PPI Reclaiming Discussion part 4

Joannie51

beamerguy wrote: »

I am picking up bad vibes regarding Morgan Stanley and EGG now owned by Barclays.

Barclays purchased the Intellectual rights to both names therefore Barclays are wholly responsible for the agreements be they fraudulent or not.

I getting bad vibes too Beamer.:cool:...I may as well go to FOS.

beamerguy

Joannie51 wrote: »

I getting bad vibes too Beamer.:cool:...I may as well go to FOS.

Hit Bob Diamond first, you may well be surprised

stephen_g_3

i got the same with barclay card morgan stanley sent my off to fos . i also e mailed ceo telling him i wasnt happey and would close both my barclaycard acounts didnt get a replay

beamerguy

stephen_g wrote: »

i got the same with barclay card morgan stanley sent my off to fos . i also e mailed ceo telling him i wasnt happey and would close both my barclaycard acounts didnt get a replay

BOB DIAMOND THE CEO OF BARCLAYS
The man who said "no quibble refunds"
FIRST TIME ON HERE BOB, KEEP TO YOUR PROMISES



Previously, he was Managing Director and Head of Fixed Income Trading at Morgan Stanley International, spending 13 years with the firm.

"AND HE LIKED MORGAN STANLEY SO MUCH ... HE BOUGHT IT"

stephen_g_3

to be fair my claim was sent after the no quibble date
but saying that a much weeker claim with mbna paid 14583 with in 6 weeks
are bayclay card skint

Annpan79

Hi, I've posted this in a seperate thread, but have been advised to stick it in here too. I hope that someone can help me;

Hi, I have recieved a letter fromm first plus saying that they have upheld my complaint....... yay....... but i'm sure its wrong!!

I called First plus and the woman said on the phone that, 'the figures are right, if you disagree, contact the Ombudsman '..........

The acceptance tick list says, for option one........ 'explanation: we will refund he monthy payments made towards the payment protection to you and then apply the interesr paid on the insurance premium plus the value of the full premium to your loan balance'

in my head, that means i should get a full refund of all payments made towards the PPI plus interest via cheque = £11414 and FP should then return the loan to how it would be should ppi not have been added = £53,000 -PPI premium of £9367 and -interest incurred due to ppi £8714 which should equal around £35k.

However, what first plus have said, is that if i accept the 11k by cheque, they will reduce the loan as below;

G - PPI policy - 9k H - INterest - 2k I - less previous claims - 0 J - less early settlement - 0 L - Refund of payments made towards PPI - 9k M - 8% interest - 2k N = Outstanding balance = 53k O = Total value of loan reduction for ppi premum and interest on current loan = 18k P = Revised load balance, without PPI if you choose to receive the refund of payments as a cheque (=N-O) + L - 44k

Surely that is not right!! They're saying that if I want a refund of the payments i have made towards the ppi, then they will only reduce the loan by 9k and not 18k. That can't be right can it?

mking

Hi All

I'd appreciate some views on a final point before I submit a PPI complaint to the companies. The background to this can be found in the original posts from here:

forums [dot] moneysavingexpert [dot]com/showthread.php?p=47769719&highlight=#post47769719

My complaint is about Commercial Overdraft Repayment Insurance (CORI) that my father had on his business overdraft. The CORI was with London & Edinburgh (owned by Aviva now) and the business account and overdraft was with Lloyds TSB.

My question is: do I submit complaints to both of them or just one? If just one, then which one?

A bit more information that may be useful.

- the basis of the claim is that this insurance was inappropriate and should not have been sold.
- My Dad was self-employed and we claimed against the policy in December 2000 when his cancer left him incapacitated (literally as a paraplegic) and later took his life
- L&E rejected the claim, saying it was a prior medical condition in the 24 months before the inception date of May 1998
- He was first diagnosed with cancer c.1992 - long before this CORI was taken out
- I have found a letter on an old PC he used that is dated Feb 99 and sent to his Lloyds TSB bank manager, in which my Dad was looking at ways to control his costs. This says
"[FONT=&quot]Secondly, could I drop the “Commercial Overdraft Repayment Insurance -- viz., 27.00 per month ? Or, is that obligatory, as long as I have an overdraft with TSB?[/FONT]"

So, in light of the final point especially, do I send a complaint to Lloyds TSB, L&E or both? Views welcome.

The above points are why I am pursuing this for my our family. Although it's not a simple claim it never did feel fair. Both Lloyds and L&E are saying they are unable to find any information, whereas another provider (Scottish Widows) of his were able to provide ample information from the same time.

