PPI Reclaiming discussion Part III

aitch7_2

_Andy_ wrote: »

Thanks. Well as much as I'm all for reclaiming PPI in the right situations, there seems to be many people who assume they can reclaim it just because they decide they don't want it/need it any more and it's not an ethic I condone.

Thanks for responding, everyone. When I originally took out the loan I was told it would not be accepted unless I also agreed the PPI. However, now I'm looking through my policy agreement, there is a quote which says I took out the PPI voluntarily and that it was not conditional. I have not signed this quote. Until Martin Lewis brought this to my attention, I was completely unaware that I did not have to agree the PPI. The PPI is £82.83 per month plus interest of 7.9% so removing this fee could obviously be beneficial to me in the long term, what with having a further 6 years to pay

di3004

marshallka wrote: »

Just had some good news here


Co-op are prepared to settle for 2 of my loans now and will look into redressing the earlier ones if I have the details. I have the details of the 1999 loan and have sent it to the adjudicator but not the 1997 loan.

They are willing to pay the last two loans back in full with 8% statutory interest and also look into the first two if I have the settlement details which I only have of one. It says here

Co-op has informed me it is prepared to review the two earlier policies taken out about 10 years ago, however it does not have sufficient information to offer redress at this time. It says it requires from you evidence of the total settlement figure you paid, and how much the monthly premium was. If you have copies of account statements to verify this please let me have them so that I can pass them to Co-op.

I have written an email back to ask the adjudicator if we sign for the two in mention on the basis that now I have sent the details of the other they offer redress of that one too.
Waiting for their reply.

:j :beer:

Whippeeeeeeeeee..........:j :j :beer: :T , that is brilliant news, well done !!!:D :T :beer: , now good luck with the rest of them.....:D :beer: .

marshallka

Nikkijane wrote: »

Hi All - I am new here, but hope someone with more financial savvy than me can help!

I have had a look through some of the above comments, and seem to have a similar problem to some others. I took a fixed rate loan out for 5 years last June 07 and (stupidly) took the PPI out with it. I was also unfortunate enough to have my fixed rate mortgage come to an end over the summer, so had to settle for a higher fixed rate for the next two years. Due to this, I decided to cancel the PPI on my loan to help with the additional costs I needed to find.

I read through the terms and conditions, and noticed if I cancelled within 12 months, I was entitled to (i think it was) 50% back of anything paid, but as I just fell out of the 12 months, it was something like 35% instead. A bit annoying, but hey, get something back. I sent a letter cancelling my payment protection and assumed I would be going back to the 'loan amount installment per month' as detailed on the credit agreement I signed, with the cheque for the rebate to follow.

I was wrong. I have since discovered that Abbey have front loaded the interest on the now cancelled PPI and therefore I am paying back nearly £25 per month over what the loan amount should be, as this is the interest for the now cancelled PPI. I still have another three and a half years to go on this loan, and somehow feel duped by the fact I am paying interest on a product which wont exist for the duration of the loan.

Is there any loophole anyone can think of which prevents this front loading of interest on the PPI even when the policy has been cancelled? I really do find this appauling! Just another money making machine for the banks. I dont think I will fall into the 'missold' category unfortunately, as it does mention the front loading thing in the terms and conditions (although I didn't understand what it really implied until now!)...

Any help and or guidance will be appreciated!

Maybe if this front loading was because of a term in the policy that you did not understand then you could complain to the company who the policy is with about this term and claim under unfair terms in consumer contracts regs 1999.

this was not written in plain intelligible language and therefore is open to challenge as this put us at a disadvantage and we were not clear about the meaning of this term.

this term caused a significant imbalance in the parties’ rights and obligations under the contract to the detriment of the consumer.

di3004

s0095063 wrote: »

Just a wee update, my mum finally recieved a letter through the post saying that £1,100 in the form of a cheque is on it's way :T :j

I'm really pleased for her, cheers for the help on here too.

Thank goodness for that, so no LBA needed afterall then ? lol
Well done to your mum and to you of course for helping her through this and please also post this success over at the success forum.:T :beer: :j .

marshallka

di3004 wrote: »

Whippeeeeeeeeee..........:j :j :beer: :T , that is brilliant news, well done !!!:D :T :beer: , now good luck with the rest of them.....:D :beer: .

Cheers Di....cannot believe it really. I think the other should be ok too but I am left in a position of accepting this without knowing the amounts. They are paying them back like this.



