PPI Reclaiming Discussion part 4

dude48

Hi can any one advise me, over 2yrs ago i stupidly signed a contract that was meant to see if any of my credit cards were enforceable. the few letters i have had back said they were not able to help, in the last few weeks i have had letters saying that they have now got back charges for me on certain accounts and i now owe them money for doing this for me, this has happened i think due to changes in the law.
I am in a debt management scheme via c.a.b and have told this company i have no spare money and what they have done for me i could of done myself,. i'm not sure what to do any ideas.
I did initally pay them to look into my accounts.

Niggly_2

conkerlily123 wrote: »

Hi Steve,
Had a letter today from the thieving scumbags otherwise known as First Plus.
They have rejected my claim.
Absolutely Gutted
They say that I was informed of all the relevant information regarding the reasons I believed I was mis sold.

Any advice on what to do now?

Many Thanks
Lily

What were your reasons precisely. The main reason is the cost of the ppi over the whole term of the loan v the benefits, that they didnt tell you that the interest on the ppi would be payable for the whole term of the loan and that interest payable and total costs were never disclosed on the loan agreement. Then there are more specific reasons depending on personal circumastances.

I think its a case of going to the FOS. However if you havent mentioned the above in the complaint then we can draft a letter to go back to FP senior management. Just because you havent mentioned these facts doeasnt mean that they dont have to consider them as a root cause to why so many people are complaining and the FOS HAVE SET DOWN GIDENCE NOTES FOR FIRMS TO FOLLOW. We can refer them to the notes for consideration before we go to the FOS. Put it this way if the lender hasnt followed all the guidelines then the FOS are going to come down on them harder. So its in there best interest to consider all your reasons, the root cause and some extra ones we chuck in before they make a final final decision.

There are times when I think people are just looking for a cheque and deserve being knocked back. But when it comes to FP and their ludicrous costings of the Single premium loan then is unjustifiable that they knock back any complaints

Put your reason for mis sale here or PM me and I will look at it and draft a letter to go back with FP with.

N:beer:

aandrea

Can anyone please help? Put in claim for PPI against catalogue, they rang me other day, asking how it was taken out, why i didnt notice charges before hand,etc. I told them i dont recall signing, for PPI, took catalogue out over phone,and ive mislaid policy documents,
Had letter today from them, upholding my complaint, due to the fact, that, if i wanted to cancel policy i had 30 days to cancel, which i did not. And as they say the insurance was taken out over the phone, i have no paper work. And because i took out catalogue in 2001 the FOS will not be able to adjudicate my complaint as catalogue people was not a member of a Dispute Resolution Service.
Does this mean that there is nothing more i can do???????????????

oggie1

Hi All not sure if this is a win or not ???
Example 1
A 4 year loan of £2,500 plus PPI of £519.43 was taken out in july 2003 at an interest rate of 13.1% APR The loan was repaid at the end of its term.
Total PPI Premiums paid (inclusiveof interest at 13.1% £665.66
Simple interest at 8% £326.07
Total offer £991.73

Example 2
A 3 year loan of £2,500 plus PPI of £465.89 was taken out in october 2003 at an interest rate of 15.7%APR the loan was setteled early in may 2006.In may 2004 a sucessful claim against the PPI policy for £174.39 was made.
Total PPI premiums paid (inclusive of interest at 15.7% £588.16
simple interest at 8% £295.59
Preiously accepted claim £174.39
Total offer £709.36 That is with the £174.39 deducted
Example 3
A 6 year loan of £9,700 inclusive of PPI was taken out in november 2007 at a interest reate of 8.1% APR.The loan is still open. This loan had been refinanced from two previous loans taken out in 2004 and 2006. The PPI sales in relation to the 2004 and 2006 loans were also considered (both had interest rates of 14.9%) We decided to make an offer in relatin to the 2006 and 2007 loans but not the 2004 loan.

Total PPI Premiums paid inclusive of interest at 8.1% 2007 loan £1,445.08
simple interest at 8% £223.11
Total PPI premiums paid inclusive of interest at 14.9% 2006 loan £339.51
Simple interest at 8% £172.37
Excess balance and interest (see explanation) for 2006 loan £ 17.92

Total offer £2,207.99
As tthe 2007 loan and PPI policywere still open we also cancelled the PPI and amended the 2007 loan to reduce the monthly payments

SO is my total offer £2,207.99
Thanks for all the help i have had from this forum im of to sort the credit cards out next
thanks again oggie

