PPI Reclaiming Discussion part 4

di3004

mel3442 wrote: »

i have recieved a letter from barclays stateing they would make an offer no later than august 31st as a gesture of good will,right at the bottom of the letter it says *in the event you do not hold a ppi policy with us you will not be eligible for any refund.can anyone tell me what this means as i have settled my loan 4 years ago which the ppi policy in question was linked to. any help would be great thanks.

Hi there

this is a standard letter that everyone who have made complaints have been receiving, the FSA have extended the timescale due to backlogs mainly because of the hold up because of the previous judicial review.

What they mean is some have probably made complaints not knowing if they did have ppi or not, so this part of it will not apply to you, but have come as a standard response on all letters.
Hope that helps.

Good luck on your reclaim.;)

amersall

Jas08 wrote: »

Hi all, been looking at all the threads and was hoping for some advice. Our situation is very complicated..........

We have a PPI complaint against HFS Loans (now CapitalOne) for PPI mis-sold to us on a First Plus loan. The PPI Premium of £21,551 attracts £37,072 interest over the 25 year term.

Initially when we contacted CapitalOne about this back in June 2010 they advised us that they did not believe we had been mis-sold but as a goodwill gesture will refund us £15,355.64. This was far greater than premiums paid to date as we are paying £195.41 per month for PPI (at that time for 4 years only). In addition to this they would offer an additional £252.61 for which was never explained what this was for plus our PPI would be cancelled but we would have to continue to pay the premiums for the term of the loan.The 60 month cashback term ended in March 2011.

So far we have paid all premiums to date and we continue to pay this premium as our complaint is ongoing. FirstPlus refuse to payout the cashback due to our ongoing complaint with CapitalOne - can they do this?The adjudicator is in agreement that we have been mis-sold and our complaint is waiting for final decision from the Ombudsman.

Adjudicator's recommendation is that CapitalOne should offer us redress and pay back premiums plus 8% which we understand is the standard when dealing with PPI claims.Today the adjudicator has written to us and confirmed that CapitalOne are not prepared to offer the redress set out but is prepared to offer a refund of premiums paid, associated interest and an additional interest of 8%???? This is a final offer from CapitalOne but no monetary values have been offered.

We don't understand why they would offer us a refund if they don't believe we have been mis-sold and although the adjudicator cannot gurantee that the Ombudsman will agree with him surely the fact they have offered a refund implies mis-sale??

Can anyone please offer any advice if you have had experience in similar situations?

Thanks

Jas

In the first instance you should forget the cash back, cap one are giving you redress for the "mis sell of ppi", what you should do now is get on to FP and tell them you have had an offer of redress from cap one and you want to claim the cashback and for them to take this off the loan and adjust your payments and balance in line with that.

If you dont do this, you will pay a lot more back in interest over the term of the loan, especially when the BOE raise interest rates, your loan apr will just keep increasing (as FP increase rates when they feel like it, as it is "prudent" for their business) so you need to get the loan reset with FP to save you thousands of pounds.

It would be nice to get the cashback but at what cost? a loan that will still have the ppi on that you cant claim because the 5 years is all it runs for, the best you can hope for is that FP will do this, if they dont agree, go back to the FOS and ask them if they can do anything about this.

You are entitled to the cash back, this is in your agreement,but you want it taking off the loan and your balance reducing and monthly payment,hopefully you can get this done.

The redress from cap one is the 61 months ppi monthly payments you have made with interest and the 8%, you will have a nice little windfall here and if FP get their finger out, a reduced monthly payment and loan balance and a nice little cheque in the bank.

amersall

Jaz08, a footnote to my post.
The adjudicator will not let cap one give you a "mis sell" as you are in line to get the cashback, they wont make cap one give you the ppi off your loan plus you get the cashback, this is giving it you twice and redress does not work like that.

You should do what i suggested and get FP cashback,and redress of premiums and 8% from cap one.
This is a good deal.

amersall

cappo wrote: »

I'm with beamer they would'nt have made you an offer if they did'nt accept liability,cap 1 are just as likely to tell you where to go then to make an offer of payment, you've got strong grounds for a claim.

Hi cappo, i have posted why the op wont get full redress for cap one,this is a good mis sell case, but an adjudicator will not make cap one and Fp give the ppi back twice.

amersall

cclissold wrote: »

Update - Received another letter from Halifax yesterday (exactly the same as the one I received on Friday) one dated 23 june and one dated 24 june. So thats where the money is going..... sending out duplicate letters and still not sorting out the complaint. dont their computers speak to each other!!!

I live in hope....

Computer says no :rotfl::rotfl::rotfl:

citibird27

cappo wrote: »

I'm with beamer they would'nt have made you an offer if they did'nt accept liability,cap 1 are just as likely to tell you where to go then to make an offer of payment, you've got strong grounds for a claim.

Hi there, I agree too. A "goodwill gesture" is the last thing any bank would make unless they had to, ( especially Capital One!)..it is clear that they are aware of their wrongdoing, have been discovered and are now paying up, but denying blame!

For "goodwill" read "guilty"...and that is a more realistic picture...

Well done though!:)

biondani

I look forward to receiving my SAR from Capital One to see what was on my application form as anything I can get out of that bunch of halfwits is a bonus. They logged a default against me without giving me the 28 days notice, they gave notice and then logged it even though I paid the outstanding amount in full at the time. I have been arguing with them for years over it and this time (the third time I have tried) they have actually confirmed they have received the SAR request. Sending it to head office means it gets binned without anyone forwarding it, you actually have to send to the executive office.

The default expires in 2013 but will cause havoc with getting a mortgage when I want to move next year so hoping I can find something in the SAR that proves my point. If I find I was paying PPI as well then there will be a complaint against that too.

Ian

beamerguy

biondani wrote: »

I look forward to receiving my SAR from Capital One to see what was on my application form as anything I can get out of that bunch of halfwits is a bonus. They logged a default against me without giving me the 28 days notice, they gave notice and then logged it even though I paid the outstanding amount in full at the time. I have been arguing with them for years over it and this time (the third time I have tried) they have actually confirmed they have received the SAR request. Sending it to head office means it gets binned without anyone forwarding it, you actually have to send to the executive office.

The default expires in 2013 but will cause havoc with getting a mortgage when I want to move next year so hoping I can find something in the SAR that proves my point. If I find I was paying PPI as well then there will be a complaint against that too.

Ian

Hi, this is typical of Capital One, as you say they are a "bunch of halfwits"

HOWEVER and read this carefully, as Capital one defaulted you, and if you are right in what you say, you now have grounds to claim compensation from them. This would take the form of "damages" to yourself. If then you find you had a PPI with them, which mis-sold, you can claim all the money back.
If, they harassed you with debt collectors, whilst you were in dispute or
whilst talking to them, claim for harassment plus damages.
If this is going to affect you getting a mortgage, and it probably will, then send them your claim for damages, listing very clearly why you are claiming damages and harassment

ONLY HOPE THAT CAPITAL ONE LOSE THEIR LICENCE AS THEY ARE A BUNCH OF FINANCIAL SHARKS

cclissold

amersall wrote: »

Computer says no :rotfl::rotfl::rotfl:

LOL. Hope it doesnt say no though!

di3004

cclissold wrote: »

LOL. Hope it doesnt say no though!

Blimey NO!!!:eek::rotfl::rotfl::rotfl: