Pompeyfaith v Co-op PPI

[Paintball]

They shouldn't really do that as it would be construed as 'retaliatory action' which the FSA rules against. I don't, however, think that they will but if it were to happen, a stern letter reminding them of the FSA's action against banks who do such things will probably have a positive effect.

 

 

Best wishes

[Paintball]

Good luck with this, am only to happy to help if I can as a fellow Coop customer who has in the past, and continues to tangle with them.

[Paintball]

Thank You Paintball any help i can get with this is very much appreciated im just wondering now what oldbanker means by letter code!!!! sounds very interesting.

Regards

 

Leon

Ha! sounds like a Facebooky thing

If my memory serves me right im sure it was you that helped me in getting back bank charges in 2007 which was successful only i now got about another £300 of charges since then still ill deal with the PPI first then sort that out.

 

Yes it was you thank you for that http://www.consumeractiongroup.co.uk/forum/cooperative-bank/62447-carter-co-op-2.html

 

Sound advice that worked a treat

Yep, I remember! Have you got your second bank charges claim in yet?

 

PPI should be manageable. Let's see what comes up from the SAR.

 

 

 

[Paintball]

Get that dang bank charges claim in young man, or the doughnut gets it ...

 

 

 

 

[Paintball]

Hi Leon

 

Here is my version of the letter you could send to the Co-Op:

 

Date

 

Re: Loan account number xxxxx

 

Dear X

 

LETTER BEFORE ACTION

 

I am in receipt of your letter dated X in which you respond to my assertion that the Cooperative Bank has mis-sold Payment Protection Insurance (PPI) to me when I took out a loan on date.

 

I am shocked and disappointed in your continued assertions that you have conducted yourselves in a manner that is appropriate for an extremely large and well respected financial institution. I continue to assert that this has not been my experience. You have failed in your duty by selling me a product that did not suit my individual circumstances, you have failed in your duty to provide me with sufficient and appropriate information to allow me to make an informed choice when purchasing the compulsory PPI, and you have sold me a product that I assert is useless to me as pre-existing medical conditions were not ascertained by your salesperson which therefore rendered the policy useless to me as I would have been unable to make a claim on it.

 

PPI is not a compulsory product when taking out a loan, and adding PPI to my loan account in this way is a clear breach of both FSA regulations and guidelines and the Banking Code of Practice provided to the financial services industry. As a respected financial organisation, you will have been quite aware of these regulations and this makes your organisation's action even more serious. It is extremely poor business practice to say the least.

 

In taking out a loan with the Cooperative Bank, I reserved the right as your customer to receive appropriate information to enable me to take out a compulsory insurance product that suited my demands and needs. the Cooperative Bank had an obligation to me the borrower, to provide sufficient and appropriate information to enable me to make an informed decision as to the suitability of both the loan and the PPI to meet my needs and financial circumstances. I should also have been made aware of alternative options available, or comparative costs of similar PPI products from other suppliers, which information as a well known financial institution, you would most certainly have had access to.

 

The Financial Services Authority (FSA) provides guidelines which your organisation should adhere to while making both Advised and Non-Advised sales. Where a Non-Advised sale takes place, as in my own case "The customer must, however, still receive sufficient information on the product to enable them to make an informed decision as to whether it meets their own demands and needs." (FSA) These regulations apply to the lender whether the sale is made face-to-face, over the telephone as in my case, or via a lender's website.

 

At no point did I receive any such information, either by letter, document or telephone call which followed the above guideline. The documents that you have provided copies of do not contain any of the information that I have outlined above and cannot, therefore, be deemed as meeting the standard of care which you should have provided.

 

I assert that I have been deprived of the right to choose PPI when taking out the loan, and that you have taken advantage of my lack of knowledge.

 

I reposed absolute trust in your ability as a respected financial institution to provide a reasonable level of care and skill in ensuring that my best interests were met when taking out a financial product with your organisation. This has not been the case and I am extremely shocked and disappointed.

 

I would further suggest that the Principles of Business which are legally binding on the Cooperative Bank under the Financial Services and Markets Act 2000 and which are contained in the FSA Handbook, have not been followed. Therefore you are in breach of regulations.

 

I would remind you that the FSA takes the mis-selling of PPI extremely seriously and you will be aware that recent investigations by both the FSA and the Competition Commission have found that lenders continue to engage in "poor sales practices" and that "customers were not informed orally of both the monthly and total cost of their PPI". (FSA report, 30 September 2008.)

 

I request the return of (insert amount here plus interest) within 14 days of receipt of this letter by you. If you do not comply with my request, I will have no option but to escalate my claim to the courts. I should remind you that the FOS take the issue of mis-selling of PPI extremely seriously and in many cases, have imposed large fines on financial institutions who are in breach of regulations.

 

Yours sincerely

 

 

Pompeyfaith

Edited October 16, 2008 by Paintball
Addition of text ...

[Paintball]

Yep, take a look at the above and see what you think. I include specific legislation and regulations that I believe the Coop have breached that I think adds weight to your claim.

 

Let me know what you think ...

[Paintball]

Leon, thanks for your comments, you're welcome

 

I just feel that the time has come to let any lender know that we are aware of the guidelines and standards of care they should be providing and that if they fail to stick to these, then we are aware of our rights and won't stand for their nonsense.

 

Hit them where it hurts.

 

BTW, I'm just thinking that this will be your LBA and have amended the letter accordingly ...

[Paintball]

Pompeyfaith, I agree with HHNF that you should be looking to receive the interest charged on the PPI ...

[Paintball]

Hiya

 

As there are so many 'prying eyes' at the mo on this forum, you could PM the letter to whoever you want and copy others in too. This way, we keep our retaliation letters private but also open to whichever legit claimants on the forum wish to see them.

 

Is this OK with you?

[Paintball]

Ok heres the rest of the agreements if you can read them that is

 

http://i321.photobucket.com/albums/nn363/pompeyfaith/Co-opAgreement85-1.jpg

 

http://i321.photobucket.com/albums/nn363/pompeyfaith/Co-opAgreement83-1.jpg

 

http://i321.photobucket.com/albums/nn363/pompeyfaith/Co-opAgreement81-1.jpg

 

http://i321.photobucket.com/albums/nn363/pompeyfaith/Co-opAgreement80.jpg

 

 

And the rude Letter i got from them i.e

 

http://i321.photobucket.com/albums/nn363/pompeyfaith/Co-opResponse191108.jpg

 

The addition of 8% interest was also included in our offer. It Would Appear that you have misread or misunderstood our previous offer.

 

No i did not misunderstand as i want the contractual rates and not the 8% it would appear you misunderstood my previous letter and mis-sold these policies.

 

 

Regards

 

Leon

 

Hi Pompey

 

With regard to the letter you've posted up here, from reading it I would say that compared to the letters I get from Mr Des Styles at Magic Loans, the writer is saintly and most polite indeed!! If I can get hold of a scanner and post up my letters on PhotoBucket I will ... and you will be SHOCKED indeed, m'dear

 

Anyway, Point 3 seems to be quite a concession although I would not necessarily want PPI to be deducted from what you owe; you want a cheque for the return of premiums paid plus the total interest paid on these. Their acknowledgement that if you had not been paying the insurance then you would have less debt is quite extraordinary if you think about this statement in the context of other lenders' comments to complaints made by customers in this forum.

 

I'm glad you're getting good help with the calculator Pompey

Edited November 25, 2008 by Paintball