Pompeyfaith v Co-op PPI

[pompeyfaith]

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

Edited October 10, 2008 by pompeyfaith

[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.

 

 

 

[pompeyfaith]

Not started a second bank charges claim yet as i was not sure if they would confuse that with my PPI claim.

 

Regards

 

Leon

 

P.S Theres a big cream donut waiting for you on facebook lol!!!!!!!!!!!!

[Paintball]

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

 

 

 

 

[pompeyfaith]

Hiya All

 

Just had a second response to my letter dated 3rd october, Now need a bit of help to compose a reply.

 

Ill add the letter at the bottom of this email basicly they are refusing to refund the ppi on the grounds that i ticked the box to indicate that i wanted it.

 

But the case was that i was under the impession that it was a reqirerment to get the loan and i was not told that the ppi was optional and i could choose to buy elsewhere.

 

In the letter they also give no answer to my question why was i sold it when i have a pre-existing medical condition.

 

Should i send another letter outlining again where they mis-sold and state again pre-existing medical conditions which they did not answer too in my last letter.

 

How long should i give them before going to FOS 2 weeks?

 

They have offered to refund the ppi on my present loan pro-rata though as if to cloud my eyes

 

http://i321.photobucket.com/albums/nn363/pompeyfaith/PPIRESPONSELETTER2PAGE1-1.jpg

 

http://i321.photobucket.com/albums/nn363/pompeyfaith/PPIRESPONSELETTERPAGE2.jpg

 

Regards

 

Leon

Edited October 14, 2008 by pompeyfaith

[alanalana]

Hello pompeyfaith,

 

Hiya All

 

Just had a second response to my letter dated 3rd october, Now need a bit of help to compose a reply.

 

Ill add the letter at the bottom of this email basicly they are refusing to refund the ppi on the grounds that i ticked the box to indicate that i wanted it.

 

But the case was that i was under the impession that it was a reqirerment to get the loan and i was not told that the ppi was optional and i could choose to buy elsewhere.

 

In the letter they also give no answer to my question why was i sold it when i have a pre-existing medical condition. (This is the important bit as if they refuse to accept or notify you that Pre existing medical conditions would be a reason you could not claim then they are failing to ensure the Insurance would indeed meet your requirements if you were signed off work with a medical condition.

Should i send another letter outlining again where they mis-sold and state again pre-existing medical conditions which they did not answer too in my last letter. YES

 

How long should i give them before going to FOS 2 weeks? How long have they had now as 40 days to provide CCA +2 postage is the limit?

 

They have offered to refund the ppi on my present loan pro-rata though as if to cloud my eyes

 

http://i321.photobucket.com/albums/n...ER2PAGE1-1.jpg

 

Image hosting, free photo sharing & video sharing at Photobucket

 

Firstly this is the Co-op trying to wiggle out of their responsibilities:eek:

I think Yes but ask for other opinions:)

 

My first point is...the photobucket does not address fully the pre existing medical conditions you mention and their response does not satisfy your original complaint:eek:

 

Time for more action and I guess others will have some input to this to help you out;)

 

aa

[pompeyfaith]

Thank You Alanalana for your imput most appriciated, Ive just had a thought today i collected a DDA Medical Pro-Forma from my GP which has a diagnosis date of 08/04/1990 its for the EMA dept but as it does not state on there the EMA Address i will send a copy of this to the Co-op as prove of my medical condition.

 

http://i321.photobucket.com/albums/nn363/pompeyfaith/DDAMEDICALPROFORMA.jpg

 

Regards

 

Leon

Edited October 14, 2008 by pompeyfaith

[alanalana]

Way to Go Pompeyfaith.

 

Thank You Alanalana for your imput most appriciated, Ive just had a thought today i collected a DDA Medical Pro-Forma from my GP which has a diagnosis date of 08/04/1990 its for the EMA dept but as it does not state on there the EMA Address i will send a copy of this to the Co-op as prove of my medical condition.

