PPI Reclaiming Discussion part 4

cook0891

Hello,

I requested a SAR and sent a cheque for £10. They replied saying they couldn't find the loan documents but can see had 3 loans and did have PPI to which I put in a mis selling complaint.

Issue is today I have checked bank statement and they have banked the £10. I am surprised at this seeing they couldn't provide me with the loan documents, should I try and get this back or as they have looked and can't find them do they have a right to keep it?

Thanks,

Daniel

cappo

cook0891 wrote: »

Hello,

I requested a SAR and sent a cheque for £10. They replied saying they couldn't find the loan documents but can see had 3 loans and did have PPI to which I put in a mis selling complaint.

Issue is today I have checked bank statement and they have banked the £10. I am surprised at this seeing they couldn't provide me with the loan documents, should I try and get this back or as they have looked and can't find them do they have a right to keep it?

Thanks,

Daniel

Hi daniel i would say if the bank could'nt provide you with a full sar then they owe you a refund as they've provided you with diddly squat as it were

Niggly_2

ned_nederlander wrote: »

Hi guys ...


I'm sure the answers are in here but I started looking and was getting bogged down:


I have a First Plus loan, a rather substantial one - one that included a previous FP loan, and I know have some sort of option on unused PPI which I can claim in November of next year

I wanted to check with First Plus to see where I stand with this but Google brought up lots of pages about making claims against First Plus !

What is the basis of these claims ... is it purely PPI or have there been unfair charges etc., would a claim affect my current loan ?

Basically - what options do I have ?

Option 1 at 5 years you can take the Cashback option. The policy will stop and you will continue to pay the interest on the policy for the remaining term of the loan i.e payments will remain the same but no cover.

Option 2 put in a reclaim you will recieve the premiums back that you have paid plus 8% interest. The ppi payment will be taken off the loan plus interest. You future payments will reduce by the cost of the ppi payment (approx 20%).

Option 3. Take the cash back and then put in a reclaim. The ppi payments plus interest on the ppi loan will be refunded to the loan and the repayments will drop. You will get 8% refund on the payments you make. This option is risky as it could be withdrawn in my opinion as FP are waking up to the idea that in effect you get the cash back plus compensation which as a result, played in the right way can cost them much more than option B. i HAVE HEARD A RUMOUR THAT THE CASHBACK PAYMENTS ARE BEING suspended on complaints where the 5 years is coming up for review.

N:beer:

di3004

cappo wrote: »

Hi guys at last LTSB have cashed my sar cheque,should'nt be long now.

Cool, not long to go now then Cappo, fingers crossed.;)

di3004

cook0891 wrote: »

Hello,

I requested a SAR and sent a cheque for £10. They replied saying they couldn't find the loan documents but can see had 3 loans and did have PPI to which I put in a mis selling complaint.

Issue is today I have checked bank statement and they have banked the £10. I am surprised at this seeing they couldn't provide me with the loan documents, should I try and get this back or as they have looked and can't find them do they have a right to keep it?

Thanks,

Daniel

Hi Daniel

They should automatically return your payment if they are unable to provide nothing at all in relation of your SAR request.

Was it by letter they confirmed they could not find anything?
How long ago did you take out the account and settle?

I would give them a ring and ask about this again in case they messed up, and tell them what you have been told, if they say again they are unable to provide you with anything, then ask them why have the cashed the payment for this request?
Then ask they return your payment with a letter to explain why they could not provide anything.

Good luck.

