PPI Reclaiming discussion Part III

di3004

Five wrote: »

Hi di3004, thanks for the welcome,

Are you saying that because the insurance doesn’t cover the full term of the loan its been miss sold? Is this the only reason I have, or would my wife’s pre existing heart condition come into play as well?

We have already read and re read Martins initial web page and have already mocked up the first letter to send off.

My main question is really should we cancel the PPI insurance first

Or

Complain about being miss sold and cancel the insurance then with the first sample letter from Martin?
thanks

Hi hun
Basically hun, the PPI is a total rip off many have won cases like yours, but if you believe you have other reasons to add then I would add them to your list of complaints on the letter.

Some were not explained the full cost of PPI on the sale of the product, even though they may explain you can make a claim after 5 years if you've not made a claim, this is one of the common selling tactics they use when selling which yes of course makes it sound good, but unfortunately this has not been the case for all when trying to make a reclaim.

If you take a look at the agreement there should be some information on how long PPI is repayable over, for most it states 60 months, but many think it starts again, this is not the case, the PPI is that of 5 years for a loan of for example a 25 year loan, or whatever term the loan was chosen for, but the PPI only 5 of those years.
The interest is also extortionate.

The FSA take a dim view on the sale of these policies.

Its your choice if you want to cancel the PPI, some bear it out until its resolved, or some will cancel and then new repayments are given, although because its mainly after the cooling period of say 30 days, this hardly reduces the monthly new amounts.

I would though make sure there is optional but a cheaper stand alone cover for this.
You do have a case here already by the seems of it.;)

Five_2

Thank you for clearing that up di3004 I think we will send the first letter explaining our grievances with the PPI and the other conditions we feel make the insurance void for our policy and let it be cancelled at the end of the proceedings.

We have actually moved house and already know how useless FirstPlus are at trying to move the loan to our new property, something they have failed to do and something I will need to start a separate thread about when I have the energy.

di3004

Five wrote: »

Thank you for clearing that up di3004 I think we will send the first letter explaining our grievances with the PPI and the other conditions we feel make the insurance void for our policy and let it be cancelled at the end of the proceedings.

We have actually moved house and already know how useless FirstPlus are at trying to move the loan to our new property, something they have failed to do and something I will need to start a separate thread about when I have the energy.

With pleasure, and I am sure it will go on your favour here, if not with First Plus the Financial Ombudsman Service will I know see right into this.

Not sure if you have checked through the forums here but the main of the complaints are about First Plus, also check out the success forums, there you will also find quite a few posts of success.;)

I hear they are not the easiest to deal with, but keep at them, you will eventually get there, if you require more help just let us know where one of us will be happy to help where we can.

All the best in your new home and it will all fall into place soon enough.:beer:

Di
x

di3004

Marshallka

How are you now hun?;)
Hope your feeling okay.:A xx

marshallka

di3004 wrote: »

I am so tired tonight, think I may have an earlier one if I can, not quite yet though.....:rolleyes: , I tried posting earlier and it was not getting anywhere, it just suddenly stopped, so I restarted this thing twice......:mad:

Today has been a bad day for me too DI.. everything has got to me today for some reason. I feel really down but tomorrows another day so they say...l;)

marshallka

Five wrote: »

Hi Marie, why would I want to request the breakdown of calculations for my account I would be grateful if you could explain how this would help me. I'm really trying to determine all the information I need.

thanks

A breakdown from FIrstplus (will have to look back over your posts to see if it was Firstplus!!) is a calculation of how they came to the settlement amount and shows what rebate you would have received against the PPI so can be quite helpful..:D

di3004

marshallka wrote: »

Today has been a bad day for me too DI.. everything has got to me today for some reason. I feel really down but tomorrows another day so they say...l;)

Hope you will awake feeling loads fresher tomorrow, think it may be to do with lots going on right now, health, family, money, with also Christmas approaching, it all catches up on us, so I can truly understand how your feeling hun.;)

marshallka

Five wrote: »

Thank you for clearing that up di3004 I think we will send the first letter explaining our grievances with the PPI and the other conditions we feel make the insurance void for our policy and let it be cancelled at the end of the proceedings.

We have actually moved house and already know how useless FirstPlus are at trying to move the loan to our new property, something they have failed to do and something I will need to start a separate thread about when I have the energy.

The PPI of the £5k odd would only cover 5 years of the loan and although they tell you that you will get the money back after 5 years its only the actual PPI and not the interest so a total rip off. They always fail to tell you the ins and outs...

If you cancel the policy then you will have a new loan redone without the PPI and taking account of the PPI rebate (which is usually not worth anything!!). Its up to you if you cancel but usually it hardly makes a difference at all. They are total rip offs...:mad:

marshallka

di3004 wrote: »

Hope you will awake feeling loads fresher tomorrow, think it may be to do with lots going on right now, health, family, money, with also Christmas approaching, it all catches up on us, so I can truly understand how your feeling hun.;)

Yeah, I know Di, friday cannot come soon enough for me...;)

I wonder what I will be posting up (if anything!!). I am just bothered as they sepcifically told me a telephone convo and then wrote to me to tell me they need to see me. The receptionist started to say "there is a letter in the post about more blood tests" and then then she changed it to "about your blood tests!!". I hope they can tell me something...

These tests that I had done this time are autoantibody screen, APPT, INR and ACA and LA .

All double dutch unless there are any docs on here.

di3004

marshallka wrote: »

Yeah, I know Di, friday cannot come soon enough for me...;)

Yes of course and that.....,you will be glad to get that done with as well.;)
We are all here for you.:A x