 

Regards

 

Leon

Let us all know how it goes. Pre existing medical conditions was largely overlooked by most of the banks selling PPI so go for it;)

 

aa

[hellhasnofury]

Way to Go Pompeyfaith.

 

 

Let us all know how it goes. Pre existing medical conditions was largely overlooked by most of the banks selling PPI so go for it;)

 

aa

 

Hello,

 

Fairness to customers was largely overlooked by them as well. They were clouded by their strive for profit at any cost. They were all like sheep, one bank did it and they all jumped on the bandwagon, you can imagine them going to "apply ppi at any cost" school.

 

pompy was the ca ppi acceptance box already pre-ticked:wink:

 

As regards their refund, they are not giving you anything whatsoever, they are only refunded back the unpaid portion of the remaining ppi cover, which I bet is not as much as you have paid them. This is what they have to do if you cancel the ppi. There is guidence from the fsa regarding this. Look in the stickies.

 

Get after them and do not take no for an answer:-D

[alanalana]

Well pointed out hhnf,

 

Fairness to customers was largely overlooked by them as well. They were clouded by their strive for profit at any cost. They were all like sheep, one bank did it and they all jumped on the bandwagon, you can imagine them going to "apply ppi at any cost" school.

 

Yes, they knowing all your financial information also knew when the time was right to pounce with a consolidation offer. With the inevitable PPI.

Very underhanded and immoral IMO:eek:

 

aa

[pompeyfaith]

Hellhasnofury and Alanalana thank you for your comments they are most welcome any info i can glean from others is appriciated.

 

The tick boxes where indeed already ticked i applied for these loans over the phone and when i got the application though all i had to do was sign the loan acceptance and return.

 

In the letter they sent i thought i had only had 4 loans with them but it looks like i had 5 so thanks to co-op i will be going for ppi on 5 and not 4 !!!!!.

 

Regards

 

Leon

[alanalana]

Stick with it Pompeyfaith;)

 

and Good luck with your reclaim:)

 

aa

[hellhasnofury]

The tick boxes where indeed already ticked i applied for these loans over the phone and when i got the application though all i had to do was sign the loan acceptance and return.

 

Well this gave you the option eh:rolleyes:

If they box was already ticked then they gave you no choice regarding the ppi policy:-D

Have you asked for the recorded telephone conversations:-D

In the letter they sent i thought i had only had 4 loans with them but it looks like i had 5 so thanks to co-op i will be going for ppi on 5 and not 4 !!!!!.

Leon

 

Excellent news for you Leon, it is truely amazing what you can find out if you push hard enough, more for you to reclaim:grin:

[pompeyfaith]

Hiya All

 

Ok this is the letter in reply i have done any chance one of you kind people could check it over for me so i can get it posted soon as.

 

http://i321.photobucket.com/albums/nn363/pompeyfaith/co-opreplyletter2page1.jpg

 

http://i321.photobucket.com/albums/nn363/pompeyfaith/co-opreplyletterpage2.jpg

 

What you think will this do the job?

 

Regards

 

Leon

 

P.S Ive just prove read it an noticed a spelling mistake og should have been in so disregard that

Edited October 15, 2008 by pompeyfaith

[pompeyfaith]

bump

[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 ...

[pompeyfaith]

Hiya paintball

 

I've done a letter and posted it on page 2 just needs someone to check it for me.

 

Regards

 

Leon

[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 ...

[pompeyfaith]

Way to go, Absolutly Fantastic i could not have worded it better

 

Thank You

 

Regards

 

Leon

[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 ...

[pompeyfaith]

Thank you Painty Ive amended accordingly

 

Your a star ive ticked your scales

 

Regards

 

Leon

[pompeyfaith]

Good Morning Caggers,

 

Well this morning Ive had a response to my second letter, But not quite a V for victory yet.