· Calculate the amount the customer paid in total in respect of their overall loan, including any fees and penalties, as well as interest and repayments and reflecting any premium rebates allowed on cancellation of the PPI policy;
· Calculate the amount the customers would have paid in total had the original loan been taken without the additional borrowing to fund the PPI, but assuming it was settled on the same date (including any fees and penalties, as well as interest and repayments);


Pay the customer the difference between the two plus interest at 8% per annum simple from the date the loan was redeemed to the redress payment date[/
I assume this is the same as never having them..

What do you think here????


Also with the others the 1999 was to pay off the 1997 one I think so it seems that even though i do not have the settlement of the 1997 loan they may redress as I have the settlement of the 1999 one settled in 2000.
I have now spoken to the adjudicator and he says he has passed the settlement details on the co-op and should hear back soon. These are goodwill payments so no arguments at all.

di3004

marshallka wrote: »

Cheers Di....cannot believe it really. I think the other should be ok too but I am left in a position of accepting this without knowing the amounts. They are paying them back like this.



· Calculate the amount the customer paid in total in respect of their overall loan, including any fees and penalties, as well as interest and repayments and reflecting any premium rebates allowed on cancellation of the PPI policy;
· Calculate the amount the customers would have paid in total had the original loan been taken without the additional borrowing to fund the PPI, but assuming it was settled on the same date (including any fees and penalties, as well as interest and repayments);


Pay the customer the difference between the two plus interest at 8% per annum simple from the date the loan was redeemed to the redress payment date[/
I assume this is the same as never having them..

What do you think here????


Also with the others the 1999 was to pay off the 1997 one I think so it seems that even though i do not have the settlement of the 1997 loan they may redress as I have the settlement of the 1999 one settled in 2000.
I have now spoken to the adjudicator and he says he has passed the settlement details on the co-op and should hear back soon. These are goodwill payments so no arguments at all.

Wow this sounds good to be honest, and no arguments even better.:T
I think its looks as if they are going to pay back on them all reading that, brilliant......:D :beer: , its made my day this.:T .

marshallka

di3004 wrote: »

Wow this sounds good to be honest, and no arguments even better.:T
I think its looks as if they are going to pay back on them all reading that, brilliant......:D :beer: , its made my day this.:T .

Does the above read to you like as if we never had the PPI at all... I have checked on the CAG and someone has had the PPI back not in this way but it was without going to the OMbudsman and also they have not paid the interest etc on this...

Also the statutory interest looks good as this is a simple calculation of whatever they owe they then add the 8% onto to date and calculate from when the loans were settled.

I know my figs here and they are definately correct so I just want to make sure that the above means "as if we never had the PPI at all".

Read it again Di and let me know....

TomM_3

Dear all,

Have received a 2nd letter from Egg after I asked them to investigate my PPI reclaim further.

The letter stated, "We cannot investigate your claim further as you selected PPI online".

I don't remember selecting PPI online when I got my credit card, I have also asked them for proof to state that I DID select a PPI option, my reckoning was that the box was pre-ticked.

They have referred me to the FOS. Has anybody has similar dealings with Egg and anyone had success with an online application for a credit card with PPI automatically added?

Many thanks,

maxdp

marshallka wrote: »

Just had some good news here


Co-op are prepared to settle for 2 of my loans now and will look into redressing the earlier ones if I have the details. I have the details of the 1999 loan and have sent it to the adjudicator but not the 1997 loan.

They are willing to pay the last two loans back in full with 8% statutory interest and also look into the first two if I have the settlement details which I only have of one. It says here

Co-op has informed me it is prepared to review the two earlier policies taken out about 10 years ago, however it does not have sufficient information to offer redress at this time. It says it requires from you evidence of the total settlement figure you paid, and how much the monthly premium was. If you have copies of account statements to verify this please let me have them so that I can pass them to Co-op.

I have written an email back to ask the adjudicator if we sign for the two in mention on the basis that now I have sent the details of the other they offer redress of that one too.
Waiting for their reply.

:j :beer:

:rotfl::rotfl::T:TMarshallka success at last I am so pleased for you:T:T:rotfl::rotfl:

pinknico

Congratulations Marshallka:beer: :j

It does sound like it is being done as if the loan never had PPI .
They will calculate what you paid ,then calculate what you would have paid and take one away from the other plus 8%.
So this should mean that you also get the interest they charged you repaid when they do it like this.:T