PPI Reclaiming Discussion part 4

bernie_inn

It was sold directly with first plus. To be honest I am moving to Australia in the next couple of months, but the house is in negaitve equity because of this loan. hopefully with a PPI reclaim it'll bring it back into the black at that point we can sell it. if not it'll be when we get the refund in Feb.

di3004

bernie_inn wrote: »

It was sold directly with first plus. To be honest I am moving to Australia in the next couple of months, but the house is in negaitve equity because of this loan. hopefully with a PPI reclaim it'll bring it back into the black at that point we can sell it. if not it'll be when we get the refund in Feb.

Wow So your moving down under you lucky thing.:j
Hopefully all be will resolved by then, fingers crossed.:beer:

amersall

bernie_inn wrote: »

Hi all, I am just starting a PPi reclaim against first plus. I have filled in the questionnaire, do I need to send a covering letter with it?

Also my 5 year term is up in February so i will be getting my refund then ( I never realised we had to apply for it) my question is if I try to reclaim and am unsuccessful will I still be eligable for the PPI refund in February? I haven't made any claims on the PPI or missed any payments

hi there, yes if lose mis sell you can claim the five year cash back, although when you ask for settlement figure you will see your balance owing wont be as reduced as you think it will be, sorry to put a downer on this but i won mi sell with these , had the loan payment reduced and ppi taken off, i paid 950 a month for 5 years and after this win, on a loan of 92000 i had a settlement figure of 90250! so i had paid 57000 back and my debt only reduced by 1750, this is a lot of money isnt it?.( i am only telling you this as you are emigrating and dont want to think that you will owe them a lot less) ask for a settlement figure now, and if you win mis sell then ask for another one you will be amazed by how little it will have gone down, but at least if you win, the ppi amount will come off your balance so that will make less interest they can charge you on that,also you get back ppi payments made to date so with interest, so you could also take that off the balance to reduce it a bit more. 99% of all front loaded ppi are being won, the most famous reason for mis sell with this is the fact it is added to the loan at the beginning, the cover only lasts 5 years but you pay it back over the term of the loan with interest.Good luck with this and i hope your settlement figure is what you need to be able to pay them off . I have never known a company like these, also wait for your interest rate to rise again in september!! this company put rates up "because it is prudent for their business" they dont even link it to any rate, untill libor, boe, and fhbr rates go up, then we will probably get stung again with another rise. Sorry for the doom and gloom, but forewarned is forarmed. Hope you get rid of these and please keep us posted x

bernie_inn

believe me i know how bad first plus are. The money that we get back i will pay a lump sum off my original mortgage. That will bring the overall debt down my original loan was £60,000 plus £15,000 PPI i can't believe i was stupid enough to take it but hey ho you live and learn. so my loan should then be approx £50,000 - £60,000 the money I get back i'll pay off my main mortgage that should bring the whole lot down to something close to what I can sell for. I will then approach FP and my main mortgage supplier and see if they'll accept a full and final for what we can sell for. The big advantage I have is i'll have a permanent visa for Oz and they won't follow me there hopefully they'll be willing to do a deal with this in mind

Gareth_Darke

Is there any reason why the FOS have taken a whole YEAR to deal with my case against Natwest?

Every time I email them they just reply with some stock answer "We have a heavy work load". Dont we all!

They are beginning to sound like Natwest, who in my opinion "Stole" £7500 pounds from me in the first place. Come on FOS get a move on, 7.5k is Sir Fred Goodwins weekly pension payout! :mad::mad::mad:

di3004

Gareth_Darke wrote: »

Is there any reason why the FOS have taken a whole YEAR to deal with my case against Natwest?

Every time I email them they just reply with some stock answer "We have a heavy work load". Dont we all!

They are beginning to sound like Natwest, who in my opinion "Stole" £7500 pounds from me in the first place. Come on FOS get a move on, 7.5k is Sir Fred Goodwins weekly pension payout! :mad::mad::mad:

Hi there

Good luck with this and do hope you hear soon.

One of mine taken 14-15 months to deal with and that was back a few years ago through the FOS, and unfortunately some have been waiting longer again.

If your in financial hardship, let them know and request for fast tracking, even though there is also a queing system for this, if they agree with the reasons behind your hardship they will be able to add to the fast tracking system.

Hope you hear soon though, fingers crossed.;)

marshallka

Gareth_Darke wrote: »

Is there any reason why the FOS have taken a whole YEAR to deal with my case against Natwest?

Every time I email them they just reply with some stock answer "We have a heavy work load". Dont we all!

They are beginning to sound like Natwest, who in my opinion "Stole" £7500 pounds from me in the first place. Come on FOS get a move on, 7.5k is Sir Fred Goodwins weekly pension payout! :mad::mad::mad:

I thought FOS were working through cases quicker now. Mine was there 13/14 months also and it was eventually settled without the need for an adjudicator. I received a letter a few weeks after settling with the insurer saying that my case was now ready to be moved on. I actually dealt with it myself in the end and got an offer I was happy with.

Have you been passed on for adjudication yet?

bugsy161

marshallka wrote: »

I thought FOS were working through cases quicker now. Mine was there 13/14 months also and it was eventually settled without the need for an adjudicator. I received a letter a few weeks after settling with the insurer saying that my case was now ready to be moved on. I actually dealt with it myself in the end and got an offer I was happy with.

Have you been passed on for adjudication yet?

I hope the FOS are getting quicker to deal with new cases but there is still a problem with cases in the system.
My complaint went to the FOS in January 2008 and eventually reached an adjudicator in March 2010.
Adjudicator found in my favour but Lloyds TSB didnt reply (no surprise there), so it has been in the actual Ombudsman queue since March 25th...................
Dont give up, whatever happens.

marshallka

bugsy161 wrote: »

I hope the FOS are getting quicker to deal with new cases but there is still a problem with cases in the system.
My complaint went to the FOS in January 2008 and eventually reached an adjudicator in March 2010.
Adjudicator found in my favour but Lloyds TSB didnt reply (no surprise there), so it has been in the actual Ombudsman queue since March 25th...................
Dont give up, whatever happens.

Blimey, I thought FOS had improved but obviously not. People were reporting on here about 6 months. I know if an adjudicator says you have won your complaint that usually the Ombudsman would agree with them so no worries there and also you have to think of all the extra statutory interest they will have to pay.

Good luck

bugsy161

marshallka wrote: »

Blimey, I thought FOS had improved but obviously not. People were reporting on here about 6 months. I know if an adjudicator says you have won your complaint that usually the Ombudsman would agree with them so no worries there and also you have to think of all the extra statutory interest they will have to pay.

Good luck

I hope you are right and the wait will be worth while.
My claim goes back to 1987 from 2007 so fingers and toes crossed.