PPI Reclaiming Discussion part 4

robbedofmymoney

Derek_Acorah wrote: »

Hi all, have been in process of claiming back PPI from FirstPlus.

Had a response from them, and I want to check out whether this is a good result.

They are refunding the premium of about 9.5k, plus interest paid on the premium to date. This will reduce the balance of the loan, and the part of the monthly payments made towards the ppi premium will be returned to me. The monthly payments due will be rescheduled accordingly.

No figures were quoted, which troubles me slightly, but on the whole, this seems like a result to me.

What do you guys reckon? Is this good? In line with what others are being offered?

Any advice, very gratefully recieved.

Derek.

Derek

as per the information in the PM the numbers do stack up to be about right.

well done on getting a refund, and try to get the payments you have made refunded directly to you.

cheers

Paulmc77

I was just preparing the template letter when I realised I don't have the account number for my A&L loan. Can I still go ahead and write to them? Surely they will be able to identify my loan with my name and address.

robbedofmymoney

Paulmc77 wrote: »

I was just preparing the template letter when I realised I don't have the account number for my A&L loan. Can I still go ahead and write to them? Surely they will be able to identify my loan with my name and address.

you don't necesarily have to have the details, as you say, they can look these up, but it does help to have the information as it looks less like someone trying it on, the banks are quite aware that some people are just trying it on with no real reasons, so the more information you show you have the more likely you will get a positive outcome.

you should be able to get the details over the phone and insert into your complaint or if the loan is still active you could get it from your direct debit details.

then make the complaint for the reasons you have for miss-selling the ppi policy.

GerrySE

Does anyone know to which account any PPI claim must be re-paid? I’ve recently had a refund from Natwest and they tell me it must be paid to the loan account however I am reading that some people have had it entirely paid to their current account and others have had part paid to the loan and part to the current account. Is there any ruling on this?

Thanks

di3004

lisaw260 wrote: »

Hi

Back in 2004, my husband & I took out a loan from above mentioned which included PPI the repayment period was 36 months. In March 2007, I discovered that we could challenge the loan agreement as there were key pieces of information missing from the loan agreement, we subsequently challenged this and to our amazement the remainder of the loan was written off.

We decided back in March of this year to reclaim the PPI in the grounds that it was missold, I have been told today that whilst they have upheld our complaint and they agree that the PPI was indeed missold, they are now telling me that because we had an amount written off the loan back in 2007, that we effectively will be offered nothing by way of compensation.

So my question is should I now complain to the ombudsman or take it straight to court, as I don't think its fair for them to say we are having nothing, when the original loan agreement wasn't legal in the first place.

Thanks
Lisa

Hi and welcome Lisa

Well done on your success.:beer:

I am not too sure on this but maybe you could post about this one on the loan thread here:
http://forums.moneysavingexpert.com/forumdisplay.php?f=12

Good luck.;)

di3004

Paulmc77 wrote: »

I was just preparing the template letter when I realised I don't have the account number for my A&L loan. Can I still go ahead and write to them? Surely they will be able to identify my loan with my name and address.

Hi there

Have you checked any old banking statements, where you were making monthly repayments the account number should be shown next to them.

If not contact them with your details, they should be able to supply them to you.

Good luck with this.;)

di3004

GerrySE wrote: »

Does anyone know to which account any PPI claim must be re-paid? I’ve recently had a refund from Natwest and they tell me it must be paid to the loan account however I am reading that some people have had it entirely paid to their current account and others have had part paid to the loan and part to the current account. Is there any ruling on this?

Thanks

Hi and welcome Gerry

As long as there are no arrears (missed payments) I believe you have the right to request they refund into an account of your choice, contact them if this is the case.

Fingers crossed.:)

And Well done! :beer:

amersall

EllBee wrote: »

Hi all,

My daughter has a loan with NatWest and only realised last week that she has PPI with it! She doesn't remember agreeing to it although the letter she has from the bank does state "For the Personal Loan Protector insurance that you have chosen..............................." and goes on to say that details of the insurance cancellation rights can be found in the Personal Loan Protector Insurance Certificate which they provided previously which, of course, she hasn't got! My daughter had a previous loan then increased it last year to clear her overdraft and other things but is sure she didn't agree to PPI. I've made 2 successful claims against RBS (NatWest) but my loans were paid off and for the life of me I can't remember what my first letter to NatWest said. I'm sure I used the template on MSE but can't seem to find it and neither can I find my paperwork relating to my claims. Am I right in thinking that my daughter should cancel her PPI then claim against NatWest afterwards or just go straight ahead with requesting repayment of the PPI? I'm sure I've also seen on here that NatWest will say she will have to take out another loan if she cancels the PPI.

I had hoped never to have to deal with this again but hey ho!! It stressed me out so much I've almost wiped it from my memory!!! Although I have to say RBS were pretty good about paying out (after I'd refused their initial 'goodwill' offer!)

Thanks in advance (and 'hello' to Di and amersall. I see you're still in the thick of it, helping people out. Still amazing people!!!)

hi ellbee!! nice to have you back :j do not cancel the ppi, if you win ,mis sell you get all ppi you have paid to date back, the loan is reset to what it should have been without the ppi and at the same apr and term, if you cancel you get a small rebate of ppi and the new loan may have an higher apr, go for it and good luck x

amersall

Derek_Acorah wrote: »

Hi all, have been in process of claiming back PPI from FirstPlus.

Had a response from them, and I want to check out whether this is a good result.

They are refunding the premium of about 9.5k, plus interest paid on the premium to date. This will reduce the balance of the loan, and the part of the monthly payments made towards the ppi premium will be returned to me. The monthly payments due will be rescheduled accordingly.

No figures were quoted, which troubles me slightly, but on the whole, this seems like a result to me.

What do you guys reckon? Is this good? In line with what others are being offered?

Any advice, very gratefully recieved.

Derek.

hi there, fp have to redress to the fos rules,they are getting crafty now as if they give a good will gesture they dont give you the 8%, if they admitted the mis sell you get the 8%, :j:jwell done on your win with fp they are a nightmare :eek: take a look at this website firstpluscomplaints.co.uk this was started by a guy who had dealings with fp, you will get all the info you need on there and have your eyes well and truly opened

amersall

lisaw260 wrote: »

Hi

Back in 2004, my husband & I took out a loan from above mentioned which included PPI the repayment period was 36 months. In March 2007, I discovered that we could challenge the loan agreement as there were key pieces of information missing from the loan agreement, we subsequently challenged this and to our amazement the remainder of the loan was written off.

We decided back in March of this year to reclaim the PPI in the grounds that it was missold, I have been told today that whilst they have upheld our complaint and they agree that the PPI was indeed missold, they are now telling me that because we had an amount written off the loan back in 2007, that we effectively will be offered nothing by way of compensation.

So my question is should I now complain to the ombudsman or take it straight to court, as I don't think its fair for them to say we are having nothing, when the original loan agreement wasn't legal in the first place.

Thanks
Lisa

hi there, did you have this loan written off legally? if it was just the company doing it then i would think that you have no redress on the ppi, you may need to get a solicitor if this loan was not right, try fos and see what they say, good luck