GW vs Citi Financial PPI

[graceful_willow]

First time I heard about PPI claims, first time that came to my mind is this company. We (my husband) took a loan from them in 2004 for £2500 and they added £1001.69 PPI on top, and honestly the insurance was not explained properly.

 

Two years later I asked them for a settlement figure and I was shocked when they gave me a figure of £2700+. When I said we only borrowed £2500 ,the chap told me about the insurance + interest that was being paid first before the actual loan.

 

We are quite naive about this thing. And we did signed the insurance policy. How can I prove that I've been mis sold if our signatures are on the policy and it does say on the top "the insurance is optional and not a condition or requirement of any loan agreement" ? If I claim they might come back and say it's not their fault that we're stupid and we don't read things carefully.

[hellhasnofury]

First time I heard about PPI claims, first time that came to my mind is this company. We (my husband) took a loan from them in 2004 for £2500 and they added £1001.69 PPI on top, and honestly the insurance was not explained properly.

 

Two years later I asked them for a settlement figure and I was shocked when they gave me a figure of £2700+. When I said we only borrowed £2500 ,the chap told me about the insurance + interest that was being paid first before the actual loan.

 

We are quite naive about this thing. And we did signed the insurance policy. How can I prove that I've been mis sold if our signatures are on the policy and it does say on the top "the insurance is optional and not a condition or requirement of any loan agreement" ? If I claim they might come back and say it's not their fault that we're stupid and we don't read things carefully.

 

Hello and welcome,

 

I feel stupid is the wrong word to describe customers, niave, trusting and ignorant to their tactics is probably more appropriate..

 

Please read the stickies regarding the mis-selling of ppi at the top of the forum. The OFT and the FSA are conducting a very big investigation into company's practices of applying ppi to loans and credit cards.

 

There are a few reasons that apply to mis-selling, where you given quotes without them??????

 

Would the ppi cover you if you were ill???? Were you asked about your medical condition?????

 

Did you need the cover

 

Was it a front loaded single policy applied to the loan.

 

I would send a SAR and get hold off all the information they have on you and that should include the credit agreement.

[graceful_willow]

the ppi was a front loaded single policy that covers joint life accident and sickness - but my husband works for the nhs (they obviously know it as we were asked about our employment status) and they got benefits that will cover sickness, but not life.

 

i do remember that we weren't given a quote without it. the sales lady probably noticed that we were desperate that time. and we weren't told that it was optional (though it states in the application form that we signed). AND we WERE NOT GIVEN a copy of the insurance policy, just a copy of the application form - nothing about what to do if we need to make a claim etc.

 

is that a solid ground for claiming we've been mis sold?

[hellhasnofury]

the ppi was a front loaded single policy that covers joint life accident and sickness - but my husband works for the nhs (they obviously know it as we were asked about our employment status) and they got benefits that will cover sickness, but not life.

 

i do remember that we weren't given a quote without it.Not given a choic of quotes without mis-sold the sales lady probably noticed that we were desperate that time. and we weren't told that it was optional good reason for mis-selling(though it states in the application form that we signed). AND we WERE NOT GIVEN a copy of the insurance policy, just a copy of the application form - nothing about what to do if we need to make a claim etc. Great, you paid all of that money and did not know how to put a claim in. Yeh they have a habit of not giving any information of the product that you have just been sold.

 

is that a solid ground for claiming we've been mis sold?

 

Send the SAR. It costs £10 and they have 40days + 2days for complying with the request. There are templates in the main bank forum or there is one kicking about this forum. Make sure you ask for all information, including the words payment protection insurance. You should get all information they hold on you and this should include the credit agreement and information on the ppi.

 

Once sent, start the clock ticking, read around the threads, so you can understand the process of reclaiming it back.

 

If you need help just ask

[graceful_willow]

Thanks again. I posted my SAR Tuesday just gone. It's just a matter of waiting for them to reply now.

[graceful_willow]

Received copies of my documents from Citi, have looked through them - PPI indeed missold.

 

On our declaration, it was confirmed to their staff that we (whole family) got life and accident insurance in place (at the time) and my husband and I are both working and will get full sickpay. But still she sold us Joint Life Accident & Sickness Protection worth £1001.69

 

How do I go from here?

[hellhasnofury]

Received copies of my documents from Citi, have looked through them - PPI indeed missold.

