PPI Reclaiming Discussion part 4

di3004

MattyA wrote: »

Hi further to my earlier post regarding this I wrote back to Lombard & enclosed a copy of the original agreement & PPI insurance policy.
I have received a letter today again denying my claim due to :
1 : Due to the time elapsed time barring rules apply.As it is over 13 years since I should have been aware that I had reason for complaint,Lombard reserve the right to apply these rules. - does anyone know if this can be time barred?
I would also point out that whilst it was sold during 1997 the loan & PPI cover ran until late 2000.

2: They say that it was sold outside of the FSA Insurance code of business regulations & as such a demands & needs statement was not a requirement at that time.

Are they correct & if so is there anywhere else I can go with this?

They do not mention in their letter that this is their final response.

Any ideas / has anyone else had dealings with Lombard?

All help appreciated greatly - This is the first account I have tried to reclaim PPI due to mis-selling.

* They also tell me I can go to the FOS if I am not happy with their response.

Regards,

MattyA

Hi Matty

Contact the FOS and explain the situation to them about this, they will lead you in the right direction on where to take this one.
Good luck.
Did they enclose the leaflet details of the FOS?
http://www.financial-ombudsman.org.uk/consumer/complaints.htm

di3004

Flamingo80 wrote: »

Thanks Di,

I thought they would have taken the £2497 off the loan, then re-structured it? I did request they pay the loan off with it rather than pay me separately so seems odd?

Hiya

I suppose with it being reduced, due to them removing the PPI is a help for you?;)
And also money in your pocket too.:T

di3004

klm1471 wrote: »

can anyone help? i saw on daybreak today that i can reclaim ppi when on a debt mangement company. any idea how i do this? ive been with gregory pennington for around four years, i took out ppi on my loans and cards so fairly certain i can make a cliam, esp as some of the companys i used have allready been fined. im just not sure where i start?

Hi and welcome

First of all I would not use any claims companies to make a claim.
Lots have had no end of hassle.

This can be done all free with help from this site and if your successful, you will get to keep all your refund.

Its only a matter of completing the questionnaire, sending it then to whoever set up and arranged your policy from the start, keep a copy of the questionnaire as well, in case you need to refer to it at some point.
They have 8 weeks to give a decision, but they may ask for more time and give a timescale date of when you should hear.
You will find this questionnaire here on stage one of reclaiming:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#reclaim

Hope this helps, but if you need any help from here just give a yell, and if you can manage it as well, post all letters by recorded delivery, this is your proof of posting.;)

di3004

AOA67 wrote: »

Well after signing and sending back Lloyds TSB acceptance form for one of my ongoing loans I received the actual calculation of the PPI rebate today. This loan has just been transferred to the Debt Recovery Department (DRD) with a balance of approximately £15145.

What are farce.......... After spending the last 6 years making reduced payments (to the tune of around £10000) LLoyds believe that the difference between the loan with and without the PPI is only £2611. Despite me asking if they have taken all my payments in account they have refused to budge and said that this was their final offer. When I said that I will be going to the FOS they said
1. That I can't as I signed the acceptance form already. I explained that I only signed because I had to in order to receive the calculation. I was effectively told tough.
2. When I told them I previously was told the it was just routine for the 8% simple interest calculation and I could have it queried he denied it
3. When I insisted that I was going to the FOS he then said I couldn't because the money has already been sent, ie 8% interest to my account the rest to DRD. I replied that it hasn't reached my account yet, it would take 21 days and wanted it to be stopped, he retorted that it can't be stopped.

I have since sent an email to them explaining why the offer is not acceptable and as they refused to reconsider that I'm on record not accepting the offer and reserve my right to go to FOS.

My query is will the FOS reject my claim simply because I stupidly trusted Lloyds and signed the form without knowing the figures?

Hi there

That is the thing with Lloyds, not sending a figure of the calculations of the refund before-hand.
I would give the FOS a ring and ask them about this and explain your predicament on this, but I do understand what you mean and hope this will be resolved.


Good luck on this matter.

MattyA

di3004 wrote: »

Hi Matty

Contact the FOS and explain the situation to them about this, they will lead you in the right direction on where to take this one.
Good luck.
Did they enclose the leaflet details of the FOS?
http://www.financial-ombudsman.org.uk/consumer/complaints.htm

Thanks Di will do.
Yes the enclosed a copy of the FOS leaflet.

nanna58

hi matty :j

how you then?:T

Flamingo80

di3004 wrote: »

Hiya

I suppose with it being reduced, due to them removing the PPI is a help for you?;)
And also money in your pocket too.:T

So if I send back and agree to the restructured loan without the PPI, will I get the money I've paid in past back separately? So confused :huh:

di3004

Flamingo80 wrote: »

So if I send back and agree to the restructured loan without the PPI, will I get the money I've paid in past back separately? So confused :huh:

Hi

The way I looked at it, is they are reducing the loan by taking off the PPI to give back to you, plus interest, this will therefore reduce the loan amount due. So yes.;)

But if you want to make sure and double check on this before you agree, give them a call or write a quick letter for as soon as you can, have they given you a timescale of when you should accept or not?

amersall

Flamingo80 wrote: »

Hi all,

I may be being a bit dense here but I'd like some advice...

A while ago I said that I had had my complaint upheld by Nationwide, but now I'm not quite sure what's happening. I'll quote some parts of the letter here and see if anyone can make it clearer for me, I'll try to be brief.

Basically, loan was for £15000 over 7 years (84 months)

1st letter ~ In order to put you in the position you would be in if you had not taken out the LoanCare policy, we offer £2497.20 (60 payments between Sept 2005 and Aug 2010 @ £41.62. Interest of 8% will be added to each payment.

2nd letter, received today ~ New loan, restricted use to pay off remaining loan.

There was £5671.16 left on loan. Now I have new loan of £4804.85 to pay off over remaining term. That's only taking off future PPI payments, where's my refund?

"Once the signature copy is returned...we will be in a position to complete your mis-selling claim and proceed with any refunds due to you."

Do I send the loan form? Will they pay then re-write the loan again to take off what they're paying me back? Seems very a*se about face to me! Or have I missed the point completely??

Any ideas?? :huh:

Hi there and well done on your win.When you sign the loan form you will have ppi repaid back to you, if you think they may be taking the refund off the loan then i suggest you ring them and find out what it is they are doing.If you had arrears on the 1st loan then they can take the ppi refund off your loan, but if not then you should request this back to you.From the letter you have recieved i would think you will get the refund back to you when you send the form back signed.Please give them a ring and ask what the procedure is, this will put your mind at rest x

amersall

Flamingo80 wrote: »

Thanks Di,

I thought they would have taken the £2497 off the loan, then re-structured it? I did request they pay the loan off with it rather than pay me separately so seems odd?

If you want this refund paid off your loan, then i suggest that you ring them and tell them to do this before you sign the new loan agreement, otherwise theu will have to redo another loan agreement.x