Can I claim back charges on arears

[gillwall]

Hi everyone

After 3 years battle with GE money they have just finaly admiited to the mis-sell of PPI on a secured loan.
I have received a redress but no calculation of how the have worked it out. Because they refused to pay out on the ppi 4 years ago it caused arears on the account which at the moment are still paying back. Now they have admitted the mis-sell can I put a claim in for charges added to the account because of the arears and default charges, and other amounts which im not sure about.
Many thanks

[leclerc]

Re: Can I claim back charges on arears

Is it arrears on the loan account? Would the payment without PPI have been paid at the point the payment was due? If the answer is yes then I think you might have a case but if not then I think it would be unlikely to succeed.

[gillwall]

Re: Can I claim back charges on arears

Hi Leclerc

Yes it is the loan account (secured) the arears didnt start untill hubby was unable to work due to ill health and the ppi wasnt paid because hubby was self emplyed.
Is there a template letter on this site I could use?

Thanks
Gill x

[TUTTSI]

Re: Can I claim back charges on arears

It is their duty to give you a breakdown of how they have calculated this and if they dont please advise them that you will take the claim via the FOS to be fully compensated and including charges which were incurred as a result of them mis-selling PPI to your o/h which was no use to him whatsoever as he was self employed. I am not sure there is a template letter on the site, have a look here in our PPI section http://www.legalbeagles.info/forums/...nce-reclaiming

This is the FOS questionare for claiming back PPI http://www.financial-ombudsman.org.u...stionnaire.doc please use this if you have no success with GE Money. We have a couple of members here on this site who are a dab hand with calculations so if you need any help - please shout.

[Bill-K]

Re: Can I claim back charges on arears

Well done for getting them to admit mis-selling, Gill - that is the first hurdle in PPI reclaiming. Next is to make sure that you get a fair and proper offer of redress, and that's where you are now, it seems. As Tuttsi says, you are entitled to a clear explanation of how any compensation (ie., redress) is calculated under the FSA rules in PS 10/12 :

DISP APP 3.9.4 The firm should make any offer of redress to the complainant in a fair and balanced way. In particular, the firm should explain clearly to the complainant the basis for the redress offered including how any compensation is calculated and, where relevant, the rescheduling of the loan, and the consequences of accepting the offer of redress.

They very rarely do this though, and usually just supply a list of sub-totals, with no calculations shown at all. Getting any more from them is next to impossible in reality. Our best bet seems to be to make our own calculations - based on the FSA rules - and simply compare their offer with what we expect. Unfortunately, this entails working with a spreadsheet, and entering in our own figures, so that we can make a proper comparison.

DISP APP 3.7.2 Where the firm concludes that the complainant would not have bought the payment protection contract he bought, and the firm is not using the alternative approach to redress (set out in DISP App 3.7.7 E to 3.7.15 E) or other appropriate redress (see DISP App 3.8), the firm should, as far as practicable, put the complainant in the position he would have been if he had not bought any payment protection contract.

[My emphases added to above FSA quotes]

DISP APP 3.7.2 is a key FSA rule which is currently being investigated by a separate working group (of which I am a member) within the forum 'Penalty Action Group,' as a 'Consequential Losses' claim basis. This group liaises with Legal Beagles, and has their backing to take on claims of this nature. I am personally very interested in this aspect of PPI claims, and would be pleased to further your claim there.

http://www.penaltyactiongroup.co.uk/...orum.php?f=341

[gillwall]

Re: Can I claim back charges on arears

Thanks Tuttsi and and Bill-k.
Excellent advice as usual, I can feel another letter comimg on.
Gill x

[Bill-K]

Re: Can I claim back charges on arears

Sorry, Gill - I've added some stuff to my post (errrm, I sent it prematurely) - but don't let that hold you back from the letter that you are 'incubating' !!!

