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PPI Reclaiming Discussion part 4
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still no admission of wrong doing!! this is par for the course with fp FirstPlus is making this offer as a gesture of goodwill and without any admission of liability :mad::mad:
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Got letter from the Ombudsman today, saying:-
"FirstPlus is willing to make you an offer in line with my recommendations, save for the payment for distress and inconvenience, in full and final settlement of your complaint.
FirstPlus is making this offer as a gesture of goodwill and without any admission of liability
You now need to consider this offer. The offer from FirstPlus is less than the redress that I indicated in my assessment as it does not include the payment for distress and inconvenience
Your case could be referred for an ombudsman's final decision in which case I consider it likely that an award would be made for distress and inconvenience, Nothwithstanding this you may wish to consider accepting this offer"
So yayyyyyyyyy! They sent me a copy of their letter to FirstPlus which I still need to get my head around. Basically it says that they must put me back into the position I would have been in had I taken out the loans but not the PPI policies.
:beer: :beer: :beer: :beer: :beer: :beer: :beer:
WOOHOO!! I got mine last week saying the same thing so I can totally understand how you are feeling right now.0 -
No replies so I will have to go in blind.0
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Hi
I definately feel that I have been miss-sold a PPI.
In 2006 I took out a loan with Bank of Scotland. When I was sold the loan, I was told that I had to buy the insurance otherwise I would not get the loan. Even though I told them I did not want the insurance, the sales advisors continued to talk about the importance of the PPI and convinced me that I should have it as it meant that my loan would more than likely be approved. To be honest I really needed the loan as it ws consolidating my all my debts and therefore under duress agreed to having a PPI. I then found out that they added the whole amount of the inusrance on to my loan (£4000). I was really annoyed and raised the question about why they were charging me upfront, particulalrly as they were charging interest on this; the sales advisor gave a very fast and mumbled answer which I did not really understand.
My question is what do I do? I am still paying off the loan. I still have another 3 years left on it. Can I claim back what they have taken but still continue to have the PPI or should I just cancel the PPI and buy it elsewhere and claim bakc the PPI anyway?
Oh I remember the sales advisor reading out a (which I am assuming) standard terms and conditions statement on the phone; will this effect my claim.
Please advise0 -
hi i have read all the details on claiming back ppi and most of the discussion threads but am still not clear on whether i have grounds for a claim. i took out a secured loan with welcome finance in October 2007, when i arrived at the offices to sign the paperwork it was already completed with a £350 added premium for accident cover and illness cover = the accident cover only lasts 3 years and the illness cover 5, my secured loan is for 7 years !! i was not given any explanation to the amount and not told it was optional so i kinda assumed it was pay for it or not get the loan as it was already completed on paperwork. i didnt even get anything until some weeks later as to an insurance policy detail, nor was i asked whether i had any pre-existing medical conditions as i have high blood pressure and have been on medication for it since 2005. have i got a case to claim?? many thanks indeed kind regards a big moneysavingexpert.com and gmtv fan !!!!
:money:0 -
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Hi
I definately feel that I have been miss-sold a PPI.
In 2006 I took out a loan with Bank of Scotland. When I was sold the loan, I was told that I had to buy the insurance otherwise I would not get the loan. Even though I told them I did not want the insurance, the sales advisors continued to talk about the importance of the PPI and convinced me that I should have it as it meant that my loan would more than likely be approved. To be honest I really needed the loan as it ws consolidating my all my debts and therefore under duress agreed to having a PPI. I then found out that they added the whole amount of the inusrance on to my loan (£4000). I was really annoyed and raised the question about why they were charging me upfront, particulalrly as they were charging interest on this; the sales advisor gave a very fast and mumbled answer which I did not really understand.
My question is what do I do? I am still paying off the loan. I still have another 3 years left on it. Can I claim back what they have taken but still continue to have the PPI or should I just cancel the PPI and buy it elsewhere and claim bakc the PPI anyway?
