PPI Reclaiming Discussion part 4

amersall

nickybutch wrote: »

Hello Amersall,
Thank you for your quotes but I 'm afraid it will NOT help me out one single bit.
I am in an IVA because of this debt to them and other creditors whic I will not mention. The IVA claim is correct at time of IVA launch (March 2007).
This PPI refund is AFTER that date.
The amount that was sold onto another company is WRONG and does NOT appear on my statement breakdown which I received last week.
The difference in the 2 amounts are £384.71. Why the 2 different amount I do NOT know, how they got the figure £10620.03 again I do NOT know.
Under the FSA rules, I AM entitled to the WHOLE of the PPI refund that is 100%, I got 53.2% without the payment of ANY interest which again I am entitled to.
Egg HAS breached the FSA ruling upon this matter AND MUST pay me the rest of the money.
The figures in my earlier post is CORRECT with my first response from Egg in October 2009, April 2010 and 5th August 2010.
My loan account was given to APEX CREDIT MANAGEMENT in May 2010.
As far as I know and with advice from some of my friends, EGG owes me the REST of the PPI and MUST CLAIM on the LOAN and ONLY the LOAN.
They have NOT reset my LOAN. They first took of the PPI then PUT it BACK on again, the INTEREST was TAKEN OFF and then PUT BACK ON and NOW a different amount?
I'm sorry, but this is NOT right. I am entitled to the WHOLE 100% of the PPI premium with them just having the loan.
EGG owes me £1777.96. I did NOT get as a refund the amount which was quoted to the FOS as my FULL refund. I am £261.96 SHORT. They still owe me this & the interest of £504.01
The FOS are going to RE-OPEN my case which was closed in February this year and they are waiting for more information from Egg.
I have sent the FOS all my EVIDENCE and as much information I have by post. I am now waiting on their response.

Nickybutch

Hi there, when your debt was passed over to the company, then the ppi should still be on that loan, as you claimed ppi back after this had been passed over, is that right? If not why did egg take the ppi off then pass it over? (i have never heard this before)

when you won mis sell the full ppi amount should have come off this loan,and your loan reset, and i said you should query this.

Egg are certainly not playing ball by giving you different figures and loan balances.

if i am right, (and if i am wrong i am sure someone will put me right)
When you are on a iva the reclaim from egg should go to the iva and the egg loan reduced by that amount.


When you say, by fsa rules that you should get 100% of ppi back what do you mean 100%of ppi back?
have you asked fos about this? as my understanding is that you get ppi paid to date with interest.If what you are saying is right then first plus owe me another £16000 on my ppi mis sell as they only gave me the 5 years worth back that i paid.I hope you are right on this as that is a lot of money for me to lose, when i could get it back.
Good luck with this and I hope fos sort this out for you, and please let us know how you get on.

amersall

MEllis5377 wrote: »

Hi All,

Firstly I have to confess to being very money ignorant through my 20's and now I'm in my early 30's and with a family that's all changed. I have no loans or debts (other than this card), just my 16 year mortgage. However I still have this one and only credit card from my late teens. A Natwest Mastercard taken with miss sold insurance in 1998.

I've been paying just the minimum amount for the the £3000 limited card for at least 5/6 years and I'm now in a position to pay the card off in full and am wondering if I'd be able to put in a claim for miss sold insurance for such an old account?

Has anyone had a similar claim?

Regards and thanks for such a wonderful website and impartial advice or its users
MEllis5377

Hi there, on this site people have won mis sold going further back than that some have not but you dont know untill you try:D,.Send a letter saying you were mis sold with your reasons and you would like a refund of all ppi back to date with interest.Good luck with this and if you need any more help YELL;) Btw bugsy on here has won 23 years back of cc ppi, so you go for it Also, if you pay back the card and you win mis sell you get all ppi back to you, or wait and see if you win then they take the win off your balance anyway and you get the surplus. xx

nickybutch

Amersall,
May I explain something to you.
If you had any damaged or a faulty item, under the Consumer Goods Act, you would probably exchange your item or get your money back.
In December 2008, The FSA gave EGG a final notice & a heavy fine and ALSO under the guidelines from the FSA any company that sold you PPI, should repay you everything back.
I want my money back in FULL & the PPI taken off my loan. This has been a ruling since 2009. if you look at some of the companies that deal with PPI claims, they do quote, I may be wrong, that you are entitled to a full refund if you were mis sold.

As I am in an IVA, the REFUND I got in November 2009 did go back into my IVA, I got £500 from it and my IP got the rest BUT it WASN'T a FULL refund I was entitled to.
They said to me I got a refund of £2281.97 out of £3797.97. This is from a loan of £8901.00, I got £2020.01, this did NOT include any INTEREST paid.
I am asking for the rest of the PPI totalling £1777.97 as compensation or at least the difference between their figure and the amount I got as a refund & the INTEREST.
Since April this year, my ANNUAL LOAN STATEMENT read as follows : 6 April 2010 Loan amount £10,620.03 Sold to APEX CREDIT £10,620.03 in May 2010. 5 August 2010 Total amount £10,235.32
A large difference between the 2 balances and I have NO idea where they got the £10,620.03 figure from.
According to my August statement, in October 2009 they took OFF my loan £3797.97 as a PPI CREDIT then PUT it back on again as a PPI CORRECTION, they ALSO did this to my INTEREST of £504.01. Then a MONTH later I got a figure of £2281.97 which was taken off my LOAN and NO INTEREST.
Egg are NOT playing ball. EGG are lying and I think I have a case . The FOS are going to investigate this.
Nickybutch

di3004

kernow321 wrote: »

Good afternoon everyone,
Completely 'New' to this so thank you fro your patience!

