PPI Reclaiming Discussion part 4

Stillsmiling

lynz412 wrote: »

Hi all,

Really confised here, hope someone can help me out.

Complained to First Plus Oct 2007 and was told no, then sent off to FSO to claim.

A year later, we finally got a result.

First Plus have agreed to pay up!!!

Heres the confusion:

We have paid 29 months of payments so far, original paperwork states PPI is £198 per month.

Have been told by the ombudsman that First Plus need to cancel our loan and restart it at the new rate (i.e not including PPI).

How does this work as First Plus are not offering new loans.

Will (in theory) my payments then be at least £198 lower per month now they have agreed to cancel policy.

Thanks

My understanding is that yes it should be. I'm in the same position as you and the letter from the ombudsman said that the loan had to be reset back to how it would have been without PPI - so the monthly payments would be without the monthly PPI amount.

Not sure about restarting the loan though - I've not been told that - yet!

pinknico

lynz412 wrote: »

Hi all,

Really confised here, hope someone can help me out.

Complained to First Plus Oct 2007 and was told no, then sent off to FSO to claim.

A year later, we finally got a result.

First Plus have agreed to pay up!!!

Heres the confusion:

We have paid 29 months of payments so far, original paperwork states PPI is £198 per month.

Have been told by the ombudsman that First Plus need to cancel our loan and restart it at the new rate (i.e not including PPI).

How does this work as First Plus are not offering new loans.

Will (in theory) my payments then be at least £198 lower per month now they have agreed to cancel policy.

Thanks

What should happen is you receive any payments already made towards PPI back to yourselves and then a new loan agreement will be drawn up without PPI, makes no difference they are doing no eloans as this is an old loan but now less owing!

If the length of the loan stays the same the monthly payments will be cheaper.
If they keep payments the same the length of the loan wil be shorter.
Make sure you get what is right for you.
Also make sure they dont put the interest rate up.

FloridaMadShell

Thanks for your help di3004. I will definitely keep you posted with progress and no doubt I will have a million and one questions over the next few weeks!

di3004

FloridaMadShell wrote: »

Thanks for your help di3004. I will definitely keep you posted with progress and no doubt I will have a million and one questions over the next few weeks!

Good luck hun and not a problem.:A
You ask away when you like hun, if its more than 10 million questions - we don't mind lol......:D , we look forward to hearing from you. X;)

poorandbored

di3004 wrote: »

Hi there

Sorry to hear this.

I would complain and reclaim on this.

Also check the link out here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Check out all the reasons that may occur to your boyfriend, there is a letter template on the link as well, they have 8 weeks to respond.

However the first letter he may receive back will possibly be a standard fob off template letter of their's that many recieve, stating that he must have been aware he had signed for PPI and so on but do not let that put you off, you will need to write again if that is the case to ask them to reconsider or you will take this matter to the finanical ombudsman service for them to investigate.

They have 8 weeks to respond in full, post by recorded delivery.

You could actually ask the FOS to do this on your behalf if you wanted to, its still the 8 weeks as above where you should receive a response.

Now in regards to cancelling, I believe they should not stop anyone from cancelling, but if your boyfriend still has the terms and conditions for this, it may well be worth checking them out.

You could now ring the FOS to see if they can help on your behalf, explain about you believe this was mis sold and they will not allow your boyfriend to cancel the cover that (may) be worthless to him.
http://www.financial-ombudsman.org.uk/contact/index.html

If you are doing this on behalf of your boyfriend let the FOS know as well, see what they say about this matter.

Please let us know how you get on and if you need further help, please just yell.

Good luck.;)

Di
X

:mad: Thanks, we filled in template 1 and have received a really vague reply from barclays saying they gave him £14k in nov 2007 and £14k in march 2008 so cannot help, when he phoned up to go nuts they say its with the insurance people?! Have just filled in letter 2 with a bit more do you think is ok:

I am writing in response to your letter dated 24th February 2009, with regards the insurance sold with my loan. Your reference is 1008GQ4X.

Granted I received money from you in October 2007, this however, was my original loan (on which the PPI was included.) This loan was used to consolidate some other loans and pay off some debts relating to my child. I later realized I did not require the PPI therefore the second loan you issued in March 2008 was issued in order to pay off the original loan, thereby cancelling the PPI.

Due to an error by you this money was never used to pay off the first loan and I have since been paying huge monthly repayments on both loans which are beyond a level I can afford, therefore this money that was credited to my account last March has all been spent.

I understand I must keep up these repayments on the second loan as this is partly my fault and I will continue to do this. However, this does not solve the issue of the PPI on the original loan which I must cancel.

Your website states that if people have debt problems they must not ignore the issue but try and resolve it, which is why I entered your branch on 2nd January 2009 and asked for help. The branch agreed an error was made when the second loan amount went in to my current account and they agreed the PPI was mis-sold.

Furthermore, Barclays are a member of the Banking code and therefore are meant to act sympathetically and positively to cases of financial difficulties. It is impossible for me to maintain these monthly payments and I am afraid even your own website recommends paying for other bills such as rent above this. I have asked for help from a bank I have been a member of for over 10 years and I do not appear to be getting any help. It is imperative that I receive help immediately as I cannot pay these repayments.

I do not feel your letter has offered a satisfactory justification that my policy was sold fairly, reasonably and within my best interests so I request that you look into my complaint again. If I do not receive a more favorable response within 14 days I shall be taking my complaint to the Financial Ombudsman.

di3004

poorandbored wrote: »

:mad: Thanks, we filled in template 1 and have received a really vague reply from barclays saying they gave him £14k in nov 2007 and £14k in march 2008 so cannot help, when he phoned up to go nuts they say its with the insurance people?! Have just filled in letter 2 with a bit more do you think is ok:

I am writing in response to your letter dated 24th February 2009, with regards the insurance sold with my loan.Yourreference is 1008GQ4X.