 

Firstly they state the balance on my current loan WITHOUT PPI is £7078.20 but on my online loan account it states the balance to be £6565.16 which includes PPI ?

 

Secondly although they have agreed to refund all my PPI on 9 loan accounts in total they are only offering the simple calculation of 8%, Now had i not been given the run around and they came clean first time i would of accepted this but now i want the contractual rate on all accounts.

 

Lastly there is no mention of refund of any of the payments and interest i made on this accounts.

 

I will now post up the reply for you to scrutinize for me and let me know what you think.

 

Nearly there by the looks of things, But i think they were hoping id see the monthly payment on my current loan reduced to £31.09 from £142.00 and i would be quick to sign and return.

 

http://i321.photobucket.com/albums/nn363/pompeyfaith/COOPRESPONSE27-10-08PAGE1.jpg

 

http://i321.photobucket.com/albums/nn363/pompeyfaith/COOPRESPONSE27-10-08PAGE2.jpg

 

http://i321.photobucket.com/albums/nn363/pompeyfaith/COOPRESPONSE27-10-08PAGE3.jpg

 

http://i321.photobucket.com/albums/nn363/pompeyfaith/COOPRESPONSE27-10-08PAGE4.jpg

 

I await in eagerness for your response.

 

Regards

 

Leon

[hellhasnofury]

Good Morning Caggers,

 

Well this morning Ive had a response to my second letter, But not quite a V for victory yet.

 

Firstly they state the balance on my current loan WITHOUT PPI is £7078.20 but on my online loan account it states the balance to be £6565.16 which includes PPI ?

 

Secondly although they have agreed to refund all my PPI on 9 loan accounts in total they are only offering the simple calculation of 8%, Now had i not been given the run around and they came clean first time i would of accepted this but now i want the contractual rate on all accounts.

 

Lastly there is no mention of refund of any of the payments and interest i made on this accounts.

 

I will now post up the reply for you to scrutinize for me and let me know what you think.

 

Nearly there by the looks of things, But i think they were hoping id see the monthly payment on my current loan reduced to £31.09 from £142.00 and i would be quick to sign and return.

 

http://i321.photobucket.com/albums/nn363/pompeyfaith/COOPRESPONSE27-10-08PAGE1.jpg

 

http://i321.photobucket.com/albums/nn363/pompeyfaith/COOPRESPONSE27-10-08PAGE2.jpg

 

http://i321.photobucket.com/albums/nn363/pompeyfaith/COOPRESPONSE27-10-08PAGE3.jpg

 

http://i321.photobucket.com/albums/nn363/pompeyfaith/COOPRESPONSE27-10-08PAGE4.jpg

 

I await in eagerness for your response.

 

Regards

 

Leon

 

Hello Leon,

 

It is getting better and better for you:-D.

 

Now regarding their calculations, can I ask if what they are refunding the difference in what you should have paid and the amount you paid. Was that just the ppi premium cost. Or is it the ppi premium and the interest that they added to it:confused:

 

This is important to know, because they may be happy to refund what the actual ppi premium cost, but are keeping what they charged you in interest to themselves.

 

You require the cost of the ppi, and the interest they applied to it and then interest on top:grin:

[pompeyfaith]

OK what i'm gona do is scan and post up 4 of the loan agreements for you to look at, But what it looks like they have done is just used the figures after settlement of the loans and not taken into consideration the payments with interest before settlement.

 

http://i321.photobucket.com/albums/nn363/pompeyfaith/COOPAGREEMENT84.jpg

 

http://i321.photobucket.com/albums/nn363/pompeyfaith/COOPAGREEMENT83.jpg

 

http://i321.photobucket.com/albums/nn363/pompeyfaith/COOPAGREEMENT82-1.jpg

 

http://i321.photobucket.com/albums/nn363/pompeyfaith/COOPAGREEMENT81.jpg

 

Regards

 

Leon

[Paintball]

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