questi
08-03-2010, 11:56 AM
Having recently overhauling my finances, having to save every little I can for a car(old one had to be scrapped) I noticed that my bank was takeing £4.00 per month outta my account for OD/ Overdraft protection. As I did not ever remember being told asked or advised about this I then went and looked to see if I could find out how long this had been going on and discovered this was over the last 5yrs. As I am on sick benefits due to severe Asthma and COPD, and have been since 2004, there is know way I would of agreed to having this due to the fact 1. previouse medical conditions and 2. Employment status.
So I rekon I have a case. But I am not exactly sure which way I should go about this. Here is a template that I think I will use, I need some advice as to what to include.
IMPORTANT!
PLEASE READ THEN DELETE THIS BOX
This is a template letter for guidance. You need to add your details and where appropriate change the letter to suit your particular circumstances.
Once you’ve made changes, always print it out and read through to check it makes sense to the recipient.
ACTION POINTS
[BLUE BRACKETS]: Put your specific info here, then delete the instructions (and change the text colour)
[RED BRACKETS]: Just for info, after you’ve read delete
[insert your name
and address]
[insert date]
[insert name and
address of company
that sold you the
loan/card insurance]
Dear Sir or Madam,
Account number: [insert account number]
I purchased the above policy from you in [insert date] but now believe that I was mis-sold this policy for the following [select from reason / reasons]:
· [Use this section if self-employed, unemployed or retired or delete]
This is due to the fact that I [select from was / knew I was soon to be] [select from self employed / unemployed / retired / over the age limit] when I took out the policy and [select from I made this aware to your member of staff / your member of staff did not ask me about my employment status / age] when the policy was sold.
· [Use this section if you had an existing medical condition or delete]
This is due to the fact that [select from your member of staff did not ask me about any previous medical conditions / I informed your member of staff that I had previous medical conditions but they did not inform me of the effect this could have on the insurance] when the policy was sold.
· [Use this section if you had a general health problem or delete]
This is due to the fact that having now read the terms of the policy I have noticed that the medical condition of [insert condition you hold] is not covered and [select from I informed your member of staff that I had this condition but they did not inform me of the effect this could have on the insurance / your member of staff did not advise me of potential exclusions] when the policy was sold.
· [Use this section for lender who has already been fined or delete]
This is due to the fact that you have been fined by the FSA for failing to treat your customers fairly when selling Payment Protection Insurance and I do not believe that my policy was sold in my best interests.
· [Use this section if you had a single premium policy or delete]
This is due to the fact that I paid a single premium for my policy but did not see it through to the end of it’s initial term after [select from paying back my loan earlier than planned on the [insert date] / cancelling the insurance before the end of my loan agreement on the [insert date] / a change in my circumstances meant I was no longer eligible for the insurance from the [insert date] and I informed you of this at the time].
· [Use this section if you have previously failed to cancel your policy or delete]
This is due to the fact that I contacted you on [insert date] and you informed me that I could [select from not cancel the policy / only cancel the policy if I took out a new credit agreement]. As the FSA has now stated ‘no refund’ terms are considered unfair I would like my original cancellation request to be honored [use if relevant or delete and any fees incurred as a result of taking out a new agreement to be refunded].
· [Use this section for general mis-selling or delete]
This is due to the fact that I was not given the correct information when the policy was sold to me, as [select from
· your salesperson stated / implied that taking out the policy would assist my credit application.
· your salesperson was very pushy in selling me the policy so that I felt I could not say no.
· your salesperson did not tell me that the policy was optional [use if relevant or delete and I have since realised that I have alternative insurance cover].
· your salesperson stated / implied that taking out the policy was essential for me to get the associated credit [use if relevant or delete even though I informed them that I already had alternative insurance cover].
· your salesperson did not give me full information on what the policy would and would not cover [use if relevant or delete for example that the loan only covers/ed the first five years of my loan term].
· i am concerned the sales assistant that sold me the policy has no financial background and the policy was not sold in my best interests.
· having recently looked at the paperwork for my loan / credit card / store card I have noticed that only [insert name person covered by the policy] is fully covered by the policy and [insert name of person not covered by the policy] is [select from not entitled to claim for all sections of the policy / is not covered at all], when I was informed / led to believe that all parties were equally entitled to the insurance cover.
