[Your address]
The Complaints Department
[Lender's address]
[Date]
Dear Sir/Madam,
Ref – policy number or account number
I believe I have been mis-sold a payment protection insurance policy and would like to request a full refund of my premiums, plus interest paid and statutory flat interest of 8% per annum.
I took out a £xxx loan/credit card at your [branch name] branch on [date] and also bought a payment protection policy which would cost me an extra £xxx over the life of the loan. The total amount of my premiums plus interest is £ xxxx.
When I took out the loan, I was told that my application would be refused if I did not also buy a PPI policy. The Financial Services Authority's advice to consumers is that, while it does not breach FSA guidelines, a borrower should not be refused a loan if they choose not to buy an insurance policy.
Alternative Paragraph
When I took out the loan, I was told that my application would receive preferential treatment in the fact that I was more likely to actually get the loan and I would receive a better interest rate. The Financial Services Authority's advice to consumers is that, while it does not breach FSA guidelines, a borrower should not be coaxed into a PPI policy by using other means of the original loan.
Possible additional paragraphs – include any which apply to you
[I also told your salesperson that I had adequate insurance cover through a separate income protection policy.]
[I said I did not need the PPI as my employer provides a generous illness and redundancy package.]
[You are not allowed to make PPI a condition of taking out the loan unless you include the costs of PPI in the quoted interest rate, which you did not do.]
[In forcing me to buy this policy, you have also breached paragraph 8.6 of the Banking Code, to which you are a signatory.]
I do not believe being forced to buy this policy as part of the loan was a fair and reasonable obligation as I did not need this insurance and said at the time of taking the loan that I did not want it.
I am requesting a full refund of all my insurance payments, including the interest charged plus flat statutory interest of 8% per annum, which total [£ xxx].
If I do not receive a favourable response from you in the 8 week time span I will pursue this claim through the Financial Ombudsman. Please note I will also not accept any lower offer as full and final settlement if it is below what I have already.
Please note I am fully aware that you applied to stop these cases going through by means of a judicial review via the BBA and that case has been heard and the judge passed judge passed judgement that these cases should go through. The BBA also had the option of an appeal but has now thought better of its actions and it is now settled that you must deal with these cases. I look forward to your response.
Yours faithfully,
[Your signature]
The Complaints Department
[Lender's address]
[Date]
Dear Sir/Madam,
Ref – policy number or account number
I believe I have been mis-sold a payment protection insurance policy and would like to request a full refund of my premiums, plus interest paid and statutory flat interest of 8% per annum.
I took out a £xxx loan/credit card at your [branch name] branch on [date] and also bought a payment protection policy which would cost me an extra £xxx over the life of the loan. The total amount of my premiums plus interest is £ xxxx.
When I took out the loan, I was told that my application would be refused if I did not also buy a PPI policy. The Financial Services Authority's advice to consumers is that, while it does not breach FSA guidelines, a borrower should not be refused a loan if they choose not to buy an insurance policy.
Alternative Paragraph
When I took out the loan, I was told that my application would receive preferential treatment in the fact that I was more likely to actually get the loan and I would receive a better interest rate. The Financial Services Authority's advice to consumers is that, while it does not breach FSA guidelines, a borrower should not be coaxed into a PPI policy by using other means of the original loan.
Possible additional paragraphs – include any which apply to you
[I also told your salesperson that I had adequate insurance cover through a separate income protection policy.]
[I said I did not need the PPI as my employer provides a generous illness and redundancy package.]
[You are not allowed to make PPI a condition of taking out the loan unless you include the costs of PPI in the quoted interest rate, which you did not do.]
[In forcing me to buy this policy, you have also breached paragraph 8.6 of the Banking Code, to which you are a signatory.]
I do not believe being forced to buy this policy as part of the loan was a fair and reasonable obligation as I did not need this insurance and said at the time of taking the loan that I did not want it.
I am requesting a full refund of all my insurance payments, including the interest charged plus flat statutory interest of 8% per annum, which total [£ xxx].
If I do not receive a favourable response from you in the 8 week time span I will pursue this claim through the Financial Ombudsman. Please note I will also not accept any lower offer as full and final settlement if it is below what I have already.
Please note I am fully aware that you applied to stop these cases going through by means of a judicial review via the BBA and that case has been heard and the judge passed judge passed judgement that these cases should go through. The BBA also had the option of an appeal but has now thought better of its actions and it is now settled that you must deal with these cases. I look forward to your response.
Yours faithfully,
[Your signature]
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