PPI Reclaiming Discussion part 4

amersall

iceybear1 wrote: »

I have sent first letter to Welcome Finance reclaiming PPI. I have a secured loan in arrears.
It was never really secured as there never was any equity in my house, I told them this they never did a valuation, however, the PPI will be a large amount, if they do eventually pay do I have to pay off some of the loan, bearing in mind I have an issue with this anyway?

I also have a claim against Black Horse for an unsecured loan.

Any help would be appreciated. I know whilst Welcome are still operating they are no longer trading as misold PPI!

hi there, if you win with this they will take the arrears back, it doesnt matter if it is a secured loan , unsecured loan, or a credit card. you owe them so they can take this amount back.you will get the ppi monthly payment you have made to date ,with hopefully the 8% interest, the total amount for ppi will be taken off your loan and your monthly payment should reduce, hope this helps

amersall

robbedofmymoney wrote: »

here goes,

only certain calcs can be done as not all info here, but this should give you a guide.

there are some certainties from the information you have given that a calculation can be made from

loan 2002 you will get back you premiums paid (546.80) plus 8% simple from the date payments made to end of Feb (346.00) total back for 2002 loan = £892.80

loan 2003 premiums paid (799.81) plus 8% simple as above (378.00) total back for loan = £1,177.81

loan 2004 premiums paid (3,234.74) plus 8% simple as above (916.50) toal back for loan = £4,251.24

there will also be a small amount to take into account the difference in settlement figures for the loans with or without PPI. this will not be a great amount as you have already had partial rebates on previous settlements for this.

so what you can be reasonably sure of is

loan 2002 892.80
loan 2003 1,177.81
loan 2004 4,251.24

total 6,221.85
less the 2,143 you have been paid for being off = 4078.85

this is how i read your thread, i hope i have read it correctly,

will Lloyds give you a full breakdown before you commit to accepting the offer.

you may have been better of not contesting the 2003 loan if they have paid you out as this is knocking quite a bit off the total.

please do not hold me to these numbers as its only an estimate following the logic and the numbers available

thanx for that xxx

tuppenhurst

sent in first template letter march 1st to ltsb. a little nervous after reading some of the coments on forum. but as they say nothing vetured nothing gained.

di3004

tuppenhurst wrote: »

sent in first template letter march 1st to ltsb. a little nervous after reading some of the coments on forum. but as they say nothing vetured nothing gained.

Good luck with this, do not worry, keep us posted on the progress of your complaint and we can take it step from step from there, do not worry, fingers crossed.
Oh and welcome to the site as well.:beer:

iceybear1

di3004 wrote: »

Hi there
Good luck with this.

Was it Welcome who actually set up the loan for you, if so you done the right thing in writing to them, if they used a broker then you would write to them to reclaim.

There have been many on here who have had dealings with WF, so hopefully they will post up with their experience, or if you get the chance check all the below threads, there are a few down there.


Fingers crossed for you.;)

Thanks for this. It was Welcome directly who gave me the loan so it has gone to them. I will keep the forum updated with my progress, see if it helps anyone else. Iceybear1.:beer:

di3004

iceybear1 wrote: »

Thanks for this. It was Welcome directly who gave me the loan so it has gone to them. I will keep the forum updated with my progress, see if it helps anyone else. Iceybear1.:beer:

Hi there

Good luck with this, fingers & toes crossed.:beer:;)

iceybear1

Thank you. I thought as much, but if I owe them money it is fair. Apparrently I can challenge the loan anyway as the way they set it up is dubious. Not enough cooling off time, no valuation or income expendidure. Have contacted FISA and apparently there was a successful case in Nottingham OFT. I Have looked at the FOS site and they have a high success rate with WF but I'm not counting my chickens. Will keep you updated. Iceybear1

fedrightupgirly

Based on my own recent experience, I complained about mis selling of PPI and won however they didnt just pay off the arrears with my debt (i was making reduced monthly payments) they repaid the whole debt, might be worth bearing this in mind incase you are expecting all the money to come to you. Good luck!

Blade29

di3004 wrote: »

Hi there

I would definately give it a go.
Do you still have all the contact/address details?

Go for it.

Hi there,

I received a letter from the Northern Bank today and they have assigned someone by name to look into my case. They have stated they will come back to me with feedback within 20 working days.

Is this just a matter of a waiting game now or should i push the issue by replying?

Thanks

di3004

Blade29 wrote: »

di3004 wrote: »

Hi there

I would definately give it a go.
Do you still have all the contact/address details?

Go for it.

Hi there,

I received a letter from the Northern Bank today and they have assigned someone by name to look into my case. They have stated they will come back to me with feedback within 20 working days.

Is this just a matter of a waiting game now or should i push the issue by replying?

Thanks

Hello there
This is I assume standard procedure, as they do normally have 8 weeks in full to respond to your complaint anyway, but hopefully they will respond with a good outcome for you by the 20 days.
Good luck, please keep us posted.;)