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PPI Reclaiming discussion Part II
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Often Di they will move quicker if you let them know that. We have an overdraft but its not up to the limit but I refuse to pay our mortgage on the overdraft. If we ever have to do that then I think it would be time to give up completely. Ours goes up next month and we are struggling now but are keeping our heads above water (Interest only though after 13 years of repaying but adding debts to it which now I wish we had never done). We do our best. I think they expect you to make the money stretch and as long as you can pay for your mortgage then that is where they draw the line. Maybe you can do them a list of the incoming and outgoings and then send in bank statements to confirm and they will then help you quicker.We did receive a letter last week from our bank, it states they are knocking down the overdraft to a certain amount and we are well over that amount, I do think this was why the bank manager wanted to arrange a review, although she said nothing about the overdraft on the phone, the letter arrived last Weds, then if I remember rightly the day after we then had a loan offer letter......
cannot take a new loan, hubby on the sick and do not want to make yet another mistake.....:rolleyes:
Just heard houses are dropped 14% this year and then 10% next year. That is 24% over two years so everyone will be in negative equity. This country stinks. Whatever we all get back we will lose again to this. We will never get back on our feet. The debts that we had are now coming back to haunt us. Debt induces more debt and you never get out of it. Do these finance companies that secure this to our homes (not the amount we WANTED to borrow but the extra that they MADE us borrow) know what they have done to us. Its a little more than a few quid of PPI back.0 -
marshallka wrote: »Often Di they will move quicker if you let them know that. We have an overdraft but its not up to the limit but I refuse to pay our mortgage on the overdraft. If we ever have to do that then I think it would be time to give up completely. Ours goes up next month and we are struggling now but are keeping our heads above water. We do our best. I think they expect you to make the money stretch and as long as you can pay for your mortgage then that is where they draw the line. Maybe you can do them a list of the incoming and outgoings and then send in bank statements to confirm and they will then help you quicker.
Just heard houses are dropped 14% this year and then 10% next year. That is 24% over two years so everyone will be in negative equity. This country stinks. Whatever we all get back we will lose again to this. We will never get back on our feet. The debts that we had are now coming back to haunt us. Debt induces more debt and you never get out of it. Do these finance companies that secure this to our homes (not the amount we WANTED to borrow but the extra that they MADE us borrow) know what they have done to us. Its a little more than a few quid of PPI back.
Its worrying isn't it ?
When I say our amount is over, I did not actually mean over the limit now, its still within the limit sort of half way on the amount now, but when they lower this next month then we do hope whatever goes in, such as the carer's, benefits etc will cover that, as it will be dropped then, however they did state to ring them if there is a problem.
We are waiting for my hubby's compo to come through, this is for what happened to him and others when the steelworks closed down before christmas last year, the 400 workers are awarded over £2.5 million to share between them as they were left with no money, no warning, nothing, they all went into work and the administrators were there and they were all kicked out, this should be anytime now he should receive this but its a long old haul.....
Yes I should let the FOS know, and maybe send them a copy of the letter by email attachment to show this, thanks.The one and only "Dizzy Di"
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We actually would be better off on benefits than we are now as the mortgage would be paid by the income protection. We have actually worked it out before and we would be pounds in. The one thing we did wrong was to put all our debts onto the mortgage and I must admit we have not had another bank loan since but at least with a bank loan you get a CCJ and if you don't pay the mortgage you get reposessed. We are now risking losing our home. I wish we had not secured it all but again I am harping on about Firstplus but it all started there. We were trapped by them.Its worrying isn't it ?
When I say our amount is over, I did not actually mean over the limit now, its still within the limit sort of half way on the amount now, but when they lower this next month then we do hope whatever goes in, such as the carer's, benefits etc will cover that, as it will be dropped then, however they did state to ring them if there is a problem.
We are waiting for my hubby's compo to come through, this is for what happened to him and others when the steelworks closed down before christmas last year, the 400 workers are awarded over £2.5 million to share between them as they were left with no money, no warning, nothing, they all went into work and the administrators were there and they were all kicked out, this should be anytime now he should receive this but its a long old haul.....
