PPI Reclaiming Discussion part 4

Degs45

Afternoon all , had a reply off from Lloyds today saying that they are looking into my complaint and it may take about 8 weeks ...they have been quite quick with the reply to be fair.

di3004

Degs45 wrote: »

Afternoon all , had a reply off from Lloyds today saying that they are looking into my complaint and it may take about 8 weeks ...they have been quite quick with the reply to be fair.

Hiya

Good luck then, please keep us posted.;)

geordie90

I hav recently complained to Firstplus about the possible misssellng of PPI insurance on a large loan I took in 2007.
I received a letter on the 13th September stating they would be in touch on or before the 13th September. I had not received a reply in the post today so rang to vent my spleen. Imagine my surprise when upon speaking to the customer services department they stated a letter had been sent out today but also that the issue had been dealt with and they had agreed that it was missold!!!!!!!! As easy as that!!!!!!!
They state they are going to pay the amount of PPI frontloaded onto the loan and clear that amount off, and also refund me all the payments I have made which amounts to approx £2400 quid.
The question I need to ask is should I accept the first offer or hold out for more, It sounds greedy but Im diabetic and should never have been sold the policy, what would have happened if Id had to make a claim???

tg916

Hi all, after some advice please. 2 weeks ago i sent of a letter and within 3 days i got a reply saying they were at fault and a full refund will be made- excellent!
Anyway on the letter it said call this number to cancel the loan insurance. after about 3 hours trying to get through i was told that my new loan amount will be £256 per month as they have to set up a new loan.
Now this is what i don't understand original loan amount was £296 per month including £67.20 loan insurance, so i imagined it will be £296 minus £67.20 = £228.80 per month.
So my question is that, is this right?, where do's £27 extra come from? and over the 65 months left to pay its an extra £1755. i tried to argue my case but the girl was quite rude and told me that, that's the way it is and do you wan't to cancel it or not!
any ideas if this is right or should i go back all guns blazing??????

thanks
lee

di3004

geordie90 wrote: »

I hav recently complained to Firstplus about the possible misssellng of PPI insurance on a large loan I took in 2007.
I received a letter on the 13th September stating they would be in touch on or before the 13th September. I had not received a reply in the post today so rang to vent my spleen. Imagine my surprise when upon speaking to the customer services department they stated a letter had been sent out today but also that the issue had been dealt with and they had agreed that it was missold!!!!!!!! As easy as that!!!!!!!
They state they are going to pay the amount of PPI frontloaded onto the loan and clear that amount off, and also refund me all the payments I have made which amounts to approx £2400 quid.
The question I need to ask is should I accept the first offer or hold out for more, It sounds greedy but Im diabetic and should never have been sold the policy, what would have happened if Id had to make a claim???

Hi and welcome.

Well done on your success and Congratulations!:beer:

If they upheld in your favour then you receive all you have paid in ppi, plus interest, and put you back in the position as if you did not have ppi.

So in this case it may be as far as you can go, cos they offered the whole lot and put you back in the position as if it wasn't taken out.
Do you know how much of ppi you have actually paid into the account?

Cheers.

di3004

tg916 wrote: »

Hi all, after some advice please. 2 weeks ago i sent of a letter and within 3 days i got a reply saying they were at fault and a full refund will be made- excellent!
Anyway on the letter it said call this number to cancel the loan insurance. after about 3 hours trying to get through i was told that my new loan amount will be £256 per month as they have to set up a new loan.
Now this is what i don't understand original loan amount was £296 per month including £67.20 loan insurance, so i imagined it will be £296 minus £67.20 = £228.80 per month.
So my question is that, is this right?, where do's £27 extra come from? and over the 65 months left to pay its an extra £1755. i tried to argue my case but the girl was quite rude and told me that, that's the way it is and do you wan't to cancel it or not!
any ideas if this is right or should i go back all guns blazing??????

thanks
lee

Hi Lee

Well done and Congratulations!:beer:

It may be on another rate or the interest, but maybe someone else will clarify on this, I do know what you mean though and have came across a few posts like yours.

Sorry Lee, was meant to say, the rate should be that equal to your previous loan or better, but not any higher, so its worth checking this with them as well.
Do you have the documental paperwork for this now?

Good luck.;)

amersall

geordie90 wrote: »

I hav recently complained to Firstplus about the possible misssellng of PPI insurance on a large loan I took in 2007.
I received a letter on the 13th September stating they would be in touch on or before the 13th September. I had not received a reply in the post today so rang to vent my spleen. Imagine my surprise when upon speaking to the customer services department they stated a letter had been sent out today but also that the issue had been dealt with and they had agreed that it was missold!!!!!!!! As easy as that!!!!!!!
They state they are going to pay the amount of PPI frontloaded onto the loan and clear that amount off, and also refund me all the payments I have made which amounts to approx £2400 quid.
The question I need to ask is should I accept the first offer or hold out for more, It sounds greedy but Im diabetic and should never have been sold the policy, what would have happened if Id had to make a claim???

Hi there and well done on your win :beer:
Fp give you back what you have paid in ppi to date, they go by fos guidlines and i am afraid fp will not give any more than you were entitled to.What was your ppi monthly payment and how long as this loan been running?

amersall

tg916 wrote: »

Hi all, after some advice please. 2 weeks ago i sent of a letter and within 3 days i got a reply saying they were at fault and a full refund will be made- excellent!
Anyway on the letter it said call this number to cancel the loan insurance. after about 3 hours trying to get through i was told that my new loan amount will be £256 per month as they have to set up a new loan.
Now this is what i don't understand original loan amount was £296 per month including £67.20 loan insurance, so i imagined it will be £296 minus £67.20 = £228.80 per month.
So my question is that, is this right?, where do's £27 extra come from? and over the 65 months left to pay its an extra £1755. i tried to argue my case but the girl was quite rude and told me that, that's the way it is and do you wan't to cancel it or not!
any ideas if this is right or should i go back all guns blazing??????

thanks
lee

Dont cancel the ins as this is what happens when you cancel.You win mis sell and your loan is reset, they cannot make the apr or the term any longer, who is this bank?. i would give fos a ring and tell them about this, they are in the wrong.Good luck on your win by the way:beer:

amersall

di3004 wrote: »

Hi Lee

Well done and Congratulations!:beer:

It may be on another rate or the interest, but maybe someone else will clarify on this, I do know what you mean though and have came across a few posts like yours.

Good luck.;)

Hi di, when you win mis sell the loan is reset without ppi and you should have the same term and apr as before.I think this is out of order to increase a loan by over £1,000, in my book they might as well just put the ppi back on :mad:

di3004

amersall wrote: »

Hi di, when you win mis sell the loan is reset without ppi and you should have the same term and apr as before.I think this is out of order to increase a loan by over £1,000, in my book they might as well just put the ppi back on :mad:

Hi amersall.;)
Yes that is right the rate what you said, and to what I was aware of the rate should be that equal or better, but just in case they did add this where they shouldn't have could be worth tg916 checking into, in case they pulled a fast one.:)XX

Ps, just added a little more on to tg916 (Lee's post now) lol X