PPI Reclaiming discussion Part III

marshallka

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

Charge them another month statutory interest...;)

marshallka

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

Wow boo, you lucky person.... hope its loads...:D

marshallka

di3004 wrote: »

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

I got simple interest with my co-op one and FOS allow that too.;)

marshallka

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.

DO you mean the statutory interest or the actual interest Boo??

marshallka

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.

I would get your complaint in now and it would be all the PPI, interest on the PPI and also the statutory interest.

If you leave it to get your cashback this could affect you claim maybe...

Just take a look at the link here and see what you can add and delete from the template letter. Its always best to do your own from this. There are lots of reason on there for the misselling so pick out the ones that are applicable to yours.

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

Vordermanic wrote: »

Hi Di,

Thanks for your quick reply

Yes, we arranged the loan directly with Firstplus.

Further to Martin's letter do I request for them to cancel the PPI policy and refund all the premium amount paid (plus interest)?

Thanks for your advice,

Vordermanic

Yeah and don't forget to add the 8% statutory interest that a court would award.;)

marshallka

boo34 wrote: »

hi di3004 if it werent for you and the others on here then i would never have new about the ppi.its your help and support on here thats helped me so a big thank you.:A . and yes very happy. so will the other half be when he gets home from work,

Hello Mrs Boo... your OH is great, keeps us all amused...:D

marshallka

sacbaby37 wrote: »

Hi Marshallka, thanks for the reply. well i wasnt paying class 2 contributions as i was excemp as very low earnings, and no my other reason was it was done over the phone and i felt pressured into having it and they ran through the terms and conditions so quick, they made me think that i had to have it or i wouldnt get my credit card. Sarah xxx

Hiya sarah, seems like the PPI was completely useless to you then. I would get the complaint in to them then if you have not sent a letter already.

Just take a look at the link here and see what you can add and delete from the template letter. Its always best to do your own from this. There are lots of reason on there for the misselling so pick out the ones that are applicable to yours.

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

booi666 wrote: »

Evening all:cool:

Is this Mrs or Mr Boo??

booi666

marshallka wrote: »

Hello Mrs Boo... your OH is great, keeps us all amused...:D

Marshy,

Dont be confusing mrs boo with the local village jester

ME:dance: :dance: