PPI Reclaiming Discussion part 4

di3004

miradene wrote: »

After reading advice on here we claimed for mis sold PPI through firstplus. They told us our loan was with Loanmakers and not them, so we persued through FSCS.

We have now recieved a cheque for £3500.

Our payments however remain the same for the next 11 years.

I did think that FSCS would re calculate our payments as if the PPI was never taken out after reading other peoples experiences.

Firstplus say if we cancel PPI now, our payments will reduce by £1 a month. :mad:

Well done on your success!:beer:

I would of thought the payments would have been recalculated as well to reduce the monthly repayments.
I take it you have contacted FSCS to double check on this?
Its like your still paying for the PPI isn't it?

di3004

waltsy81 wrote: »

Hi guys,

JUst some advice please. Whilst at University I switched banks from HSBC to Barclays. Within months they offered me a Barclaycard Initial, which I still use. With a credit limit of £1,000.

PPI has always been on there despite the fact I was a full time student, without a job and, therefore, no danger of ever losing a job or being on long term sick leave. This was in 2003 and I have lived on the credit limit ever since. Would I be able to prove that I was incorrectly sold this policy due to my circumstances and, to be honest, I only realised I was paying it when I watched Sky News about the PPI on wednesday.

Thanks
Waltsy

Hi and welcome

Personally I think you have a good case.
When you make the reclaim I would mention that its only now since all these issues have come about in the media that you checked your paperwork and realised about the mis selling, and you would not have been eligible to make a reclaim even if you wanted to, because when it was sold to you you was a full time university student, and not working.

Follow the link to the questionnaire below, complete and send to the head office or if they have a complaints dept, remember to keep copies in case you need to refer to it again.
They have 8 weeks to send a decision, good luck.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#reclaim

Footiemad_2

miradene wrote: »

After reading advice on here we claimed for mis sold PPI through firstplus. They told us our loan was with Loanmakers and not them, so we persued through FSCS.

We have now recieved a cheque for £3500.

Our payments however remain the same for the next 11 years.

I did think that FSCS would re calculate our payments as if the PPI was never taken out after reading other peoples experiences.

Firstplus say if we cancel PPI now, our payments will reduce by £1 a month. :mad:

Well done on winning your PPI claim:T:T sorry that your payments haven't reduced though:(

jolfc

Sorry if this is the wrong thread for my question. I spoke to the Halifax ppi claims line yesterday. After logging my details the man told me how they work out the amount owed, but I got really confused. My ppi was £446 paid for 4 years and 6 months, he said it is 1.38% interest they give you, is that yearly or monthly or daily? and then 8% as a goodwill gesture, is that 8% on the £446 or the full refund? , can anyone tell me what my refund may be please. As I say I got mighty confused. Thank you.

di3004

jolfc wrote: »

Sorry if this is the wrong thread for my question. I spoke to the Halifax ppi claims line yesterday. After logging my details the man told me how they work out the amount owed, but I got really confused. My ppi was £446 paid for 4 years and 6 months, he said it is 1.38% interest they give you, is that yearly or monthly or daily? and then 8% as a goodwill gesture, is that 8% on the £446 or the full refund? , can anyone tell me what my refund may be please. As I say I got mighty confused. Thank you.

Hi there

Well done on your success.:beer:
I am not good with calculations but if they upheld your case then they therefore put you back in the position as if PPI was not taken and the full interest etc, they normally work it the same way as the FOS, so below is the link posted by Maxdp on how the FOS calculates refunds....
https://forums.moneysavingexpert.com/discussion/1596473

If its an offer then they can offer anything they believe is reasonable.
However, I would ask them to send you a full detailed written breakdown in the post, your entitled to this on request.

But otherwise someone may post up in the meantime with some details on calculations for you.;)

Footiemad_2

Hi jolfc

The knowlegable ones will be a long later. But I have never heard of the 8% being classed as a good will gesture! but it is caluclated and added on to the total that you are reclaiming and the interest.

As I say I am no epert and someone will be able to explain the ins and outs much better than I.

bahbah

Hi
Just wondering if its possible to reclaim a mortgage guarantee insurance which was added to my loan without my consent.

I have already claimed for the ppi on the same loan but Citibank insisted that mortgage guarantee is different from ppi, but what I want to know is can I reclaim it back as this was slammed on the loan without me knowing.

Thanks

di3004

bahbah wrote: »

Hi
Just wondering if its possible to reclaim a mortgage guarantee insurance which was added to my loan without my consent.

I have already claimed for the ppi on the same loan but Citibank insisted that mortgage guarantee is different from ppi, but what I want to know is can I reclaim it back as this was slammed on the loan without me knowing.

Thanks

Hi there

I would ask dunstonh this one who has a lot more dealings when it comes to mortgage issues.
If you get the chance post on a separate thread, stay within these reclaiming threads, subject it "Mortgage guarantee insurance help", he will soon come across your post.
Good luck and well done on your ppi reclaiming success.:beer:

jolfc

I am asking this question for my friend that I have just been telling about ppi. She got a loan in November 1999 over 7 years at 11.7% for £5400. Interest was £2978.87 and ppi was £1318.93, therefore total repayment of £9697.80. She fell into arrears, had charges added, but did pay the loan off in November 2006 they accepted a slightly lower payment settlement figure through a dca.She has tried to work out all the charges to see how much less she thinks they accepted but is not sure if she has done it correctly as the statement she has from Nationwide is apparently quite confusing to her. Basically what she is asking is
a, can she claim when she got into arrears
b, even though she paid back a little less than they wanted with all the charges will that make a difference to a claim.
c, if she did work it out correctly it would appear that she paid back all but a litttle under £500 of the loan and interest amount in total. Does interest include ppi amount interest in the total.
So if she is entitled will any payment cover the reminder of the loan they let her off as it were and would she be entitled to claim the rest. I am really sorry if this is confusing but it is quite hard to explain 2nd hand,

di3004

jolfc wrote: »

I am asking this question for my friend that I have just been telling about ppi. She got a loan in November 1999 over 7 years for £5400. Interest was £2978.87 and ppi was £1318.93, therefore total repayment of £9697.80. She fell into arrears, had charges added, but did pay the loan off in November 2006 they accepted a slightly lower payment settlement figure through a dca.She has tried to work out all the charges to see how much less she thinks they accepted but is not sure if she has done it correctly as the statement she has from Nationwide is apparently quite confusing to her. Basically what she is asking is
a, can she claim when she got into arrears
b, even though she paid back a little less than they wanted with all the charges will that make a difference to a claim.
c, if she did work it out correctly it would appear that she paid back all but a litttle under £500 of the loan and interest amount in total. Does interest include ppi amount interest in the total.
So if she is entitled will any payment cover the reminder of the loan they let her off as it were and would she be entitled to claim the rest. I am really sorry if this is confusing but it is quite hard to explain 2nd hand,

Hi there

And yes, if mis sold the ppi, she can make a reclaim of what was paid of the PPI into the account plus interest.
It makes no difference if there were arrears, or that it was settled on a lower offer. I assume they would have to pay the interest as well.
The refund could be an an offer basis or they may uphold and agree in her favour where in this case full redress of the ppi paid plus interest would be included.
And offer can be anything they think reasonable.

For more on reclaiming, follow the link below to the reclaim questionnaire, send a completed copy to the ones who sold the account (head office or complaints dept), keep another completed copy in case you need to refer to it again.
They have 8 weeks but may write to ask for more time, but should keep you posted.

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