PPI Reclaiming Discussion part 4

jcamacd

Okay where do I start? We took a rent to mortgage with Ocwen finance in 95/96, it was arranged by a broker. We had no option but to take a PPI to cover the 3 year discount period. We took out a secured loan in 2000 with City Financial, again it was no PPI, no loan. We also had a car loan with Welcome Finance with the no PPI no loan statement again. I thought we were out of time to make a claim but I received a phone call from a company called Money claiming Experts who assured me that they would be able to claim back the PPIs. They wanted a deposit of £300 which they said was refundable. Is their advise correct? I haven't paid any money as yet. Can anyone help?

robbedofmymoney

jcamacd wrote: »

Okay where do I start? We took a rent to mortgage with Ocwen finance in 95/96, it was arranged by a broker. We had no option but to take a PPI to cover the 3 year discount period. We took out a secured loan in 2000 with City Financial, again it was no PPI, no loan. We also had a car loan with Welcome Finance with the no PPI no loan statement again. I thought we were out of time to make a claim but I received a phone call from a company called Money claiming Experts who assured me that they would be able to claim back the PPIs. They wanted a deposit of £300 which they said was refundable. Is their advise correct? I haven't paid any money as yet. Can anyone help?

save your money and do it yourself

if you still have copies of the loan agreements you can start straight away and its free to do.

download the FOS questionaire, fill it in and send it recorded delivery to the people who sold you the loans. the process will then start.

they have 8 weeks in which to give you an answer, if you don't get the answer you expect you can then forward your complaint onto the FOS, this is all free and will not cost you £300.

the £300 they want to charge you is for the privilidge of looking/refering your cases to someone else, you will never see this money again, you will then be stung for 25% of what ever is refunded, if the refund is refunded against a current loan they will still expect you to pay the 25% + vat out of your own pocket.

if you do not have any loan deatails you can still claim for miss-sold ppi, but first its advisable to request a SAR from each of your lenders (this will cost £10 from each lender) they then have 40 days to provide you with every shred of information they hold about you including any details of loans and policies.
if they no longer hold any information (they only have to keep records for 6 years, but some have older stuff, if the account is still active they will have ithe information you need), but if they no longer have any information the claim does become very difficult without any information as its difficult to prove a policy was sold in the first place.


personally i would do it yourself, save some money, and keep all of your refunds.

the FOS also recently advised consumers against using these type of companies.

good luck and let us know how you get on

amersall

jcamacd wrote: »

Okay where do I start? We took a rent to mortgage with Ocwen finance in 95/96, it was arranged by a broker. We had no option but to take a PPI to cover the 3 year discount period. We took out a secured loan in 2000 with City Financial, again it was no PPI, no loan. We also had a car loan with Welcome Finance with the no PPI no loan statement again. I thought we were out of time to make a claim but I received a phone call from a company called Money claiming Experts who assured me that they would be able to claim back the PPIs. They wanted a deposit of £300 which they said was refundable. Is their advise correct? I haven't paid any money as yet. Can anyone help?

NO NO NO :eek:
Would you take me up on the offer below?

hi there my name is lorraine and i work for the smith claims management company;);)
if you want me to fire a template letter off (that is already printed) i will file a claim on your behalf, for half of your win:p i will post this template letter (the charge for petrol to the post office and the cost of a stamp will be an extra 10% of your win) i do not work on a no win no fee basis:pif your claim does not succeed i will want 70% of what you would have won that will be taken by an attachment to your earnings:D
do i have any takers?... anyone?........no :eek: i wonder why?:p:p:p:p
You can do what they can do, nothing more nothing less,you will get all the help you need on here for free , just for the price of a stamp (or two) you keep all of your ppi refund. Good luck with this xxx
i have found just a letter in your own words is ok.Not knocking templates but i found my own letters were quicker to do;) But then anything for an easy life :D

lindah54

Hi

Wondered if anyone could help me. I have been awarded a refund on my PPI paid from AWD but when it comes to the 8% interest they say they only pay the interest from the date the refund is awarded to the settlement date so i only received about £4 !!! they originally awarded me £22 but when i queried it they now say they overpaid me by £17 because they paid the interest on what they have to repay Nemo loans and the £2000 they have to award me so they want me to send them £17 back!!! . Is this right doesnt seem so to me

Will be grateful for any help

Lindah

di3004

lindah54 wrote: »

Hi

Wondered if anyone could help me. I have been awarded a refund on my PPI paid from AWD but when it comes to the 8% interest they say they only pay the interest from the date the refund is awarded to the settlement date so i only received about £4 !!! they originally awarded me £22 but when i queried it they now say they overpaid me by £17 because they paid the interest on what they have to repay Nemo loans and the £2000 they have to award me so they want me to send them £17 back!!! . Is this right doesnt seem so to me

Will be grateful for any help

Lindah

Hi there

I take it the lender was Nemo and the broker was the other?

