Midland Bank Loan Credit Protection Insurance

[di30]

Re: Midland Bank Loan Credit Protection Insurance

Sorry was meant to post earlier, but had a rotten headache.

I will re-read letter, but from what I see of it, it looks fab, and covers all grounds on the matter.
Good one and the best of luck x

[SXGuy]

Re: Midland Bank Loan Credit Protection Insurance

Thanks Di, i havent sent the letter to the CEO yet to be honest, i was swamped at work all day which wasnt expected, and i just about managed to find time to sort all the FOS stuff out for it.

So far ive filled the complaint in, and the questionaire, ive scanned copies of the agreement, and the acknowledgment letter from HSBC, and gotten my mother to sign where needed.

Cant promise 100% that FOS will see in my favour, but id like to think ive given pretty strong reasons for miss selling.

Ive basically said, that it was sold to my mother as a requirement of acceptance of the loan, she didnt want it, need it or ask for it, she wasnt given any advice as to whether it was optional, she wasnt told that she could seek cover from a 3rd party and she was not given any information regarding the cover, before or after the agreement was accepted.
I also said that i believe that it would not have covered her being Self Employed.

So i think ive pretty much stated everything i need to.

Ill be sending it off tomorrow recorded, and ill get round to sending that letter to the CEO of HSBC also.

[MattyA]

Re: Midland Bank Loan Credit Protection Insurance

Agree with you fully SX - They are declining cos they can and to force you down the fos route.
They are also making offers to settle which do not comply with the fos guidelines.

On both counts they know that to go down the fos route will take a long time AND they have a chance of winning.

I also agree with Ken - a carefully worded letter to CEO does sometimes work and is certainly worth a go.
I have wriiten to AMAE, Barclays,HSBC & MBNA CEO's in the past and all got results.

Good luck,

Matty

[SXGuy]

Re: Midland Bank Loan Credit Protection Insurance

Just a quick question before i post it off later, should i include a breakdown of the reclaim calculations to the FOS? that Turbo has kindly done for me?

[ken100464]

Re: Midland Bank Loan Credit Protection Insurance

Others may disagree with me but in my own case I am keeping as far away from a point in time where we are disagreeing about who's calculations are right and who's are wrong. (Mine is a credit card yours is a loan so yours should be more simple)

Therefore I am keeping my calculations out of the way and using them as a ballpark figure that I have in mind if I were to settle.

The more you delve into these things the more you realise how complicated they made them. It would probably take a banks computer with the banks own details programmed in to get it totally correct.

I would rather be trying to pick holes in their settlement using FSA/FOS guidelines than them pulling my figures apart because I made a clerical error/wrong assumption about something.

If you get an uphold then they will have to calculate a settlement. If you read MattyA's thread and anything I am alluding to then you defo want to see their calculations. That IMO is when you need yours to compare.

But like I said it may not be what others agree with.

[SXGuy]

Re: Midland Bank Loan Credit Protection Insurance

No you make a valid point Ken, i see what youre saying, i have it to fall back on should i disagree with their figures, at least that way, if it were wrong, they cant just say, yeah pay him that as he wont argue, and if they offer more, obviously id keep quiet lol

[ken100464]

Re: Midland Bank Loan Credit Protection Insurance

Totally agree.

I have found there are two distinct battles/rounds in this PPI reclaim world.

One is to get the uphold it was miss-sold then there is the redress aspect. But you have to concentrate on one before the other.

I think the banks are pandering to the consumers inherent greed on the second aspect to short change us yet again.

We see a cheque for squillions but then we dont check its right. I also think its a bit of a relief to get the uphold and it dont cross our mind the banks would do us again.

Its quite clear in FOS/FSA guidance the banks should be sending out detailed calculations for the redress. They dont its like pulling teeth to get them to show anything.

So why are thousands of people just saying hey I got a cheque I won. They didnt all that happened is they very grudgingly got some of the money back that was stolen off them. But not all.

But this is all another stage in the future for you. First is hopefully get that uphold.

[SXGuy]

Re: Midland Bank Loan Credit Protection Insurance

Well guess what came in the post today, the letter they apprently sent out on 1st November.

Usual bollox saying there would have been a cooling off period to cancel, you would have been advised of your rights at the time, it was optional, it would have covered you blah blah.

So luckly i hadnt sent the FOS stuff yet, so amended it, and chucked a copy of that letter in as well.

Point is, it wasnt explained, it was sold as a requirement for acceptance, there were never any infomation regarding it before or after, so all their points are based on should have been's.

They cant prove that the bank manager didnt force it on my mother to earn comission regardless of what they say should have happend.

[SXGuy]

Re: Midland Bank Loan Credit Protection Insurance

Just got a letter back from the CEO, apologising for the service, all the usual crap, your custom is valued to us etc. and enclosed the same letter sent 1st November.

[di30]

Re: Midland Bank Loan Credit Protection Insurance

Just got a letter back from the CEO, apologising for the service, all the usual crap, your custom is valued to us etc. and enclosed the same letter sent 1st November.

So was anything mentioned on the letter - if the matter will be looked into further?

[SXGuy]

Re: Midland Bank Loan Credit Protection Insurance

no nothing Di, just the usual general apology about thier service, and how sorry they are, and how valued a customer we are etc etc.

Enclosed copy of the letter i received the day before, that i was ment to get over 2 weeks ago.

Ive just ignored it to be honest, will let the FOS take over now, can only hope!

[SXGuy]

Re: Midland Bank Loan Credit Protection Insurance

Just a little update, FOS have emailed today to confirm they received our complaint and apologise for the delay, as they have tons to get through.

Said they will be in touch soon once they have a chance to look through everything and will explain what happens next.

[di30]

Re: Midland Bank Loan Credit Protection Insurance

The acknowledgement letter didnt take too long then.

Lets hope now you won't be waiting too long for a decision, fingers crossed.

[SXGuy]

Re: Midland Bank Loan Credit Protection Insurance

LOL yeah.

Fingers crossed they agree with us as well!

[Turboman]

Re: Midland Bank Loan Credit Protection Insurance

Hi--sorry not picked up on this before

I know that you are working with my friend di30 re the procedures to activate the obtaining of the data and the claiming process but for interest I detail below the figures involved:

I have extrapolated that your overall premium was in fact £340.13 and have put the figures into one of my spreadsheets -- claim calculated up to 31/12/12 and I deduce

• Refund of PPI premiums £1,717.44 (this includes the PPI Premium and associated interest)
• 8% Compensatory interest on each payment from date of payment £1,648.10
• Overall refund expected as at 31/12/2012 if an upheld successful claim £3,365.54

Please note we don't mention the figures in our claiming letter--it is up to the bank to produce it's figures--my methods are so we can predict the expected offer or check it when received

[ATTACH]6507[/ATTACH]

Turbs

Just a quick question before i post it off later, should i include a breakdown of the reclaim calculations to the FOS? that Turbo has kindly done for me?