PPI Reclaiming Discussion part 4

pinknico

I haven't settled my loan, still paying ,not due rebate til next October.FSCS just tell me they are nearing a conclusion in declaring Picture in Default so I will be interested to see what they tell you.
Your monthly payments should go down if the loan length is kept the same.

pinknico

Dont give up, please take this on to the FOS, Welcome want you not to bother, Fill out the FOS form with every mis selling point that applies to your case, did the insrance cover the full length of the loan? They prove to the FOS you WERENT mis sold.

Dreamer06

pinknico wrote: »

Dont give up, please take this on to the FOS, Welcome want you not to bother, Fill out the FOS form with every mis selling point that applies to your case, did the insrance cover the full length of the loan? They prove to the FOS you WERENT mis sold.

Thanks, I will get my agreement out & check it again, do you know if this company have been reported for miselling or is there any way that I can check somewhere?

helnag

Dreamer06 wrote: »

Hi everybody! I'm still battling with Welcome finance about reclaiming PPI, I phoned them up this morning for an update because they sent me a final response letter. the lady told me that they had done everything by the book & that I had signed the agreement to take out the PPI,I told her that my argument was that I was told that I would have more of a chance to get the loan if i took out PPI cover by the rep who took the details off me on application, she said they have no record of this as it was too long ago (May 2003). She told me to contact the FOS, but what is the point of doing that if they cant prove that the PPI was misold to me?

Please don't be put off by this, I initially complained to Welcome last February for the same reason (was told wont get loan without PPI) they said no and my case has been with the FOS since last March awaiting an adjudicator.

Welcome very rarely seem to cave in straight away, if your 8 weeks is up or they've told you to go to the financial ombudsman with a final response then call the FOS and explain and they will send you the forms. It does take time cos they have so many of these complaints but you still have a good chance. Please don't let Welcome put you off, they are in the wrong not you and I believe it's more a case of them having to prove you wrong than you having to prove yourself right.

Good Luck.

helnag

Dreamer06 wrote: »

Thanks, I will get my agreement out & check it again, do you know if this company have been reported for miselling or is there any way that I can check somewhere?

They haven't yet been fined, but who knows if they might in the future.

Pixie983

amersall wrote: »

:j:j:jthats excellent news,:j:j:j:j:j:money::D:D i love to hear that fp have paid out , i hate that company with a vengeance, i am still waiting to hear about my mis sell with them if you dont mind me asking how long did it take you?

Hi amersall - I know I hate them too! Just over 6 months from when I sent the first letter to First Plus, after two letters I got an offer from them but it wasn't what I wanted so then I went to the FOS. Should be another few weeks before it's all resolved and I have the money. Good luck with your claim!

Irenes_2

My partner took a loan out with Egg about 3 years ago to be paid over 7 yrs. He also took out the ppi. Unfortunately he was unable to keep up the payments and the balance of the loan (inc ppi) was transferred to a debt collection agency and he now pays £185 per month instead of the original amount of £269. He was off work for 3 months and made a claim on the ppi which has been approved and the payment was sent off to egg. We have rang egg to ask for them to pay the ins payment into our account as we have been keeping up the payments to the debt collection agency whilst he was off work. Egg are however saying that they will not give us the insurance pymt as we did not keep to the original contract. My argument is that the ppi is to cover your monthly payments, as he has made them then surely the money should be repaid.
Has anyone ever had this situation themselves or know where I can go for advise

stereo_mike

Irenes wrote: »

My partner took a loan out with Egg about 3 years ago to be paid over 7 yrs. He also took out the ppi. Unfortunately he was unable to keep up the payments and the balance of the loan (inc ppi) was transferred to a debt collection agency and he now pays £185 per month instead of the original amount of £269. He was off work for 3 months and made a claim on the ppi which has been approved and the payment was sent off to egg. We have rang egg to ask for them to pay the ins payment into our account as we have been keeping up the payments to the debt collection agency whilst he was off work. Egg are however saying that they will not give us the insurance pymt as we did not keep to the original contract. My argument is that the ppi is to cover your monthly payments, as he has made them then surely the money should be repaid.
Has anyone ever had this situation themselves or know where I can go for advise

Egg are likely to have classed the loan as being redeemed, as it is now with the debt agency. The PPI cover on these loans usually ceases once the loan has been redeemed, although you will need to check your original paperwork. Some company's allow the PPi cover to continue (although not egg by the look of things).

At the end of the day the PPi cover is to pay the original loan with egg not a re-arranged debt with a debt collector

di3004

Irenes wrote: »

My partner took a loan out with Egg about 3 years ago to be paid over 7 yrs. He also took out the ppi. Unfortunately he was unable to keep up the payments and the balance of the loan (inc ppi) was transferred to a debt collection agency and he now pays £185 per month instead of the original amount of £269. He was off work for 3 months and made a claim on the ppi which has been approved and the payment was sent off to egg. We have rang egg to ask for them to pay the ins payment into our account as we have been keeping up the payments to the debt collection agency whilst he was off work. Egg are however saying that they will not give us the insurance pymt as we did not keep to the original contract. My argument is that the ppi is to cover your monthly payments, as he has made them then surely the money should be repaid.
Has anyone ever had this situation themselves or know where I can go for advise

Hi there

Sorry to hear of this, but it may be an idea to ask the financial ombudsman service (FOS) on this case, even though you have made a claim, you may still have grounds for complaint.
http://www.financial-ombudsman.org.uk/contact/index.html

Please let us know how you get on, or hopefully someone else who may have been in a similar situation will post up, fingers crossed.;)

dazzer26

well done to you pixie983 that is great news my complaint is with an adjudicator against fp so maybe mine will be soon .like you and amersall i'm not their biggest fan either.