PPI Reclaiming Discussion part 4

Tuono

amersall wrote: »

Hi there, what do they mean "the outstanding monies will be taken off the top of the loan with no charge" ? bo*****s you want mis sell and all the ppi premiums paid to date back with interest,plus the loan restated with no ppi and the monthly payment of ppi taken of your monthly payments, give them a ring and ask them exactly what they mean.And yes, name and shame the company!!!

The policy has been cancelled. The PPI was paid up front by Nemo Finance to Norwich Union (now Aviva) and added to the loan. A total of about £6000 + interest. What they're saying is, money due back to us because of the cancellation, will be took off the loan. Apparently their terms state it would be in the region of 3.5% of the full PPI cost. Equates to about £200 back. She's paid for the loan over 3 years so far. You would assume £3000ish would go to the PPI costs, so in layman's terms, you'd expect more like £3000 back. Or am I being naive?

amersall

Tuono wrote: »

The policy has been cancelled. The PPI was paid up front by Nemo Finance to Norwich Union (now Aviva) and added to the loan. A total of about £6000 + interest. What they're saying is, money due back to us because of the cancellation, will be took off the loan. Apparently their terms state it would be in the region of 3.5% of the full PPI cost. Equates to about £200 back. She's paid for the loan over 3 years so far. You would assume £3000ish would go to the PPI costs, so in layman's terms, you'd expect more like £3000 back. Or am I being naive?

No you are not being naive, when you cancelled the policy the ppi remained on your loan that is why they are offering you what they are, if you win mis sell you get back all ppi monthly payments made to date plus the interest and your loan is restated without ppi (the original ppi amount is taken off your loan less what they gave you for cancellation).Watch them with this, if you win mis sell you should get a lump sum back as i have explained.Let us know how this goes.

di3004

Tuono wrote: »

Cheers, Di. You're a star. :A

The broker was a company called Loan Makers. I rang them and they're now called Credit Flex.

Hi and your very welcome.:A

Contact the FSCS, I am sure someone have made a successful reclaim through the FSCS who had a claim with Loan makers, go for it and ask for further help anytime.;)

shamrock7

Hi All,
I was looking through my experian credit report this morning. I had a loan taken out in Jan 2005 and settled end of Nov 2005 in full. I know I was sold PPI on it and have no original paperwork. I was sold over the telephone and would have taken the PPI as I was desperate at that time for the loan.
I remember the loan was taken out with GE Money but on Experian it shows as The Bank Of Scotland. I remember writing to BOS last year with £10 for a copy of the paperwork and was told they had no record.
I had phoned GE Money and was pretty much told the same. How on earth do I pursue this?

di3004

shamrock7 wrote: »

Hi All,
I was looking through my experian credit report this morning. I had a loan taken out in Jan 2005 and settled end of Nov 2005 in full. I know I was sold PPI on it and have no original paperwork. I was sold over the telephone and would have taken the PPI as I was desperate at that time for the loan.
I remember the loan was taken out with GE Money but on Experian it shows as The Bank Of Scotland. I remember writing to BOS last year with £10 for a copy of the paperwork and was told they had no record.
I had phoned GE Money and was pretty much told the same. How on earth do I pursue this?

Hi Shamrock

Was your request just for statements, or for a SAR? (Subject access request)?
Normally if a SAR they have to provide all info going back the last 6 years at least, this would also include any details in relation of any insurance (PPI).

I understand that some have requested for copies of paperwork, via statements without the actual SAR request, with this request they have to comply under the law of the DPA (Data protection act).
SAR template here:
https://forums.moneysavingexpert.com/discussion/1475553

Any problems and you have already been this actual route, you could contact the Information Commissioners Office (ICO)
https://www.ico.gov.uk/Global/contact_us.aspx
ask for advice on this one, I would ring and not e-mail them though for the quickest method if you can.

Or what you could do is continue with the reclaiming anyway, then suddenly this paperwork will crop up.;)

amersall

shamrock7 wrote: »

Hi All,
I was looking through my experian credit report this morning. I had a loan taken out in Jan 2005 and settled end of Nov 2005 in full. I know I was sold PPI on it and have no original paperwork. I was sold over the telephone and would have taken the PPI as I was desperate at that time for the loan.
I remember the loan was taken out with GE Money but on Experian it shows as The Bank Of Scotland. I remember writing to BOS last year with £10 for a copy of the paperwork and was told they had no record.
I had phoned GE Money and was pretty much told the same. How on earth do I pursue this?

Hi there, if i were you i would send ge money a letter with the settlement figures and loan start date and end date, tell them you were mis sold this ppi and give your reasons. when you get a reply from them (if its no joy) then send the same to bos.This may work, if it does not then come back on here and we will help.I am asking you to do this as i won a mis sell with 2 loans with barclays for a friend of mine, settled in 05 with just the settlement figures and the date of settlement.Give it a go , you have nothing to lose x

shamrock7

Thanks Di,
Would I request the SAR from Ge Money? I was definitely sold PPI as the repayments were twice the amount of the loan by my calculations.
I was thinking of contacting the Royal Bank for a copy of the cheque as evidence as it would have been paid in in January 2005. Thank you very much:)

shamrock7

Hi Amersall,
Great idea! Thanks very much x

shamrock7

Oops finally, do you have GE Money contact details? I did a forum search and no joy earlier?:o

di3004

shamrock7 wrote: »

Thanks Di,
Would I request the SAR from Ge Money? I was definitely sold PPI as the repayments were twice the amount of the loan by my calculations.
I was thinking of contacting the Royal Bank for a copy of the cheque as evidence as it would have been paid in in January 2005. Thank you very much:)

Hi honey

That would actually be a good idea to request for a copy of the cheque - great thinking :T.

What you could do is just continue with the reclaiming without requesting for anything at the moment, and see what they come back with, sometimes these copies of agreements suddenly appear with a response.;)