PPI Reclaiming Discussion part 4

stereo_mike

marshallka wrote: »

Hi stereo mike.

What would happen then if they are both settled about the same time?

The lender is not stupid enough to pay out the PPI premium twice (although??).

When an offer is made by the FOS they ask the company to provide details of all claims, arrears, refunds etc so these can be deducted from any redress

robbedofmymoney

SAJ0427 wrote: »

Excellent thanks a million, you have all been brilliant.

I will send a response to Denise Wilmot refusing the offer and requesting detailed breakdown of the payment offer and I will take it to the FOS.

Will keep you all updated with our progress.

Again thanks to all - this has been such a big help.

your welcome,

rather than reject the offer forthright, ask them to reconsider their offer and give them 7 days, then go to the FOS

cheers

stereo_mike

marshallka wrote: »

I hope you are right. My last one was 14 months.

FOS are still taking well over 6 months to deal with cases, i've just be notified of a case that was sent to FOS march 09 which they have just started dealing with.

robbedofmymoney

marshallka wrote: »

I hope you are right. My last one was 14 months.

heres to hoping,

my large Lloyds claim is there now,
its been there 2 months so no doubt it will be a good guide.

should be clear cut in terms of winning as Lloyds themselves have upheld 2 previous claims fo rexactly the same reasons

cheers

amersall

marshallka wrote: »

I would not put it past them either Amersall. I wonder how that would look in a complaint and how FOS would view it? Firstplus seem to have their own laws anyway so probably it will get overlooked if they do.

agree 100%! first plus are a law unto themselves, seems no one will bring them to account, i wonder why?

SAJ0427

robbedofmymoney wrote: »

your welcome,

rather than reject the offer forthright, ask them to reconsider their offer and give them 7 days, then go to the FOS

cheers

In her letter she quotes "Financial regulations require me to advise you that this is my final response in relation to this matter. However, you do have the option to contact the Financial Ombudsman Service within six months from the date of this letter".

Do you think I should still give them 7 days to reconsider? Is this one of their attempts to fob off?

amersall

robbedofmymoney wrote: »

hi,

in which case you want them to re-look at their offer, you want the ppi element removing from the loan and the loan repayments reduced for the remaining term to £798 per month. which would be for th eloan only.

you want them to refund you premiums and interest you have already paid which equates to £9750 in premiums already paid, and £1,657 in 8% simple interest for being miss-sold. so in total £11,407.

i know its less than they have offered, but if you take their current offer and leave the payments in place you will be worse off in the long run.

for example, if you take the offer of £15k you will still have to pay an additional 251 payments of £195 = £48,945 for the remainder of the loan term, this is on top of the £9750 you have already paid.

so in effect they will give you 15k but it has/will cost you £58k

ultimately its your decision, i know what i would do.

if it were me i would go for the loan to be put into the position it would be as if the ppi had not been added and a refund of premiums paid, which is in line with the FOS.

to get this you may need to go to the FOS.

thanks robbedof, spot on, mis sell is the way to go,i would tell them to stuff the offer and go to fos, i know it takes a while but this was deffo mis sold (as all fp loans are) even if sajo427 did not take the offer and got the 5 year payout, the interest on that is astronomical, i was better off with mis sell my ppi with them was 23000!!

marshallka

stereo_mike wrote: »

The lender is not stupid enough to pay out the PPI premium twice (although??).

When an offer is made by the FOS they ask the company to provide details of all claims, arrears, refunds etc so these can be deducted from any redress

What then about goodwill payments? Do they count? If a firm pays out of goodwill they do not get a black mark at FOS do they and its not "recorded" as such?

robbedofmymoney

SAJ0427 wrote: »

In her letter she quotes "Financial regulations require me to advise you that this is my final response in relation to this matter. However, you do have the option to contact the Financial Ombudsman Service within six months from the date of this letter".

Do you think I should still give them 7 days to reconsider? Is this one of their attempts to fob off?

they are correct, under regulation they have to issue a final response, however this does not stop them from then re-considering thier offer,

myself and others have had success by refusing the goodwill gestures which were final offers and asking them to re-consider.

its worth a try, like anything in life, if you don't give it a go you'll never know.

robbedofmymoney

marshallka wrote: »

What then about goodwill payments? Do they count?

i beleive goodwill payments are in full and final settlement,
so if goodwill gesture taken its the end of it as far as the lender is concerned, and the cover ends.