PPI Reclaiming discussion Part III

di3004

Dealwithit wrote: »

I lost though

Sorry was meant to ask you, who is your complaint with ?;)
Not another FP by any chance???
There seems to be loads of these right now.....

di3004

sharibe wrote: »

Oh thanks Di. I will get the letter all ready, to post next week. The 8 weeks runs out end of next week, if they havn't responded to my 2nd letter by then I will do as you say and take it to the next stage.

They did me the option of going to the FOS or to write back to them with any further info, which is obviously what I did. They gave the general bog-standard answer to each loan..i.e Lloyds did not lead customers to believe that the insurance was compulsory or the application for credit would be compormised etc etc....RUBBISH RUBBBISH, I say DI:-))

Keep you posted hon, thanks 4 everything, have yourself a fab day whatever do.

Sharibe
x

With pleasure X
Good luck hun, keep going with them, I am dealing with these right now as well, although its with the FOS right now, but you probably received the fob off letters I also received from them.
Fingers crossed and yes please keep us posted, cheers.;)

Di.
X

John_Bolton_2

Hello,
Am new to this but have a question or two.
Have tried to claim back CPI on a car loan taken out in July 2002 with GE Money but they say I should take it up with the car dealership who sold me the car as they are authorised by the FSA to sell insurance direct. See details of my letter below.


My Accountant has questioned me about the above loans in that the existing loan (XXXX) was taken out in May 2005 to take up your offer to pay off the original loan (XXXX) and obtain further funds.
In July 2007 I received a letter from you regarding Credit Protection Insurance and later received a refund for the period 2005-2007 and I canceled the insurance.
I had thought that the refund was for the full period of both loans but my Accountant has pointed out my error and asked me the reasons behind the need for this insurance when I took out the original loan in July 2002.
The purpose of the loan was to purchase a car as I was leaving my employment the following month and would lose my company car and had to become self employed. This was made clear to the salesman but he suggested that there would be a better chance of securing the loan if I gave the name of my soon to be past employer and also took out Credit Protection Insurance.
My Accountant has suggested that I contact you regarding this as he feels I was mis-sold the Credit Protection Insurance for the above reasons.


Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums from July 2002 to July 2007, and subsequent interest on these payments, that were paid. 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,


Any advice would be greatly appreciated.
John.

Turboman

Booi666 -- working on your figures now--info below is summary on where I believe we are up to--can you check & verify.

Especially post 10312 & 10320 again (rebate of £4,728.11 looks considerably less than your outstanding balance!)

______________________________________________

Right Boooi666 -- the posts have been spread out a bit, so lets start from scratch with a summary of where we are, and start again with our calculations and answers. I always like to see all the available info. quite visible before we start our discussion.

You did not supply me with the actual PPI SPI amount, but based on the ratio of the mthly payments of 40.82:168.52 = 17.7%, I have calculated it as £1,729.

First of all, lets summarise the available data. For this exercise we’ll use Rule of 78 like in Marshallkas examples, it may not be applicable on regs for this loan, but its near enough for this scenario. (until Marshallka tells me how the revised system works)—(I’ll tempt her back yet):D

From my Amortization tables previously demonstrated
Position as at 1/2/2009 after 26 payments of a 48 month loan at a fixed rate of 13.9% APR

____________________Loan________Mthly________%________O/S balance___Total Paid
Loan Advance.............8,000.00............212.12... .........82.23%.............4,271.88..............5,515.12
PPI Loan......................1,729.00..............45.88.............17.77%...............922.20...............1,192.88

TOTAL.......................9,729.00.............258.00...........100.00%...........5,194.08...............6,708.00
__________________________________________________ ____________________________

Rule 78 Calculations from the “calculator site”

____________________Loan____Settlement
LoanAdvance.............8,000.00...........4,958.55
PPI Loan.....................1,729.00...........1072.16
Both loans...................9,729.00...........6030.70
_________________________________________________________________________________
Also:
In post 10312 you stated that you had a settlement figure of 4,728.11 if cancelling the total loans.
In post 10320 you stated that you would also have a rebate (on the PPI SPI presumably) of 548.88 and they would charge you £120 discharge fee.
_________________________________________________________________________________

So we have 4 options available for discussion:

A)-Cancel the total loan and pay an amount to completely discharge your obligations
-Successfully claim PPI mis-selling and also (at the same time) cancel the main Advances Loan
C)-Cancel only the PPI part of the Loan and keep the main Advance Loan in operation.
D)-At a later date, successfully claim PPI mis-selling in both scenario’s at A) & C)

to be continued

di3004

John_Bolton wrote: »

Hello,
Am new to this but have a question or two.
Have tried to claim back CPI on a car loan taken out in July 2002 with GE Money but they say I should take it up with the car dealership who sold me the car as they are authorised by the FSA to sell insurance direct. See details of my letter below.


