PPI Reclaiming discussion Part III

di3004

rkm123 wrote: »

My hub has just asked me... What are we reclaiming for? the amount that was first advanced to the insurance company or the monthly payments we have made since we took it out? Also, would the monthly payments in future not include the 155 that we pay for the insurance? Im sorry to appear so dim but this is all very new to me.

You are doing fine hun and it was all new to us at one time.;)

If they mis sold you the PPI, they should put this back as if you did not have this. (so the loan on its own then would be all you pay for).

So basically for example if your PPI was £4K, they should repay you this back contractual interest plus 8% interest of what a court would award.

You will soon get the hang of it, and we all learn something new every day.;)

maxdp

Hi All

Nothing much on tele tonight:eek: Am practising my chorus Boo.;)

Pinknico. So sorry about your dealings you must be absolutely livid. Spitting:mad::mad:

booi666

pinknico wrote: »

Hello Boo, originally it was PPI but the company were not regulated.But when I asked for the agreement to prove I requested it they said they didnt have one ,closed the account and defaulted me! So I rang the FOS as I was quite happy to pay the account and they shouldnt have defaulted me.:mad:
Wasnt that bothered about the result of the complaint until I read the " you refused £450 we cant get them to refund £27 charges !!!! I refused because I dont need a default ! I'd not get a default accepting charges back.:mad:

Have you sent the credit agencies a dispute letter looking into the inaccurate/invalidated info they have on you?

They have 30 days to investigate and respond

Creditors need your authorisation to look at your credit file!!!!

Look up cca 2006
And unfair buisness practices

If you have no joy send them another letter stating they are governed by the debt collecting guidance/unfair buisness practices and the cca

In the cca it states clearly that its the bureau's responsibility to ensure that all info in a credit file accurate and free from errors

rkm123

This loan was a second one. The first one with first plus was arranged through freedom. We paid off that first loan with this second one direct through First Plus.That first loan had insurance on it too.. my god I can't believe I have had my eyes shut!

marshallka

rkm123 wrote: »

My hub has just asked me... What are we reclaiming for? the amount that was first advanced to the insurance company or the monthly payments we have made since we took it out? Also, would the monthly payments in future not include the 155 that we pay for the insurance? Im sorry to appear so dim but this is all very new to me.

Let me try and explain about these single premiums.

When you took the loan amount out you had the loan and then another amount of the PPI on the credit agreement. This then is another loan to pay for the PPI in a lump sum so its also incurring interest. This PPI only lasts 5 years and then you carry on paying for it for the full term of the loan being the PPI plus all the interest. If you cancel it you get a small amount back but again the interest is still on your original loan and this is why FOS almost always upholds all complaints.

They cost a bomb so you really need to make a complaint not mentioning any amounts at all, just to say you were missold and that you would like it back. If you win you get it all back plus the interest and also you should ask for 8% statutory interest on top for being deprived of the money.

bathgatebuyer

booi666 wrote: »

I wouldnt worry about the interest as i think that will get resolved by the oft.
Have you hit them with a letter re the bullying?

Yes. I use that word every time I write to them! I have copied the OFT Guidance to them and taken a highlighter pen through the relevant section as they have clearly been chosing to ignore the legislation. That's what I find really frightening - they know that they are in the wrong but just keep saying, "We're not going to put this on hold or stop interest accruing" and even responded one time saying, "We're not giving you back your bank charges" even though the letter was nothing to do with bank charges :rolleyes: It's clear that they have no willingness to listen to customers or obey the law or good practice and for that they should be punished.

It was for this reason that I got a letter from the OFT in which the OFT said that they felt this unlawful behaviour and contrary to their Guidance Note. I copied this to the Chief Exec at Sainsburys who then passed it on to one of his minions who responded with, "We're not giving you back your charges!" :mad:

It's inexcusable to fail to even register the seriousness of their actions and I hope they have to pay me a sizeable compensatory payment for their behaviour

booi666

marshallka wrote: »

Boo, you get left to back of the queue now cause you're a regular...;)

GEE thanks:rotfl: :rotfl: :rotfl:

di3004

maxdp wrote: »

Hi All

Nothing much on tele tonight:eek: Am practising my chorus Boo.;)

Pinknico. So sorry about your dealings you must be absolutely livid. Spitting:mad::mad:

There is actually a film on Channel 4 at 10:05pm called "Final Destination 3", seen the last 2 from what I can remember they were good, never seen this one, and its a change to watch something on normal TV without sky

marshallka

rkm123 wrote: »

This loan was a second one. The first one with first plus was arranged through freedom. We paid off that first loan with this second one direct through First Plus.That first loan had insurance on it too.. my god I can't believe I have had my eyes shut!

Then you need to complain about both loans, one to freedom and one to firstplus..

What date was the Freedom one actually taken out??? This is important..

maxdp

rkm123 wrote: »

This loan was a second one. The first one with first plus was arranged through freedom. We paid off that first loan with this second one direct through First Plus.That first loan had insurance on it too.. my god I can't believe I have had my eyes shut!

Rkm we have mostly all been in similar situations. Do not be hard on yourself. You are now aware and will not be caught again. And hopefully you may be able to get some of this PPI if not all of it back.:o