Sorry for the bad typing

dartsman

Hi wonder if anybody as had the same experience as me, started on Monday 5th September when received a message on mobile phone regarding my credit card ,was asked to phone BARCLAYS asap , did that and was told they were reducing my credit from £3500 to £3300 reason being they were trying to stop me from going into more debt? . I have never missed a payment and have paid on time so i decided to look at my credit card bill in more detail and noticed i was paying optional payment protection so decided to call Barclays and asked why i was paying this as i did not require this and have never ever asked for this in the past was asked if i wanted to cancel this which i did immediately , then i asked the BIG question would i be able to claim the money i have paid for this so called service the very kind gentleman said they could give me £50 back as a good will gesture straight away or he could pass on all my details to someone higher if i rejected the £50 ( i then said i would rather decline the £50 as i had allready paid £64 in the last 3 months) was then told as i supposedly took this out by telephone in December 2005 i probably would not receive anything, i can not honestly remember this phone call but have asked for them to send me out the recorded message of this conversation , he said he could not provide them but somebody could? was then told it would take between 20 and 120 days to hear from them , just wondering if anybody else has had this happen to them...or any information would be greatful of what to do next if they decline...

cappo

dartsman wrote: »

Hi wonder if anybody as had the same experience as me, started on Monday 5th September when received a message on mobile phone regarding my credit card ,was asked to phone BARCLAYS asap , did that and was told they were reducing my credit from £3500 to £3300 reason being they were trying to stop me from going into more debt? . I have never missed a payment and have paid on time so i decided to look at my credit card bill in more detail and noticed i was paying optional payment protection so decided to call Barclays and asked why i was paying this as i did not require this and have never ever asked for this in the past was asked if i wanted to cancel this which i did immediately , then i asked the BIG question would i be able to claim the money i have paid for this so called service the very kind gentleman said they could give me £50 back as a good will gesture straight away or he could pass on all my details to someone higher if i rejected the £50 ( i then said i would rather decline the £50 as i had allready paid £64 in the last 3 months) was then told as i supposedly took this out by telephone in December 2005 i probably would not receive anything, i can not honestly remember this phone call but have asked for them to send me out the recorded message of this conversation , he said he could not provide them but somebody could? was then told it would take between 20 and 120 days to hear from them , just wondering if anybody else has had this happen to them...or any information would be greatful of what to do next if they decline...

Hi dartsman sounds like a load of spin there giving you there, it doesn't really matter when the phone conversation was i "purchased" my ppi this way going back to 2001 and i've now had all my claims upheld, i'm afraid dartsman the banks will tell you anything now to avoid paying out, stick with it, i'd put an official complaint in now, see link below and see what they come back with, i've had banks lie and i've had to sar them and lots on here are having these problems. steve




http://images.moneysavingexpert.com/attachment/PPI-consumer-questionnaire.pdf



http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

cappo

aandrea wrote: »

Can anyone please help? Put in claim for PPI against catalogue, they rang me other day, asking how it was taken out, why i didnt notice charges before hand,etc. I told them i dont recall signing, for PPI, took catalogue out over phone,and ive mislaid policy documents,
Had letter today from them, upholding my complaint, due to the fact, that, if i wanted to cancel policy i had 30 days to cancel, which i did not. And as they say the insurance was taken out over the phone, i have no paper work. And because i took out catalogue in 2001 the FOS will not be able to adjudicate my complaint as catalogue people was not a member of a Dispute Resolution Service.
Does this mean that there is nothing more i can do???????????????

Hi you've said they've upheld your complaint did you mean rejected it?

cappo

dude48 wrote: »

Hi can any one advise me, over 2yrs ago i stupidly signed a contract that was meant to see if any of my credit cards were enforceable. the few letters i have had back said they were not able to help, in the last few weeks i have had letters saying that they have now got back charges for me on certain accounts and i now owe them money for doing this for me, this has happened i think due to changes in the law.
I am in a debt management scheme via c.a.b and have told this company i have no spare money and what they have done for me i could of done myself,. i'm not sure what to do any ideas.
I did initally pay them to look into my accounts.

This sounds a bit fishy although it does happen, presumably you signed a contract with them, what loans did they say they'd wiped out, i'd want to see something i think in writing dude.

aandrea

cappo wrote: »

Hi you've said they've upheld your complaint did you mean rejected it?

Sorry, it says "Based on information detailed above we do not uphold your complaint" So this means rejected dont it????????????

cappo

aandrea wrote: »

Sorry, it says "Based on information detailed above we do not uphold your complaint" So this means rejected dont it????????????

yes, this is a tricky one,amersall will be on here soon she might know a bit more about catalogues than i.