PPI Reclaiming discussion Part III

Doozer_2

Thanks for all the help you lovely people! :-)

Doozer

di3004

Doozer wrote: »

Hi Di!

Thanks for the "well done", i only sent one letter to natwest and my case was investigated, the offer is half what i could claim back but it was good enough for me!

Doozer

Hi Doozer.;)

With pleasure.:A

Well if your happy with the offer hun that's what counts.

Sometimes it can turn into an issue if turning down an offer, so again good one that was straight forward for you, shame the paying out bit isn't but I am sure they will soon shift when they receive your letter.;)

Di
x

Doozer_2

I have spoken to Natwest and they have said 4 working weeks for payment. So i should receive it either next week or the week after, it takes them a while, shame they are not slower to take the money off us!! :-)

Doozer

di3004

Doozer wrote: »

I have spoken to Natwest and they have said 4 working weeks for payment. So i should receive it either next week or the week after, it takes them a while, shame they are not slower to take the money off us!! :-)

Doozer

Yeah that is so right, when the shoe is on the other foot that seems to be the case.....:rolleyes: .

Well its up to you if you feel writing a letter will help or see what happens next week, however I know we have had Xmas and the hols but this should not really hold them back from paying this out within 4 weeks, as they did confirm 4 weeks to you.

boo34

hi just a quick up date. i sent my 2nd letter of recorded delivery last wednesday to rbs,its been 11 weeks this week. i took your advice and said they had 7days to sort it or i would go to fos.i rang them today and was told that the calculations team have sorted it and have to get manager of that department to sign it and should get offer by friday.its 3 loans one of 5000,one of 7000/ and one of 12000.fingers crossed dont no how much is to come have to wait and see.thanks for advice.i will up date you asap.:j

boo34

how would i work out the intrest and ppi on the 3loans.we took one out and then another to pay it then the same againe any help plz.

di3004

boo34 wrote: »

hi just a quick up date. i sent my 2nd letter of recorded delivery last wednesday to rbs,its been 11 weeks this week. i took your advice and said they had 7days to sort it or i would go to fos.i rang them today and was told that the calculations team have sorted it and have to get manager of that department to sign it and should get offer by friday.its 3 loans one of 5000,one of 7000/ and one of 12000.fingers crossed dont no how much is to come have to wait and see.thanks for advice.i will up date you asap.:j

Hiya Boo and WOW........:eek: that is great news well done :T :T :beer: .

Bet your having a good day and on a high :j :j .

Fantastic, Boo.:T :beer:

di3004

boo34 wrote: »

how would i work out the intrest and ppi on the 3loans.we took one out and then another to pay it then the same againe any help plz.

Golly, me and calcs......:eek: , I am sure Marshallka will confirm this hun but it should be the contractual interest and I believe the 8% of what a court would award.
Not good at working it out though.......:o lol

Vordermanic

Hi all,

I'm a newbie to this forum and only found it recently after reading one of Martin's articles in a newspaper regarding missold PPIs, as you can tell by my forum name I have been one of those poor unfortunates who have been suckered in by Carol Vorderman (if a clever,sensible woman like her endorses it, it must be ok... what a fool eh!!) into taking out a Firstplus Loan and wondered if you could give me some advice as I have been trawling the forum and some experiences contradict others.

Me and the wife took out a £20,000 loan repayable over 25 years directly with Firstplus in 2005 to consolidate our debts and reduce our payments (very naive looking back!) which was agreed over the phone after being asked a series of questions about means of repayment should anything happen to one of us. I pointed out that both me and my wife's employer both would pay 6 months full pay for sickness and 6 months half pay. And have since found out that my company pension covers me for over £100,000 life insurance and also for accidents.

The salesperson told me that we needed PPI (at no stage was I told it was optional) and set about telling me the benefits, like if I didn't make a claim in 5 years I would get the premium back. At no stage was I told that the PPI would only last for the first 5 years of the loan and then I would have to sort out further PPI for the other 20 years (which since viewing this site and reading my agreement I have found to be the fact).

