PPI Reclaiming Discussion part 4

cclissold

Niggly wrote: »

Need more info

Start date
are you still paying? if no
When did you pay off the loan
Was a rebate (refund given for the ppi)

If you can see if the PPI payment per month is £52.43 per month

Cheers
n

Morning

Start date of loan was 09-10-04 but repayments started 3 months later on 09-01-05.
Finished paying 09-12-10. monthly payment was £268.25 (which was divided between the cash loan and insurance loan in the same proportion as they bear to the loan!! I think the last payment on 09-12-05 was about £30 less than the usual monthly payment (would this be the rebate). unfortunately it doesnt say on the agreement exactly how much each month from the £268.25 would be the actual PPI.

Thanks for any help you can give tho.

C.x

anaylorefc

Niggly wrote: »

If you paid 4 year loan off in full in 2006 then you would only have 5 x £48.38 in interest. £241.9.

The 8 % on the regular premiums over 4 years is £345.74 from date of first payment to today. That assumes start date sept 02 to august 06 and settlement date of September 11. They should go with this figure.

I presume that they did not add a cash payment for the premium upfront. If they did you would be entitled to that as well plus interest from 2002

If memory serves I paid the loan out in full in 2003, so that would be 8 x £48.38, correct?

Cash premium? I can't remember if I'm totally honest.

amersall

aandrea wrote: »

Put in complaint to Catalogue people, they called me asking questions, and 1 day later i got reject letter so contacted the FOS, who today they forms came through. Also todays post came from
Catalogue, the policy they said i'd had, and were with ARG Equation Ltd, memeber of the GISC. in 2001. Now they are with Aviva. Do i put in a complaint to both.
They said i could of cancelled if werent happy with policy, after 30 days, put i ddint say was having Insurance.
Wouldn't one policy, just continue, if company changes insurers????????

Hi there, you could try AVIVA as ARG are bust,dont know if you will get any joy with them,but they have the policy now,someone who knows more about insurance will hopefully help you with this.

amersall

Red_peppers wrote: »

I have received my NOT upheld letter today

Basically it says after reviewing the sales call they are happy with the way it was sold and we were told it was optional. The fact that it only covers the first five years was explained and we agreed. Then was told to check the paper work.

The policy will remain in force.:mad:

Any help please guys

No mention of single premium either

What a load of old tosh!!!!!!!!!!!!!!

Here it is,send this,and anything else Niggly knows regarding the FSA and FOS guidlines.

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.
Request ,in writing,the sales call.
This is a win,dont let them get away with this.

amersall

PurityExiled wrote: »

Hello


I hope that this is the correct section to ask for advice.


We took out a secured loan with Firstplus in Jan 2008. 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. 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. Looking at our policy it looks like the PPI was front loaded too.


We now have a 6 year rather than 5 year loan, and PPI that doesn't cover the full term, but which we will be paying interest until the end.


Do we have a case to reclaim the PPI?

Most certainly,i have posted on this thread today a letter that you should send to FP,put in what you were told about affording the ppi and your loan being extended.

conkerlily123

Red_peppers wrote: »

I have received my NOT upheld letter today

Basically it says after reviewing the sales call they are happy with the way it was sold and we were told it was optional. The fact that it only covers the first five years was explained and we agreed. Then was told to check the paper work.

The policy will remain in force.:mad:

Any help please guys

No mention of single premium either

Hi Red Peppers,
I had the same letter on Tuesday.
I'm not letting it go though. I am requesting a copy of the recording that claims I was informed of the full cost etc.
I am optimistic that I will get the outcome that is justified. However long it may take!
Good luck
Lily x:):):):)

di3004

Good afternoon Folks.

Below I have posted a thread to someone who requires some calculations checked via Lloyds TSB, so if possible and when anyone has some spare time, please do you think you can look into this?:D
Thank you.;)

https://forums.moneysavingexpert.com/discussion/3478963

Red_peppers

Thanks to Amersall for posting that fantastic letter, I have saved it and will type it out tonight along with anything Niggly may feel is appropriate.

Your all stars :beer:

di3004

Red_peppers wrote: »

Thanks to Amersall for posting that fantastic letter, I have saved it and will type it out tonight along with anything Niggly may feel is appropriate.

Your all stars :beer:

Fantastic work honey, well done and the very best of luck xx:beer:

ImmortalQueen

Hi All,

Well just to let you know that the friend and I have finally got all the information, the FOS questionnaire & complaint form together ready to push in the post.

However, there is something niggling at the back of my mind, as the friend is complaining about two loans with the same bank, can they be put onto the same questionnaire or do separate questionnaires/ forms have to be completed? Do they have to be posted separately as well?

I've now also been asked to help a family friend with a similar matter concerning two loans with another bank and before I start completing one form for both, would just like feedback on my question.

Many thanks