PPI Reclaiming discussion Part III

doingmybest_3

dreamer33 wrote: »

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.

Thank you. What I meant was will they take into account what I've already paid so it makes a dent in the revised settlement figure.

dreamer33

doingmybest wrote: »

Thank you. What I meant was will they take into account what I've already paid so it makes a dent in the revised settlement figure.

Yes they will, you will be put back in a position as if you never had the ppi, your payments made will be taken into account.

pinknico

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

Hello CC, I know that FSCS will pay the compensation, but if Picture was still around the payments I had made to the PPI would not have come to me, they would have gone towards the loan as I understand it from Marshallkas original post . This way do I get the PPI repayments in my pocket?!

pinknico

Single premium policy

If you have a single premium policy, such as those often attached to personal loans or finance agreements, then the compensation you receive will depend on whether your loan is still in force or not.
If your loan is still in force - your lender should calculate what your loan repayments would have been had PPI not been added to the loan, and how much should have been repaid so far. Any overpayments you have made will therefore be applied to your outstanding loan – reducing the amount of capital you owe.
If your loan or finance agreement is no longer in force - you should still get back any PPI payments you made, plus the difference between the redemption figure you paid and what it would have been had you never taken out the PPI policy.
Statutory compensation for mis-sold PPI

This is Marshallkas post( or part of it) I mean Credit Crunch

dreamer33

Just been out with the doggy, got him on an extendable lead now, the little devil ran away on the field the other day, would not come back, found a nice little pile of carrots and sprouts to eat, how they got there I don't know, but if there is food to find he will find it.

Dr_C_3

Hi,

Newbie poster here and been reading much of the good advice that people have offered and would like to post my details and see if anyone can help with some wisdom so that I can proceed with my claim against FP.
I recently sent off letter and cheque for my Subject Access Request and have now received back today and although most of the paperwork are just sceen prints from computers showing how my interest rates increase, I also received a cd with telephone calls on it.
My loan is a joint one with my wife and was for £54k, with c£13k PPI which would be paid to me after 5 years. The loan breakdown would be £456 loan and £111 PPI over 240 months. This started in Sept 06.
I did have a previous loan with them with PPI that was about 1.5 years old for c£32k over 10 years which was paid off with the new loan but they haven't sent that information through to me at all even though I requested all details they held about me.
Anyway - hope that's enough background and not to waffly.

I'm looking to claim the PPI back due to the following:

1. I stated I had comprehensive cover through my work for sickness and redundancy but this was just glossed over/ignored.
2. Stated I had seperate life cover in addition to my mortgage cover.
3. I was never asked about any pre medical conditions.
4. No mention the premiums were over 20 years and not the 5, I was told that I would receive a full refund of the PPi after 5 years (c£13k) but didn't mention about the interest they'd charge. ( I calculate it to be another c£13k!)
5. I wasn't told on the phone that the insurance stops after 5 years she just states it's for an initial 5 years, several times.
6. I was not told I could purchase insurance elsewhere.

I think that's it really, it was all completed at 100 mile an hour but do I have a case? I do have a couple of further questions if you feel I should now write to them stating the above points, any enhancements/advice appreciated.

• How much should I be looking to reclaim, is it for the PPI already paid, eg. 27 mnths x £111 = £2997 (I appreciate my PPI payments have increased due to my APR being at over 10% now so willhave to calculate carefully)
• Add interest to this figure as additional at 8%?
• Ask for all future payments to be cancelled and offset against the loan or should I be asking for this back as a cheque as well, this would then see my future monthly payments drop?
• The lady on the phone keeps saying 8.4% APR, the documents receive call it AIR, what is the difference?
• First payment was Nov, then jumped to 8.9% straight away then increases all the way apart from 1 slight decrease in 2008. Can this be right?

That's all for now, sorry to go on so much with so many questions but I want to get this right, should I consider hanging it out for 2 years to get a £13k payout?

Thanks

Dr C.


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Quote:


Originally Posted by Dr C


Hi,

Newbie poster here and been reading much of the good advice that people have offered and would like to post my details and see if anyone can help with some wisdom so that I can proceed with my claim against FP.


I recently sent off letter and cheque for my Subject Access Request and have now received back today and although most of the paperwork are just sceen prints from computers showing how my interest rates increase, I also received a cd with telephone calls on it.


My loan is a joint one with my wife and was for £54k, with c£13k PPI which would be paid to me after 5 years. The loan breakdown would be £456 loan and £111 PPI over 240 months. This started in Sept 06.


I did have a previous loan with them with PPI that was about 1.5 years old for c£32k over 10 years which was paid off with the new loan but they haven't sent that information through to me at all even though I requested all details they held about me.


Anyway - hope that's enough background and not to waffly.

