PPI Reclaiming discussion Part III

fifi1705

di3004 wrote: »

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.;)

Thanks, once I get written confirmation I will tell them I want a cash refund instead and see what they say. Am also trying to claim back for earlier car finance with them - when I surrendered the car after 2 years (which you can at "no additional cost" they pursued me for the other 2 years of PPI and I was told when taking out the loan that I could not get the loan without the PPI so fingers crossed! i was amazed to get a pleasant phone call from Welcome informing me of all that they had done - I was waiting to be told where to go!

booi666

di3004 wrote: »

Boo, you did notice this site is closed for maintainance from 11pm tonight until 1am in the morning ?
Its shown on the front page, Marshallka also posted about this earlier as well.;)

Yeah i got it di ta

tylerlewis

marshallka wrote: »

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...

They are redressing both of them but cant find the agreements.

1st loan I pay £175.99 a month over 60 months. Have got 18 months left on it at APR 17.5%. This was for £6000

2nd loan I pay £114.60 a month over 48 months. Have got 32 months left on it at APR 35.9%. This was for £3000

marshallka

Just wanted to repost this

transitional arrangements for insurance intermediaries

In issue 42 of ombudsman news, we noted that our jurisdiction has recently expanded to include insurance intermediaries. This article outlines the insurance intermediary activities that are now covered by the Financial Ombudsman Service. It also explains the arrangements for dealing with relevant transitional complaints – those that concern events that occurred before insurance intermediaries joined our jurisdiction.

firms within our jurisdiction
From 14 January 2005, the following activities became regulated by the Financial Services Authority (and therefore fell within our jurisdiction):

dealing in insurance contracts as agent

arranging deals in insurance contracts

advising on insurance contracts

assisting in the administration and performance of insurance contracts.
This means that many firms which carried out such activities and were previously outside our jurisdiction – such as insurance brokers – are now covered by the ombudsman scheme. We also have jurisdiction over firms that have been granted interim permission by the Financial Services Authority to carry out general insurance mediation activities.
There are a few specific exceptions to this extension of our jurisdiction:

travel agencies – when the insurance is sold as part of a package holiday

retailers – when selling extended warranties on some goods, such as refrigerators and televisions

loss adjusters – but not loss assessors who act for customers in relation to insurance claims; and

the handling of insurance claims on behalf of insurers under a delegated authority.
retrospective jurisdiction
As well as having jurisdiction over complaints about events occurring on or after 14 January 2005, the Financial Ombudsman Service also has a limited ‘retrospective’ jurisdiction. This covers some complaints about events that occurred before 14 January 2005. The retrospective jurisdiction comes about because of provisions set out in a statutory instrument informally known as The Mortgage & General Insurance Transitional Order. The Order allows us to look at complaints about intermediary activities that occurred before 14 January 2005 if:

the firm was a member of the General Insurance Standards Council at the time of the event complained about

the complaint would previously have been covered by the General Insurance Standards Council Dispute Resolution Facility

the complainant is an individual who is acting otherwise than solely for the purposes of his business; and

the firm became regulated by the Financial Services Authority on or after 14 January 2005.
Such complaints are known as relevant transitional complaints. While we will determine them in line with our ‘fair and reasonable’ jurisdiction, we must also take into account what the General Insurance Standards Council might have decided. We will not have jurisdiction over any complaints that the Council was already handling before 14 January 2005. Our usual time limits will apply.
In a future issue of ombudsman news we will include case studies illustrating some of the jurisdiction issues surrounding transitional arrangements for intermediaries. In the meantime the following flow chart should help to clarify which retrospective complaints we are able to look at.

marshallka

di3004 wrote: »

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.;)

You can only ask for what is actually paid by you as the rest CAN be used to reduce the loan. If you have made repayments against the PPI and this has come out of your pocket then you can ask for it back that way, back in your pocket. If there is still some PPI and interest owing on the loan then they can reduce the settlement... thats what I posted about from Which... correct me if I wrong here..

di3004

fifi1705 wrote: »

Thanks, once I get written confirmation I will tell them I want a cash refund instead and see what they say. Am also trying to claim back for earlier car finance with them - when I surrendered the car after 2 years (which you can at "no additional cost" they pursued me for the other 2 years of PPI and I was told when taking out the loan that I could not get the loan without the PPI so fingers crossed! i was amazed to get a pleasant phone call from Welcome informing me of all that they had done - I was waiting to be told where to go!

Good luck with this Fifi, they should pay this directly to you in my opinion anyway hun.;)
Post the cals on here if you want to, when you have them.

Di
X

marshallka

tylerlewis wrote: »

They are redressing both of them but cant find the agreements.

1st loan I pay £175.99 a month over 60 months. Have got 18 months left on it at APR 17.5%. This was for £6000

2nd loan I pay £114.60 a month over 48 months. Have got 32 months left on it at APR 35.9%. This was for £3000

I need to know how much the PPI actually is on each loan and the interest etc...

marshallka

booi666 wrote: »

Yeah i got it di ta

Hi there Boo, how is you...:D

booi666

marshallka wrote: »

Hi there Boo, how is you...:D

Ey up marsh,

I am over the moon:beer:

And you?

booi666

di3004 wrote: »

Cool Boo .

I may see what is on TV for that time, if I'm still awake then that is lol

Ey up di,

You could do your sinead thang and give your dude a night to remember!!!!:rotfl: :rotfl: