PPI Reclaiming Discussion part 4

di3004

sparklyjojo wrote: »

Hello all,
Hi and welcome.

I'm brand new to the forum, and not entirely sure how all this works, but from reading recent posts I can see you are all very knowledgable people! Would be so grateful if anyone has some time to help me out with the following:
We will do our best.:D

My husband and I took out a loan from Northern Rock in 2007. We applied online - however the webpage said we would receive a call from someone to finalise the application. Northern Rock phoned my husband and informed him that we couldn't have the loan without having the ppi insurance as well. We really needed the loan at the time, and so therefore agreed and signed the paperwork stating we wished to take out the insurance with the loan.
I read Martin's article about reclaiming ppi, after seeing a lot in the national press about it, and decided to fill in the questionnaire and send it to Northen Rock. I sent this exactly 8 weeks ago, and haven't heard anything from them.
Seems like you had to take out the PPI with no choice, and you were basically pressurised, so you do have a case.

There are a few things I'm not sure about:

1) Because we applied online, does that mean we are not eligible to reclaim? (despite the fact that the loan was finalised over the phone, and we were told we couldn't have to loan without taking out the insurance)
Even though online applications can be more difficult when it comes to reclaiming, in your case by phone call you were told that you had to take out the PPI, so this will go in your favour, and you can also request they send you a copy of the phone recordings.
2) Should we cancel the ppi insurance now anyway? We are still paying it each month because on the questionnaire we filled out, it said that it was likely that by sending the complaint, it would effectively cancel the insurance at the same time - or have I misunderstood that? Would it confuse the process for me to cancel it now? As in the questionnaire I stated that we hadn't cancelled it yet.
Your able to cancel the PPI at any time, however they all have different ways of dealing with this, but hopefully by you doing this they will reduce your monthly repayments, and of course what you have paid into the account of PPI you request for that to be refunded via questionnaire.
I would still put it into writing though to cancel, and keep a copy for your reference as well - to cover yourselves.


3) Thirdly, and finally (!), because we haven't heard back and it's been 8 weeks - do we now send te second letter directly to Northern Rock or to the ombudsman?
You are correct, its 8 weeks they have and if you hear absolutely nothing, you are in your right to complain to the FOS, however, maybe they do have a backlog, but they should make you aware of this, so what you could do if you want to is chase them up with a phone call first and ask if they are actually dealing with your complaint.

Just a bit of background - we have never missed a payment, or made any claims on the ppi.
If successful, you can request they refund the amount directly to you, some will suggest that they refund the amount towards the balance to help reduce the debt balance, but personally, in my opinion, you have already been out of pocket, so your in your right to request this back to you.
However, interest should be refunded directly to you anyway - which would include further interest of 8% of what a court would award for being deprived of your money.

Apologies for my ignorance , as you can tell - I don't really understand all this and would be so grateful for any help or advice you can give.

Thank you.

Your doing good here, so no worries.;)

And another thing as well, if this ppi only covered 5 years of the loan, and the loan was for example over 10 years or so, then you would still be paying for the ppi for the remainder of the loan, and not protected, so they are a right costly rip off policy.

Good luck and keep at them.:)

Thebiker

They have stated this is a final decision and they will not look into it any further. If they had given me a better offer then I would have considered it, as I could really do with the money rite now and I do not fancy having to wait 6 months or more for the FOS to find in my favour, which im sure they would with the case I have. So I think I am going to rite back to them and ask them to make an offer that I would find more agreeable, how can I find out if the coop were regulated by the FSA at the time of the loans?

One other thing, on the acceptance slip they say that the money will be paid directly into my Coop current account, but as I said this was closed by them when I defaulted, so how can they do that, should I ask then to change the payment method if they give me a better offer.

RedFox_2

Hi Di & Others

Received a letter this morning for PPI.

PPI premium on loan - £703.40
Less any PPI premium refund taken off loan - £445.49
Refund of interest charged on PPI premium at contractual loan rate - £18.86

Total refund due - £276.77

What I'd like help with guys is what do they mean by the highlighted line above? I just cannot figure out what they mean?

Thanks for any advice you can offer!

RedFox

amersall

Thebiker wrote: »

I have just had an offer from the co-operative, it is not what I was hoping for though, also I am not sure where they are getting the figures from.

First of all they have rejected my first 3 PPI claims, based on the fact that they were taken out in 2003 and are over 6 years old. I know this isn't really a valid reason as I have seen people on here successfully get claim back from the 1990's..


The other other 2 loans they have upheld and state. "I am prepared to offer a full refund of the premiums paid, the interest applied to the premiums, and an additional 8% interest on these amounts".

The 4th loan I had the PPI amount was 1045.22, they have offered:

The total PPI including interest paid = 600.96
Plus 8% interest on each payment = 263.00
Total = 863.96

The 5th loan I had the PPI amount was 1378.32, they have offered:

The total PPI including interest paid = 220.68
Plus 8% interest on each payment = 88.77
Total = 309.45

Now the 5th loan I had I defaulted on, because I came out of work
and was not covered by the PPI, they then transfered the whole amount into my current account and eventually closed my account and sold the debt to an agency, who I am still paying. So should I still be entitled to the full 1378.32 from that PPI since they would have got all their money back when they sold the debt on anyway?

As for the 4th loan, I don't know where they got the figure of 600.96
is this something else that they are offering and not the PPI amount?

Go to fos with the 3 rejects, people have won going further back than that, one i remember was 1999, i won 2 from 2001,
were the loans you won on paid off or are they still running? as you only get ppi back that you have paid to date, with the offers they have given you they do not show rebate of interest so i can assume you have time to go with these,
if you put up the loan start dates,and monthly ppi payment someone will be able to help you more.
The debt that was sold on, you should get back ppi paid to date with interest, as it is with an agency they could take this off your balance, when a company sells a debt on, it only pays a percentage to the company they buy the debt from, is the ppi still running on this loan? as you only get ppi you have paid to date as the loan is is in effect "still running" hope this helps

amersall

Thebiker wrote: »

They have stated this is a final decision and they will not look into it any further. If they had given me a better offer then I would have considered it, as I could really do with the money rite now and I do not fancy having to wait 6 months or more for the FOS to find in my favour, which im sure they would with the case I have. So I think I am going to rite back to them and ask them to make an offer that I would find more agreeable, how can I find out if the coop were regulated by the FSA at the time of the loans?

One other thing, on the acceptance slip they say that the money will be paid directly into my Coop current account, but as I said this was closed by them when I defaulted, so how can they do that, should I ask then to change the payment method if they give me a better offer.

Hi there, you just put your bank details doesnt matter where

amersall

RedFox wrote: »

Hi Di & Others

Received a letter this morning for PPI.

PPI premium on loan - £703.40
Less any PPI premium refund taken off loan - £445.49
Refund of interest charged on PPI premium at contractual loan rate - £18.86

Total refund due - £276.77

What I'd like help with guys is what do they mean by the highlighted line above? I just cannot figure out what they mean?

Thanks for any advice you can offer!

RedFox

Hi there, yes it is right, they would have given you a rebate when you cleared the loan, so in effect that is what they have given you already, take the original loan ppi minus by the rebate amount and the amount they are paying you and you will see what i mean,hope this helps

di3004

Thebiker wrote: »

They have stated this is a final decision and they will not look into it any further. If they had given me a better offer then I would have considered it, as I could really do with the money rite now and I do not fancy having to wait 6 months or more for the FOS to find in my favour, which im sure they would with the case I have. So I think I am going to rite back to them and ask them to make an offer that I would find more agreeable, how can I find out if the coop were regulated by the FSA at the time of the loans?

One other thing, on the acceptance slip they say that the money will be paid directly into my Coop current account, but as I said this was closed by them when I defaulted, so how can they do that, should I ask then to change the payment method if they give me a better offer.

It may be worthwhile just to give them say 7-14 days to reconsider, and then move on to the FOS from there if you hear nothing or if they do not at least give you a reasonable offer.

Any paperwork should disclose if regulated by GISC or FSA, or the FOS will check this out for you.
However, all banks to what I know of were all covered.

I would also make them aware of your account and request for any refunds to be made by cheque as your choice.;)

di3004

RedFox wrote: »

Hi Di & Others

Received a letter this morning for PPI.

PPI premium on loan - £703.40
Less any PPI premium refund taken off loan - £445.49
Refund of interest charged on PPI premium at contractual loan rate - £18.86

Total refund due - £276.77

What I'd like help with guys is what do they mean by the highlighted line above? I just cannot figure out what they mean?

Thanks for any advice you can offer!

RedFox

Hi RedFox

It looks to me that they had already rebated the amount of £445.49, and the remainder of that left with added interest is that of £276.77.
Well done to you.:beer:

I'm sure someone will clarify on this one for you.;)

di3004

Oops sorry amersall, missed you post........:eek::D, your the first JackFlash now me thinks..........:rotfl::rotfl::rotfl::T;)X

Thebiker

Thanks for the help amersall

The rejection of them 3 loans was all part of the same letter, so I presume if I go to the FOS with
them I would have to reject the offer for the other 2 loans, rite?

The 4th loan was paid off with the 5th loan, so I paid that in full. The 5th loan I defaulted on, but
they must still have got all their money back for it since they added a couple of grand interest on
top of it when I defaulted, then they sold it on.

I don't know what the monthly PPI payment were but I will post the figures on my loan agreements.

Loan 4: Start date: 5/6/2004 ended 29/3/05

Loan ammount £5000
Insurance premium £1045.22
Total interest charge £1542.72
Ttal amount payable £7587.94

Loan 5: Start date: 29/3/05 ended july 2005

Loan ammount £5450
Insurance premium £1378.72
Total interest charge £2272.61
Ttal amount payable 9101.33