Wends SIL V Blackhorse PPI

[WendyB]

Hi everyone. Need a bit of pointing in the right direction. I've read the PPI notes but still don't really get it.

Basically, my SIL has a secured loan, (joint with BIL)to which was added PPI. Seems it was made out to be a condition of geting the loan, the loan forms/application etc was filled in for them, they just signed it. The PPI appears to me to be a Single Premium, it was added on (shown separately) at the beginning, and interest added. Monthly PPI is £59.08 and started on 1st Feb 2007.

So, my questions is.....do I just write a Prelim saying that is was mis-sold because of xxx reasons, we want a refund of the premiums paid so far of xxxx and cancel as from now? Is it different because it is Single premium? Would a new loan agreement be required? SIL has separated from BIL now so there would be no question of taking out a new loan/credit agreement together if this was a requirement.

I've read the policy and it says refunds are not made on a pro-rata basis because of the amount an insurer may have to pay is greater at the beginning than at the end blah blah blah.

Sorry about all the questions but I want to get this right for her, as she was going to pay a CMC to do it for her - obviously I told her not to part with any money as she could do it for free, but I don't want to mess up...

[enaid]

Re: Wends SIL V Blackhorse PPI

Wendy please read the new FOS info about reclaiming and the new form they have done to help at make claiming easier, you will find it here http://www.legalbeagles.info/forums/...ad.php?t=22339

[WendyB]

Re: Wends SIL V Blackhorse PPI

Thanks, I've already read it, and have started completing the form. Not sure if this is the first step, or if I should send a Prelim to Black Horse first, or just send this straight to Black Horse?

[enaid]

Re: Wends SIL V Blackhorse PPI

Thanks, I've already read it, and have started completing the form. Not sure if this is the first step, or if I should send a Prelim to Black Horse first, or just send this straight to Black Horse?

when should the consumer complete the consumer questionnaire?

We will normally need a consumer to complete a questionnaire, before we can look at their PPI complaint. But when exactly this happens will depend on whether the consumer has already complained to the business or not.
where the consumer has not yet complained to the business …




If the consumer contacts the Financial Ombudsman Service at this stage, we will:

• tell the consumer they need to register their complaint with the business first;
• explain that the business has eight weeks to investigate the complaint and send its final response;
• give the consumer a consumer questionnaire and suggest they complete it and send it to the business, to help it investigate the complaint;
• suggest the consumer takes a photocopy of their completed questionnaire – to help if they later decide to refer their complaint formally to the ombudsman service.

So this says to me a letter to Black Horse that you are registering a complaint and giving them 8 weeks as before, to give a final response also enclosing the completed form to help with the ivestigation. Then following step 2 as stated in the info when you have completed step 1.
Enaid x

[WendyB]

Re: Wends SIL V Blackhorse PPI

Thanks, I think I get it.......

[WendyB]

Re: Wends SIL V Blackhorse PPI

update. Just for myself to keep a record of stuff, really.

Eventually got the form completed and sent it off to Black Horse about a month ago. SIL has now had a reply saying they are dealing with it but can't do anything without permission of her OH, who is jointly named in the loan. So she has got his permission in writing and I'm sending it off today.

[Bill-K]

Re: Wends SIL V Blackhorse PPI

Hi Wendy - and Hi Enaid !!!! "How You doin' ?" You keeping that hip-flask topped up, OK, Enaid ? !!!! XXX

Is this the PPI thread you mentioned previously, Wendy ?

I've finally taken a look at Paule's PPI guide, and it sure looks good to me.

The problems we are often seeing with these claims are that the settlements being offered are less than the claimants are entitled to. But without knowing what we are entitled to, we are unable to evaluate the settlement offers properly. As a result, we may well feel that we have 'won' our PPI claim, when in fact we have given a lot of it away, by accepting the offer without question.

Turboman and I have spent some time in evolving spreadsheets to check our entitlement, but the nature of PPI is such that these often need to be individually tailored to suit particular circumstances - particularly where one loan has been 'consolidated' into another, in which case the PPI is 'rolled forward.'

Do you have a spready of the PPI charges, Wendy ? If not, then can you put one together ? We can then compare OUR figures with those offered by the lender - and believe me - this IS an exercise worth doing !!!

You will know this, though, already - eh ?

[enaid]

Re: Wends SIL V Blackhorse PPI

Hello Bill, I have 2 hips flasks now as I started to walk lob sided lol so one fer each side.
I am very well and hope you are too, it's great that you are still involved with the forums and still helping people, think a lot got a tad dispondent when charges claims got an unjust result. Onwards an upwards though i am sure something else will come along to rile us again, take care. Enaid x
Sorry for jumping your thread wends x

[WendyB]

Re: Wends SIL V Blackhorse PPI

Hi Bill

no, I haven't done a spready, as it's single premium PPI and was added on as a loan onto the loan (if you see what I mean) at the start. So not sure how I would actually do a spready for it? And as far as I can tell, there was an original loan which was consolidated into another loan. The PPI element of the loan is 59.08 per month, so that means so far she has paid £2400 or thereabouts, but this will include interest. I haven't got the paperwork with me at present so this is from memory.