 

On our declaration, it was confirmed to their staff that we (whole family) got life and accident insurance in place (at the time) and my husband and I are both working and will get full sickpay. But still she sold us Joint Life Accident & Sickness Protection worth £1001.69

 

How do I go from here?

 

Looks like the SAR was well worth the money, You now need to send your preliminary letter asking for them to refund the whole ppi and the interest they applied to it and then work out on a spreadsheet the interest that you want from the date the loan was taken to the day they pay it back. Either the statutory 8% or their contractual rate, your call.

 

If you need help etc just ask

[graceful_willow]

Thanks!

 

Could you send me the link for the spreadsheet, please. Thanks again.

[tonycee]

http://www.consumeractiongroup.co.uk/forum/faqs-please-read-these/25457-guide-reclaiming-bank-charges.html?garpg=5

[debt_mountain]

To calculate the refund your should be able to claim contractual from the start date until the settlement date then 8% statutory from then on until the date of refund.

 

but if you then took out a futher loan that was used to settle the original and the settlement amount of the original was more than the original PPI amount you can then claim the new loans contractual until that was settled ....and so it goes on.

 

They may try to fight both of these calculations but just let it run all the way to court as the judge will tell them which it is to be.

[graceful_willow]

To calculate the refund your should be able to claim contractual from the start date until the settlement date (is that the same interest applied on the actual loan?) then 8% statutory from then on until the date of refund.

 

but if you then took out a futher loan that was used to settle the original and the settlement amount of the original was more than the original PPI amount you can then claim the new loans contractual until that was settled ....and so it goes on.

 

They may try to fight both of these calculations but just let it run all the way to court as the judge will tell them which it is to be.

 

 

sorry, need help in doing this... dont know which spreadsheet to use, how to apply the figures to the spreadsheet, ei what to put on the interest column, whether to calculate the interest monthly or annually... Im so confused...

[debt_mountain]

pm your info to me and i can fill it in for you

 

Date agreement signed

Amount of ppi

Apr

If settled then the date it settled

Was t said of with another loan? If yes then all the above for that too.

I can them talk you through what i did.

[graceful_willow]

Thanks dm,

 

another thing, what date should i put on the sheet, claim date or date when the loan will finish? for all i know that ppi is already paid up. funny thing, it doesn't show on my statement of account.

[debt_mountain]

I would put the claim date on the sheet. Is it in the first "notes" sheet you are entering it?

[graceful_willow]

the one highlighted in yellow.

[debt_mountain]

You can set that to any date. It determines when the refund will be paid out.

 

If you are at the prelim stage you use the current date (date of your claim) if you are calculating what they owe you then add 7 - 10 days to it to allow for the cheque to appear.

[graceful_willow]

ok, i'll do that.

 

what's the time scale after i send the prelim letter?

[hellhasnofury]

ok, i'll do that.

 

what's the time scale after i send the prelim letter?

 

Your on a mission now GW, good for you, the timescale is normally 14days.

[graceful_willow]

wow, that quick.

 

and if the response is not favourable?

[graceful_willow]

I still haven't heard from CITI, and their time is up. What should be my next step of action?

[debt_mountain]

what have you done now?

 

I am about to file the court papers today for Citi PPI.

[graceful_willow]

Not good at all. Just got back, about a week ago from my holiday, and i was expecting a letter from them. But there's no letter - not a single one. Not even a standard acknowledging my complaint letter. They're sooo thick, they make my blood boil!

[graceful_willow]

Before i take them to court, I would like to make a complaint first to FSA. Anybody here knows how? Do i just write to them with copies of letters I sent to Citi?

[hellhasnofury]

Before i take them to court, I would like to make a complaint first to FSA. Anybody here knows how? Do i just write to them with copies of letters I sent to Citi?

 

Hello GW,

 

Who do you want to make a complaint to:confused:

 

Is it the FSA, they are the regulatory body which is over financial institues and other groups. They will not investigate your complaint, but will file your complaint against the Company and if they get enough complaints about a company they may investigate and fine them heavily. They have just fined hfc £125,000 for the mis-selling of ppi:grin:

 

The Financial Ombudsman will investigate your complaint free of charge, but may take awhile. They have been reported as upholding consumer complaints of up to 80%

[graceful_willow]

I just a had a good look again at all my paper works with them - and OMG! I think i dont have a case here afterall.

 

It seems like it wasn't a ppi, it was a "like,accident and sickness" that doens't protect my payments. Confused? Me too!

 

I will be pasting some of the documents here, and I would really appreciate some help in understanding them.