PPI Reclaiming Discussion part 4

Turboman

amersall wrote: »

mouikey wrote: »

Hi,
A while ago I posted about reclaiming the PPI on an Abbeyloan I had taken out in July 2005. However, things got in the way and I was unable to start the process... but I'd like to know and would be grateful for some advice.

In essence my Abbeyloan was taken out in 2005 (£20,000) for 7 years with PPI at £4,530.60 which was added to the cost of the loan. Therefore the total amount I would have to pay for PPI is £5,599.44 including interest. This was an upfront cost (I believe). Is it still possible to make a claim based on the PPI being put on upfront? Will I have to cancel the PPI first? In term of refund/reclaim amounts, what should I be expecting to receive?
DO NOT CANCEL THE PPI, YOU WILL BE GIVEN A NEW LOAN WITH LONGER TERM AND APR.You can claim for frontloaded ppi, check for other reasons as well.Someone who is good with calcs will, i am sure will be along to help you with the calculations
I assume I should follow thestandard approach on the website? Also my name has changed since taking the loan out... should I change this first?
All you have to do is claim in the name you took the loan out, give that address if this is different to where you are now, and put a covering letter in with your new name and address details with an explanation of this.
Thanks in advance.
M

Give me:

Amount of total loan
Amount of PPI Loan
Amount of Total Mthly payment
APR at outset
History of rate changes & diff mthly costs & any missed payments/arrears
Start date of first payment
Actual number of payments made
Present total Mthly Payment
Present outstanding balance + date

qmpete

Hi folks,

Just looking for a general opinion.

I got a call from FOS last week (6 months after initial complaint) advising that Egg are willing to repay me the PPI premium, plus any interest I paid on it, as a gesture of good will. However, they are unwilling to pay any statutory interest.

I am pretty sure I'm going to accept this, as it is a substantial sum, but I just wondered if anyone has experience of taking it further. Have you been successful in getting the 8% as well? If I hold out for the 8% on top then I'd be able to get completely debt free, but I just don't know if it's worth the fight and the wait.

Any advice would be appreciated!

robbedofmymoney

mouikey wrote: »

Hi,
A while ago I posted about reclaiming the PPI on an Abbeyloan I had taken out in July 2005. However, things got in the way and I was unable to start the process... but I'd like to know and would be grateful for some advice.

In essence my Abbeyloan was taken out in 2005 (£20,000) for 7 years with PPI at £4,530.60 which was added to the cost of the loan. Therefore the total amount I would have to pay for PPI is £5,599.44 including interest. This was an upfront cost (I believe). Is it still possible to make a claim based on the PPI being put on upfront? Will I have to cancel the PPI first? In term of refund/reclaim amounts, what should I be expecting to receive?

I assume I should follow thestandard approach on the website? Also my name has changed since taking the loan out... should I change this first?

Thanks in advance.
M

2 things will happen if you are succesful.

first you will get a refund of all the premiums plus interest you have paid to date,

this would be £66.66 x 64 payments (assuming first payment was in August 2005) = £4266.24 + 8% statutory simple interest

8% simple interest on the premiums paid up to the end of Nov-10 would be an additional £924.35

so you should expect a total refund of £4266.24 + £924.35 = £5290.59

then your loan should be reduced by the monthly ppi premium £66.66 for the remainder of the loan term.

i hope this helps

good luck with your claim and let us know of you need any help

amersall

mouikey wrote: »

Thanks for the previous reply... one quick question, having been sold an upfront policy, should I cancel it? This is what is says on the questionairre guide (which is what I would be claiming under?):

[FONT=&quot]If misselling is due to being sold a single premium policy[/FONT]
[FONT=&quot]I paid a single premium for my policy but did not see it through to the end of it’s initial term after [select frompaying back my loan earlier than planned on the [insert date] / cancelling the insurance before the end of my loan agreement on the [insert date] / a change in my circumstances meant I was no longer eligible for the insurance from the [insert date] and I informed you of this at the time]. [/FONT]

If I need to cancel, I'll have to get onto them ASAP!
Thanks again
M

NO NO NO:eek::eek:.You will have a new loan without ppi and longer term and apr, sit tight and wait to see if you win your mis sell. If you win the ppi will come off your loan balance and your payment will reduce by the ppi monthly amount. The info about mis sell that you posted is if you have already cancelled this. People cancelled because that what was they thought you had to do, but never cancel ppi until you see if you have a mis sell win.

amersall

qmpete wrote: »

Hi folks,

Just looking for a general opinion.

I got a call from FOS last week (6 months after initial complaint) advising that Egg are willing to repay me the PPI premium, plus any interest I paid on it, as a gesture of good will. However, they are unwilling to pay any statutory interest.

I am pretty sure I'm going to accept this, as it is a substantial sum, but I just wondered if anyone has experience of taking it further. Have you been successful in getting the 8% as well? If I hold out for the 8% on top then I'd be able to get completely debt free, but I just don't know if it's worth the fight and the wait.

Any advice would be appreciated!