My Accountant has questioned me about the above loans in that the existing loan (XXXXXXXXXXX) was taken out in May 2005 to take up your offer to pay off the original loan (XXXXXXXXXXX) and obtain further funds.
In July 2007 I received a letter from you regarding Credit Protection Insurance and later received a refund for the period 2005-2007 and I canceled the insurance.
I had thought that the refund was for the full period of both loans but my Accountant has pointed out my error and asked me the reasons behind the need for this insurance when I took out the original loan in July 2002.
The purpose of the loan was to purchase a car as I was leaving my employment the following month and would lose my company car and had to become self employed. This was made clear to the salesman but he suggested that there would be a better chance of securing the loan if I gave the name of my soon to be past employer and also took out Credit Protection Insurance.
My Accountant has suggested that I contact you regarding this as he feels I was mis-sold the Credit Protection Insurance for the above reasons.


Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums from July 2002 to July 2007, and subsequent interest on these payments, that were paid. 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,


Any advice would be greatly appreciated.
John.

Hi John

I have removed your ref number details for security reasons, and I think its best if you could also edit on your post and just remove or do what I did above, I'm sure you understand.;)

I would write to them to ask for all calculations on both loans,(especially the one they refunded), I think they may have only refunded the later one as they were then covered by regulator such as FSA etc, where the Financial ombudsman service will only investigate complaints if they were covered by these or GISC, the FSA had taken over on 14 Jan 2005. It seems that people have a battle to claim anything if these companies were not regulated then, although I have heard there has also been a few successes as well.

However, still try to reclaim on this, no harm done, and see what they come back with, but also in a separate letter to ask them to send you the calculations of the loan that was refunded, this may make things a little clearer for you.

If you do not succeed in this, if this cannot go to the FOS there are other options where you can try, such as court etc, hopefully someone who have dealt with these in the same situation will post up.

I see you have already made a start here, has this letter been sent off yet ?

They have 8 weeks to respond in full, let us know what they say and we shall take it from there, and post by recorded delivery.

Good luck.;)

di3004

Hiya Booi666

Have you checked your thread OTR as well hun ?
Some good info from one of the team members, thought I had better let you know in case you miss it.;)

di3004

tylerlewis wrote: »

Boo

I'm claiming from HFC at the moment too for 2 loans. On my first loan Ive got 18 months left to pay on it. They have offered me a refund on the PPI but cos you pay more on the PPi at the start of the loan than you do at the end, I'll only get an £86 rebate on the PPI which will reduce my payments by £4 a month :eek: so you may need to ask HFC how much it would reduce your payments by.

Hi there

Thank you for posting up this and glad you mentioned this, I know every company vary in how they deal with these, but it seems as you have the same problem with the same company, then the same thing will go for Boo, so not a great deal in reduction in this or the rebate, so its best if Boo forgets about cancelling right now, thanks again hun, much appreciated.;)

booi666

Ey up Turboman,

Ill start again so its in 1 place,

This is all i know!!!!!except that their robbing gits:eek:


Loan over 4yrs taken out dec 2006

Hfc told me initial loan was for £8000 +ppi which she couldnt tell me the amount!!!

Total charge for credit is £2325.78p

APR 13.9%

My payments are £258.29 p/m

My insurance premium inc in this amount is £45.88 p/m


I received a settlement figure 16th jan 09

it says on it

Total amount payable before rebate £5156.59

Rebate for settlement including insurance and any other rebates (if any)

£548.48

£120 Discharge fee

Thats all the info i have turbo
Whats my best way forward?:A

booi666

di3004 wrote: »

Hiya Booi666

Have you checked your thread OTR as well hun ?
Some good info from one of the team members, thought I had better let you know in case you miss it.;)

I got it chicken lickin:A

di3004

Hiya Boo.....:A

What you have posted above about your PPI, copy and paste and take OTR as well because Turbo will be back and forth I expect, and of course the other who is helping will be along there later as well I expect, this way your posts will not be missed by either of them.:D
That's if you want to do this of course lol.....:D