I'd like to ask for advice on reclaiming.
Basically I had a car loan in 2002 and paid off 21.1.2005.
The payments were £234 a month with Black horse for a loan of £5,000 - £6,000.
How can I get hold of my loan info as I currently cant find it?
Is there away to find out if I was paying insurance as I can't remember 100%.

I'd appreciate any help on these matters.

Many thanks
Kernow.

Hi Kernew

The chances are they may still hold details of your loan, so you could try by sending a simple letter request for a copy of your agreement and enclose £1 postal order or cheque payment, ask that they supply by 12-14 days, and if you can afford to pay by recorded delivery, this is your proof of posting.

The other way to retrieve information/more info on your account is to send a Subject Access Request (SAR), they have 40 days to comply and send all they hold on the account, but this one you enclose £10 cheque or postal order.
There is actually a template SAR letter for this, this is of course optional.
https://forums.moneysavingexpert.com/discussion/1475553

However, if you then need to make a reclaim, follow the guidelines below, and you will then find the FOS questionnaire to complete and send to the business who sold and set up your policy, keep a copy for yourself as well, and they have 8 weeks in full to respond, they may also ask for more time, which is fine.

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Try to post all by recorded delivery, if you can manage it, good luck.;)

marshallka

nickybutch wrote: »

I think my bank EGG has committed FRAUD to myself, my INsolvent Practitioner & to the Financial Ombudsman.
I will explain this.
In October 2009, after sending a complaint regarding PPI to EGG, I recieved as a REFUND of £2020.01 out of a PPI REFUND of £3797.97 of a loan of £8901.00
I was NOT paid any INTEREST at all, They kept it which they shouldn't have done. A FULL PPI REFUND is EVERYTHING back to you, under the FSA rules.
EGG did NOT do this. They even lied to me & to the FOS the amount of REFUND I was entitled to. The amount I did NOT get. Even the breakdown of the refund did NOT tell how they got to the amount I received.
I am asking the for the REST of the money.
Secondly, about the FRAUD. I received a letter 3 weeks ago saying that my loan account was sold to a CREDIT MANAGEMENT company for £10,620.03. EGG sent them figures dating SEPT 2008 - SEPT 2009.
How I know this, it is because I have the ORIGINAL ANNUAL STATEMENT dating APRIL 2010 covering the SAME dates. EGG has committed FRAUD.
And also, I recently got over the weekend a letter from them with the WHOLE breakdown of my LOAN and EVEN THAT DID NOT MENTION ANYTHING ABOUT £10,620.03.
It says that the total amount is £10235.32. They DID take off the FULl £3797.97 PPI , then PUT if back ON, They took of the INTEREST of £504.01 and then PUT straight back ON and NOW given me a different figure and taken that OFF. I AM entitled to the WHOLE of the PPI & INTEREST.

WHY haven't I got this ?
We are entitled to the WHOLE of the PPI under the FSA rules, aren't we ?
I have asked the FOS to investigate this and ask EGG to repay me in FULL every compensation including the WHOLE PPI.
Do people think that this BANK has committed FRAUD and do you think I have a case to send them to court ?
Any Ideas would be great and any help is grateful

Nickybutch (Nicholas Butcher)
London

Hi, can you please give us details of your loan agreement. We would need the amount of loan (without interest), amount of PPI (without interest), number of months it was taken over and also the APR rate and amount of repayments.

Then how many payments you made before the loan was sold (if I am reading this right!!) to the credit company. Also if I am reading this correct then it sounds like you ran into trouble with the loan so in all honesty they would usually pay any redress to the balance of the loan anyway and not to yourself.

Just to explain a usual redress through the Ombudsman service.

If you win misselling of your PPI and your loan is paid up and settled early then you would get back the amount of your repayments that went towards the PPI to yourself in the form of a cheque and then how ever much you paid at early settlement that was towards the loan. They work this out by calculating the loan without PPI and what your repayments would have been without PPI and then what you SHOULD have settled at. They would pay you whatever over and above you have paid in the form of a cheque (and the 8% statutory interest too).

If your loan is still ongoing then they look at the loan without PPI and what the repayments would have been.

They then work out how many repayments you have made towards the PPI and and repay it to you plus 8% statutory interest. They then take the rest of the PPI and interest on the PPI off your loan and usually open a new loan with a lower balance over the same number of months left and at the same APR too.

Sometimes with some firms they actually refund to you all the PPI (I have seen posts like this before) and interest on the PPI (even though you have not paid all the PPI over to them as yet) and you keep your loan on the same terms giving you the otption of repaying the amount against your loan (hence reducing the balance) or using the money for other things.

