Caro v Yorkshire Bank for PPI

[caro]

Sent this on 9th September using info from ybonline and a phone call to them:-

 

To whom it may concern.

 

Some years ago I had 2 loans with Yorkshire Bank, and it was a condition of the loans that I took out PPI, which I didn’t want or need.

 

For some reason I paid the first loan and associated PPI off early, and I distinctly remember sitting in Yorkshire Bank in xxxxxxx with a member of staff explaining to me how the rule of 78 worked and this being applied to the first PPI for an early redemption charge due to the banks loss of interest charged on the policy. I then had to take out a second policy to cover the new loan that I was taking out. I now know that not only should I not have had to take out the PPI, but the existing PPI should not have been cancelled as it could have covered the second loan, at least in part.

 

As a result of this extra expense there were times when my account went into overdraft, and extortionate charges were incurred, not to mention unpleasant pressure from your bank to pay these off faster than I could afford at the time.

I’m not sure if I lived at the above address at the time, so am providing my previous address for your information.

xx xxxxx xxxx

xxxxxxx

xxxxxxx

 

I would appreciate it if you would provide information regarding this PPI, and how much I am owed, including associated interest.

 

Please let me know if you require further information, but otherwise I hope to hear from you within the 40 day timescale for such requests as advertised on your website.

 

Yours faithfully

 

Caro

 

 

PPI information request

3rd Floor

Granite House

31 Stockwell Street

Glasgow

G1 4RZ

[dx100uk]

so link 1 below should be able to allow you to calculate your expected redress.

 

 

dx

[caro]

Thanks dx. Once I get all the info from the PPI information request I shall certainly be checking it. For info of anyone else thinking of taking on Yorkshire/Clydesdale, the PPI information request is free.

 

 

Will be interesting to see what they produce because the only mention of PPI that came from a SAR a few years back was the payments for PPI on current account statements. If I don't think I've got all I need I'll do another full SAR. I think this started about 15 years ago and in the past I haven't found them the most forthcoming with information. I'm hoping the fine they had from the FCA has focussed their attention.

[caro]

Got a questionnaire they want completing and returning within 2 weeks. Among other things it says:-

 

In August last year we made improvements to our PPI complaint investigation process to ensure you, our customer, are treated fairly. Unfortunately these changes and the volume of complaints we have received may impact on our timescale in providing you with a final response. If we are unable to provide you with a final response within 56 days we will write to you with an update.

 

So much for the 40 days they advertise on their site. I wonder if the improvements have anything to do with the £20m + fine they got.

 

https://www.fca.org.uk/news/clydesdale-bank-fined-for-serious-failings-in-ppi-complaint-handling

[BazzaS]

Got a questionnaire they want completing and returning within 2 weeks. Among other things it says:-

 

In August last year we made improvements to our PPI complaint investigation process to ensure you, our customer, are treated fairly. Unfortunately these changes and the volume of complaints we have received may impact on our timescale in providing you with a final response. If we are unable to provide you with a final response within 56 days we will write to you with an update.

 

So much for the 40 days they advertise on their site. I wonder if the improvements have anything to do with the £20m + fine they got.

 

https://www.fca.org.uk/news/clydesdale-bank-fined-for-serious-failings-in-ppi-complaint-handling

 

So, they've improved their service, by now taking 56 days instead of 40?.

[caro]

On the ppi questionnaire it asks about financial circumstances at the time of loan and about monthly outgoings including mortgage/rent, council tax/utilities,other credit commitments, number of dependents.

 

What relevance has any of that got?

[maroondevo52]

Caro how are some folk supposed to remember that far back

[caro]

If loan(s) and ppi were in my name only, do I need to answer questions about OH?

[caro]

Caro how are some folk supposed to remember that far back

 

I have no idea!

[maroondevo52]

If loan(s) and ppi were in my name only, do I need to answer questions about OH?

 

I wouldn't think so, you could tell them any old baloney.

[caro]

I also don't see the relevance of reasons for the loan, if it was to pay off other debts, if I missed payments on the loan the ppi covered.

 

THEY SAID I HAD TO HAVE IT TO GET THE LOAN SO IT WAS MISSOLD!!!'

 

What else is there to say?!

[maroondevo52]

Home improvements was my 'blanket' answer

[caro]

I know I bought a car but I think there was another loan but can't remember what for. Might have been home improvements.

 

I'm sure I sent them an information request but I seem to be the one providing it!

 

Now, what to put about when I first realised there was a problem with the ppi and why I'm now unhappy with it. I was unhappy with it from day 1.

[dx100uk]

why are yuo not binning their form and using the FOS CQ?

 

 

dx

[caro]

I'll have a look at the fos one. I rather stupidly thought they'd be standard, especially given the hefty fine they had. Forgot YB/CB are a law unto themselves.

[dx100uk]

http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi.html

[caro]

I didn't get round to filling a form in before they wrote and apologised for the delay in responding to me. Had another letter the other day:-

 

Dear Caro

 

Please accept our apologies for the delay in reviewing your ppi complaint. We will provide you with a final response by 29 February 2016. Any offer of compensation will include interest at a rate of 8% up to the date we issue our final response to you.

 

It goes on to say my right to go to fos is unaffected by the delay.

 

I'll see what they come up with by 29 Feb but that's the limit of my patience.

Edited November 29, 2015 by caro

[maroondevo52]

Hope it's a good amount Caro, roll on the end of feb

[caro]

Hope it's a good amount Caro, roll on the end of feb

 

Thanks. I tried to get the info a while back but without account numbers etc they couldn't find anything but they've had a hefty fine since so maybe they'll try harder this time. I won't hold my breath.

[caro]

Happy new year to me!

 

Just had a letter offering me a little over £2k

 

I'm not entirely happy with this as they haven't included charges

 

 

interest is at 8%

 

 

I'm pretty sure I was paying a higher amount.

 

 

Neither have they provided a detailed enough calculation,

 

 

but at least I know this is to come.

 

 

I've got 21 days to respond.

[citizenB]

I guess you could say you will accept this as partial settlement of the refund, Caro ? You could also ask for a more detailed calculation and why they haven't included the charges and 8% ?

[caro]

They have included 8% simple interest but I think I paid 10 or 11% and will question it and ask for more detail. I was also OD a lot at the time and the interest rate on that was high I think. The acceptance letter makes it clear if I accept it's F&F.

 

I'll have a think over the next few days a about whether to accept it or push for more detail and hold out for more. Who knows how long that would take.

[dx100uk]

so this is in relation to the 2 loans?

 

 

dx

[caro]

They say I had 5, 3 of which had ppi but the other 2 paid off straight away so nothing paid on those. I wasn't with the bank more than about 3 years so seems odd.

[dx100uk]

if ppi was rolled over without a rebate add a 0 to any figure they claim:lol: