PPI Reclaiming discussion Part III

marshallka

lalina wrote: »

Hi guys,

I am filling out stage one reclaim letter and just need some quick advice. I was pregnant at the time I took the loan with frontloaded PPI out from A & L and I would have made the a & l sales person aware of this. PPi doesn't cover preganancy or maternity leave. Can I also use this as a reason why I was mis sold?

2ndly Just reading my PPI t & Cs and it says I can cancel it at anytime and it's discretinary whether they refund me the whole payment. Does this mean it may be easier just to write a letter to cancel PPI and request full refund first before going down the I was mis sold route even though I was?? Just thinking about what is quicker..............:money:

If you were not covered at the time then yes this is misselling...I very much doubt you would get a full refund beyond the 14 or 30 days cancellation period. I would write about the misselling.
Just take a look at the link here and see what you can add and delete from the letter that you send. There is also a template letter on there too but sometimes it can be better to make your own up from this.

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

di3004

lalina wrote: »

Hi guys,

I am filling out stage one reclaim letter and just need some quick advice. I was pregnant at the time I took the loan with frontloaded PPI out from A & L and I would have made the a & l sales person aware of this. PPi doesn't cover preganancy or maternity leave. Can I also use this as a reason why I was mis sold?

2ndly Just reading my PPI t & Cs and it says I can cancel it at anytime and it's discretinary whether they refund me the whole payment. Does this mean it may be easier just to write a letter to cancel PPI and request full refund first before going down the I was mis sold route even though I was?? Just thinking about what is quicker..............:money:

Hi there
And yes you can add you were pregnant at the time of the sale of the product. Add as much as possible, and if the sales person had asked you then you could have had the chance to tell her, so obviously the adviser did not check anything with you to make sure you were eligible or not.

You could try writing to them to request it back after cancellation but you would also want to know the amount too in a written breakdown, maybe ask for a quote just to see what they come up with, or maybe just a settlement figure with a breakdown, this may give you an idea even though you only plan to cancel the ppi.

That choice is yours but this way may even help you with your claim if you have to go down the mis selling route.

You can wait for other replies if your still not sure hun but whatever you do we wish you the best of luck.

If you want other info and guidance here just yell, as there are also templates you can use if going for the mis selling.;)

Oops sorry Marshallka you have beaten me to it lol.

Di

di3004

marshallka wrote: »

No not yet.. perhaps a few days then yet..??

I have been looking at the Firstplus issue again and I know I calculated the amounts of the PPI in full so maybe they did overcharge by this full amount that I put in the letter. I want them to prove otherwise now. I was working on the loan and PPI and it should have been just the loan and then added the PPI after...

I just don't know... its driving me mad. I want to learn how they calculated this.

I know that borrowing £17k cost me £35K and that is never right...39 months I know but something is wrong somewhere...my interest was higher than yours but still not right...and the rebate of £94 against it...

Mine was like having an APR of 50% really...

You borrowed £21K and it cost you £23.5K, again too much for 16 months a

Yours does not seem right at all, something has gone wrong there, I would be inclined to want to know how they calculated this too.

Could you not write back to them and ask them how they came to that figure?

My mate has a big one to claim back also from her FP but her's was taken out in 2005 If I remember correctly - where-as they would have worked out the calculations differently I believe.

Think though she had a rebate of less than £2k for a ppi of almost £10K, it was something like that and again this was FP.

marshallka

I wrote this in a letter:o . Don't know if my calculations are correct here but I know I did them earlier but that was without calculating the interest

We work out that the insurance was as follows.
Loan 17000
PPI 4163
Total Loan and PPI without Interest £21163
Repayments 160 x 281.25 = 45000
PPI element of the loan with interest 19.67%
39 repayments made to settlement
39 x (281.25 x 19.67%) = 2157.48
Total Cost of the PPI with interest is 19.67% of the loan total being £8851.15
Therefore 8851.15 (total PPI) – repayments made against the PPI 2157.48 – rebate against the PPI 91.96 =£6601.71 charged for a policy that was no longer of use to us.
If the cost of the PPI was £4163 and not added as a loan and was for 60 months cover then this was approx £69.38 per month x 39 months = £2705.94 add the interest to that at 13.9% £376.12 = £3082.06 and take this off the total charge of £8851.15 and this shows a true cost of the PPI overcharge being £5769.09 being PPI and interest charged.

di3004

marshallka wrote: »

I wrote this in a letter:o . Don't know if my calculations are correct here but I know I did them earlier but that was without calculating the interest

We work out that the insurance was as follows.
Loan 17000
PPI 4163
Total Loan and PPI without Interest £21163
Repayments 160 x 281.25 = 45000
PPI element of the loan with interest 19.67%
39 repayments made to settlement
39 x (281.25 x 19.67%) = 2157.48
Total Cost of the PPI with interest is 19.67% of the loan total being £8851.15
Therefore 8851.15 (total PPI) – repayments made against the PPI 2157.48 – rebate against the PPI 91.96 =£6601.71 charged for a policy that was no longer of use to us.
If the cost of the PPI was £4163 and not added as a loan and was for 60 months cover then this was approx £69.38 per month x 39 months = £2705.94 add the interest to that at 13.9% £376.12 = £3082.06 and take this off the total charge of £8851.15 and this shows a true cost of the PPI overcharge being £5769.09 being PPI and interest charged.

They have ripped you off Marshallka this is extortionate !
They have defo done something wrong.

I would ring them or write to them for the figures again and see what they come up with, I know this is no longer active but do you think they will have saved these details on microfiche by any chance ?

As you have already explained this to the FOS I am sure they will see your point.

di3004

I was thinking, last week when receiving the email from the adjudicator, it was about 5:45pm when he sent it to me, they must be working extra hours to get through these complaints.

So there is still time Marshallka to hear from them.;)

Back in a min. x

marshallka

di3004 wrote: »

They have ripped you off Marshallka this is extortionate !
They have defo done something wrong.

I would ring them or write to them for the figures again and see what they come up with, I know this is no longer active but do you think they will have saved these details on microfiche by any chance ?

As you have already explained this to the FOS I am sure they will see your point.

Di, I do not know now....

davemchol

hi again The loan i had was ended earlier by thirteen payments does that mean my ppi claim will be lower

di3004

davemchol wrote: »

hi again The loan i had was ended earlier by thirteen payments does that mean my ppi claim will be lower

Hi Dave and welcome back.;)

No it does not mean it will be lower.
You still paid the this as a full amount in the settlement.

For instance I had a loan over 25 years, and it was paid off within months as we remortgaged, I also cancelled the pp after 2 months of taking the loan, the ppi amount was that of over £10K and with interest etc I was refunded almost £13K.

Di

di3004

Dave if you have any figures you can add them here and they will be checked for you, Marshallka is great with her calculations and I am sure when she has time she will check them for you.;)

We will need to know the amount of loan and ppi
When did you take this out?
And when was it settled.
You have already said it was settled within 13 repayments.

If they have supplied you with any figures this would help and if you could also add the apr, think that is all that is needed.;)