PPI Reclaiming discussion Part III

di3004

Dreamer06 wrote: »

cheers hun, speak to u soon:T

Good luck hunni, keep us posted thanks.:D xx

Inespa

Hello,
I'm new to the site and just wanted some advice really. In May 07 myself and my partner took an unsecured loan out with Halifax, they also gave us insurance for this. So the total for the loan and the insurance came to £21260.97 we then brought our house in Dec 07 so paid the loan of in full. During the time we had the loan we paid out £4222.88 on repayments and our settlement figure was £18157.42. After watching Martin's video i dont think we've got the money back for the insurance as we only took it out for 7 months not the 62 months... is this correct or am i getting it all wrong? Any help is much appreciated.

di3004

Inespa wrote: »

Hello,
I'm new to the site and just wanted some advice really. In May 07 myself and my partner took an unsecured loan out with Halifax, they also gave us insurance for this. So the total for the loan and the insurance came to £21260.97 we then brought our house in Dec 07 so paid the loan of in full. During the time we had the loan we paid out £4222.88 on repayments and our settlement figure was £18157.42. After watching Martin's video i dont think we've got the money back for the insurance as we only took it out for 7 months not the 62 months... is this correct or am i getting it all wrong? Any help is much appreciated.

Hi there and Welcome,
Are you saying you feel you were mis sold on the PPI hun?
Did they just add this automatically?

I would therefore reclaim and complain so check this out here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

There is some useful PPI info and a template you can use to guide you but add your own words as much as you can with your own reasons here to support your case.

They have 8 weeks to respond in full, post by recorded delivery for your proof, another letter maybe required if not successful first time round, or until a final decision/response has been sent where they may mention that you can take this complaint to the Financial Ombudsman service, they should enclose a leaflet as well for the procedures of this.

However, also write a separate letter and request for calculations of the settlement breakdown, this may be useful to know what is what with the PPI.;)

Good luck and I expect there maybe more replies on this for you at some point today.
Keep us posted in order for us to help you through this. Cheers

Di

Inespa

Hi Di,
I cant really remember too much about taking the loan out other than being advised we really should take the insurance with it to cover the loan (just in case my Oh was made redundant) but we paid £3260.97 (£4857.60 if you add interest) for the insurance and paid the loan off (including the insurance) within 8 months so i just wondered whether we'd be entitled to some of the insurance premium back as we didn't have it for the full term. I hope that makes sense.

di3004

Inespa wrote: »

Hi Di,
I cant really remember too much about taking the loan out other than being advised we really should take the insurance with it to cover the loan (just in case my Oh was made redundant) but we paid £3260.97 (£4857.60 if you add interest) for the insurance and paid the loan off (including the insurance) within 8 months so i just wondered whether we'd be entitled to some of the insurance premium back as we didn't have it for the full term. I hope that makes sense.

Hi hun
Yes I know what your saying here hun;) , and if they strongly said you had to have this to cover the loan, and did not give you any other option this is also one of the reasons for mis selling.
Now if you ask them for the calculations of this in hardcopy through the post, when you receive these then maybe you could post them on here so that this can be worked out for you on the calculations, because I know some loan companies work out settlements different to others.

Most people have paid back to settle at the end more that what it would have been at the beginning, one of my loans was approx £52K and I settled at £65K to settle it was something along those amounts, but the PPI was then settled with the ombudsman.

So request for a copy of the calculations and the breakdown of when you settled, they should supply these for you, post on here when you receive them and if you feel you were not sold this fairly or mis sold on this, check out the link I added earlier.

Good luck.;)

Inespa

Ok i'll get in touch with them for a settlement break down. Thank you very much for the advice and no doubt i will return with the response

di3004

Inespa wrote: »

Ok i'll get in touch with them for a settlement break down. Thank you very much for the advice and no doubt i will return with the response

Your very welcome.:D
Yes please do keep posting.;) :T

All the best and fingers crossed.;)


Di
x

smudge2002

This article has just appeared on BBC regarding PPI

http://news.bbc.co.uk/1/hi/business/7784054.stm

di3004

smudge2002 wrote: »

This article has just appeared on BBC regarding PPI

http://news.bbc.co.uk/1/hi/business/7784054.stm

Thanks for posting this link smudge.:T x

gumbi

Had a response back from FSCS basically saying we're still investigating the Solvency of Picture Finance here's my response:

Thanks for your speedy response. This is obviously a standard email which I of course understand given the unprecedented level of work the FSCS is currently landed with!

I have been in regular contact with Target Loans, (the company administering the Loan book of Picture Finance.) and have attempted to resolve this dispute directly with them only to be told on a number occasions that Picture Finance no longer exists and that all correspondence regarding this matter would need to be directed to the FSCS.


Several calls to the FSCS have resulted in the response that the solvency position of Picture Finance is under investigation and that this process could take several months...

It would appear that the information I am getting from the FSCS and Target Loans is contradictory and I am therefore confused on several fronts:

· Surely if Target Loans are correct and Picture Finance no longer exists then they can be declared ‘in default’ as a matter of course as they are no longer able to meet any of their obligations?

· However if the FSCS are correct and it has not been determined if Picture Finance are able to meet their obligations then I have been misinformed by Target Loans and I should be able to attempt to resolve this dispute directly with them thus saving the FSCS valuable time and resources?

The position of the FSCS and Picture are mutually exclusive as it is not possible for both to be correct and I am keen to clarify which is right as soon as possible so that I can consider my position and decide upon an appropriate course of action.