PPI Reclaiming discussion Part III

Laini

marshallka wrote: »

Hiya Laini, no joy yet with a job?

Let us know what the letter says, hope its good news, have a feeling it will be:D

I hope so too!!!!!!;)
hope you and Di are ok:A
is there anything I should know?:eek:

marshallka

Laini wrote: »

I hope so too!!!!!!;)
hope you and Di are ok:A
is there anything I should know?:eek:

Tiggrae has deserted us and not been on for a few weeks now .

She advised us to make unfair rebate claims and we did but I have now been advised by FOS unfair rebates are something they look into under UTCCR 1999 and it is within the term in the policy itself so against the INSURER. I wanted her views on why she has got her claims through different as she told us on here it was ok to go for.

Mine is against Firstplus and the term in the policy is the rule of 78 used in the rebate that is not in proportion etc. Singlep told us and had debates with Tiggrae about this unfair rebate thing and it looks like he was right.

Singlep told us that you had to prove the rebate was unfair. Now we all know that Firstplus ppi rebates are definately unfair. I have got the FOS now writing to the underwriter of the insurance for a final response and then they will look into this. Compulsory Jurisdiction...:D

di3004

Laini

It will be fine, Nemo are in the wrong here and you are in the right, if your complaint did not go your way there would be something wrong, you have lots of evidence and I know Nemo are not the easiest to deal with and will do all they can to get out of it, but hun you have a fantastic case and I have a good feeling about this.

I was like you, I dealt with my case about Nemo mainly by email, and they also informed me there was a letter in the post, did not make clear sort of thing what the decision was by email which got me wondering, but as it went to the main ombudsman they always send the decision by hardcopy, so I would not worry.;)

Enjoy your wine, it will be champers next.....:D :beer: .

sparky0107

marshallka wrote: »

The letter is good but maybe mention a few other things too. Did you understand the single premium thing in that it was really another loan on top of your other loan and therefore you would be paying interest on it for the whole term?

Did the PPI actually cover your whole term of the loan?

Was you given an option without the PPI??

Just trying to give you more bullets.

Thanks marshallka,
I've typed out all the paperwork that I have, there is no mention of whether the PPI covers the full term of the loan, I can't remember if I was given the option of no PPI. Here goes

Loan 1 24th March 2001

Optional insurance(s) required


£495.00 Accident Cover
£ 43.50 Life Assurance (Life)
£ 82.95 Accident Sickness & Unemployment (ASU)


Amount of loan £621.45 Total Cash Price
Add £390.15 Interest (APR 23.5%)
Total payable £1011.60

60 Monthly instalments of £ 16.86


Amount of loan £4746.00
Add £2983.20 Interest (APR 23.5%)
Total payable £7729.20


60 Monthly instalments of £ 128.82

Optional credit
Protection insurance Cash price (including VAT)

Life £ 417.29 Decreasing term life assurance: Single
ASU £ 795.76 Accident/Sickness & Unemployment
Total cash price £ 1213.05 Amount of insurance loan
Add £ 762.15 Interest (APR 23.5%)
Total payable £1975.20

60 monthly instalments of £32.92

Total payable each month £178.60
Total payments made 24 = £4286.40

Loan 2 16th April 2003

Amount of loan £13000.00
Interest Amount £10742.63
Interest Rate 9.38%
Life Cover Single £1246.75
ASU Cover £2114.06
Total Loan £27103.44
84 Payments @ £322.66
Total payments made 30 = £9679.80

We were despaerte to clear off existing debts with loan 1, but fell back into the spending habit again hence loan 2, this is all gobbledegook to me .

Thanks again for any help & pointers

marshallka

sparky0107 wrote: »

Thanks marshallka,
I've typed out all the paperwork that I have, there is no mention of whether the PPI covers the full term of the loan, I can't remember if I was given the option of no PPI. Here goes

Loan 1 24th March 2001

Optional insurance(s) required


£495.00 Accident Cover
£ 43.50 Life Assurance (Life)
£ 82.95 Accident Sickness & Unemployment (ASU)


Amount of loan £621.45 Total Cash Price
Add £390.15 Interest (APR 23.5%)
Total payable £1011.60

60 Monthly instalments of £ 16.86


Amount of loan £4746.00
Add £2983.20 Interest (APR 23.5%)
Total payable £7729.20


60 Monthly instalments of £ 128.82

Optional credit
Protection insurance Cash price (including VAT)

Life £ 417.29 Decreasing term life assurance: Single
ASU £ 795.76 Accident/Sickness & Unemployment
Total cash price £ 1213.05 Amount of insurance loan
Add £ 762.15 Interest (APR 23.5%)
Total payable £1975.20

60 monthly instalments of £32.92

Total payable each month £178.60
Total payments made 24 = £4286.40

Loan 2 16th April 2003

Amount of loan £13000.00
Interest Amount £10742.63
Interest Rate 9.38%
Life Cover Single £1246.75
ASU Cover £2114.06
Total Loan £27103.44
84 Payments @ £322.66
Total payments made 30 = £9679.80

We were despaerte to clear off existing debts with loan 1, but fell back into the spending habit again hence loan 2, this is all gobbledegook to me .

Thanks again for any help & pointers

Looks like the first loan was over 5 years and also the PPI too which is fine.

The second not too sure on??

They were single premiums which would be good to mention as you were charged interest on top of these and were not offered a cheaper alternative elsewhere...

You could perhaps add this to your letter that you have written. I think its fair to say its enough the fact that you already had a policy to cover you in place but always good to add more reasons if you can...

Extra good luck here sparky...:D

di3004

This is interesting.;)


http://www.moneymarketing.co.uk/regulation/

sandraroffey

am i reading that right??? over 10k interest on a loan of 13k???? yee gods!!!!!

owlet

Hi all

Thanks so much for your help so far. I have completed and returned the silly questionaire along with a copy of my original letter. Now it is wait and see!!

I will be wanting to pay off this loan very soon but should I wait until this is sorted out first? I don't want to complicate things. The first letter was sent on the 16th Oct, so 8 weeks from then isn't too long really.
My gut feeling is to wait, what do you think?

marshallka

Hope Laini is back on today with some extra good news:D .

marshallka

owlet wrote: »

Hi all

Thanks so much for your help so far. I have completed and returned the silly questionaire along with a copy of my original letter. Now it is wait and see!!

I will be wanting to pay off this loan very soon but should I wait until this is sorted out first? I don't want to complicate things. The first letter was sent on the 16th Oct, so 8 weeks from then isn't too long really.
My gut feeling is to wait, what do you think?

Its up to you but it could complicate things maybe if you pay it off with the sainsbury's loan and then they pay you back... maybe go with your gut feeling here...