PPI Reclaiming Discussion part 4

helnag

snoppydog wrote: »

Hi, has anyone had any sucesses in reclaiming ppi from Welcome. I have just sent the first letter and keep hearing they won't pay out until you go to court.

If you search the successes thread for welcome finance you'll find a couple of cases against welcome that have been successful without court or FOS (financial ombudsman). My cases against them have been with the FOS since March 08 so hoping to hear soon. Don't let this put you off, you've not really got anything to lose.

helnag

Dreamer06 wrote: »

hi helnag,
just noticed that you claimed back off Welcome finance, im in the precess of completing the fos complaint form, but i'm only claiming from one account (secured loan) with them. I didi have a personal loan & car finance loan with them a few years back, but i did put a claim in when i was off work ill, so they have told me that i cannot claim back the ppi's on them accounts. All acc now paid off as well.

Yeah I've got two claims with the FOS since last March, hoping to hear soon. Good Luck, if you think you've been mis-sold keep at it. Don't let them put you off.

petermb_2

snoppydog wrote: »

Hi, has anyone had any sucesses in reclaiming ppi from Welcome. I have just sent the first letter and keep hearing they won't pay out until you go to court.

They will pay out as long as you have the ability to take them to court. You will find that the majority of lenders will take this stance from here on in.

The need for professional help has never been more important. But dont pay for the help. Free assistance is available.

MandyLou66

Hello!
Has anyone yet managed to reclaim the PPI from an on-line application? I have at present got claims in for Barclaycard, Halifax (for DD) and First Direct. I think according to Martins advice the online one will be the problem. Anyone been successful with this?
Am in awe of the results acheived so far !!
regards ML

di3004

MandyLou66 wrote: »

Hello!
Has anyone yet managed to reclaim the PPI from an on-line application? I have at present got claims in for Barclaycard, Halifax (for DD) and First Direct. I think according to Martins advice the online one will be the problem. Anyone been successful with this?
Am in awe of the results acheived so far !!
regards ML

Hi there and yes I believe there have been success in reclaiming from them, even sold online, but also check out the success thread next to this one.;)

Do you have the agreement for this still?

Or any paperwork?

If not write to them to request a copy of your agreement, enclose a £1 postal order of cheque payment to cover the cost of each agreement, they should supply this to you by 12 days of request.
(post by recorded delivery).

You could actually go for more paperwork by requesting a SAR (subject access request), you will find the template letter on this thread for this, there is a cost of £10 postal order or cheque payment for this actual request, they have 40 days to comply, but you should receive all the information they have on you going back at least 6 years.

The SAR may be useful later on if they have not resolved your complaints.

Again post by recorded delivery, good luck.;)

PHIL9683

:mad: :mad: :mad: :mad:
I was very grateful to receive a letter from A&L with a refund promise of £591 (brilliant Martin thanks for all of the help)
That was 5 weeks ago. I left things for three weeks then phoned, to be told oh yes you have completed all of the paperwork, we will get our payments department to issue the cheque. I have phoned again this week to be told virtually the same thing.
Any advice on where i go next with this - as my patience is wearing very thin!!
Many thanks for any appreciated help

di3004

PHIL9683 wrote: »

:mad: :mad: :mad: :mad:
I was very grateful to receive a letter from A&L with a refund promise of £591 (brilliant Martin thanks for all of the help)
That was 5 weeks ago. I left things for three weeks then phoned, to be told oh yes you have completed all of the paperwork, we will get our payments department to issue the cheque. I have phoned again this week to be told virtually the same thing.
Any advice on where i go next with this - as my patience is wearing very thin!!
Many thanks for any appreciated help

Hi there Phil

Probably stalling......

I would write to them for example a Letter before action (LBA), I did have the template for this before and thought I saved it but cannot find it, or of course I would have posted it on here for you.

You could write and tell them, you have waited ample time to receive your refund and will appreciate it if they send you this payment within 7-14 days of request, or you will consider taking further action.

(also remember to send by recorded delivery, so you can check this out on the tracking part of the Royal mail website.;)

Its only a simple letter here when I sent mine off which was over a year ago, it did work for me.

Good luck and please keep us posted.

emmakirks

Turboman wrote: »

]

Feeding above into my spreadsheet calculators and taking a few educated guesses on the interest rate/pymt increases --after 44 payments (1/3/2009)we have the following figures:

Loan of £35,000 @ 7.9% initially (AIR 7.604%) over 180 months from 1/7/2005

Balance of loan remaining=£29,790

PPI Loan of £8,571 @ 7.9% initially (AIR 7.604%) over 180 months from 1/7/2005

Balance of loan remaining=£7,725
Total payments made 44 @ 81.18(average) = £3,600


SO--I would expect:

a)-the new loan arrangement would be the balance of the £35,000 loan (£29,790) payable over 136 months (180-44) at £342 pm (this is the new £426 pm apportioned in the ratio 80.323 (35,000/43,571=80.32%)

b)-the balance of the PPI loan of £7,725 is written off

c)-you receive a cheque for the PPI pymts and 8% interest on those.--Pymts=£3,600 + 8% of each pymt from paid date to now = £513---TOTAL = £4,113




I cannot reconcile above figures--please type out the exact sentences used in your letter

Turbo

Thanks Turbo for spending time doing these figures for me, so looks like (apart from the 8% FP are offering what they should. I am going to write over next few days and ask for the £3599.20 plus 8% interest on each monthly repayment. I have out the wording of the offer below that you have asked for:

..propose to make the necessary adjustments to your loan account to put it in the necessary position as if the PPI policy had not been taken. This will mean a full refund of the insurance premium of £8,851.50 plus interest paid on the premium to date of £2,441.49 and returning the part of your monthly payments made towards the payment protection insurnace premium to you £3.599.20. The monthly payments will then be rescheduled accordingly.

Thanks again. Emma

PHIL9683

Di
That's fantastic many thanks for the advice and prompt reply.
I will try this and of course keep you posted

di3004

Was meant to post this at an earlier time, just remembered here:

http://www.fsa.gov.uk/pages/Library/Communication/Speeches/2009/0224_dw.shtml

PPI and Competition Commission Remedies