I'm looking to claim the PPI back due to the following:

1. I stated I had comprehensive cover through my work for sickness and redundancy but this was just glossed over/ignored.
2. Stated I had seperate life cover in addition to my mortgage cover.
3. I was never asked about any pre medical conditions.
4. No mention the premiums were over 20 years and not the 5, I was told that I would receive a full refund of the PPi after 5 years (c£13k) but didn't mention about the interest they'd charge. ( I calculate it to be another c£13k!)
5. I wasn't told on the phone that the insurance stops after 5 years she just states it's for an initial 5 years, several times.
6. I was not told I could purchase insurance elsewhere.

I think that's it really, it was all completed at 100 mile an hour but do I have a case? I do have a couple of further questions if you feel I should now write to them stating the above points, any enhancements/advice appreciated.

• How much should I be looking to reclaim, is it for the PPI already paid, eg. 27 mnths x £111 = £2997 (I appreciate my PPI payments have increased due to my APR being at over 10% now so willhave to calculate carefully)
• Add interest to this figure as additional at 8%?
• Ask for all future payments to be cancelled and offset against the loan or should I be asking for this back as a cheque as well, this would then see my future monthly payments drop?
• The lady on the phone keeps saying 8.4% APR, the documents receive call it AIR, what is the difference?
• First payment was Nov, then jumped to 8.9% straight away then increases all the way apart from 1 slight decrease in 2008. Can this be right?

That's all for now, sorry to go on so much with so many questions but I want to get this right, should I consider hanging it out for 2 years to get a £13k payout?

Thanks

Dr C.

Hi there

Also to say there is an Actual PPI Reclaiming-discussion thread for this as well if you require further help and opinions from others, you can then post your calculations on that thread where they will be looked at for you.

However, please check this out here while I'm here:


http://www.moneysavingexpert.com/rec...loan-insurance

There is some useful PPI info on there and a reclaim template letter to help you through this, however, try to add as much info as you can to support your case here and your own reason on why you feel you have a complaint here of the PPI.;)

They have 8 weeks to respond in full, if you let us know the outcome if this we can help move on to the next step from here if required, as another letter maybe required.


Post by recorded delivery.

Just a few questions:

When did you take out the loan? (year)

Was if actually arranged by First Plus?

You write to the ones who arranged this loan for you, who sold the insurance etc.

An example of one of my loans.

I had a secured loan of £54K, PPI of over £10K, I settled this loan very early as it was also for 25 years, although it did go as far as the financial ombudsman to deal with, it was resolved by the FOS and we were repaid just under £13K, this was also including Contractual interest and 8% of what a court would award, they also sent £250 for the inconvenience and the distress caused.

Hope this help, but as I said above, post on that actual thread where others will also chip in with their opinions to help you through this as well.;)

All you do is Click on loans first then at the top of the page you will see:


PPI Reclaiming-discussion thread, hope to see you there.

Di


x

Happy to help and Happy to receive it.:beer:

maxdp

marshallka wrote: »

I agree here that they do look and FOS too. You really don't know who any of us are..:eek:

Hi

I know they look and have warned about this too. When I posted figures up here plus some comments about certain things e.g. FOS etc I have been completely ignored and they have sided with the lender. Will not discuss at all with me now Anyway have had enough so am going to take them down the other route. They had their chance but think they are clever. Well we will see.

Dr_C_3

Thanks for the tip Di - I have now hopefully moved to the correct thread, much appreciated.
To answer your questions, I took out the loan in 2006, loan and insurance all arranged through FP directly.

Thanks

Dr C

dreamer33

Dr_C wrote: »

Hi,

Newbie poster here and been reading much of the good advice that people have offered and would like to post my details and see if anyone can help with some wisdom so that I can proceed with my claim against FP.
I recently sent off letter and cheque for my Subject Access Request and have now received back today and although most of the paperwork are just sceen prints from computers showing how my interest rates increase, I also received a cd with telephone calls on it.
My loan is a joint one with my wife and was for £54k, with c£13k PPI which would be paid to me after 5 years. The loan breakdown would be £456 loan and £111 PPI over 240 months. This started in Sept 06.
I did have a previous loan with them with PPI that was about 1.5 years old for c£32k over 10 years which was paid off with the new loan but they haven't sent that information through to me at all even though I requested all details they held about me.
Anyway - hope that's enough background and not to waffly.

I'm looking to claim the PPI back due to the following:

1. I stated I had comprehensive cover through my work for sickness and redundancy but this was just glossed over/ignored.
2. Stated I had seperate life cover in addition to my mortgage cover.
3. I was never asked about any pre medical conditions.
4. No mention the premiums were over 20 years and not the 5, I was told that I would receive a full refund of the PPi after 5 years (c£13k) but didn't mention about the interest they'd charge. ( I calculate it to be another c£13k!)
5. I wasn't told on the phone that the insurance stops after 5 years she just states it's for an initial 5 years, several times.
6. I was not told I could purchase insurance elsewhere.

I think that's it really, it was all completed at 100 mile an hour but do I have a case? I do have a couple of further questions if you feel I should now write to them stating the above points, any enhancements/advice appreciated.

