PPI Reclaiming Discussion part 4

Brinkley

Hello
New to this but have just got 6 years of statements back from EGG.Whilst checking through them i have been charged for `Credit Card Repayment Protector`being a bit ignorant about this is this PPI and can i claim this back?

di3004

Brinkley wrote: »

Hello
New to this but have just got 6 years of statements back from EGG.Whilst checking through them i have been charged for `Credit Card Repayment Protector`being a bit ignorant about this is this PPI and can i claim this back?

Hi and welcome

Do you still have the policy booklet details for this?

Just wondered what it should be protecting you for.

However, if this is the same type of thing as PPI, for instance if it supposed to protect you for unemployment/sickness and so on, and you were mis sold the product for any reason you have then give it a go.

If you do not have these details of the policy, maybe they will have more details of this on their website which will enclose more info etc.

So if this is the case, you can complete the questionnaire instead of a letter, these were recently issued by the financial ombudsman service (FOS) for customers to complete and send to whom is responsible for setting up and arranging the product.

You will find the questionnaire further down the page on link below as Stage one.
Complete and keep copies, they have 8 weeks in full to respond.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Hope this helps.

Good luck with this.;)

Geoffro

amersall wrote: »

congrats on your win, you only get ppi back you have paid to date, as your loan is still running you would still have 20 months of the ppi left to pay, so you dont get anything back for that, it seems to me you have got back ppi paid to date with interest in the offer, what a good result !

Thanks for the information. As I told Di I was very happy with the outcome especially as it came after just the first letter.

Can't thank you, Di and the site enough not only for the templates but the encouragement and support in going to the bank in the first place. :T

di3004

Geoffro wrote: »

Thanks for the information. As I told Di I was very happy with the outcome especially as it came after just the first letter.

Can't thank you, Di and the site enough not only for the templates but the encouragement and support in going to the bank in the first place. :T

Bless you, you done fab and its our pleasure.:A:beer:

amersall

Geoffro wrote: »

Thanks for the information. As I told Di I was very happy with the outcome especially as it came after just the first letter.

Can't thank you, Di and the site enough not only for the templates but the encouragement and support in going to the bank in the first place. :T

your very welcome x

SAJ0427

Hi all,

Have been reading all forums which gave us the incentive to try and claim mis-selling of PPI.

Would be grateful for any advice on how to proceed further.

We took out a loan with First Plus back in 2006 along with PPI insurance, initially we sent our reclaim letter to FP who advised that HFS (now part of Capital One) sold us the PPI policy and we would need to send our complaint to them. We then forwarded our claim onto Capital One who just got back to us today stating that they believe we have not been mis-sold our policy (listing reasons why against each of the points from our original complaint) but as a goodwill gesture they will give us a proportion of the premiums we paid plus interest - total of £15,356!!!???

They advised should we accept they will pay us by BACS and cancel the insurance with FirstPlus of which we will also receive a rebate or £252.61 from FP (it has not been explained what this amount is for). They also state we can pay the money we receive onto the loan to reduce the term and interest but we will continue to pay interest on the insurance until the loan has been settled in full (we are only 4 years into the loan).

They have also stated that 'Financial regulations require me to advise you that this is my final response in relation to this matter and to contact FOS if we are unhappy with their response'

I find the letter contridicting - if we weren't mis-sold then why the goodwill gesture??, the settlement is very generous considering we paid nowhere near this amount but really was hoping for the PPI to be removed completely as otherwise we owe more then when we started the loan.

It is clear now we could have picked this up as it is stated in the 'Your Demands and Needs Statement' that CapitalOne has sent to us that the policy is optional and will be added to loan amount (however we did not realise we would incur interest on this portion). It does also state in the terms & conditions that the PPI will be paid over the term of the loan but we did not really understand full implications.

If we take this further with the FOS I am worried our case will not be upheld as their reasons for claiming non misselling seems plausable - the only thing missing is evidence of phone calls.

We are tempted to cut out losses and take the 15K but keep wondering why the offer if we were not missold.

Thanks in advance

marshallka

SAJ0427 wrote: »

Hi all,

Have been reading all forums which gave us the incentive to try and claim mis-selling of PPI.

Would be grateful for any advice on how to proceed further.

We took out a loan with First Plus back in 2006 along with PPI insurance, initially we sent our reclaim letter to FP who advised that HFS (now part of Capital One) sold us the PPI policy and we would need to send our complaint to them. We then forwarded our claim onto Capital One who just got back to us today stating that they believe we have not been mis-sold our policy (listing reasons why against each of the points from our original complaint) but as a goodwill gesture they will give us a proportion of the premiums we paid plus interest - total of £15,356!!!???

They advised should we accept they will pay us by BACS and cancel the insurance with FirstPlus of which we will also receive a rebate or £252.61 from FP (it has not been explained what this amount is for). They also state we can pay the money we receive onto the loan to reduce the term and interest but we will continue to pay interest on the insurance until the loan has been settled in full (we are only 4 years into the loan).

