PPI Reclaiming discussion Part III

marshallka

The person who posted about Firstplus on CAG has now replied the following

Sorry yes I mean the FOS anyway they said that they are treating all claims for ppi against firstplus as one not on an individual basis because there are so many..so they said they are looking at the whole company. Im thinking then if they decide they misold policies between certain dates then they would be fined..dont know how long that takes but i suppose if they decide they sold them correctly all complaints to date would be thrown out...is that the way it works?

xx..lesley..xx

Hi everyone,

Im looking to claim back PPI on the basis i was told it was compulsary if i was to be given a loan.....

I just want to check (and sorry if this is a stupid question) but will claiming back PPI affect me in any way for any future loans/mortages? claiming it back wont go against my name will it??????

Thanks, Lesley

pinknico

I cant believe we are on page 7 already!!:rotfl:

di3004

I think the FOS, they have never seen so many complaints all to do with the same firm FP, and they feel they have to be investigated, like some of the other firms for mis selling, but FP complaints have grown in numbers where they have had a tremendous amount of complaints about this actual company, and I'm glad and hope something is done about them !

I just hope they go back as far as they can, not 2005 and after !!!

di3004

xx..lesley..xx wrote: »

Hi everyone,

Im looking to claim back PPI on the basis i was told it was compulsary if i was to be given a loan.....

I just want to check (and sorry if this is a stupid question) but will claiming back PPI affect me in any way for any future loans/mortages? claiming it back wont go against my name will it??????

Thanks, Lesley

Hi there Lesley and welcome.
Who was the loan with and what year hun ?

It should not affect you to my knowledge, afterall its not your fault if you were mis sold, others may also confirm this for you.;)

Meanwhile check out the link here
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

You will see some info on the mis selling of ppi which should help you decide what to add on your reclaim letter, in case you find more reasons to add in that list.

There is also a template you can use to help guide you on the above link, but try to write in your own words.
They have 8 weeks to respond, post by recorded delivery in order to keep a check on the 8 week timescale.

Let us know the outcome of this, thanks, in case you need more help after this. Cheers.

maxdp

marshallka wrote: »

I have just done my unfair rebate of the PPI working not using Tiggraes method here but just wondered if anyone could put any input into it.

If the cost of the PPI was £4163 and not added as a loan and was for 60 months cover then this was approx £69.38 per month x 39 months = £2705.94 add the interest to that at 13.9% £376.12 = £3082.06 and take this off the total charge of £8851.15 and this shows a true cost of the PPI overcharge being £5769.09 less the rebate received £91.94 = £5677.15
Then there is the pro rata refund and its usually 78% they offer so ?????

Also there is statutory interest to go on top of that..



Tiggraes method of misselling and unfair rebate

Loan 17000
PPI 4163
Total Loan and PPI without Interest £21163
Repayments 160 x 281.25 = 45000
PPI element of the loan with interest 19.67%
39 repayments made to settlement
39 x (281.25 x 19.67%) = 2157.48
Total Cost of the PPI with interest is 19.67% of the loan total being £8851.15
Therefore 8851.15 (total PPI) – repayments made against the PPI 2157.48 – rebate against the PPI 91.96 =£6601.71 charged for a policy that was no longer of use to us.
Mine work out less but I need to know which is fair to use. I have looked at it logical i think...

Anyone on here any good with figures...

Hi Marshallka

There are alway two ways to work things out. In my limited experience your way is the way the FOS have been settling my claims. The only thing i would say is that you have added the 13.9% on the total and it should surely be cumulative as per the bank charge calculator. Thing you are doing yourself out of some money.

Good luck:T

di3004

maxdp wrote: »

Hi Marshallka

There are alway two ways to work things out. In my limited experience your way is the way the FOS have been settling my claims. The only thing i would say is that you have added the 13.9% on the total and it should surely be cumulative as per the bank charge calculator. Thing you are doing yourself out of some money.

Good luck:T

Hi Max how you doing hun ?:D
Wow you are sooooo clever.....:T x

inamess200

hI

I was wondering if someone could give me some advice - My Husband and I had a joint loan with Nationwide about 8 years ago - 3 years ago he got ill and I tried to claim on the PPI for him to be told only the first named applicant onthe loan (although joint) was covered by the PPI (me not him) - not a lot of use - we thought we were both covered for a joint loan - would I have a case for mis -selling ( this loan is now part of DMP)

Thanks

di3004

inamess200 wrote: »

hI

I was wondering if someone could give me some advice - My Husband and I had a joint loan with Nationwide about 8 years ago - 3 years ago he got ill and I tried to claim on the PPI for him to be told only the first named applicant onthe loan (although joint) was covered by the PPI (me not him) - not a lot of use - we thought we were both covered for a joint loan - would I have a case for mis -selling ( this loan is now part of DMP)

Thanks

Hi there
Who was this loan taken out with - please?;)
We shall take it from there, so this was approx year 2000 then?
Is the loan still active or settled?
Cheers.

oops sorry just realised it was Nationwide. I take it - it was these who arranged the loan.
Please note if there are any brokers from any loans etc, for mis selling you always complain to them.

Right just edited to come back in lol, right here check out this link
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

You will see some info regarding mis selling of ppi, anything on there you think occurs to you plus your own reasons of why you feel this was mis sold, get a letter in, you will also see a link of a template on the above link, but use your own words not for it to look the same as many other templates they probably receive.

They have 8 weeks to respond, post by recorded delivery, and keep an eye on the dates/timescales from when they receive your letter.
Hopefully you will be successful first time round, but if not another letter can be sent for them to reconsider, you should then receive the final response and if still unsuccessful you can complain to the FOS who will also request a copy of all correspondence used, also a copy of the final response enclosed with the complaint form.

Please let us know the outcome of this and we will take it from there.
Good luck.

Di

maxdp

di3004 wrote: »

Hi there
Who was this loan taken out with - please?;)
We shall take it from there, so this was approx year 2000 then?
Is the loan still active or settled?
Cheers.

oops sorry just realised it was Nationwide.

Hi Di it is DMP at the moment so as far as I am aware you cannot claim this back. Am I right with this