PPI Reclaiming Discussion part 4

di3004

jaaaam wrote: »

Hello.

I've been reading the site and forum for a while now to get advice on various financial issues and it has been a huge help. Now, though, I have a specific problem regarding PPI reclaiming.

In short, my wife was missold PPI attached to a loan for £7,600 that was taken out in 2008. Essentially, the insurance cover provided covered nothing over the protection she had in her existing employment contract. We eventually got round to questioning the PPI and making a claim. We have now had a 'reply' which has come in the form of a new loan agreement stating "I am pleased to enclose your replacement Halifax personal loan. This loan is to replace your earlier loan agreement which included PPI by a loan without PPI."

This new loan has reduced monthly payments, for the same term left on the loan, which removes the PPI component from the 20 months left. It does not address the 3+ years of PPI already paid.

Can this be right? Is the letter a de facto acceptance that the PPI was missold and does this not mean that the full amount of PPI (£3,227) should be returned? As it stands the overall amount paid back will reduce by just over £1000, which covers the PPI on the remainder of the term.

Any advice anyone could give would be very helpful.

Thanks.

Hi there

When did you receive the letter of this new loan?

If today, maybe there is another on the way with the refund.

I would have thought if a new loan without ppi has been taken out to replace the loan with the PPI, then the PPI should be awarded to you, so your correct in assuming this, but if you've not heard anything in the post by tomorrow, do chase them up on this matter, just in case its been mis laid.

Well done on your success.:beer:

cappo

jaaaam wrote: »

cappo - Thanks for the reply.

The thing is we have already put the claim in and this is their reponse. Simply a new loan agreement taking out the PPI for the remainder of the term but ignoring the PPI already paid.

Thanks.

Hi contact the fos see what they want you to do jaaaam

jaaaam

We received the letter today so, theoretically, a cheque to cover the amount already paid could be on its way. I hope so. Christmas will be considerally more full of cheer if that was the case.

Thanks. I'll keep you posted.

cappo

jaaaam wrote: »

We received the letter today so, theoretically, a cheque to cover the amount already paid could be on its way. I hope so. Christmas will be considerally more full of cheer if that was the case.

Thanks. I'll keep you posted.

Lets hope so, it's just strange they haven't confirmed a refund is on it's way but they don't always in all fairness, as our Di says well done we're all rooting for you.

amersall

paulh1983 wrote: »

Above is what I originally posted. I sent off the template with my details to Santander in April only to be told they had no dealings with the Insurance and that it belongs with the motor dealership. In their response letter they said they would forward it onto the dealership and I could expect a response.

Fast forward six months later and I received nothing, so I replied to Santander and copied the motor dealership into the letter, indicating I was far from happy with the length of time to respond. Anyway soon after the Motor Dealership acknowledge my issue by post and say they are looking into the matter.

This afternoon my partner gets a phone call from the company and this is what they said:

They have paperwork in front of them that suggests they've done nothing wrong. However they don't want to go to the Ombudsman as it costs them regardless if they win/lose. However they would rather the money go to the customer so they're willing to offer 50% of the total we've paid to date. (Total is just over £1,000 so they offered approx £500).

Now to me this smells rotten! If they had the paperwork to suggest no wrong doing why on earth would they even bother to make an offer?

Am I right in thinking they're trying to weasel their way out of this and I should proceed to the Ombudsman? My partner also said the person mentioned something along the lines of they wouldn't send a case to the Ombudsman if they were going to lose...I'm not really sure what he meant by this but it just feels like they're trying to hoodwink us into accepting a % of what we've already paid.

Any advice?

Much appreciated.

Hi there,get back in touch with them and ask for a copy of the paperwork they have as you are declining the offer and will go to the FOS to let them decide.

amersall

jaaaam wrote: »

Hello.

I've been reading the site and forum for a while now to get advice on various financial issues and it has been a huge help. Now, though, I have a specific problem regarding PPI reclaiming.

In short, my wife was missold PPI attached to a loan for £7,600 that was taken out in 2008. Essentially, the insurance cover provided covered nothing over the protection she had in her existing employment contract. We eventually got round to questioning the PPI and making a claim. We have now had a 'reply' which has come in the form of a new loan agreement stating "I am pleased to enclose your replacement Halifax personal loan. This loan is to replace your earlier loan agreement which included PPI by a loan without PPI."

This new loan has reduced monthly payments, for the same term left on the loan, which removes the PPI component from the 20 months left. It does not address the 3+ years of PPI already paid.

Can this be right? Is the letter a de facto acceptance that the PPI was missold and does this not mean that the full amount of PPI (£3,227) should be returned? As it stands the overall amount paid back will reduce by just over £1000, which covers the PPI on the remainder of the term.

Any advice anyone could give would be very helpful.

Thanks.

Hi there,when you sign the new agreement and send it back,they will then send you the refund of ppi,you get the ppi monthly payments that you have made to date with the 8%,the remaining ppi,that they have taken off the balance of the new loan,you do not get back as you have not paid this,as the loan is ongoing.

amersall

cappo wrote: »

Hi contact the fos see what they want you to do jaaaam

this is normal Steve with a ppi refund if the loan is still running,the refund will follow as soon as they send the agreement back signed for the new loan ;) xxx

cappo

amersall wrote: »

this is normal Steve with a ppi refund if the loan is still running,the refund will follow as soon as they send the agreement back signed for the new loan ;) xxx

OK lorraine i'll have to remember that one in future that makes sense.

jaaaam

Thanks amersall. That makes sense. I just wish they could provide a simple covering letter explaining that fact. Perhaps I expect too much...

Thanks again.

maz1411

Hi
can anyone help, I have received a letter today from ocean finance it reads ....
Our conculsion
we reaimin satisfied that the sale of your policy was conducted in accordance with the rules in place. However as we have also assess the sale in light of the paper which the FSA has issued and largely based upon this we are upholding your complaint. As a result we are now obliged to offer redress to you .....

what does this mean?

I did however cash in the insurance policy with 2 months of having it .... will this make a difference?