They have also stated that 'Financial regulations require me to advise you that this is my final response in relation to this matter and to contact FOS if we are unhappy with their response'

I find the letter contridicting - if we weren't mis-sold then why the goodwill gesture??, the settlement is very generous considering we paid nowhere near this amount but really was hoping for the PPI to be removed completely as otherwise we owe more then when we started the loan.

It is clear now we could have picked this up as it is stated in the 'Your Demands and Needs Statement' that CapitalOne has sent to us that the policy is optional and will be added to loan amount (however we did not realise we would incur interest on this portion). It does also state in the terms & conditions that the PPI will be paid over the term of the loan but we did not really understand full implications.

If we take this further with the FOS I am worried our case will not be upheld as their reasons for claiming non misselling seems plausable - the only thing missing is evidence of phone calls.

We are tempted to cut out losses and take the 15K but keep wondering why the offer if we were not missold.

Thanks in advance

How much was your original PPI added the agreement? Also how long was the agreement over and how much were the repayments etc (broken down). In fact if you give details of the loan agreement somone can perhaps take a look to see if they are redressing you for the whole amount that "would" be due also if you actually paid nowhere near that amount?

amersall

SAJ0427 wrote: »

Hi all,

Have been reading all forums which gave us the incentive to try and claim mis-selling of PPI.

Would be grateful for any advice on how to proceed further.

We took out a loan with First Plus back in 2006 along with PPI insurance, initially we sent our reclaim letter to FP who advised that HFS (now part of Capital One) sold us the PPI policy and we would need to send our complaint to them. We then forwarded our claim onto Capital One who just got back to us today stating that they believe we have not been mis-sold our policy (listing reasons why against each of the points from our original complaint) but as a goodwill gesture they will give us a proportion of the premiums we paid plus interest - total of £15,356!!!???

They advised should we accept they will pay us by BACS and cancel the insurance with FirstPlus of which we will also receive a rebate or £252.61 from FP (it has not been explained what this amount is for). They also state we can pay the money we receive onto the loan to reduce the term and interest but we will continue to pay interest on the insurance until the loan has been settled in full (we are only 4 years into the loan).

They have also stated that 'Financial regulations require me to advise you that this is my final response in relation to this matter and to contact FOS if we are unhappy with their response'

I find the letter contridicting - if we weren't mis-sold then why the goodwill gesture??, the settlement is very generous considering we paid nowhere near this amount but really was hoping for the PPI to be removed completely as otherwise we owe more then when we started the loan.

It is clear now we could have picked this up as it is stated in the 'Your Demands and Needs Statement' that CapitalOne has sent to us that the policy is optional and will be added to loan amount (however we did not realise we would incur interest on this portion). It does also state in the terms & conditions that the PPI will be paid over the term of the loan but we did not really understand full implications.

If we take this further with the FOS I am worried our case will not be upheld as their reasons for claiming non misselling seems plausable - the only thing missing is evidence of phone calls.

We are tempted to cut out losses and take the 15K but keep wondering why the offer if we were not missold.

Thanks in advance

well done on this, but watch out, if you accept this offer your monthly payment will remain the same, you still have ppi on for the remaining term of the loan with interest (unless you pay the ppi payment back off the loan, and i dont think this will decrease your monthly payment) fp dont work like that, if i were you i would ring fp and ask them if paying the ppi off the loan will reduce the monthly payment, they are the only ones who can tell you how this will affect your loan.If your ppi monthly payment comes off your loan when you have paid the ppi back then that is fine, but you need to know what will happen, fp are not the most trusted company let me tell you, this refund may sound simple but trust me it wont be, this is a company who increase interest rates "as it is prudent for our business" they are linking rates to any means that allow them to rip customers off.Just make sure that you will be better off after you pay your ppi back, and trust me in the long run if you dont pay it back your ppi will cost you thousands in interest over the term of the loan.To get to the point of mis sell. yes you were there is no doubt about this, the ppi only covers you for 5 years and you pay it back with interest over the term of the loan, these front loaded ppi are a rip off, if the offer as you say is for more than the ppi then ask them for a breakdown of this figure and you will be sure in your own mind that they have given you back what you should be getting if you had won mis sell.Well done on your win with these, but please look into this before you make a final decision.Also take a look at this website firstpluscomplaints.co.uk and have your eyes well and truly opened !!
also (sorry to go on and on) if you dont cancel the ppi you should still be covered by it, so if you are and they dont cancel the policy you have a win win as you can claim on it if you need to, so try not to let them talk you into cancelling this, as if you still have the policy and you have not claimed for the 5 year payback, you should still get this, so try not to cancell the ppi just pay that amount back to your loan and you will be quids in, they have told you its not mis sold so you dont need to cancel it, do you understand?

di3004

GREAT advice amersall.:T:T:j;)XX

amersall

di3004 wrote: »

GREAT advice amersall.:T:T:j;)XX

thanks di, do you think i am right about the ppi policy not being cancelled and it can still be claimed on? as it is not a mis sell as cap one have said it isnt, i think this will work very much in favour of the poster, if the ppi is paid back with the offer money then the 5 year claim can be claimed on as there was no mis sell and the policy is not cancelled.My fear is fp will try to cancel the policy as i wouldnt put it past them:mad: hope the poster gives them what for if they try to cancel this, i would ring fos if fp try to go this route