PPI Reclaiming Discussion part 4

rezarf

Hi,

So I have just digged out my Firstplus loan stuff and found the Loan Agreement:)

So i am in the process of filling out the questionnaire and would like a little help.

B3, i remember being told over the phone if i didn't claim would get my money back, but had to tick a box in the agreement for the PPP.

B7, i did make a claim when i was made redundant for about 4-5 months worth. Good or bad??

Section D, we were both working and would have got SSP and redundancy, is there anything else??

What about section E, just go with the, The FSA have fined you??

Thanks
Rezarf

rezarf

amersall wrote: »

Send this to FP, or whoever the broker was.
We/i believe we were mis sold the ppi on the above account number.
1)We/i were not told that the ppi was in effect another loan that was added to the original loan and was repayable over the loan term with interest.

2) We/i were not told that the ppi only covered us for 5 years, but the ppi would still be on the loan to term end with interest.

3) We/i were told that if we did not make a claim on the ppi ,after 5 years we would recieve the ppi as cashback, and to look on this as savings plan.. But were not told that the ppi would be on the loan to term end with interest and the cashback of ppi would not include the interest that we paid over the 5 years.

In line with the FOS recommendations it is requested that the overall situation be restored as if PPI had never been included. This will entail:
a) A refund of the monthly payments that have actually been paid towards the overall loan in excess of those that would have been needed, if the original loan had been sold without the PPI policy;
b) Restructuring of the loan going forward so that the amount owed, the monthly repayments, the term and the charges reflect those that would have applied, if the original loan had been sold without the PPI policy.
c) In addition, interest at the rate of 8% simple per annum to any excess payments made from the time each payment was made to the point that Firstplus pays them back to us. We/i believe we were not given enough information on this ppi to make an informed decision. Had we/i known the full cost of this ppi we would not have taken it.

Unless you can prove without doubt that this PPI policy was fair, reasonable and suitable for my/our circumstances we/i will require you to rearrange the loan as if PPI had never been included on the aforementioned loan.


Send a copy of this recorded delivery and give them 8 weeks to respond. if you want to use the template letter on this site, follow this link.
http://www.moneysavingexpert.com/rec...rance#nutshell
A letter in your own words will do the same job, because if it goes to FOS you will only have to fill another template in.
Take a look at this site
http://firstpluscomplaints.co.uk/

...

Do i still need to fill out the questionnaire and also write a letter or do I just send them a letter, or do i do both questionnaire and letter?

thanks
Rezarf

di3004

rezarf wrote: »

...

Do i still need to fill out the questionnaire and also write a letter or do I just send them a letter, or do i do both questionnaire and letter?

thanks
Rezarf

Hiya

You can do either, or if you want to write a cover letter to enclose with the reclaiming questionnaire that is up to you.

The reclaim questionnaire is below link - stage one of reclaiming, remember to keep copies of all you send and receive in case you need to refer to this again at some point.

They have 8 weeks to give a decision, but may write to ask for more time, good luck.

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

rezarf

Is it always best to request an SAR from the loan/credit card company before going ahead with a claim??

Also what about claiming on older stuff, like GE Money First National for a Kitchen loan or Capital Bank for car finance?

Was thinking of using credit expert or someone to look back at my credit history in case i miss anyone?

Rezarf

di3004

rezarf wrote: »

Is it always best to request an SAR from the loan/credit card company before going ahead with a claim??

Also what about claiming on older stuff, like GE Money First National for a Kitchen loan or Capital Bank for car finance?

Was thinking of using credit expert or someone to look back at my credit history in case i miss anyone?

Rezarf

Hi

A SAR is optional, if you want to request for credit reports that is fine, or you can always try requesting for the loan/credit card/store card agreement whatever by writing a simple letter, enclosing £1 cheque or postal order, ask them to send you a copy of the agreement by 12 days.
However, if the account(s) is no longer active they don't always keep these details, but if not then they should let you know and return any payments you made towards the requests.

And of course, if you knew you were sold PPI, and mis sold, and as long as you just have the account numbers, you can continue to make a reclaim without actually requesting for SAR's etc.

Ceebs1972

Hello!

Firstly let me say thank you to all the helpful advice and support on this site!

Although this is the first time I have posted - I have been able to extract all the information I needed to start the process - and what to expect from it.

Welcome have been a thorn in my side for almost 9 years now and what started as a cheap car loan spiralled to a secured loan which has blocked me from moving house and getting on top of my financial situation. (They really are the most inflexible and intimidating company I have ever dealt with).

Anyway - I started the PPI reclaim process about 3 months ago and although my expectations were low - a surprising development has happened.

To cut a very long story as short as possible - I have been mis-sold a total of 5 PPI policies - initially I had a car loan, then a personal loan - which were then merged to 1 "debt consolidation" type loan which (because I could not remortgage) was then topped up a further 2 times.

Every time the original PPI was calculated as part of the new debt, this restricted the amount I could borrow and drove up the monthly repayment.

After almost 3 months of tentative digging and request for information - I have 2 'unprotected' agreements that fall prior to the FSCS cut off point of January 2005 and 2 more 'protected' claims after (which are still being investigated).

