PPI Reclaiming Discussion part 4

XXSCOTSLASSXX

Submitted a complaint with FOS on 24th August via email and back up via post on 26th August. Complaint is re Mortgage taken out June 2006 transferred to new provider July 2009. PPI premiums of just under 6k were front loaded onto the Mortgage by both broker (Regency Mortgage Corporation) and Mortgage Provider (Platform)...in addition to this it was stated I must take out a separate income protection policy with MMS for Mortgage to complete. This means 3 policies were taken out on the one Mortgage!! MMS policy was for £28 per month and was paid June 2006 - April 2010 when I initially requested refund with them and cancellation, both were refused as said wasnt possible. Cancelled DD with bank, they attempted to take 2 further monthly payments then wrote to me to say THEY were cancelling policy as I had not made payment in 2 months!! no refund of any premiums ever received.....

Recently got back in touch with both Platform and MMS who both state my claim is with the Broker, Regency Mortgage Corporation, who are conveniently no longer trading they received many fines etc from FOS re the provision of PPI policies etc prior to going under. I doubt whether would have any claim to the PPI Recency frontloaded as they are no longer trading however have also submitted all info re this to FOS. Have yet to receive any acknowledgement from the FOS is this normal? Is there any timescale I should be looking at re just an acknowledgement of the complaint?

magpiecottage

Red_peppers wrote: »

Thanks Di, yes they said final decision.

I will try and compose a letter! I'm not very good at these things so I was hoping maybe yourself, amersall and niggly could combine your mighty forces and help me out.... :A:A:A

I would recommend going to FOS now. They will get the tapes and listen to them. It would be difficult to clearly explain a policy of this nature by telephone in a way that was clear, fair and not misleading and end up with the person going ahead because, unlike a letter which might not be read, the other side must hear it.

However, if the firm has listened to the tapes and not recognised it the either they are correct (in which case they are entitled to stick to their guns) or they will continue their attempts to justify the unjustifiable.

It will take some time but I gain the impression that attempting to get them to see reason is going to waste time because they literally unreasonable.

magpiecottage

PurityExiled wrote: »

We took out a secured loan with Firstplus in Jan 2008.

That would make PPI a good idea - the security is for the lender, not you and if you are unable to keep up repayments they can sell your home to get their money back.

Whilst arranging the loan (which we wanted over a five year term) the Firstplus agent recommended PPI, which she said we would get back at the end of the loan term if we didn't make a claim.

That MAY make it worthwhile in preference to paying a regular premium if the interest payments were lower than the premiums would have been.

When she told me what the repayments would be including the PPI, I said no thanks we couldn't afford that amount, she then said that they could extend the loan term to 6 years and thereby make the PPI affordable. However, I was not told that the PPI would only cover the first 60 months of the loan and not the additional 12 months that had been added to get us to take the PPI.[/quot]

Looking at our policy it looks like the PPI was front loaded too.

That is what a single premium policy does.

Do we have a case to reclaim the PPI?

Sounds like it.

anaylorefc

Is there a PPI calculator anywhere that I can use to work out how much I should be asking for back?

Maths isn't my strongest subject

Thanks

trish22_2

moneyangel22 wrote: »

Hello,

Does anyone know the email address for the ceo at hsbc please? I want to tell him I have reported them to the ico for not providing my docs under a sar request!

Many thanks!

I have had exactly the same,they sent mt £10 back and said cos its past the six years they no longer hold any records,i was with them for thirty plus years and know i paid ppi untill 2002 on my midland bank access and mastercard.
I think this is why they are not sending me any info,and yet on "mylostaccount"via the internet,people are recovering there accounts from twenty and thirty years ago when it was the midland bank,so how can they say,they have no details,its beyond me it really is.

Trish:mad:

smitchy73

anaylorefc wrote: »

Is there a PPI calculator anywhere that I can use to work out how much I should be asking for back?

Maths isn't my strongest subject

Thanks

There is a calculator with the bank charges reclaim pages, to work out the interest due on each payment, you enter the date the charge was paid out(ie each monthly payment) and how much your monthly ppi payment was, this works it out in a list and you can print it or save it, I copied mine's on to an excel spreadsheet.

This is only useful for a single premium loan ppi, if it's a credit card, there's not alot to help, CC's are a nightmare:D

anaylorefc

smitchy73 wrote: »

There is a calculator with the bank charges reclaim pages, to work out the interest due on each payment, you enter the date the charge was paid out(ie each monthly payment) and how much your monthly ppi payment was, this works it out in a list and you can print it or save it, I copied mine's on to an excel spreadsheet.

This is only useful for a single premium loan ppi, if it's a credit card, there's not alot to help, CC's are a nightmare:D

Link? I really can't find it???

anaylorefc

Nevermind, I've got it.

Thanks

anaylorefc

Right my PPI on a barclays loan in 2002 comes to a total of £604.80. (£12.60 per month) Now with 8% interested on that I make 8% of that to be £48.38. So I make that to be a total interest of £435.08. Added to the PPI thats £1039.86.

Have I worked that out correctly?

bamb1

Endeavour Personal Finance - they wrote to us today offering just over £5k so better than a smack in the mouth for sure!

Doing all the CC letters now so they can be sent off as some had PPI on them too