Thanks in advance

mking wrote: »

Hello All,

<snip...>
Basically we have very limited information, despite best efforts:

• no T&Cs and no bank statements to show when payments started and how long they ran.
• No info back from Lloyds TSB (bank account with the overdraft) or London & Edinburgh (overdraft insurance protection) in response to Info request and subsequent SAR.

<snip...>

Therefore we plan to complain to the Ombudsman stating that this policy should never have been sold as he was first diagnosed with cancer 5+ years before that policy was taken out. Also he was a sole trader and so I question the value of any unemployment component to that insurance.

My goal is to force them to find the policy. Although I know they don't need to keep the documentation, I believe they will have it on optical disc or similar and so would like to force them to retrieve it to prove that the claims above are untrue.

Do you think this is the right approach? Anything else you think I should do.

As always, grateful for help.

Thanks

Michael

amersall

Murphy35 wrote: »

Hi Everyone

I successfully reclaimed £934 from Halifax in relation to my credit card. I had a second claim in against my loan and today I received a pack for a replacement loan without PPI.

My original loan was for £15,000 over 7 years this new loan is for approx £8,000 over the remaining 39 months. The difference in the monthly payments is about £30.

I'm confused though because they haven't acknowledge my claim as being successful so should I be expecting a letter and hopefully cheque re PPI already paid or is the repayment factored into my new loan argreement.

Their offices closed at 6pm so I'm going to phone in the morning but I thought it was worth checking on here to see if anyone had had a similar experience.

Also my loan repayments are ticking along nicely am I within my rights to ask for the money to be repaid in a lump sum?

Hi there,you should find out this morning when you ring what they have actually done.
What was the original ppi on this loan,and do you know what the monthly ppi payment was?.
They should take the whole ppi off the loan and pay the ppi you have paid to date with interest and the 8% back to you.

You should get the 33 payments of ppi back to you,as the loan is not arrears they should not take this off the loan.

Dont sign the new loan agreement they have sent you,until you have the figures correct in what they owe you, what they have taken off the loan and what you will get back to you.

amersall

Annpan79 wrote: »

Hi, I've posted this in a seperate thread, but have been advised to stick it in here too. I hope that someone can help me;

Hi, I have recieved a letter fromm first plus saying that they have upheld my complaint....... yay....... but i'm sure its wrong!!

I called First plus and the woman said on the phone that, 'the figures are right, if you disagree, contact the Ombudsman '..........

The acceptance tick list says, for option one........ 'explanation: we will refund he monthy payments made towards the payment protection to you and then apply the interesr paid on the insurance premium plus the value of the full premium to your loan balance'

in my head, that means i should get a full refund of all payments made towards the PPI plus interest via cheque = £11414 and FP should then return the loan to how it would be should ppi not have been added = £53,000 -PPI premium of £9367 and -interest incurred due to ppi £8714 which should equal around £35k.

However, what first plus have said, is that if i accept the 11k by cheque, they will reduce the loan as below;

G - PPI policy - 9k H - INterest - 2k I - less previous claims - 0 J - less early settlement - 0 L - Refund of payments made towards PPI - 9k M - 8% interest - 2k N = Outstanding balance = 53k O = Total value of loan reduction for ppi premum and interest on current loan = 18k P = Revised load balance, without PPI if you choose to receive the refund of payments as a cheque (=N-O) + L - 44k

Surely that is not right!! They're saying that if I want a refund of the payments i have made towards the ppi, then they will only reduce the loan by 9k and not 18k. That can't be right can it?

Hi there,when you paid the ppi each month,your ppi total will have been reduced by interest as well,this interest you dont get back as the ppi should not have been on there in the first place so they have to take this back,if they give this to you,then it has to stay on the loan balance,hence the rise in the loan balance.

Are you with me so far?.

Times the monthly ppi payment by the months you paid this and this is what you get back plus the 8%.

They take the total ppi off the loan and reset this so your loan balance reduces by the ppi total amount (not the interest) and your monthly payment goes down by the ppi amount.


The ppi was 9000 and they are giving you this back plus interest

(the ppi amount is on the loan to term end,how have you paid all this ppi back? you have not hence the balance if you take the whole amount back to you)
they are also taking the ppi of 9000 off the loan,they cannot give you this back twice,i hope i am making sense to you!! dont think i am explaining this very well!!

Niggly is the genius with FP figures,but he has not been on here for a while,hopefully he can explain this better if he comes back on.

amersall

we will refund he monthy payments made towards the payment protection to you and then apply the interesr paid on the insurance premium plus the value of the full premium to your loan balance'

This is correct,the interest will be put back on the loan as you should not have had your loan balance reduced by this up to the date of the mis sell.
FP have done this right or they would not have told you to go to FOS,FP know if it is wrong the FOS will find in your favour.