• How much should I be looking to reclaim, is it for the PPI already paid, eg. 27 mnths x £111 = £2997 (I appreciate my PPI payments have increased due to my APR being at over 10% now so willhave to calculate carefully)
• Add interest to this figure as additional at 8%?
• Ask for all future payments to be cancelled and offset against the loan or should I be asking for this back as a cheque as well, this would then see my future monthly payments drop?
• The lady on the phone keeps saying 8.4% APR, the documents receive call it AIR, what is the difference?
• First payment was Nov, then jumped to 8.9% straight away then increases all the way apart from 1 slight decrease in 2008. Can this be right?

That's all for now, sorry to go on so much with so many questions but I want to get this right, should I consider hanging it out for 2 years to get a £13k payout?

Thanks

Dr C.


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Quote:

Originally Posted by Dr C

Hi,

Newbie poster here and been reading much of the good advice that people have offered and would like to post my details and see if anyone can help with some wisdom so that I can proceed with my claim against FP.

I recently sent off letter and cheque for my Subject Access Request and have now received back today and although most of the paperwork are just sceen prints from computers showing how my interest rates increase, I also received a cd with telephone calls on it.

My loan is a joint one with my wife and was for £54k, with c£13k PPI which would be paid to me after 5 years. The loan breakdown would be £456 loan and £111 PPI over 240 months. This started in Sept 06.

I did have a previous loan with them with PPI that was about 1.5 years old for c£32k over 10 years which was paid off with the new loan but they haven't sent that information through to me at all even though I requested all details they held about me.

Anyway - hope that's enough background and not to waffly.

I'm looking to claim the PPI back due to the following:

1. I stated I had comprehensive cover through my work for sickness and redundancy but this was just glossed over/ignored.
2. Stated I had seperate life cover in addition to my mortgage cover.
3. I was never asked about any pre medical conditions.
4. No mention the premiums were over 20 years and not the 5, I was told that I would receive a full refund of the PPi after 5 years (c£13k) but didn't mention about the interest they'd charge. ( I calculate it to be another c£13k!)
5. I wasn't told on the phone that the insurance stops after 5 years she just states it's for an initial 5 years, several times.
6. I was not told I could purchase insurance elsewhere.

I think that's it really, it was all completed at 100 mile an hour but do I have a case? I do have a couple of further questions if you feel I should now write to them stating the above points, any enhancements/advice appreciated.

• How much should I be looking to reclaim, is it for the PPI already paid, eg. 27 mnths x £111 = £2997 (I appreciate my PPI payments have increased due to my APR being at over 10% now so willhave to calculate carefully)
• Add interest to this figure as additional at 8%?
• Ask for all future payments to be cancelled and offset against the loan or should I be asking for this back as a cheque as well, this would then see my future monthly payments drop?
• The lady on the phone keeps saying 8.4% APR, the documents receive call it AIR, what is the difference?
• First payment was Nov, then jumped to 8.9% straight away then increases all the way apart from 1 slight decrease in 2008. Can this be right?

That's all for now, sorry to go on so much with so many questions but I want to get this right, should I consider hanging it out for 2 years to get a £13k payout?

Thanks

Dr C.

Hi there

Also to say there is an Actual PPI Reclaiming-discussion thread for this as well if you require further help and opinions from others, you can then post your calculations on that thread where they will be looked at for you.

However, please check this out here while I'm here:

http://www.moneysavingexpert.com/rec...loan-insurance

There is some useful PPI info on there and a reclaim template letter to help you through this, however, try to add as much info as you can to support your case here and your own reason on why you feel you have a complaint here of the PPI.;)

They have 8 weeks to respond in full, if you let us know the outcome if this we can help move on to the next step from here if required, as another letter maybe required.

Post by recorded delivery.

Just a few questions:

When did you take out the loan? (year)

Was if actually arranged by First Plus?

You write to the ones who arranged this loan for you, who sold the insurance etc.

An example of one of my loans.

I had a secured loan of £54K, PPI of over £10K, I settled this loan very early as it was also for 25 years, although it did go as far as the financial ombudsman to deal with, it was resolved by the FOS and we were repaid just under £13K, this was also including Contractual interest and 8% of what a court would award, they also sent £250 for the inconvenience and the distress caused.

Hope this help, but as I said above, post on that actual thread where others will also chip in with their opinions to help you through this as well.;)

All you do is Click on loans first then at the top of the page you will see:

PPI Reclaiming-discussion thread, hope to see you there.

Di

x

Happy to help and Happy to receive it.:beer:

Hello there

In your telephone recordings is there any mention about the PPI being compulsary?

Do you also have in the telephone recordings you telling them that you already have cover and do not require the PPI?

If you believe you do not have all the info then you should really write to them asking for it, state that you have already waited however long for your SAR and they have failed to send all info for which you can complain to the ICO (Information Commission). Give them 7days.

APR= Annual Percentage Rate AIR= Annual Increase Rate (think)

Incipience

Have you considered, those who have been rejected by the FOS for the same lender, taken legal action or even a class action against them.