Oh I remember the sales advisor reading out a (which I am assuming) standard terms and conditions statement on the phone; will this effect my claim.
Please advise
Hi there
Check the terms and conds on the cancellation side of it, but I know some have and some finance companies then arrange a new loan without the PPI, but they all vary.
If you feel you have been mis sold, as it does seem the case with your reason, then write to reclaim and complain, they have 8 weeks to respond in full, and if not successful by the first response, they should give you the opportunity to write back to them with further information.
So keep at them until you receive the final response where they will inform you of how to take this further if your not satisfied, for example the financial ombudsman service (FOS) with a leaflet of their complaint procedures.
Post all letters by recorded delivery, here is a link to check out for more info on ppi mis selling and reclaim template letter:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
Good luck and if any further help is needed let us know.;)The one and only "Dizzy Di"0 -
hi i have read all the details on claiming back ppi and most of the discussion threads but am still not clear on whether i have grounds for a claim. i took out a secured loan with welcome finance in October 2007, when i arrived at the offices to sign the paperwork it was already completed with a £350 added premium for accident cover and illness cover = the accident cover only lasts 3 years and the illness cover 5, my secured loan is for 7 years !! i was not given any explanation to the amount and not told it was optional so i kinda assumed it was pay for it or not get the loan as it was already completed on paperwork. i didnt even get anything until some weeks later as to an insurance policy detail, nor was i asked whether i had any pre-existing medical conditions as i have high blood pressure and have been on medication for it since 2005. have i got a case to claim?? many thanks indeed kind regards a big moneysavingexpert.com and gmtv fan !!!!
:money:
Hi there.
If you feel you were mis sold I would write to them, check this link here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
Add the reasons that occur to you, and there is also a reclaim template letter on the link, they have 8 weeks to respond in full and another letter maybe required if not successful first time, or until you exhaust their complaint procedures, they will inform you on the final response with details of the FOS.
Post by recorded delivery, please keep us updated so we can help if required, good luck.;)The one and only "Dizzy Di"0 -
Got letter from the Ombudsman today, saying:-
"FirstPlus is willing to make you an offer in line with my recommendations, save for the payment for distress and inconvenience, in full and final settlement of your complaint.
FirstPlus is making this offer as a gesture of goodwill and without any admission of liability
You now need to consider this offer. The offer from FirstPlus is less than the redress that I indicated in my assessment as it does not include the payment for distress and inconvenience
Your case could be referred for an ombudsman's final decision in which case I consider it likely that an award would be made for distress and inconvenience, Nothwithstanding this you may wish to consider accepting this offer"
So yayyyyyyyyy! They sent me a copy of their letter to FirstPlus which I still need to get my head around. Basically it says that they must put me back into the position I would have been in had I taken out the loans but not the PPI policies.
:beer: :beer: :beer: :beer: :beer: :beer: :beer:0 -
Stillsmiling wrote: »I Pm'ed Turboman about this but I've just wondered if the rate changes have an impact on the calculation? Worst Plus increased the rate so many times since I took the loan out and the rate has not decreased the same number of times. So do I need the original rate or the current one or something else entirely? I'm so confused...........
On loan for PPI of 14449.10 @ 9.06% at 121.05 pm after 40 payments (to 1/2/2009)you should receive back 4874.02 + 8% of 638.04 = 5512.06 total
Also your monthly payments go back to 497.55 for the original 59000 loan--but see last sentence
All this on the assumption of the original agreement % and monthly payments the same throughout
Obviously-this is not the case as rates have varied I suspect --but above are rough figures as I ain't getting involved with the varying rates in this case as there are many judging by your post on another thread. But--new mtHly would be (59000/73449)=80.32% of 657.48 = 528.08
Post your figures up when you get your letter
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My grandmother started walking five miles a day when she was 60. Now she's 97 years old and we don't know where the hell she is.0
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