PPI Reclaiming discussion Part III

marshallka

pinknico wrote: »

This was sent to them on the 15th November so not long.They have requested information from Egg and they have received this and now I just have to wait in the queue!!:D

Pinknico, this queue is getting longer and longer and something needs doing. As regards saying about financial difficulty because of the complaint then that really could apply to each and every one of us. If we had the complaint looked at sooner then we would have more money if we win and not need to take out further credit. That comment to me seems stupid although they do say "circumstances from the complaint".... .

Anne42

Hello everyone

I am new to this Forum and if there are already the answer to my questions on here in one form or another I do apologize, but I hope someone can help me.

In June 2007 I took out a loan with Lloyds TSB and the PPI offered. This loan paid off what was owed on an existing one and a little more for an up coming wedding. I borrowed 5602.41 over 60 month at a rate of 13.3%. this totals 7579.20. The PPI (also charged at 13.3% interest) brings the total amount owed to 9645.60.

The person I dealt with did not say that I have to take out the PPI in order to get the loan. She did say that it is better and safer. In case of illness or death I do not have to worry about how the loan is paid off.

I have got very generous sickness and death benefits with my employer so in case of my demise my now husband ( at the point I took out the loan we were only engaged) would not have to worry about finding the extra money to pay my loan of anyway. So I really don't think I need this PPI. When I realized this I have tried to cancel the policy but I was informed I cannot do this. I would have to take out a new loan.

I was very shocked to learn that I have the option of seeking out a different PPI provider. At no point did she point out that cover is available elsewhere. The way it was sold it was just their PPI or no PPI. Obviously not in those clear words. It was simply never hinted at or mentioned. Interest included brings the total coat of the PPI over 60 month to 2066.40. Quite steep on an original borrowing of 5602.41.

My questions/ worries are:

1) Do I have a case of mis-sold PPI or is it simply my fault for not asking the right questions at the meeting and then not reading through the agreement thoroughly and cancelling the PPI within the 30 days?

and the most important one

2) If I go ahead with my claim and it gets refused, can the bank inisist on me settling the outstanding balance in full, because with my complaint I said that I do not require the PPI. Can they insist I take out a new loan to pay off the old one and then I end up paying even more because of a higher interest rate. Or even worse insist I pay all now and refuse a new agreement?

Please help!
Many thanks in advance from a very nervous new Forum user.

Credit-Crunched

di3004 wrote: »

I have wondered this as well Pinknico, because with mine its being dealt with by both the liquidators and FSCS, although the liquidators state although they require our info, it will then be sorted through the FSCS...... .

I do hope they sort this one out soon for you as well hun, and hope you hear soon.;)
Have you decided to send them an email yet hun?
Will be interesting to know what your response would be.....:rolleyes:

Hope you get a better response than I did form them anyway.;) x

Your compensation will be from teh FSCS, howevr your loan will be re-structured as if no PPI was taken out. The loans themselves are still in existence and are not part of the liquidation process as they are owned and managed by a seperate company.

Hope this makes sense

di3004

Credit-Crunched wrote: »

Your compensation will be from teh FSCS, howevr your loan will be re-structured as if no PPI was taken out. The loans themselves are still in existence and are not part of the liquidation process as they are owned and managed by a seperate company.

Hope this makes sense

Hi Credit-Crunched
So it basically works out the same as the FOS then?

Thanks for the info.

My loan was paid off a year after taking it out.;)

doingmybest_3

Hi all. Just got a letter from FOS who have found in my favour. They have told barclays to restructure the loan and put it in a position that it should be now had there never been any PPI added to it, and to pay me back the over payments in my hand plus 8% interest. I've got no figures yet but would have thought it will work out to quite a bit. The original loan when i took it out in 2005 was for £55,000.00 The PPI was £13,469.50 totalling £68,469.50. The PPI repayments were £113.82(that was before all the interest rate increases). The settlement figure should decrease quite a bit now shouldn't it as I've paid them probably in the region of £22k in payments. Does any one know if they will take those payments of the loan figure? I'll update further when I get the figures. :j

dreamer33

di3004 wrote: »

I am as from now hun thank you, Daniel says thanks as well, he's all excited bless him......:j :j .
Hope your okay hun, any news that I may have missed ?;)

Tell him he is welcome xx

Waiting to hear news today ref OH, will find out today, its not good news, they getting paid off just waiting for letter, however they are taking some back on to look after things hope oh is one of them.

dreamer33

pinknico wrote: »

Dreamer, did you pay these anything upfront?

If they are harrassing you, next time they call ,say you will call the OFT and ICO and any other initials!!! You will also be taking legal advice and they must now shred all the details they hold on you.

Nope sent a letter well within the 14 days so I would not have to pay anything.:j

Will do next time I'm sure there will be another call

di3004

dreamer33 wrote: »

Tell him he is welcome xx

Waiting to hear news today ref OH, will find out today, its not good news, they getting paid off just waiting for letter, however they are taking some back on to look after things hope oh is one of them.

Thanks hunni.:A

I wish you luck then dreamer throughout all this.
I know you can't settle until you finally know what's happening, but I have everything crossed for you anyway hun. :A xxx

dreamer33

doingmybest wrote: »

Hi all. Just got a letter from FOS who have found in my favour. They have told barclays to restructure the loan and put it in a position that it should be now had there never been any PPI added to it, and to pay me back the over payments in my hand plus 8% interest. I've got no figures yet but would have thought it will work out to quite a bit. The original loan when i took it out in 2005 was for £55,000.00 The PPI was £13,469.50 totalling £68,469.50. The PPI repayments were £113.82(that was before all the interest rate increases). The settlement figure should decrease quite a bit now shouldn't it as I've paid them probably in the region of £22k in payments. Does any one know if they will take those payments of the loan figure? I'll update further when I get the figures. :j

Well done pleased for you, justice again:T

What payments do you mean off the loan? If you mean the refund off the loan then you should be given a choice as to cheque in your hand or refund off your loan.

alfieg40

marshallka wrote: »

No one can tell you what to put in your letter as every complaint differs but just add what is applicable to you.

As regards the agreement have you received the copy yet??

Yes, i have received the copy today. I have just read over it fully and low and behold the very last paragraph states

'we will pay the premium for your Loan Payment Protection cover specified in the agreement to the insurer on your behalf. The terms and conditions governing this insurance are explained in the agreement and the Egg Personal Loan Payment Protection Policy document supplied to you. By signing this agreement you confirm that you have understood the terms and conditions of the Egg Personal Loan Payment Protection Policy document'

So by signing i have confirm that i understand the T's & C's, but that does not mean that i wanted it, right?