PPI Reclaiming Discussion part 4

maxdp

veryannoyed wrote: »

Hi

I took out a loan approx 8 years ago. Since then I have had to go back and increase the loan a couple of times, which means that they have closed my old loan, and started a new one (I now realise how stupid that was). Each loan had PPI. I told them that I didn't want it, but I was told that I had to have it, due to the ammount I was borrowing. Can I claim back on previous loans, as well as the current?
In the last 8 years I have broken my hand, and dislocated my shoulder, and both times only received a minimal of time off work. I didn't use the PPI for either incident. Will this help my case?

Thanks in advance

Hi Veryannoyed.

Yes it looks as if you will be able to claim this back. You obviously did not willingly take this on. You will find the SAR letter to send on the opening page of this thread posted by Dreamer33 plus instructions. Good luck and if you need any further help then contact us again.:D

di3004

maxdp wrote: »

Di can you MSN 6 ish tonight need to discuss. Ta. Hope you feel better soon.x

Hiya Max and thanks, getting there and yes I will try to get on there if it lets me lol, will do my best.:D
Hope your well.:A XX

cydney65

Turboman wrote: »

Of course--but see my post 1983

Do you personally have experience of the process, the risks, the law ,the POC reqd and the time period of going for Contractual Interest?

Thanks to you Turboman and redindi for this. It is something I didn't realise about. Although I'm a not too good re: figures I do understand the priciple. I will bear this in mind when I hear back from Halifax, hopefully soon, and let everyone on here know what happens.

Thanks again :T

CydneyX

di3004

cydney65 wrote: »

Thanks to you Turboman and redindi for this. It is something I didn't realise about. Although I'm a not too good re: figures I do understand the priciple. I will bear this in mind when I hear back from Halifax, hopefully soon, and let everyone on here know what happens.

Thanks again :T

CydneyX

Good luck Cydney.;) :A , we look forward to hearing the outcome of this.:A

Di
X

amersall

chelsea15 wrote: »

hi there i am new to this forum i have just finished a loan from northern rock with ppi i finished this 6 months before the end of the contract i also still have another that ends in november yes with ppi also ...i tried to cancel the ppi about 18 months ago and they said they would have to recalculate this on a different interest rate that would mean without theppi the payment would not be any less,as anyone else succeded in the misseling of ppi with this company ,i really dont know what to do

GO FOR MIS SELLING , if you win they must put you back in the position you were when you took the loan out, that means the exact rate you took the loan out, i have a claim with northern rock and they want to put my loans together at the same interest rate but over 10 years , i have complained to fos as this will not put me back in the position i was in at the start , they will in fact add 7 extra years to the loans! i wrote to northern rock to claim mis sell and was fobbed off so it is now with fos- please contact them state your reasons why you were mis sold (mine was the same reason as yours if i cancelled the ppi i would get a higher rate loan so would be worse off so in actual fact they basically prevented us cancelling the ppi which was our right to do i have other reasons as well so if you have other reasons for mis sell please put them down . dont give up and let me know how you get on, if you need to know anything else dont hesitate to ask, dont give up , you will have lost nothing by doing this but you have a lot to gain good luck

amersall

girlatplay wrote: »

Hi and welcome!

Does anyone know if they can actually do that? Surely if you are cancelling the PPI they can't recalculate your existing loan at a different interest rate. You have signed an agreement for the loan at a particular interest rate. I would check through all your paperwork (hopefully you still have it) and if it says they can do that then I don't suppose there is much you can do but if it doesn't even mention it then I would fight it all the way.

xx

hi there they can do that if you cancel but not if they mis sold, i have just replied to chelsea thread 2036 if you read that you will know what i mean. i am fighting nr to the death i am a bit like a dog with a bone lol

girlatplay

amersall wrote: »

hi there they can do that if you cancel but not if they mis sold, i have just replied to chelsea thread 2036 if you read that you will know what i mean. i am fighting nr to the death i am a bit like a dog with a bone lol

Oh I see, right. That's terrible. It's not fair. Good luck with that.

x

KRBegum

Thanks - will write letter and see what happens

girlatplay wrote: »

KRBegum I bellieved I was miss-sold a Bank of Scotland PPI also. I wrote to them using the 1st template letter (also including a paragraph stating that they told me I HAD to take insurance cover, when I eventually agreed to their Bronze cover they told me that wouldn't cover me and I would HAVE to take the Gold cover). I received a letter from them within a fortnight saying they were looking into my complaint and they were sorry I felt the need to complain etc etc and that they would reply as soon as they could. I then received another letter within another fortnight saying they were really sorry they had not been in touch sooner, they were still looking into my complaint and they would be in touch with an answer really soon but definitely before 24th March. I have received a letter this morning with the usual apologies saying they have completed the investigation concluding that the policy may not have been appropriate for me and they are upholding my complaint!! Yay!!

They say they will contact me shortly to confirm exact details of the amount that will be paid to me. Obvioulsy I don't know the amount yet but the only catch so far seems to be that they are saying if I hold an account with Bank of Scotland and it is in arrears it is their policy to offset the amount of redress they are offering against any outstanding balances. They say they are helping me to ensure the interest and/or charges (I have no charges luckily) in relation to my loan are reduced. Therefore, if I am in arrears, the redress will be used to reduce or clear the arrears and any surplus will then be paid to me. I still have my loan and (obviously) it has a debit balance (otherwise I wouldn't have a loan!!) so I do have a Bank of Scotland account in arrears. The reason I see it as a catch is because I don't get the money in my hand. If I hadn't taken the PPI I would have had all the extra funds to spend on whatever I wanted (other bills in my case).

However, at least I am getting something back so I would say go for it. Use the template letters. Once it is all sorted out I will make sure the PPI is cancelled on my loan and I will look elsewhere for less expensive PPI. I still have 4 years left to go on my loan (it was a 6 year loan).

I hope this helps and hope I haven't rambled too much.

KRBegum

Thanks - will look at terms and conditions, then write off a letter to BOS.

di3004 wrote: »

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.;)

emmakirks

Hello, I received on Friday an offer from FirstPlus after putting in claim about missold PPI. They have offered to put the loan back into state as if we never had the PPI (£8.5k full refund plus £2.5k interest back onto the account) and refund to us the part of our monthly payments that were connected to the loan of the ppi (£3.6k). Repayments will go down about £60 a month. I am going to accept their offer but ask for 8% on top of the amount to be paid back to us. Any advice on how to word this request and to anyone who is familiar or experienced with getting money back from PPI does the offer seem fair? It seems to be to me (the fact that the loan will go done by approx £10k and we will not be paying about a further £6-7k interest on the PPI bit may mean we can get this loan consolidated by a personla loan soon with fixed and lower interest rate.
Any help gratefully received. Emma