PPI Reclaiming discussion Part III

marshallka

booi666 wrote: »

Hi there,
just a quickie,
Should i phone them 1st or just hit them with the 1st letter?????????

Never communicate by phone as you need proofs of letters if you have to go the FOS.

marshallka

di3004 wrote: »

Hi everyone.

Sorry I missed you last night Marshallka, wow you have been busy hunni....:eek: , just think it will all be worth it in the end.;) :A .
xxx

I'm hoping Di cause we have worked solid again today from morning til just.;)

marshallka

Dave271 wrote: »

Hello everyone,

Firstly, I took out a personal loan plus PPI with HSBC 6 years ago and still have two to go. I experienced some financial difficulties last year and decided to try and reduce my monthly outgoings. This resulted in me using Martin's advice and claiming the ppi back on my loan.

The good news, I have just recieved a letter from HSBC informing me that my complaint has been been upheld and that a rebate of several thousand pounds has been agreed. I was obviously delighted with this until I read on...

When I read down the letter from HSBC I came across this statement: "I understand that the redress outlined above cannot be paid until my loan has been restructured without the personal laon protection" This has now worried me as my credit rating has fallen and Im concerned that the bank with not authorise a 'new' loan. This would result in me not recieving a penny? I see from the site that this is a standard letter as sent to other people claiming from HSBC.

Does my loan have to be restructured and what if it is not approved, where does this leave me in terms of the offer already made.

I would very much appreciate any advice on this or hear from anyone who has had similar experiences.

I have an appointment at my branch next week, but I would like to be armed with more information before I meet with them. Also can I do this at any branch as my previous experience at my local bank was not a positive one!

Many Thanks

Dave

I would not think they could stop you having another loan because of the PPI as this is not treating you fairly. They can pay you a redress though of what you have actually paid out and then take the remainder off your outstanding balance as I know they are allowed to do this and the FOS would no doubt do the same. They do not have to redress what you have not already paid out to them from the PPI.

Sheps77

Printed out letter 1 for A&L and Halifax. Sending it recorded delivery on Monday. Hoping the best. Thanks for all your inspiration and advice.

marshallka

di3004 wrote: »

Hello Dave and welcome.;)


Now in my opinion if they admit to mis selling this, I assumed you would have a choice in how you want the money to be funded.

If you would like this to be returned to you, write to them and tell them, see what they say, if your not happy with their decision on this write to them again until you receive a final response on this, as this case can also go to the Financial Ombudsman service as well if your not happy with the outcome of this.

Also write to them and request for a settlement figure (Quote) showing the breakdown of this, you will see what is what then, but personally if this was mis sold to you, this is not your fault and maybe these financial problems wouldn't have been so bad for you if you know what I'm saying, this does not help with the extortionate amount of PPI plus interest added with the loan.

Someone else may have some help here for you here hun, with a bit of luck if someone else has been through this actual situation they may also post up as well.

Good luck Dave, but please keep posting for help when required where we will be happy to help where we can.;)

Di

Di, they are allowed to pay you what you have paid to date of the PPI and take the rest off the loan. I posted about this a few pages back from money made clear I think it was and it stated that if you have been charged a PPI but it was missold and you are in the middle of a loan then they can pay you in two, one amount of what you have paid out already and then another take it off your balance you owe them and redo the loan. This is thought of OK by the FOS too.

marshallka

Sheps77 wrote: »

Printed out letter 1 for A&L and Halifax. Sending it recorded delivery on Monday. Hoping the best. Thanks for all your inspiration and advice.

Good luck

di3004

marshallka wrote: »

Di, they are allowed to pay you what you have paid to date of the PPI and take the rest off the loan. I posted about this a few pages back from money made clear I think it was and it stated that if you have been charged a PPI but it was missold and you are in the middle of a loan then they can pay you in two, one amount of what you have paid out already and then another take it off your balance you owe them and redo the loan. This is thought of OK by the FOS too.

Thats right I recall on reading that now hun.;)

Hope your okay, I know you've been extremely busy, and tiring for you as well I expect.:rolleyes:

Its good to see you here though x

marshallka

pip2805 wrote: »

The broker is Norton.They sold us the policy harping on about it being a savings plan because we would get £17K back if we didn't claim for 5 years. They didn't care that I have high blood pressure saying it wouldn't affect my cash back!If I came out of work for a couple of months or even up to a year then the simple maths says I would avoid claiming at all costs so effectively I had no insurance anyway! They were dismissive in their final response saying they had followed the script and they don't offer advice, but they have conveniently lost the recording of their conversation with me on the phone.Once this is done I am gonna go after Barclays First Plus for the rebate. They keep saying its down to the broker but they are forgetting its their product in name and I haven't mentioned Section 36 in writing to them yet. The only thing that confuses me about this is do I go after them or whoever has underwritten the policy cos its split between 3 companies. More smoke and mirrors?

I am glad you are going for the rebate with Barclays Firstplus. That is what I have done but FOS have told me I have to go to the actual insurer for it as it was the insurer that determined the rebate.. I am now waiting to hear from Lloyds of London with regards to this as the FOS wrote on my behalf but its been a long hard slog and doen't look like an end in near yet. Mine was also split between 3 companies but FOS have been in touch with Firstplus and have got a copy of my so called policy and have instructed me to do this.

Good luck.

marshallka

Toffee_Penny wrote: »

Hi guys

Just an update received a letter today from HFC Bank regarding Marbles loan from 2004 that we paid off early. They are investigating our complaint! I know it might be a stalling tactic at least we didn't get told to 'fluff off' first time:rotfl:

considering I was just trying it on as I'd already threw paperwork out their letter had an agreement number on, which I guess is our loan number.

Fingers crossed!

Good luck to you toffee penny... let us know the outcome.;)

marshallka

Seb_D wrote: »

Thanks' , that's put my mind at rest a bit.

I will let you know how i get on in 8 weeks time :rolleyes: .

Thanks again, Seb'.

Often they don't take 8 weeks to reply but can take up to that long and some ask for extra time but if they do then you are free to take this to the FOS without a final response if you want.

Good luck