Yesterday - I received a letter upholding my claim and making a full and final settlement offer for the unprotected claim for £2,000.00. Approx £500 going towards the existing loan and the balance to be paid to my account via BACS.
There is also a breakdown of the calculation of the claim and a form for me to fill in my bank details. The form states that £500 goes towards the loan but the balance goes to Welcome to clear the arrears (which I do have due to losing my job last year).

My question is - in light of this being the unprotected claim (and taking in to account that the FSCS have declared Welcome in default and unable to pay their claims) - should I accept the offer, but query the allocation of the payments (I could really do with that £1500 myself). Are Welcome making a mistake in their paperwork that I can query? Or do I take the offer and see what happens to the protected claim?

(Also the covering letter claimed the FOS leaflet was enclosed but it wasnt).

Many thanks in advance and good luck to anyone reclaiming!

amycburch

Hi there, im new to this but just needed some advice about HSBC.

I have requested a credit agreement from HSBC regarding a loan as i wanted to reclaim the PPI i was miss sold. I had been requesting this for about a year when they came back to me informing me that they have "in their own error destroyed any paper work and no longer have any agreements relating to this account".
They have made me an offer for the PPI but i am not convinced it is anything near what i have paid! Without any agreement how can i know i am getting my money back????

Any advice would be gratefully excepted as i have been fighting with HSBC for a couple of years now!

Amy

di3004

Ceebs1972 wrote: »

Hello!

Firstly let me say thank you to all the helpful advice and support on this site!

Although this is the first time I have posted - I have been able to extract all the information I needed to start the process - and what to expect from it.

Welcome have been a thorn in my side for almost 9 years now and what started as a cheap car loan spiralled to a secured loan which has blocked me from moving house and getting on top of my financial situation. (They really are the most inflexible and intimidating company I have ever dealt with).

Anyway - I started the PPI reclaim process about 3 months ago and although my expectations were low - a surprising development has happened.

To cut a very long story as short as possible - I have been mis-sold a total of 5 PPI policies - initially I had a car loan, then a personal loan - which were then merged to 1 "debt consolidation" type loan which (because I could not remortgage) was then topped up a further 2 times.

Every time the original PPI was calculated as part of the new debt, this restricted the amount I could borrow and drove up the monthly repayment.

After almost 3 months of tentative digging and request for information - I have 2 'unprotected' agreements that fall prior to the FSCS cut off point of January 2005 and 2 more 'protected' claims after (which are still being investigated).

Yesterday - I received a letter upholding my claim and making a full and final settlement offer for the unprotected claim for £2,000.00. Approx £500 going towards the existing loan and the balance to be paid to my account via BACS.
There is also a breakdown of the calculation of the claim and a form for me to fill in my bank details. The form states that £500 goes towards the loan but the balance goes to Welcome to clear the arrears (which I do have due to losing my job last year).

My question is - in light of this being the unprotected claim (and taking in to account that the FSCS have declared Welcome in default and unable to pay their claims) - should I accept the offer, but query the allocation of the payments (I could really do with that £1500 myself). Are Welcome making a mistake in their paperwork that I can query? Or do I take the offer and see what happens to the protected claim?

(Also the covering letter claimed the FOS leaflet was enclosed but it wasnt).

Many thanks in advance and good luck to anyone reclaiming!

Hiya and welcome.

You could ask the FSCS for some written paperwork and breakdown before you decide on what to do on your offer.

Normally if a case have been dealt with by the FSCS, your unable to go to the FOS anyway, because the FOS can only deal with companies that are still active, which is why the FSCS is the alternative to when businesses go into liquidation.
Sorry if I have misread on this somewhere though.;)

Wishing you luck on this and hopefully you will have other opinions on what to do with this too.
Please keep us posted and the very best of luck.

di3004

amycburch wrote: »

Hi there, im new to this but just needed some advice about HSBC.

I have requested a credit agreement from HSBC regarding a loan as i wanted to reclaim the PPI i was miss sold. I had been requesting this for about a year when they came back to me informing me that they have "in their own error destroyed any paper work and no longer have any agreements relating to this account".
They have made me an offer for the PPI but i am not convinced it is anything near what i have paid! Without any agreement how can i know i am getting my money back????

Any advice would be gratefully excepted as i have been fighting with HSBC for a couple of years now!

Amy

Hi Amy and welcome

Well done on your success.
Ask them to at least send you a written detailed breakdown in the post.

The only other way is (as they do not always keep copies of the agreement if the account have been paid off) but they should keep the main of the data going back at least the last 6 years, would be a Subject Access Request (SAR), they must comply to this due to the Data Protection Act) DPA by 40 calendar days of your request.
However, for this you enclose £10 cheque or postal order.

There is a letter template below, if you decide to want to SAR you can tweak to your requirements, and any problems you can contact the Information Commissioners Office (ICO for advice).


Letter SAR here:
https://forums.moneysavingexpert.com/discussion/1475553

Details of ICO here:
https://www.ico.gov.uk/Global/contact_us.aspx

http://www.ico.gov.uk/for_organisations/data_protection.aspx

Good luck.

amycburch

Thanks for that i will look into it!