[gillwall]

Re: Can I claim back charges on arears

Thanks again Bill-K
gill x

[gillwall]

Re: Can I claim back charges on arears

Hi
When using the spread sheet is it contract interest and additional interest.
Thanks
Gill x

[Bill-K]

Re: Can I claim back charges on arears

Yes, Gill. The spready works out the apportioned account interest that has been charged as a direct consequence of the PPI charges. This is contractual interest - or 'debited interest. It then adds the Compensatory interest to the total, and this is at the Statutory rate of 8% Simple interest.

[gillwall]

Re: Can I claim back charges on arears

Brill - Thanks Bill-k
Gill x

[gillwall]

Re: Can I claim back charges on arears

Hi Bil
Iv drafted a letter to ge money in resonce to there redress, would it be ok to put this on the site for proof read, and see if it reade ok - without all the personel info.
Gill x

[Bill-K]

Re: Can I claim back charges on arears

Please do, Gill. Redact specific amounts, too, if possible. This is where we will now need to transfer the claim across to PAG, I think.

[gillwall]

Re: Can I claim back charges on arears








Hi Bill
Here it is! see what you think, i will also be requesting a SAR attached as a seperate letter with the £10.00 postal order, as well as an email to ceo.



I have also mailed a copy by recorded delivery xxxxxx

To Duncan Berry the CE of G E Money

Thank you for your offer of redress of account numbers xxxxxxxx - xxxxxxxx -xxxxxxxx - xxxxxxx. As you suggested that before accepting this redress we may want to take legal advice before accepting your offers. In consideration to this, we have and there is insufficient detail as to how the redress was calculated, for me to make an informed decision on whether to accept the offer or not.

In particular account number A00433537836 As you stated in the letter dated 22nd March 2013 at the sale of the Payment Protection Policies on the basis that we had been more aware of these aspects at the point of sale you would not have purchase the PPI Polices. On this basis you have upheld our complaint.
There is no mention of the penalty charges and interest (for ease of reference see attached letter) which would not have been debited if the PPI had not been sold to me, and these should also be a part of the redress. I therefore request that you send me a full explanation of your calculations as directed by the FSA in the PPI Redress Handbook contained within FSA Policy Statement PS 10/12, which states:

DISP APP 3.9.4 - The firm should make any offer of redress to the complainant in a fair and balanced way. In particular, the firm should explain clearly to the complainant the basis for the redress offered including how any compensation is calculated and, where relevant, the rescheduling of the loan, and the consequences of accepting the offer of redress.

DISP APP 3.7.2 - Where the firm concludes that the complainant would not have bought the payment protection contract he bought, and the firm is not using the alternative approach to redress (set out in DISP App 3.7.7 E to 3.7.15 E) or other appropriate redress (see DISP App 3.8), the firm should, as far as practicable, put the complainant in the position he would have been if he had not bought any payment protection contract.

Therefore would you ensure that your offer covers all losses covered by DISP APP 3.7.2, and explain your offer clearly as required by DISP APP 3.9.4. I will then be in a better position to evaluate your offer.

You have offered £100.00 compensation, considering we have been in correspondence with you for five years in regards of this mis-sell, as well as the financial and mental hardship caused by GE Money. We ask that you compensate a minimum of £750.00 as in line with the criteria published by the FOS which states
· Excessive delays by the financial business right from the start – ie failing to accept responsibility for its mistakes, frustrating the complaint process, and fighting the case through every stage in the ombudsman service, despite the ombudsman service pointing out at an early stage that the business was failing to follow a well-established regulatory or ombudsman approach
·
Finally we ask that each of the four accounts are redressed individually with each its own acceptance form.
We ask you contact us no longer than seven days.



Many thanks again Bill, almost forgot had two letters of redress from Cardif Pinnacle this morningwith reference to the ge money loans.

Gill x

[gillwall]

Re: Can I claim back charges on arears

I have forworded an email of the above letter to Duncen Berry the CE friday morning, just received this letter this morning - 1st class post WOW !!!!!

" we will investigate the matter further in relation to the specific points you have raised and will aim to provide you with a responce on or before the 28th of April. I also note you have made a DSA request, I have forwarded this to the customer services manager."

Wii keep the site updated.

Gill x