All of the above methods put you back into the position as if you never had the PPI in the first place.

Hope this helps.


Just another thing about how single premiums work. They are actually loans you take out to pay the lump sum PPI over to the insurer at the start of the loan. Once they are entered into on the agreement they are just "loans" and nothing more really. They are treated in the same way as your original loan and over the same term as your original loan too. (even though most do not cover your loan for more than 5 years even when the loan is over 20 years for instance.) If you settle your loan early and get a rebate against the PPI you have to remember this rebate is only against the actual PPI premium and not the associated interest on the PPI.

marshallka

nickybutch wrote: »

Amersall,
May I explain something to you.
If you had any damaged or a faulty item, under the Consumer Goods Act, you would probably exchange your item or get your money back.
In December 2008, The FSA gave EGG a final notice & a heavy fine and ALSO under the guidelines from the FSA any company that sold you PPI, should repay you everything back.
I want my money back in FULL & the PPI taken off my loan. This has been a ruling since 2009. if you look at some of the companies that deal with PPI claims, they do quote, I may be wrong, that you are entitled to a full refund if you were mis sold.

As I am in an IVA, the REFUND I got in November 2009 did go back into my IVA, I got £500 from it and my IP got the rest BUT it WASN'T a FULL refund I was entitled to.
They said to me I got a refund of £2281.97 out of £3797.97. This is from a loan of £8901.00, I got £2020.01, this did NOT include any INTEREST paid.
I am asking for the rest of the PPI totalling £1777.97 as compensation or at least the difference between their figure and the amount I got as a refund & the INTEREST.
Since April this year, my ANNUAL LOAN STATEMENT read as follows : 6 April 2010 Loan amount £10,620.03 Sold to APEX CREDIT £10,620.03 in May 2010. 5 August 2010 Total amount £10,235.32
A large difference between the 2 balances and I have NO idea where they got the £10,620.03 figure from.
According to my August statement, in October 2009 they took OFF my loan £3797.97 as a PPI CREDIT then PUT it back on again as a PPI CORRECTION, they ALSO did this to my INTEREST of £504.01. Then a MONTH later I got a figure of £2281.97 which was taken off my LOAN and NO INTEREST.
Egg are NOT playing ball. EGG are lying and I think I have a case . The FOS are going to investigate this.
Nickybutch

Blimey, you seem to have it all worked out then and just hope you win your case (Had left a post above for you but seems like you have worked your own figures and cannot help with them as would need all from the above post too).

It does seem that there is confusion here as you do not usually get back any more than you have actually PAID out (and I mean paid and not DUE). Any amounts DUE are taken from the balance of the loan hence reducing the balance. As you are on an IVA I don't know how this would work in all honesty but like I say, seems you have it all worked out yourself.

Usually any amount due that you have not paid but what was added to your loan because of the PPI would be taken off your loan and not given to you as you have not actually been out of pocket by that amount yet (although you have been charged it on the agreement). This would be taken off your "then" loan balance and repayments reduced accordingly.

Dazzarazza

Well I have had a letter off Egg now, acknowledging my complaint bog standard thing saying theyve 8 weeks to get back to me etc.. so along with them and Natwest the waiting begins hey

Will keep you updated on any replies as no doubt will need help hah.. good night

amersall

Dazzarazza wrote: »

Well I have had a letter off Egg now, acknowledging my complaint bog standard thing saying theyve 8 weeks to get back to me etc.. so along with them and Natwest the waiting begins hey

Will keep you updated on any replies as no doubt will need help hah.. good night

Fingers crossed x

STW27

di3004 wrote: »

Hi Steve and welcome

You are in the correct place, so not to worry.;)

I am not the one for calculations, but some on here will be happy to look through them for you at some point later or tomorrow, I will keep a check, if you've no response in regards of the calcs, I shall chase up on this for you.

However, I know its good to know what to expect back, but I don't think you actually require these to make a reclaim, and they should supply you with a detailed breakdown anyway if you request for them.

What you do in order to make a reclaim is:
Complete the FOS questionnaire (these are in replacement of the first template letter and issued by the financial ombudsman service).

Complete and send a copy to whoever sold and set up the policy.

Keep a copy as well in case you need to refer to this later on, this is also recommended by the FOS.

They have 8 weeks in full to respond with a decision - some will request for extra time.

And I would also post by recorded delivery - this is your proof of posting.

The FOS questionnaire you will find on link added below - further down the page as stage one.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Hope this helps, if you require help at any time, please just yell.
Good luck.;)

Di,

Quick question as its just occured to me

The claim im going to make is against the same company who I got my mortgage with (GE Money). The loan itself was secured against my mortgage - this claim on the PPI - will it have any effect against me/my mortgage as in, am I okay to persue??? Sorry if it seems like an odd question but im not sure ??? Steve

Anna*_2-2

Hi, I have sent Santander 2 questionnaires for 2 loans that I had with Abbey Loan. They have sent me a further letter that they would like to speak to me about my complaint. Am I obliged to do this? I get tongue tied on the phone and don't really want to get into any long drawn conversations. I have filled in the questionnaire in detail, isn't this suffice?