Well done on your win :beer::beer:
If i were you , i would take the money and run, egg could drag this out for an age, they dont want to give it you and taking it further will just delay getting another no.Give fos a ring and ask is it worth trying to get it.

Riggio69

Not sure if this is the correct area for this posting;
I'm new to MoneySavingExpert

I recently tried to claim against a mis-sold PPI on a loan by First Plus, sold to me by the broker Bright Finance who are no longer in business. As they are not trading I was directed towards the FSCS for my claim. They have written to me declining my claim on the grounds that the loan and insurance were sold to me in October 2004 and as the FSA didn't regulate until January 2005 I have no claim.

This seems a little harsh - just because it wasn't regulated doesn't mean that I wasn't mis-sold. Has anyone had any experience of this situation and if so is there a way around it? I'm likely to approach the FOS for help next.

Any help would be greatly appreciated.

di3004

Riggio69 wrote: »

Not sure if this is the correct area for this posting;
I'm new to MoneySavingExpert

I recently tried to claim against a mis-sold PPI on a loan by First Plus, sold to me by the broker Bright Finance who are no longer in business. As they are not trading I was directed towards the FSCS for my claim. They have written to me declining my claim on the grounds that the loan and insurance were sold to me in October 2004 and as the FSA didn't regulate until January 2005 I have no claim.

This seems a little harsh - just because it wasn't regulated doesn't mean that I wasn't mis-sold. Has anyone had any experience of this situation and if so is there a way around it? I'm likely to approach the FOS for help next.

Any help would be greatly appreciated.

Hi there

Unfortunately both the FSA or the FOS are unable to deal with the reclaims of a business who were not regulated by the FSA prior to Jan 2005.

One of mine is the same and many others on here.
But you can still contact the FOS who are suggesting other ways, such as the insurer/underwriter of the actual loan business.

One of mine is now being investigated against the insurer instead, where they are trying to find out if these also has any part liability.
Its another direction to try.

So give the FOS a call, explain your predicament here, and they will possibly suggest the same to you.
To find out who the insurer is, you write to the "lender" ask them to provide you with a copy of the "Payment Protection Insurance" policy booklet, these are not always enclosed with the loan documents and are requested for separately if required.

Then you pursue these the way you did the broker, and if they refuse, you can make the complaint to the FOS, as these would have been regulated by the FSA as insurers would have been.

Give the FOS a call when you can, good luck and please keep us posted, cheers.

lee2021

Hi,

I have 2 claims in with Lloyds Tsb both starting before 2005 but ending within the last 6 years., I have received responses for both saying they are looking into my case but it has gone over the 8wk period so I have now filed with the FOS to take the next step. If I was you i'd go to the FOS, it cant hurt!!

Riggio69 wrote: »

Not sure if this is the correct area for this posting;
I'm new to MoneySavingExpert

I recently tried to claim against a mis-sold PPI on a loan by First Plus, sold to me by the broker Bright Finance who are no longer in business. As they are not trading I was directed towards the FSCS for my claim. They have written to me declining my claim on the grounds that the loan and insurance were sold to me in October 2004 and as the FSA didn't regulate until January 2005 I have no claim.

This seems a little harsh - just because it wasn't regulated doesn't mean that I wasn't mis-sold. Has anyone had any experience of this situation and if so is there a way around it? I'm likely to approach the FOS for help next.

Any help would be greatly appreciated.

tiggrae

Riggio69 wrote: »

Not sure if this is the correct area for this posting;
I'm new to MoneySavingExpert

I recently tried to claim against a mis-sold PPI on a loan by First Plus, sold to me by the broker Bright Finance who are no longer in business. As they are not trading I was directed towards the FSCS for my claim. They have written to me declining my claim on the grounds that the loan and insurance were sold to me in October 2004 and as the FSA didn't regulate until January 2005 I have no claim.

This seems a little harsh - just because it wasn't regulated doesn't mean that I wasn't mis-sold. Has anyone had any experience of this situation and if so is there a way around it? I'm likely to approach the FOS for help next.

Any help would be greatly appreciated.

you need to take your claim to the Insurance Underwriter - for First Plus it's probably Lloyds of London !!!

Turks

Hi, this is my first post on MoneySavingExpert. I'm hoping someone can help me find the answers to a couple of questions I have regarding my Mums Credit Cards.

Her Credit Cards have got way out of hand so I have cut them up and taken on the task of paying them back. Being a bit of a hoarder, she has all the statements dating back to September 2002. I have entered all the transactions, interest, charges and PPI into a spreadsheet to make it clear.

There was PPI charged to all 3 Credit Cards - Goldfish (now Barclaycard Goldfish), Virgin MBNA and Capital One...

Goldfish - £673.58 between September 02 and December 04
Virgin - £345.68 between January 04 and November 04
Capital One - £184.56 between March 04 and September 04


What are my chances of claiming this back as the Insurance was cancelled just over 6 years ago?

The card accounts are still running as there is still quite alot outstanding and charging ridiculous interest!

What would be my first steps if this is a possibility?


Many thanks,
Turks.