I have sent off the FOS complaint form, directly to Black Horse, claiming basically mis-selling due to SIL saying they were told (or it was implied) that they wouldn't get the loan without the PPI. Haven't actually claimed "an amount" so to speak, just sent the form and a covering letter saying basically we want it back...

The paperwork relating to the PPI (which of course we will deny all knowledge of ever receiving) isn't particularly helpful, just basic designed not to tell you anything rubbish. The bit about PPI on the loan agreement says that xxx amount is payable if settled in xxx time etc.

I think probably the best I can do atm is wait and see what they come back with, if anything, then take it from there. SIL is quite happy to sign another agreement at a later date, as long as it puts her in a better position. At present she is still paying the PPI, we haven't cancelled it. Do you think we should cancel it, or wait and see what they come up with first/ obviously the fact that we've asked for it back should let them know that she no longer wants it?

[Bill-K]

Re: Wends SIL V Blackhorse PPI

LOL - as Enaid suggests, something else will come along - and PPI looks like the next big thing !!!

Yes, I think what you're doing is the generally accepted way of reclaiming PPI. Wait and see what Black Horse/LTSB offer, but meanwhile you need to work out what to expect as a fair settlement. For an active loan, then this will entail a refund of PPI paid already, plus 8% Statutory rate interest, plus a re-scheduling of the remainder of the loan. Once the lender has accepted that the PPI was mis-sold (and they don't always), then it will be cancelled, and a new repayment amount set up which will exclude PPI.

If the settlement and re-scheduling offer is inadequate, then we will need to tell them this, and give them the chance to come up with an acceptable offer before we refer it to the FOS. It is best to try and settle without using the FOS if possible, as this route can take some time (several months).

For single premium PPI, we have a spreadsheet which 'auto-completes' itself, once you have entered in the initial details from your agreement. This then needs checking against your statements to ensure that payments and dates are correct. It should then show you how much to expect as a settlement sum, and also what the new repayments should be. If you'd like to try it, it's attached here. Post or PM me if any queries - or email me and Turboman on Simiantics@Gmail.com.

[WendyB]

Re: Wends SIL V Blackhorse PPI

Just a quick update.

Bill - I haven't got the relevant info from SIL regarding outstanding balances etc so have been unable to complete the spready. Tbh I think that as long as they accept the claim, cancel the PPI, reduce the monthly payments and refund what she has paid so far plus interest she will be happy.

Sent of her OH's authorisation as they requested, and have had a letter confirming that they are now looking into the complaint. Not sure of when that arrived but I think about 10 days ago. So, if they have 8 weeks to investigate, we should hear something in about 6 weeks. I'll keep you posted.

I should mention that my SIL, whilst by no means well off or even very comfortable, is not in dire financial straits so anything she gets from this will be a bonus, if you see what I mean.

[Bill-K]

Re: Wends SIL V Blackhorse PPI

You should be able to get a fairly good idea by just filling in the boxes at the top of the spready, Wendy. This just needs the data from the original loan agreement - a 10 minute job. Ongoing balances and dates can be checked later if necessary, but if there were no significant departures from the payment schedule, then the spready should be fairly accurate in showing how much PPI refund to expect, along with interest.

If the eventual refund offer is roughly similar, then I guess we can accept it, but if there is a significant difference, then we can look into it further.

[Amethyst]

Re: Wends SIL V Blackhorse PPI

Wendy - http://www.bailii.org/cgi-bin/markup...method=boolean - Just wanted to make sure you had seen this case, no idea how this case is going with your SIL though.

[WendyB]

Re: Wends SIL V Blackhorse PPI

Thanks for that Ame, have had a quick skim through but not sure how ut will relate to Von's case until we know what Black Horse comeup with, if anything. As yet they haven't replied, exept to say they are olooking into it. 8 weeks will up soon though so am going to give it anothr couple of weeks and if she still hasn't heard anyhting will send them a nudge letter.

Wasn't planning to go for unenforceability,(you know my views on that lol) and she has no issued with arrears or DCAs etc at all, but will have a look at the agreement and see if all is as it should be, might be useful as a bargaining tool but from memory I seem to remember that the PPi was included in the TCC.

[pompeyfaith]

Re: Wends SIL V Blackhorse PPI

Do not mess about with black horse if you get no response within 8 weeks lodge you complaint with the FOS.

The FOS is upholding the majority of black horse complaints very few in fact fail.

So waste no more 1 day after the 8 weeks send all to FOS using the new complaint form.

PF