Ask them for a written detailed breakdown before you make any payment on this.

If they upheld in your favour then they must refund the same way as the financial ombudsman service (FOS), so it would be worth checking this out and make sure they do provide you with a breakdown.
Maxdp's thread shows how the FOS calulates refunds.....
https://forums.moneysavingexpert.com/discussion/1596473

Good luck with this.

jcamacd

jcamacd wrote: »

Okay where do I start? We took a rent to mortgage with Ocwen finance in 95/96, it was arranged by a broker. We had no option but to take a PPI to cover the 3 year discount period. We took out a secured loan in 2000 with City Financial, again it was no PPI, no loan. We also had a car loan with Welcome Finance with the no PPI no loan statement again. I thought we were out of time to make a claim but I received a phone call from a company called Money claiming Experts who assured me that they would be able to claim back the PPIs. They wanted a deposit of £300 which they said was refundable. Is their advise correct? I haven't paid any money as yet. Can anyone help?

Thanks for your answers. You have confirmed what I believed already. I am very cautious when it comes to unsolicited phone calls - for a start where did they get my number from? I am ex-directory. I usually hang up as soon as I hear that brief pause. I can see where people can be taken in by these calls because they make it sound so good. Someone I know, who had considerable debt, was contacted by a company that would get 'all his debt cleared in 5 years' using an IVA. I told him IVA's do not work in Scotland, I believe it is called a Trust Deed and it does not cover all debt. For example it does not release you from your responsibilty to pay your Income Tax or Child support arrears. I told him the CAB would advise him for free, but he went ahead and the creditors kept phoning. He found out that the company kept his first 2 months payments as fees.
In a few years time are we going to get a 'Miss-sold PPI recovery company? Contact us we'll get your money back!'
I will download the letters and look out any papers I may still have and do it myself.
Thanks again

polkadot

Just an update: Yesterday we received two statements from Lloyds relating to both the loans. I dont see that this could be sent in response to my SAR because I got a letter on 2 June asking me to nominate a branch to collect the docs from-which I did and returned it the same day.

Still, it did enable me to complete the questionnaire for the second loan-ppi loan advance was 1055.34 (DH says he was asked if he wanted PPI but it wasnt explained what it was, or how he would pay for it).
The PPI on the current loan is 3265.79.

I'll send the new questionnaire off tomorrow, but at hat point do I start asking if they received the first? I sent it off on the 25th of May?

lindah54

Hi

Thanks for your info. Yes the lender is Nemo and the broker AWD. The breakdown they have given me is that they are to repay £8088.45 to Nemo to reduce the amount as if i never had the PPI and £2048.87 to me as overpayment which includes 8% interest between date of offer and date of payment. Total interest they want to pay me is £4.49. They have already sent me the cheque should i cash it or wait to find out more about whether the interest is correct? I thought the interest was paid at 8% of each month i paid since the loan started. My PPI was front loaded maybe this makes a difference! Any more advice would be very welcome

di3004

lindah54 wrote: »

Hi

Thanks for your info. Yes the lender is Nemo and the broker AWD. The breakdown they have given me is that they are to repay £8088.45 to Nemo to reduce the amount as if i never had the PPI and £2048.87 to me as overpayment which includes 8% interest between date of offer and date of payment. Total interest they want to pay me is £4.49. They have already sent me the cheque should i cash it or wait to find out more about whether the interest is correct? I thought the interest was paid at 8% of each month i paid since the loan started. My PPI was front loaded maybe this makes a difference! Any more advice would be very welcome

Hi there

I too had a loan with Nemo and in fact 2 loans, the first one of the ppi was mis sold and I had to deal with the broker for that one, and again mis sold on the loan advance of the PPI..which was those of Nemo I had to deal with.

I was successful with both, but it did not work out like they have dealt with yours.

My suggestion would be to either wait to see if anyone else has some advice on here for you, or you could try by ringing the financial ombudsman service (FOS) as soon as you can during office hours, explain the situation and hopefully they may have some answers on this one for you.
I am baffled to be honest.
So give the FOS just as a general query on the freefone number below:
http://www.financial-ombudsman.org.uk/contact/index.html

Fingers crossed with this, please let us know how you get on.

Cheers.:)

di3004

polkadot wrote: »

Just an update: Yesterday we received two statements from Lloyds relating to both the loans. I dont see that this could be sent in response to my SAR because I got a letter on 2 June asking me to nominate a branch to collect the docs from-which I did and returned it the same day.

Still, it did enable me to complete the questionnaire for the second loan-ppi loan advance was 1055.34 (DH says he was asked if he wanted PPI but it wasnt explained what it was, or how he would pay for it).
The PPI on the current loan is 3265.79.

I'll send the new questionnaire off tomorrow, but at hat point do I start asking if they received the first? I sent it off on the 25th of May?

Hi there

I would give them a call tomorrow and ask, just to ease your mind, and then take it from there, just in case.;)

Good luck.