Granted I received money from you in October 2007, this however, was my original loan (on which the PPI was included.) This loan was used to consolidate some other loans and pay off some debts relating to my child. I later realized I did not require the PPI therefore the second loan you issued in March 2008 was issued in order to pay off the original loan, thereby cancelling the PPI.

Due to an error by you this money was never used to pay off the first loan and I have since been paying huge monthly repayments on both loans which are beyond a level I can afford, therefore this money that was credited to my account last March has all been spent.

I understand I must keep up these repayments on the second loan as this is partly my fault and I will continue to do this. However, this does not solve the issue of the PPI on the original loan which I must cancel.

Your website states that if people have debt problems they must not ignore the issue but try and resolve it, which is why I entered your branch on 2nd January 2009 and asked for help. The branch agreed an error was made when the second loan amount went in to my current account and they agreed the PPI was mis-sold.

Furthermore, Barclays are a member of the Banking code and therefore are meant to act sympathetically and positively to cases of financial difficulties. It is impossible for me to maintain these monthly payments and I am afraid even your own website recommends paying for other bills such as rent above this. I have asked for help from a bank I have been a member of for over 10 years and I do not appear to be getting any help. It is imperative that I receive help immediately as I cannot pay these repayments.

I do not feel your letter has offered a satisfactory justification that my policy was sold fairly, reasonably and within my best interests so I request that you look into my complaint again. If I do not receive a more favorable response within 14 days I shall be taking my complaint to the Financial Ombudsman.

Hi there,

Thanks for adding this and I hope they resolve this PPI matter for you.


You could actually try ringing the FOS (link added in my earlier post) and ask if they would do this on your behalf, they will check who this should be complained to and send this off for you.
As they seem to be passing the buck here.

Even though you have started this procedures the FOS may consider sending your information for you and the company will note its sent on your behalf, there is no harm in asking the FOS, it may take a little pressure from you.

However, you know even if this is not successful, you can ask the FOS to investigate anyway, good luck and please let us know how you get on.;)

Beatthebanks

Hi, I have always been aginst the PPI i had on my egg card and recently found out that i NEVER actually signed for it. When i took the card out apparantly i ticked the box stating that i wanted PPI, about 4 months after i noticed i was being charged for PPI and phoned up trying to cancel it but was ''deterred'' from doing so. Fast forward 4 years and I found out PPI was optional so I cancelled it. I then put a comlaint in with egg regarding the phone call where I had tred to cabcel it and they miraculously couldnt find the call and closed my comlaint.

I recently found i had lost my credit agreement and so asked egg for a copy which the duely sent. Looking at my agreement I signed for the card I noticed that I had not anywhere signed for PPI.

My understanding is that this is technicaly an insurance policy and so there should have been an agreement to it after i applied...not just terms.

I wrote to egg to contest this and request that they refund all the premiums and all they have sent back is a copy of my application review, not my application. They have admitted that I never have signed for it and that since there application review showed the selection of it then i must have selected it and this is as good as. They have issued this as a final response and im not sure where to go next?? My arguement still stands that for it to be valid I MUST have to sign something, ticking a box cannot constitute my signature nor a legally binding contract.

Any ideas please as to what to do and where I stand would be really great.

cheers

Tim

Incipience

lynz412 wrote: »

Hi all,

Really confised here, hope someone can help me out.

Complained to First Plus Oct 2007 and was told no, then sent off to FSO to claim.

A year later, we finally got a result.

First Plus have agreed to pay up!!!

Heres the confusion:

We have paid 29 months of payments so far, original paperwork states PPI is £198 per month.

Have been told by the ombudsman that First Plus need to cancel our loan and restart it at the new rate (i.e not including PPI).

How does this work as First Plus are not offering new loans.

Will (in theory) my payments then be at least £198 lower per month now they have agreed to cancel policy.

Thanks

If I know firstplus.. and I do, they are likely to setup the new loan with a higher interest rate than what you are currently paying now.

lynz412

Incipience wrote: »

If I know firstplus.. and I do, they are likely to setup the new loan with a higher interest rate than what you are currently paying now.

Can they do that, surly they need to put me in the position i would have been in had i not taken the ppi out in oct 06, so surly they need to give me the same interest rate?

pinknico

Beatthebanks wrote: »

Hi, I have always been aginst the PPI i had on my egg card and recently found out that i NEVER actually signed for it. When i took the card out apparantly i ticked the box stating that i wanted PPI, about 4 months after i noticed i was being charged for PPI and phoned up trying to cancel it but was ''deterred'' from doing so. Fast forward 4 years and I found out PPI was optional so I cancelled it. I then put a comlaint in with egg regarding the phone call where I had tred to cabcel it and they miraculously couldnt find the call and closed my comlaint.

I recently found i had lost my credit agreement and so asked egg for a copy which the duely sent. Looking at my agreement I signed for the card I noticed that I had not anywhere signed for PPI.

My understanding is that this is technicaly an insurance policy and so there should have been an agreement to it after i applied...not just terms.

I wrote to egg to contest this and request that they refund all the premiums and all they have sent back is a copy of my application review, not my application. They have admitted that I never have signed for it and that since there application review showed the selection of it then i must have selected it and this is as good as. They have issued this as a final response and im not sure where to go next?? My arguement still stands that for it to be valid I MUST have to sign something, ticking a box cannot constitute my signature nor a legally binding contract.

Any ideas please as to what to do and where I stand would be really great.

cheers

Tim

I should contact the FOS to see where you stand with this, I have a complaint with them at the moment for the same thing. My credit agreement doesn't even mention PPI.