PPI Reclaiming Discussion part 4

miradene

di3004 wrote: »

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?

My thoughts too. The FSCS said that it is not for them to re calculate, but for us to sort that out with First plus. I did phone them and that is when they said I could cancel the PPI and save £1 per month.

Surely if the FSCS ruled in our favour, then we should not still have to pay the PPI for a further 11 years at £94 per month?

di3004

miradene wrote: »

My thoughts too. The FSCS said that it is not for them to re calculate, but for us to sort that out with First plus. I did phone them and that is when they said I could cancel the PPI and save £1 per month.

Surely if the FSCS ruled in our favour, then we should not still have to pay the PPI for a further 11 years at £94 per month?

Hiya

That is so annoying!

I would therefore write to FP and tell them your case have now been resolved through the FSCS, and due to this you now wish your payments to reduce as if PPI was not added to the loan, any issues then maybe you should then contact the FOS for advice on this matter.;)

amersall

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:

When you get compensation from FSCS i am afraid, this is what happens.
The only way you get the ppi amount taken off your loan is if you win mis sell.
The only way you can reduce your loan balance (and this will not reduce the monthly payment) would be to take the compensation off the FP loan so as not to pay interest on that amount for the remaining term.

amersall

di3004 wrote: »

Hiya

That is so annoying!

I would therefore write to FP and tell them your case have now been resolved through the FSCS, and due to this you now wish your payments to reduce as if PPI was not added to the loan, any issues then maybe you should then contact the FOS for advice on this matter.;)

Hi Di, i dont think FP will take the ppi off the loan as this was not a mis sell and it was not through them but another company.

The FSCS only pay compensation and do not rule a mis sell.

If i am wrong then someone please put me right on this, as compensation and mis sell rules are different?.

If this was a mis sell win, then they have to take the ppi off the loan, but not sure this happens when it is compensation.

I think a phone call to FOS by the op would be in order here,
to get clarification .

di3004

amersall wrote: »

Hi Di, i dont think FP will take the ppi off the loan as this was not a mis sell and it was not through them but another company.

The FSCS only pay compensation and do not rule a mis sell.

If i am wrong then someone please put me right on this, as compensation and mis sell rules are different?.

If this was a mis sell win, then they have to take the ppi off the loan, but not sure this happens when it is compensation.

I think a phone call to FOS by the op would be in order here,
to get clarification .

Hi amersall.

oops i think i must of mis read on that one , with mine through the FSCS as it was a settled loan, that was why it was different then, because there was no loan left to go back on.
I think you know what I mean lol.:D;)

roar349

Just had a letter from Capital One saying they won't be paying out, they're saying that I opted in (done online in 2004) to PPI, don't recall doing it but suppose it's possible.

Worth pursuing or should I just give up on this one.

On another matter when I took out a graduate loan with HSBC in 2000 I was told in no uncertain terms that I must take PPI or I wouldn't get the loan, this was done in branch face to face so there won't be any proof and I did make a claim for one month, do I have a leg to stand on?

di3004

roar349 wrote: »

Just had a letter from Capital One saying they won't be paying out, they're saying that I opted in (done online in 2004) to PPI, don't recall doing it but suppose it's possible.

Worth pursuing or should I just give up on this one.

On another matter when I took out a graduate loan with HSBC in 2000 I was told in no uncertain terms that I must take PPI or I wouldn't get the loan, this was done in branch face to face so there won't be any proof and I did make a claim for one month, do I have a leg to stand on?

Hiya

With Cap one, depending on your reasons for being mis sold really, but if you believe you have good grounds, despite it being an online sale, keep fighting it, I understand some applications would not allow you to go any further online if you did not opt for PPI.

With HSBC, I would certainly go for it, no harm done, its a matter of your words against their own but keep at them, good luck.;)

miradene

amersall wrote: »

Hi Di, i dont think FP will take the ppi off the loan as this was not a mis sell and it was not through them but another company.

The FSCS only pay compensation and do not rule a mis sell.

If i am wrong then someone please put me right on this, as compensation and mis sell rules are different?.

If this was a mis sell win, then they have to take the ppi off the loan, but not sure this happens when it is compensation.

I think a phone call to FOS by the op would be in order here,
to get clarification .

Thanks I think I will phone the FOS on to ask about this just to make sure.

I did not realise that I could get compensation and that a mis sell was a different thing. I did fill in mis sell forms for my application to FSCS.

The FSCS did not say it was or was not a mis sell, just that we are eligible for compensation.

We were told the PPI was compulsary to be accepted at the time of taking out the loan and this is all on the application forms.

I have not cashed the chq yet until I know for sure that nothing more can be done.

amersall

miradene wrote: »

Thanks I think I will phone the FOS on to ask about this just to make sure.

I did not realise that I could get compensation and that a mis sell was a different thing. I did fill in mis sell forms for my application to FSCS.

The FSCS did not say it was or was not a mis sell, just that we are eligible for compensation.

We were told the PPI was compulsary to be accepted at the time of taking out the loan and this is all on the application forms.

I have not cashed the chq yet until I know for sure that nothing more can be done.

Let us know how you get on with this.

I remember a long time ago on this site that people who were compensated by the FSCS, got 90% of the ppi back but the loan was not reset and the ppi taken off.

The onus was on the account holder to take the "win" off the loan and in effect paying the ppi off, of course this would (in some cases) mean they were paying a lot less interest over the remaining term, although this would not reduce the monthly payment.

I hope someone posts and knows what happens when the FSCS compensate customers.

di3004

Hi amersall.

And as with mine being a settled account this is where it differed, so I did receive the refund directly to me, but no loan to go back to in my case. So you do have a point here.;)

Miradene, there is a thread below (link) I added some time ago of companies in default, and experience of others that went through the same thing, most of them were still active loans as well, its a long thread though lol, so when you get round to it, take a gander, good luck.

https://forums.moneysavingexpert.com/discussion/1897143