PPI Reclaiming discussion Part III

tylerlewis

marshallka wrote: »

Has this account been in arrears or anything like that??

Sorry I posted this before I'd finished but no ive never been in arrears

Full posting as above

marshallka

tylerlewis wrote: »

Sorry I posted this before I'd finished but no ive never been in arrears

Full posting as above

I would say this may be a job for the FOS....

You need to get back to them and say although you thank them in putting you back into the position if you never had the PPI at all you would like the loan redone and that they do this incurring no settlement fee to yourself and the repayment made in the form of a cheque as you have been deprived of these monies. They may argue that they will reduce the new loan with whatever PPI and interest are still owing and they are allowed to do this but what you have psysically already paid out you want in a cheque to use as you please.

Also state you would like the 8% interest added to this as this is what a court would award.

I would give them 7 days and then take this to the FOS if they don't play fair.

tylerlewis

marshallka wrote: »

I would say this may be a job for the FOS....

You need to get back to them and say although you thank them in putting you back into the position if you never had the PPI at all you would like the loan redone and that they do this incurring no settlement fee to yourself and the repayment made in the form of a cheque as you have been deprived of these monies. They may argue that they will reduce the new loan with whatever PPI and interest are still owing and they are allowed to do this but what you have psysically already paid out you want in a cheque to use as you please.

Also state you would like the 8% interest added to this as this is what a court would award.

I would give them 7 days and then take this to the FOS if they don't play fair.

Ive worked out what payments I have left which is £175.99 x 18 = 3167.82 which is more than what they say my settlement figure is so they have reduced whats left on my loan I think but where it says Cash rebate for ASU, is this an early settlement figure for the PPi and can they do this?

marshallka

tylerlewis wrote: »

Ive worked out what payments I have left which is £175.99 x 18 = 3167.82 which is more than what they say my settlement figure is so they have reduced whats left on my loan I think but where it says Cash rebate for ASU, is this an early settlement figure for the PPi and can they do this?

Just found your first posting below


This is my first posting and could do with some advice. I took a loan out with HFC Bank in 2005 for 5 years. Id never had a loan before so when I was told I needed PPI with my loan I just went along with it. I sent my first letter to them last week and got a reply today saying they are looking into it and will get back to me in due course.
Im confused though as to whether I should be claiming back the PPI as a whole or just the payments that Ive made to them in the last 3.5 years?
Also Im not sure what figure I should have in mind as to how much I will get back. If they make me an offer how do I know whether its the full amount or not?
Hope this make sense


I note though that you had two loans....

If you post the details of the other loan perhaps we can take a look...

marshallka

tylerlewis wrote: »

Hi all, Sorry if I'm asking you to repeat thinks or if I'm just being a dumb blonde but I really need some help with this as I have soooooo many questions but dont know where to start.

Received my letter today from HFC confirming refund and is as follows:

Having given careful consideration to the information available, we are unable to ascertain whether the policy was appropriate for your general needs at the time. I am therefore, prepared to offer you a full refund of your insurance policy plus interest charged on these premiums.(No mention of the 8% interest!)

Your account is still active which means the refund calculated will initially be used to reduce the amount outstanding on your account, the outstanding balance is accruing interest at a rate of 17.5% APR. I have calculated your refund by taking the premiums for your PPI and then adding the interest already paid. Deducting from this figure a rebate of premium which has been calculated from today date, gives you a figure of £1261.69. This is the amount you have paid towards your PPi product to date. I can confirm that at the time of writing your current settlement figure is £2770.89. Deducting your total refund amount from your current settlement figure, equates to £1509.20 which will be the amount outstanding on on your account had PPI not been applied. The below table summerises how these figures have been calculated.

Total cash price of ASU

Just reposting this one so I can look at the two together on one page...;)

marshallka

Tylerlewis, what are the details from the loan they are redressing. What is on the agreement actually including all figures and also the APR, monthly payments and interest figs etc...

fifi1705

I have the same query regarding refund of ppi. Sent your standard letter to Welcome Car Finance this week - they telephoned me today to say it is being dealt with and that the refund will be made to my loan account - can they do this? If I have been missold and have paid the money shouldn't I be entitled to a refund of the cash I have actually paid rather than them fudging their figures without it costing real money?

marshallka

fifi1705 wrote: »

I have the same query regarding refund of ppi. Sent your standard letter to Welcome Car Finance this week - they telephoned me today to say it is being dealt with and that the refund will be made to my loan account - can they do this? If I have been missold and have paid the money shouldn't I be entitled to a refund of the cash I have actually paid rather than them fudging their figures without it costing real money?

Yes if you have actually paid the money out of your pocket then they should refund the money to you as you wish...after all you were actually deprived of this cash.;)

Write back to them and tell them that you accept but you want it refunded this way or you will have no option than to go the FOS.

di3004

fifi1705 wrote: »

I have the same query regarding refund of ppi. Sent your standard letter to Welcome Car Finance this week - they telephoned me today to say it is being dealt with and that the refund will be made to my loan account - can they do this? If I have been missold and have paid the money shouldn't I be entitled to a refund of the cash I have actually paid rather than them fudging their figures without it costing real money?

I would ask them to send you a written form of calculations, to make sure the amounts are correct.
Did they admit it was mis sold hun ?;)

Some prefer the cash paid directly to them, although some finance companies if the loan is still active will state they will do this to reduce the loan, but in my opinion, if this was mis sold, I would write to them to ask them to pay it directly back to you.;)

tylerlewis

marshallka wrote: »

Just found your first posting below


This is my first posting and could do with some advice. I took a loan out with HFC Bank in 2005 for 5 years. Id never had a loan before so when I was told I needed PPI with my loan I just went along with it. I sent my first letter to them last week and got a reply today saying they are looking into it and will get back to me in due course.
Im confused though as to whether I should be claiming back the PPI as a whole or just the payments that Ive made to them in the last 3.5 years?
Also Im not sure what figure I should have in mind as to how much I will get back. If they make me an offer how do I know whether its the full amount or not?
Hope this make sense


I note though that you had two loans....

If you post the details of the other loan perhaps we can take a look...

Yes Ive got 2 loans with them but only posted details of the 1st one as I didnt want to confuse things but here goes:

The amount Ive paid on PPi so far is £687.40.
Settlement figure is £2149.23
Amount after offset is £1461

Total Cash price of life £209.03+
Total cash price of ASU £418.06+
Total interest for life £92.27+
Total interest applied for ASU £184.54+
Cash rebate for life £72.17-
Cash rebate for ASU £144.33-
Current settlement figure £2149.23-

---

Amount outstanding £1461.83