PPI Reclaiming discussion Part III

marshallka

davemchol wrote: »

hi recently been on this thread concerning a Halifax Loan from January 2003.
Have recieved a photo copy of the loan which states:

Cash Loan £7200
total charge for credit for cash loan 2020.80
Insurance loan £1617.34
total interest on insurance 421.46

repayments 187.66 per month

Can anyone advise me on the next stage to take as the agreement was made over the phone but signed for at a local branch. I believe it has been missold as didnt understand how much the insurance would be and was possibly not given the alternative sum without insurance but am unsure of this as it was a long time ago.

If you believe you have been missold the insurance then you need to send a letter.

Just take a look at the link here and see what you can add and delete from the letter that you send. There is also a template letter on there too but sometimes it can be better to make your own up from this.

You then write to the firm that actually made the sale of the PPI to you if this is different from the lender and don't forget to send this recorded delivery so you always a proof and dates etc.

After that you have to give them 8 weeks for a full and final response. In this time it is usual to get a response of "sorry we sold this to you fairly" but you then respond to this and reiterate your complaint again. The next time they write they either give you a final response which you would need in order to take this complaint to the FOS or offer to settle.

http://www.moneysavingexpert.com/rec...urance#reclaim


Good luck

marshallka

dreamer33 wrote: »

I think I queried the before and printed off the guidlines, I quoted a few things from it and am sure but cant quite remember, they came back with they are guidlines and we dont have to follow them.

They are only guidelines but still it adds to your complaint.:D

marshallka

spacecadets wrote: »

Hello,
I have had a loan with first plus since 2003 and have had my complaint upheld by the fos. I am still awaiting figures back from fp with regards ppi refund and restructuring of loan and am keen to know what to expect to make sure they don't rip me off anymore than they have already!
My loan was for £35000 the ppi was £6995.50 on top.
the apr was 11.7% variable
I have made 66 payments so far.
The loan was taken out over 240 months.

Any help much appreciated.

What were your repayments...

Also is the PPI without interest that you have stated there??

spacecadets

marshallka wrote: »

What were your repayments...

Also is the PPI without interest that you have stated there??

£445 per month. The ppi amount was w/out interest

marshallka

dreamer33 wrote: »

I think I queried the before and printed off the guidlines, I quoted a few things from it and am sure but cant quite remember, they came back with they are guidlines and we dont have to follow them.

Am gonna wait for my other replies and then enquire about this, I can go to fos with this one if I have to cause it was firstplus who done the settlement figure. Unfair terms, we were disadvantaged.

Dreamer, you cannot go to the FOS with this one either even against Firstplus as this is a consumer credit complaint and Firstplus only came under their jurisdiction in January, 2005 and your complaint is before that date. I have tried and got it thrown back twice. FOS can only look into consumer credit complaints since April, 2007 or if they were under the jurisdiction of the FSA at the time.

On saying that if your settlement date was after january, 2005 then you may be able to...

dreamer33

marshallka wrote: »

Dreamer, you cannot go to the FOS with this one either even against Firstplus as this is a consumer credit complaint and Firstplus only came under their jurisdiction in January, 2005 and your complaint is before that date. I have tried and got it thrown back twice. FOS can only look into consumer credit complaints since April, 2007 or if they were under the jurisdiction of the FSA at the time.

On saying that if your settlement date was after january, 2005 then you may be able to...

Do you not think that because they were owned by Barclays that the fos should be taking these complaints on?

I've just typed my settlement letter to post that I got from FP and something went wrong lost the lot:mad:

marshallka

spacecadets wrote: »

Hello,
I have had a loan with first plus since 2003 and have had my complaint upheld by the fos. I am still awaiting figures back from fp with regards ppi refund and restructuring of loan and am keen to know what to expect to make sure they don't rip me off anymore than they have already!
My loan was for £35000 the ppi was £6995.50 on top.
the apr was 11.7% variable
I have made 66 payments so far.
The loan was taken out over 240 months.

Any help much appreciated.

£445 x 240 = £106800.00

PPI element was 16.65% which is 6995.00 divide by total loan and PPI

16.65% of the total of the loan is 17782.20 this is the actual amount of the PPI if you had repaid the loan.. 1778220 divide by 240 = 74.09

You have made 66 payments of 74.09 so far = 4889.94

marshallka

dreamer33 wrote: »

Do you not think that because they were owned by Barclays that the fos should be taking these complaints on?

I've just typed my settlement letter to post that I got from FP and something went wrong lost the lot:mad:

Tiggrae told us that complaints against Barclays trading as Firstplus were being accepted but I was told by the manager at the FOS that i spoke to the other day that unless they are appointed representatives then you can not do this and they are not unfortunately.

dreamer33

marshallka wrote: »

Tiggrae told us that complaints against Barclays trading as Firstplus were being accepted but I was told by the manager at the FOS that i spoke to the other day that unless they are appointed representatives then you can not do this and they are not unfortunately.

They have you all ways don't they

dreamer33

Did you say the other day marshallka that someone told you that it was the insurers who did the calculations not FP?