PPI Reclaiming Discussion part 4

BigCraigJohn

Just read a Capital 1 thread so it seems they can sell it over the phone only.
I think i'll ask them for a copy of that specific call.
Incidently there is no mention of the call within the SAR.
There is however a call listed as "Customer care"

halphy

cagneuk wrote: »

Hi,

I've eventually heard from loans.co.uk, talk about leaving it til the last day.

The letter arrived this morning:

Dear sir,

thank you for your letter regarding the PPI policy applied to your secured loan.

Firsty, I would like to say how sorry I am that you are dissatisfied with the service you have recieved from loans.co.uk. We pride ourselves on the level of service that we provide to our clients and with this in mind, the issues that you have raised are taken extremely seriously.

Having reviews your file and completed our investigations, loans.co.uk have ome to the conclusion that you were mis-sold your ppi policy and as a result we will be upholding your complaint.

To ensure that we make the correct level of payment to settle your complaint, we require additional time to contact the lender and validate the amounts payable to you and/or your account. Please alow us time to do this and be assured that the refund will be made as soon as we are in reciept of the infomation from your lender.

In addition, please contact first national to cancel the ppi if it is still live on your loan.

I will contact you again in due course to confirm the amount to be refunded.

I confirm that thisis our final response on the matter. If you are dissatisfied with this final response, you may refer your complaint to the financial ombudsman service, within six months of the date of this final response letter. Their adress is:.......

I have enclosed a copy of the FOS service booklet for your info.

Yours


SO, does this mean I will get my money back, all or part? and if so does anyone know how long it can take before I need to chase it up if I've not heard.

Thanks in advance and thanks so much for the advice you have already given me to help me get this far.

Well done! How long did this take, im in the process with these too!

bugsy161

I dont want to tempt fate with my complaint that is currently with the Ombudsman but I was wondering what I may get back from the bank if my complaint is upheld in my favour.
Maths has never been my strong point so can anyone give me an idea of what they refund you if, as an example, I was paying £70 per month for PPI on a credit card for 5 years. I never cleared the balance so was paying the minimal each month in my debt.

di3004

bugsy161 wrote: »

I dont want to tempt fate with my complaint that is currently with the Ombudsman but I was wondering what I may get back from the bank if my complaint is upheld in my favour.
Maths has never been my strong point so can anyone give me an idea of what they refund you if, as an example, I was paying £70 per month for PPI on a credit card for 5 years. I never cleared the balance so was paying the minimal each month in my debt.

Hi there
I'm sure someone will take a look at them for you, however more info maybe provided, such as date taken out, if settled and so on, but they should confirm this.

If you don't receive a response on this thread shortly, maybe you could start a new thread below, so its not missed, and have the Subject as "Help with calculations please".

I am hopeless with calculations - sorry.:o

Good luck and I'm sure someone will take a look at them for you soon.;)

Di

zorroo

I'm new to PPI reclaim

I have been paying off all my credit card on time but still get the ppi payment taken,
can i claim the payment back as it was taken inadvance and no ppi insurance was needed on my account??.

di3004

zorroo wrote: »

I'm new to PPI reclaim

I have been paying off all my credit card on time but still get the ppi payment taken,
can i claim the payment back as it was taken inadvance and no ppi insurance was needed on my account??.

Hi and welcome.

If you were mis sold for any reasons then yes you can reclaim.

What you do is complete a questionnaire (this goes for any ppi reclaiming) these were recently issued by the financial ombudsman service (FOS), and you will find on the link below "Stage one", keep completed copies as well - in case you need to refer to them later on.
Also on the link below is further information of a checklist, to give you more of an idea, and the guidelines of reclaiming:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Send the questionnaire to the ones who set up the finance for you.
They have 8 weeks in full to respond.

Good luck, please keep us posted and ask for help anytime.;)

zorroo

many thanks i will check the mis selling claim


I still find it unfair that i am not able to stop the premium payment when I have cleared the balance and am forced to pay for something i do not need.

thinking about this more

the credit company give me 25 days free credit so i don't even own anything till payment is due. so i seem to be paying for insurance for the credit card debt befor it is passed to my account.

am i missing something ??

bugsy161

Back again with my thoughts on refunded interest on a credit card PPI.
I may be totally wrong but here are my thoughts.

Lets take the credit card interest at 1.25% per month and the PPI is £50 per month, paid for 5 years.

If you look at it monthly do you therefore use the calculation as;

£50 x 1.25% = £50.63 then add the 8% = £54.68

If this is the case then, do you do the next calculation based on the £54.63 figure as it is compounded, or on the £50.63 figure.

Any pointers would be much appreciated.

di3004

bugsy161 wrote: »

Back again with my thoughts on refunded interest on a credit card PPI.
I may be totally wrong but here are my thoughts.

Lets take the credit card interest at 1.25% per month and the PPI is £50 per month, paid for 5 years.

If you look at it monthly do you therefore use the calculation as;

£50 x 1.25% = £50.63 then add the 8% = £54.68

If this is the case then, do you do the next calculation based on the £54.63 figure as it is compounded, or on the £50.63 figure.

Any pointers would be much appreciated.

Hi there

This always confuses me too, but I'm sure this will be looked at for you and clarified.;)

amersall

BigCraigJohn wrote: »

Thats about right.
I think I applied for the card on the phone, didnt want ppi which is shown on the application entry sheet from the sar, says "ppc sale: no".
Then a woman called a few weeks later and "blagged" me to have it. 1 of those calls where you sort of give in and accept to get off the line(was a long time ago, I wouldnt stand for it now)
I was just wondering if there should be a written agreement for the ppi?.
How could they possibly prove it was sold fairly otherwise?

I will try and reclaim anyway as I do remember she was very charming but also pushy, its just something I was curious about which may add a bit of weight in the fact there was never anything signed to say I had agreed to the insurance .

hello again, you go for it i think you have a good chance, good luck, keep us posted if you need anymore help x