yes victory is so sweet after a long hard haul.

 

Keep the good work up:D

[mich7k]

Congrats To You Nothing Is Impossible You Are An Inspiration

[flowerofsarum]

(drumming fingers) ... still waiting for Co-operative Bank to return the interest on the premiums already paid. They now contend they don't owe me anything (after making a pathetic offer). The Financial Ombudsman is now on their back, they have 7 days to reply.