PPI Reclaiming Discussion part 4

di3004

cappo wrote: »

give him my best,i'm glad he's feeling better Di.:T:j

I will Cappo, thank you so much.:A;) x

mojoparrot

Hi all
Ive been debating whether to persue a ppi loan that was taken out as a first plus secured loan I think in 2006. The complicated problem I have is this.....
I took out the loan with the ppi sold alongside (apparantly) in 2006 as one loan. By 2007 I had paid the loan off. In 2008 I was approached by my financial adviser to take the ppi through a claims management company. It took me some time before I decided to go with the company. I paid him a fee and handed the claim over to the claims handling company. I had started the claim process early in 2009 by using the original templates from the MSE website. First Plus of course said I was aware at the point of sale (over the phone) of the ppi (an addition was made to the secured loan to pay the ppi up front £6000. Looking at the paperwork now I can see that the ppi only covered the first 5 years of the loan), they also sent me a disc which is supposed to contain the telephone conversations about the loan (I cant open this disc on my computer so have never listened to it.).
I passed all this to the claims management company who kept the claim for a year then they were closed down by the legal services comission (or some official body) for malpractice. Sometime mid 2010 I got the documents back from the closure and it looks like the claims management company had had some correspondance with First Plus and the last letter they sent details the outline of a case with an offer prior to application to court. They also had the disc transcripted and it looks like the "agreement" for the ppi was when the salesman said "answer yes/no only.... would you like to know that your loan will be paid should you be out of work" to which I replied "yes". I sent all this info onto the FOS who kept the documents for around 10 months before they sent only half the documents back explaining they couldnt even look at the case as it was outside of the six month original complaint period. Remember I started the complaint at the beginning of 2009. The FOS were not interested in the fact that I had employed a claims management company who had not bothered to do the work, plus by the time it was allocated a worker at FOS the last letter sent by the claims management company was 10 months previously so I coudnt argue that correspondance with First Plus had been open until the end of 2009.
I am now looking at bankruptcy and when I spoke to the counsellor he said try to reclaim as the rules have changed. So a month ago I sent First Plus the current form for ppi reclaiming from the MSE. They wrote back a couple of weeks ago stating they had already responded to my previous claim in the negative and that is an end to the matter. They also state that the letter cannot be used as an admission to the FOS that I was still in correspondance about the original 2009 claim. So I cannot claim the within 6 months FOS rule.
Does anyone think I should persue this? Should I just forget it all. I dont know how to respond to First Plus' last letter or what to say. I'm so tired of this claim, I dont trust claims management companies and I just think its not my destiny to have the ppi repaid.
Any advice or ideas are really welcome
Mojo

moneyangel22

Hi,

I have just spotted I have been sold ppi on my credit card, although i cancelled it awhile ago...I believe it was missold for the same reasons as 2 loans I have already put in a claim for from Lloyds.

Can someone please explain how I calculate the interest charged by Lloyds on the ppi which was added onto my credit card each month?
It says on the statement the interest rates applied were 1.240% for purchases and 2.075 for cash.

Many thanks.

amersall

mojoparrot wrote: »

Hi all
Ive been debating whether to persue a ppi loan that was taken out as a first plus secured loan I think in 2006. The complicated problem I have is this.....
I took out the loan with the ppi sold alongside (apparantly) in 2006 as one loan. By 2007 I had paid the loan off. In 2008 I was approached by my financial adviser to take the ppi through a claims management company. It took me some time before I decided to go with the company. I paid him a fee and handed the claim over to the claims handling company. I had started the claim process early in 2009 by using the original templates from the MSE website. First Plus of course said I was aware at the point of sale (over the phone) of the ppi (an addition was made to the secured loan to pay the ppi up front £6000. Looking at the paperwork now I can see that the ppi only covered the first 5 years of the loan), they also sent me a disc which is supposed to contain the telephone conversations about the loan (I cant open this disc on my computer so have never listened to it.).
I passed all this to the claims management company who kept the claim for a year then they were closed down by the legal services comission (or some official body) for malpractice. Sometime mid 2010 I got the documents back from the closure and it looks like the claims management company had had some correspondance with First Plus and the last letter they sent details the outline of a case with an offer prior to application to court. They also had the disc transcripted and it looks like the "agreement" for the ppi was when the salesman said "answer yes/no only.... would you like to know that your loan will be paid should you be out of work" to which I replied "yes". I sent all this info onto the FOS who kept the documents for around 10 months before they sent only half the documents back explaining they couldnt even look at the case as it was outside of the six month original complaint period. Remember I started the complaint at the beginning of 2009. The FOS were not interested in the fact that I had employed a claims management company who had not bothered to do the work, plus by the time it was allocated a worker at FOS the last letter sent by the claims management company was 10 months previously so I coudnt argue that correspondance with First Plus had been open until the end of 2009.
I am now looking at bankruptcy and when I spoke to the counsellor he said try to reclaim as the rules have changed. So a month ago I sent First Plus the current form for ppi reclaiming from the MSE. They wrote back a couple of weeks ago stating they had already responded to my previous claim in the negative and that is an end to the matter. They also state that the letter cannot be used as an admission to the FOS that I was still in correspondance about the original 2009 claim. So I cannot claim the within 6 months FOS rule.
Does anyone think I should persue this? Should I just forget it all. I dont know how to respond to First Plus' last letter or what to say. I'm so tired of this claim, I dont trust claims management companies and I just think its not my destiny to have the ppi repaid.
Any advice or ideas are really welcome
Mojo

Really sorry to hear this,this was a win too,the claims co handled this all wrong by not keeping in touch with you.

You have passed the timeline to go the FOS and i really dont know who may be able to help you with this,i will see if there may be a way to take this further,as the claims co was in the wrong here.

There may be someone more in the know about this and they may help you also.

di3004

moneyangel22 wrote: »

Hi,

I have just spotted I have been sold ppi on my credit card, although i cancelled it awhile ago...I believe it was missold for the same reasons as 2 loans I have already put in a claim for from Lloyds.

Can someone please explain how I calculate the interest charged by Lloyds on the ppi which was added onto my credit card each month?
It says on the statement the interest rates applied were 1.240% for purchases and 2.075 for cash.

Many thanks.

Hiya

I know it works out slightly different to that of a loan, cannot recall what it was now on my lloyds credit card ppi as it was some time ago it was upheld, but whilst waiting for an answer on this also check on how the FOS calculates refunds (minus the further redress compo) as it should work out as same to what I know of. x;)

https://forums.moneysavingexpert.com/discussion/1596473

bubs_2010

hi ,have just signed up today and would be grateful for some advice. my partner and i have complained to homebase loans about the ppi we took out 2 loans, 1 in september 2003 and 1 in august 2004, my partner was self-employed and i was employed working 15 hours a week. the ppi only covered my partner. homebase have sent us a reply stating that the sale of these loans were prior FSA authorisation and the first loan we took was in a relaxed manor and the advisor highlighted all the key requirements. they state that when we took the 2nd loan the same details applied. they cant give me FOS referral rights but i could contact the FLA

i know i questioned the ppi because i always did on anything we took out, and you always got the same answer, it gave you an increased chance of getting the loan, if anyone would of advised me that i didnt need the policy i would of gratefully refused the only reason i took ppi was because i was led to believe i had to.

is there anything else i can do or because the loan was taken out before 2006 is this the end of my complaint

di3004

bubs_2010 wrote: »

hi ,have just signed up today and would be grateful for some advice. my partner and i have complained to homebase loans about the ppi we took out 2 loans, 1 in september 2003 and 1 in august 2004, my partner was self-employed and i was employed working 15 hours a week. the ppi only covered my partner. homebase have sent us a reply stating that the sale of these loans were prior FSA authorisation and the first loan we took was in a relaxed manor and the advisor highlighted all the key requirements. they state that when we took the 2nd loan the same details applied. they cant give me FOS referral rights but i could contact the FLA

i know i questioned the ppi because i always did on anything we took out, and you always got the same answer, it gave you an increased chance of getting the loan, if anyone would of advised me that i didnt need the policy i would of gratefully refused the only reason i took ppi was because i was led to believe i had to.

is there anything else i can do or because the loan was taken out before 2006 is this the end of my complaint

Hi and welcome

The FSA had come into regulation of finance, loans/mortgages and so on in Jan 2005, so basically when you taken out yours, the FSA were not then involved.

If you were to make a complaint to the Financial ombudsman service (FOS) they will or are only able to investigate complaints if the business were regulated by the FSA, prior to these GISC, but not all companies opted for this.

You could try the FLA but its very rare they help, but do try first, see what they say.

http://www.fla.org.uk/contact-us

If this fails, then contact the FOS anyway, and they will possibly suggest the underwriter/insurer avenue of the policy.
http://www.financial-ombudsman.org.uk/contact/index.html

Good luck.

bubs_2010

thanks would it be beneficial to write a letter to homebase asking for a copy of the phonecalls or does this not apply to us because the loan was taken before 2005. sorry to be a pain but dont really understand all the details of this reclaiming ppi. have read lots of information on this site but couldnt find anything to do with homebase

di3004

bubs_2010 wrote: »

thanks would it be beneficial to write a letter to homebase asking for a copy of the phonecalls or does this not apply to us because the loan was taken before 2005. sorry to be a pain but dont really understand all the details of this reclaiming ppi. have read lots of information on this site but couldnt find anything to do with homebase

Hi there

If you want to, you can request for copies of the call, but whether or not they still have hold of them we don't know, but there is a template letter below you can use called a Subject Access Request (SAR), they should send copies of all the data/accounts you have with them, this may only go back as far as 6 years, but some do go back even beyond that.
They have 40 calendar days to comply, but you enclose the one off payment of £10 cheque or postal order, if they're unable to provide you with any details, then they must return your payment with a letter to explain.
https://forums.moneysavingexpert.com/discussion/1475553

bubs_2010

thanks very much for your help, your a star!!!!