Yes I should let the FOS know, and maybe send them a copy of the letter by email attachment to show this, thanks.0 -
marshallka wrote: »We actually would be better off on benefits than we are now as the mortgage would be paid by the income protection. We have actually worked it out before and we would be pounds in. The one thing we did wrong was to put all our debts onto the mortgage and I must admit we have not had another bank loan since but at least with a bank loan you get a CCJ and if you don't pay the mortgage you get reposessed. We are now risking losing our home. I wish we had not secured it all but again I am harping on about Firstplus but it all started there. We were trapped by them.
I can understand with you not taking another loan, I do not want to go that way either, our mortgage insurance is still being sorted out, unfortunately when hubby came out of work days before Christmas last year, we then had to take use the insurance and forgot to update this when we remortgaged, due to my ill health this was forgotten about and it was only until we realised it only covered it half way we remembered about it, then he went back to work but unfortunately the firm lost a big contract and he was back out being last in first out sort of thing, it then takes a few months before they pay out again, so this is why we have had to manage, we also added all our old loans and debts to the remortgage last year.
Even though he went back to work in another job, the stress of this got too much for hubby, he broke down in that job and was not thinking right if you know what I mean, so of course the GP has also upped his meds for depression over the last fortnight and will be seeing a specialist soon too, because the GP is not happy.
I suppose its not nice being in a job for many years, then being let down big time when the firm closed, they were not given any warning, no redundancy, nothing, there was no cash left for any of the workers, worst time of all, just days before Christmas, then suddenly pushed from pillar to post in other short term temp jobs.
The insurance is being updated now but its been a right mess.The one and only "Dizzy Di"0 -
I received an email from the FSCS just to confirm they have received my documents, but they did not confirm if they were okay or not again....
I have also emailed the adjudicator again, just to put him in the picture of our current situation with the bank.The one and only "Dizzy Di"0 -
Hi all
I'm new to this site and really pleased to read all the success stories.
I would really appreciate some advice on 2 loans I have/had, first one was with the Co-op which I took out in 1999 and finished 2006, when I took the PPI I can't ever remember being explained the full cover and what I was paying it for, I still have the loan agreement and it shows the cover in lump some but I have no idea what I was paying monthly for it and I had no idea that I had the right to cancel it.
My second loan is with the abbey national which was taken in 2001 and is due to end March next year, again I was never fully explained what the cover was for and I thought I had to take it and yet again I was never told that I had the option to cancel the policy.
Soooo do I have grounds to try to claim it back for it being mis-sold to me.
On both loans I can't ever recall being asked any questions like any existing medical conditions etc although it was a long time ago.
Any advice would be very very welcome
Shellbell
ps sorry for replying to this thread could not find out how to start a new one - ooops0 -
How long had he worked at the steel plant. My hubby's firm made 5 redundant on Friday and told them all at 4 in the afternoon. He has been there for 9 odd years and then self employed with them before that.I can understand with you not taking another loan, I do not want to go that way either, our mortgage insurance is still being sorted out, unfortunately when hubby came out of work days before Christmas last year, we then had to take use the insurance and forgot to update this when we remortgaged, due to my ill health this was forgotten about and it was only until we realised it only covered it half way we remembered about it, then he went back to work but unfortunately the firm lost a big contract and he was back out being last in first out sort of thing, it then takes a few months before they pay out again, so this is why we have had to manage, we also added all our old loans and debts to the remortgage last year.
Even though he went back to work in another job, the stress of this got too much for hubby, he broke down in that job and was not thinking right if you know what I mean, so of course the GP has also upped his meds for depression over the last fortnight and will be seeing a specialist soon too, because the GP is not happy.
I suppose its not nice being in a job for many years, then being let down big time when the firm closed, they were not given any warning, no redundancy, nothing, there was no cash left for any of the workers, worst time of all, just days before Christmas, then suddenly pushed from pillar to post in other short term temp jobs.
The insurance is being updated now but its been a right mess.0 -
Hi all
I'm new to this site and really pleased to read all the success stories.
I would really appreciate some advice on 2 loans I have/had, first one was with the Co-op which I took out in 1999 and finished 2006, when I took the PPI I can't ever remember being explained the full cover and what I was paying it for, I still have the loan agreement and it shows the cover in lump some but I have no idea what I was paying monthly for it and I had no idea that I had the right to cancel it.
My second loan is with the abbey national which was taken in 2001 and is due to end March next year, again I was never fully explained what the cover was for and I thought I had to take it and yet again I was never told that I had the option to cancel the policy.
Soooo do I have grounds to try to claim it back for it being mis-sold to me.
On both loans I can't ever recall being asked any questions like any existing medical conditions etc although it was a long time ago.
Any advice would be very very welcome
Shellbell
ps sorry for replying to this thread could not find out how to start a new one - ooops
Hi there and good to see you here.;)
I would start by writing letters to reclaim these, I will add a link below which gives you an idea of the mis selling reasons which you may want to add to your letter, there is also a template on the link below, you will see this as you go read through it.;)
They have 8 weeks to get back to you with a response, and do not worry if the first response is a get lost sort of one........:rolleyes: , another letter would have to be sent to request for them to reconsider, then you should receive a Final decision in order to take your complaint to the Financial Ombudsman service.
However, Marshallka may explain about the CO-OP to you with her having experience with these.
Now did these actual finance firms arrange the loan or was it brokers?, for example, I had a broker called e-loan.co.uk who arranged mine and the lenders were Nemo.
If these were covered by GISC and/or FSA the ombudsman will be able to look at your complaint, but if for some reason there is no hope on the mis selling side of it due to jurisdiction (the loan company not being covered at the time of when you had taken out the policy), you could try for a complaint in "unfair rebate" as you state you paid up and settled on in 2006 which would have been regulated/covered by the FSA then.
The FSA had taken over GISC in Jan 2005, but not all were covered by GISC before that as it was not compulsory.
Anyway, we will come to that when we have to lol, first of all here is the link in order to get the first letter in, and remember add your own reasons to the letter and keep it firm and strong.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
Always post by recorded post, and if you have no agreements request for a copy of these, they may supply these free, or charge a £1, but worth having these if you have not got them.
Keep posting if you can to keep us updated, if you require any further help and guidance there is always someone here to help.;)
Good luck
Di.
xThe one and only "Dizzy Di"0 -
marshallka wrote: »How long had he worked at the steel plant. My hubby's firm made 5 redundant on Friday and told them all at 4 in the afternoon. He has been there for 9 odd years and then self employed with them before that.
I would say approx 10 years, oh dear its not looking good anywhere is it ?
The annoying thing about it - was the fact the month before they thrown all 400 out, they did make 120 redundant with redundancy pay, and everthing that was owed to them, now this steelplant knew they were in trouble so why on earth did they not warn these 400 ??
It was a very tough time last Christmas, no money, stuff all and the jobcentre would not help any of them until the new year !!!
It was on TV the papers etc, now a Russian firm has taken over and now being refurbished, so its going to be a little while longer before they decide to take the steel workers back on, my hubby's name they have on the priority list to go back, but its all down to time and I hope very much my hubby picks up, he loved it there, they were all like family I suppose.......
Story here
http://news.bbc.co.uk/2/low/uk_news/wales/7155547.stm
My hubby has also left the first comment below that page.
Here below is a write up of the new buyer but they are nowhere near ready yet !
http://www.walesonline.co.uk/business-in-wales/business-news/2008/07/17/alphasteel-is-sold-in-57m-deal-to-russian-91466-21354727/The one and only "Dizzy Di"0 -
thanks and thank you again for a quick response :-)
Both loans were arranged by the bank themselves, no brokers involved. I have copied the template with my reasons for why I think I was mis sold, luckily I have copies of both agreements.
One question though, my loan with Abbey is still ongoing so I can I still try to claim back the PPI.
I take it Co-op are not very forthcoming in refunding PPI's :-) I will have to try to find the thread.
Again thank you
Shellbell0
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