When Firstplus sent through the loan agreement forms we noticed they had added a payment protection premium of £4,900 on top of the loan, which now meant that we had a loan of £24,900 which seemed quite steep. Although it was 4 years ago my wife recalls making a phone call to Firstplus to enquire about the PPI premium prior to us signing the loan agreement and she remembers being told that if we didn't accept the PPI we couldn't have the loan, so in desperation we stupidly signed the agreement.

My question is, what should my next move be?

1/ Should I use the first of Martin's template letters and send it to Firstplus citing my reasons as being missold the policy on the grounds of not being told it was optional and also being led to believe that the PPI would cover us for the full duration of the loan not just the first 5 years. If so as we still have the PPI do I close it and ask for a full refund for the last 4 years plus 8% interest and then request the loan to be recalculated.

or do I

2/ Keep paying the PPI until it reaches the 5 year stage, take the £4,900 cashback amount and then claim for a missold PPI to reclaim any interest paid.

Your thoughts would be greatly appreciated as I am worried if I close the PPI down now I wont get back the money that I have contributed.

Many thanks,

Vordermanic.

di3004

Vordermanic wrote: »

Hi all,

I'm a newbie to this forum and only found it recently after reading one of Martin's articles in a newspaper regarding missold PPIs, as you can tell by my forum name I have been one of those poor unfortunates who have been suckered in by Carol Vorderman (if a clever,sensible woman like her endorses it, it must be ok... what a fool eh!!) into taking out a Firstplus Loan and wondered if you could give me some advice as I have been trawling the forum and some experiences contradict others.

Me and the wife took out a £20,000 loan repayable over 25 years directly with Firstplus in 2005 to consolidate our debts and reduce our payments (very naive looking back!) which was agreed over the phone after being asked a series of questions about means of repayment should anything happen to one of us. I pointed out that both me and my wife's employer both would pay 6 months full pay for sickness and 6 months half pay. And have since found out that my company pension covers me for over £100,000 life insurance and also for accidents.

The salesperson told me that we needed PPI (at no stage was I told it was optional) and set about telling me the benefits, like if I didn't make a claim in 5 years I would get the premium back. At no stage was I told that the PPI would only last for the first 5 years of the loan and then I would have to sort out further PPI for the other 20 years (which since viewing this site and reading my agreement I have found to be the fact).

When Firstplus sent through the loan agreement forms we noticed they had added a payment protection premium of £4,900 on top of the loan, which now meant that we had a loan of £24,900 which seemed quite steep. Although it was 4 years ago my wife recalls making a phone call to Firstplus to enquire about the PPI premium prior to us signing the loan agreement and she remembers being told that if we didn't accept the PPI we couldn't have the loan, so in desperation we stupidly signed the agreement.

My question is, what should my next move be?

1/ Should I use the first of Martin's template letters and send it to Firstplus citing my reasons as being missold the policy on the grounds of not being told it was optional and also being led to believe that the PPI would cover us for the full duration of the loan not just the first 5 years. If so as we still have the PPI do I close it and ask for a full refund for the last 4 years plus 8% interest and then request the loan to be recalculated.

or do I

2/ Keep paying the PPI until it reaches the 5 year stage, take the £4,900 cashback amount and then claim for a missold PPI to reclaim any interest paid.

Your thoughts would be greatly appreciated as I am worried if I close the PPI down now I wont get back the money that I have contributed.

Many thanks,

Vordermanic.

Hi and welcome

Love your username by the way lol......:D

I think you have a case here and yes you should complain to them to reclaim, was this actual loan arranged by First Plus as well?
Or a broker?

You write to the ones who arranged it for you, and I believe you have already checked out Martin's letter for this, here is the link again which also has useful information which may also be a help to you here
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

They have 8 weeks to respond in full, let us know the outcome and if more help is required let us know as there are further step to take with this issue as well if not successful.

Post by recorded delivery for your proof of posting and to keep an eye on the 8 weeks they have.

Good luck;)

Di