irnbru74

Hi,
Have complained to HBOS (sainsbury's) regarding PPI on loan, I complained on a few lines
1, was made to feel credit application would be refused, if I didn't take PPI.
2. didn't know it was optional, ie that I could cancel it!
3, policy and exclusions weren't explained to me.
Now after filing a complaint with them, I have found more documents whilst trawling the loft for something else, sod's law!
My quandry is that I have found documents that clearly say at bottom of it
Important - if you have included any insurance cover we are confident that it will just be what you need, it is particulary important that you check you are eligible to be covered under ploicy, you do have the right to cancel it and right &eligibility is provided in your policy booklet.
Policy says I have 30 days to do this - full refund
outwith partial refund. (I did actually cancel this policy, but only when there was 2 months of loan left. Feel very very....stupid as I paid it for nearly 5 years got about £340ish when paid £3335 added on to loan as single premium.)
Anyway, I ended up with creditcare gold incorporating life, accident and sickness, unemployment, carer and c. illness cover.
Looking at demands and needs statement which says -
"Need - you have confirmed that you are working and have applied for a loan. You require the peace of mind that your monthly loan repayment would be covered should my income stop unexpectedly.
Our recommendation and reasons for making them.
We are advising and making a recommendation to you after we have assessed your needs based on information provided to us, the product is suitable because it will cover you should your income stop unexpectedly. We recommend that you consider our Sainsbury's creditcare gold s you have advised us that you want to protect your new committment to us, you have also advised us that you have taken into account the cost of insurance, which will be added to your new monthly loan payment on complation of your loan"
I don't remember saying that I wanted any of this and why would I need the the top cover if it was only to ensure that they would get their money back if I couldn't pay loan back, I gave no indications that it maybe a problem with my job (full time and permenent)- doesn't make sense!
At the time, I didn't have any dependents and worked in the public sector and entitled to 6 months full pay/ 6 months half pay and had life insurance with critical illness cover all in place at time! Adviser was aware of what I did for living as have to tell him occupation, length of service etc!
What do I do now, I still that I was really pressurised into taking PPI with loan, but how can I argue with above!
I'm feeling very stupid/annoyed/, feel that I was very lax with all of this, I just wish I had been as paranoid with money then as I am now!!
Do I still have a valid claim for mis-selling or am I just going put this one down to experience?
Sorry, have been on a bit of rant!

aandrea

Each month my catalogue charges me for Purchase, Charges and Adjustments, I dont no what these are for, i am up to date with payments and each month i pay more than minimum payments. Is this the same as PPI ?

amersall

ned_nederlander wrote: »

Hi guys ...


I'm sure the answers are in here but I started looking and was getting bogged down:


I have a First Plus loan, a rather substantial one - one that included a previous FP loan, and I know have some sort of option on unused PPI which I can claim in November of next year

I wanted to check with First Plus to see where I stand with this but Google brought up lots of pages about making claims against First Plus !

What is the basis of these claims ... is it purely PPI or have there been unfair charges etc., would a claim affect my current loan ?

Basically - what options do I have ?

Hi there, get a claim in for mis sell,put the other loan number as well,as you will have had ppi carried forward from the 1st loan to the 2nd one.

This is the addressCustomer Care Team
Firstplus Financial Group Plc
The Avenue Business Park
Pentwyn
Cardiff
cf23 8ff

We/I believe we were mis sold the ppi on the above account number.
1)We/I were not told that the ppi was in effect another loan that was added to the original loan and was repayable over the loan term with interest.

2) We/I were not told that the ppi only covered us for 5 years, but the ppi would still be on the loan to term end with interest.

3) We/I were told that if we did not make a claim on the ppi ,after 5 years we would recieve the ppi as cashback, and to look on this as savings plan.. But were not told that the ppi would be on the loan to term end with interest and the cashback of ppi would not include the interest that we paid over the 5 years.

In line with the FOS recommendations it is requested that the overall situation be restored as if PPI had never been included. This will entail:
a) A refund of the monthly payments that have actually been paid towards the overall loan in excess of those that would have been needed, if the original loan had been sold without the PPI policy;
b) Restructuring of the loan going forward so that the amount owed, the monthly repayments, the term and the charges reflect those that would have applied, if the original loan had been sold without the PPI policy.
c) In addition, interest at the rate of 8% simple per annum to any excess payments made from the time each payment was made to the point that Firstplus pays them back to us. We/i believe we were not given enough information on this ppi to make an informed decision. Had we/i known the full cost of this ppi we would not have taken it.

Unless you can prove without doubt that this PPI policy was fair, reasonable and suitable for my/our circumstances we/I will require you to rearrange the loan as if PPI had never been included on the above loan.



Then take a look at this site,the info and advice you will get there is invaluable
http://www.firstpluscomplaints.co.uk/

amersall

aandrea wrote: »

Each month my catalogue charges me for Purchase, Charges and Adjustments, I dont no what these are for, i am up to date with payments and each month i pay more than minimum payments. Is this the same as PPI ?

Hi there, looks like this could be interest,what catalogue is this?.
They could be also be items you have ordered and sent back,so the adjustment will be the credit for that item.

aandrea

amersall wrote: »

Hi there, looks like this could be interest,what catalogue is this?.
They could be also be items you have ordered and sent back,so the adjustment will be the credit for that item.

Catalogue Kand Co. I've not sent anything back, Each month i'm paying say about £40, but out of that £13 -£14 is not being taken off bill, as its going on the Payment, Charges adjustments.