· having recently looked at the paperwork for my loan / credit card / store card I now realise that I have been paying for insurance that I did not know I had taken out so could not have been explained to me.]
Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.
I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.
Yours faithfully,
[insert your signature]
[insert your name (printed)]
-------------------------------------------------------------
Thanx in advance.
So I rekon I have a case. But I am not exactly sure which way I should go about this. Here is a template that I think I will use, I need some advice as to what to include.
IMPORTANT!
PLEASE READ THEN DELETE THIS BOX
This is a template letter for guidance. You need to add your details and where appropriate change the letter to suit your particular circumstances.
Once you’ve made changes, always print it out and read through to check it makes sense to the recipient.
ACTION POINTS
[BLUE BRACKETS]: Put your specific info here, then delete the instructions (and change the text colour)
[RED BRACKETS]: Just for info, after you’ve read delete
[insert your name
and address]
[insert date]
[insert name and
address of company
that sold you the
loan/card insurance]
Dear Sir or Madam,
Account number: [insert account number]
I purchased the above policy from you in [insert date] but now believe that I was mis-sold this policy for the following [select from reason / reasons]:
· [Use this section if self-employed, unemployed or retired or delete]
This is due to the fact that I [select from was / knew I was soon to be] [select from self employed / unemployed / retired / over the age limit] when I took out the policy and [select from I made this aware to your member of staff / your member of staff did not ask me about my employment status / age] when the policy was sold.
· [Use this section if you had an existing medical condition or delete]
This is due to the fact that [select from your member of staff did not ask me about any previous medical conditions / I informed your member of staff that I had previous medical conditions but they did not inform me of the effect this could have on the insurance] when the policy was sold.
· [Use this section if you had a general health problem or delete]
This is due to the fact that having now read the terms of the policy I have noticed that the medical condition of [insert condition you hold] is not covered and [select from I informed your member of staff that I had this condition but they did not inform me of the effect this could have on the insurance / your member of staff did not advise me of potential exclusions] when the policy was sold.
· [Use this section for lender who has already been fined or delete]
This is due to the fact that you have been fined by the FSA for failing to treat your customers fairly when selling Payment Protection Insurance and I do not believe that my policy was sold in my best interests.
· [Use this section if you had a single premium policy or delete]
This is due to the fact that I paid a single premium for my policy but did not see it through to the end of it’s initial term after [select from paying back my loan earlier than planned on the [insert date] / cancelling the insurance before the end of my loan agreement on the [insert date] / a change in my circumstances meant I was no longer eligible for the insurance from the [insert date] and I informed you of this at the time].
· [Use this section if you have previously failed to cancel your policy or delete]
This is due to the fact that I contacted you on [insert date] and you informed me that I could [select from not cancel the policy / only cancel the policy if I took out a new credit agreement]. As the FSA has now stated ‘no refund’ terms are considered unfair I would like my original cancellation request to be honored [use if relevant or delete and any fees incurred as a result of taking out a new agreement to be refunded].
· [Use this section for general mis-selling or delete]
This is due to the fact that I was not given the correct information when the policy was sold to me, as [select from
· your salesperson stated / implied that taking out the policy would assist my credit application.
· your salesperson was very pushy in selling me the policy so that I felt I could not say no.
· your salesperson did not tell me that the policy was optional [use if relevant or delete and I have since realised that I have alternative insurance cover].
· your salesperson stated / implied that taking out the policy was essential for me to get the associated credit [use if relevant or delete even though I informed them that I already had alternative insurance cover].
· your salesperson did not give me full information on what the policy would and would not cover [use if relevant or delete for example that the loan only covers/ed the first five years of my loan term].
· i am concerned the sales assistant that sold me the policy has no financial background and the policy was not sold in my best interests.
· having recently looked at the paperwork for my loan / credit card / store card I have noticed that only [insert name person covered by the policy] is fully covered by the policy and [insert name of person not covered by the policy] is [select from not entitled to claim for all sections of the policy / is not covered at all], when I was informed / led to believe that all parties were equally entitled to the insurance cover.
· having recently looked at the paperwork for my loan / credit card / store card I now realise that I have been paying for insurance that I did not know I had taken out so could not have been explained to me.]
Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.
I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.
Yours faithfully,
[insert your signature]
[insert your name (printed)]
-------------------------------------------------------------
Thanx in advance.