PPI Reclaiming Discussion part 4

FloodNo

Hi I'm fairly new to the forum.

I have been quite successful in claiming 2 old PPI's so far, however First Plus are being a nightmare.

I originally wrote to them to state that the PPI was missold and surprise surprise they wrote back stating that it was discussed on a telephone conversation.

I have since applied and received a SAR. Again surprise surprise there is missing information. The final conversation in respect of the agreed loan is not on the CD they provided. Although they asked the demand and needs questions on an early recording this was not in respect of the final loan. The salesperson was very pushy and only mentioned 'optional' very quickly in a conversation which he was obviously reading off of a screen.

I got a load of print outs of the screens which I am trying to get my head around, but looking at the final agreement screen print they have put our property at £180,000. We never said this in any conversation. My god if this was the value we would have remortgaged with our mortgage company and not them. Our house at the time was only values at £135,000.

Also in a print out from a property valuation website it states our property is semi detached, 4 bedrooms, 2 bathrooms and a garage. I live in a terrace, 3 beds, 1 bathroom and no garage.

I'm starting to wonder whether I was actually mis sold the whole loan and not just the PPI.

Would they have given us the loan if our house was put on the application as the correct rate?????

Please please I'm desperate for some advice. I want to write to them and I'm willing to fight every step of the way.

wannabe123

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PPI: How Much Money are You Owed?

Laura Howard Monday March 16, 2009
Financial watchdogs have ruled that the big banks mis-sold costly Payment Protection Insurance (PPI) policies to millions of consumers - and new research from the Consumers Association shows that people can claim for refunds as high as £2,000. Find out if your bank owes you a refund

There is not a problem with PPI as a product. Designed to pay out for 12 months if you cannot keep up with loan or credit card repayments as a result of having an accident, losing your job or becoming too sick to work, the concept seems quite sensible. However, it was how PPI was sold – and who to – that has proved to be a problem.

Expensive premiums
Firstly, as PPI was typically sold by the same company that provided the personal loan in the first place, its cost was being added to the loan amount and bundled in with the monthly repayment figure – something known as single premium. Unless a borrower is whiz at mental arithmetic, they would not even have been aware they were sold PPI.

Secondly, PPI is notoriously expensive. According to consumer group Which?, adding the insurance to a £7,500 five-year loan could cost between an additional £2,000 and £3,000.

If PPI is purchased from a standalone provider, it is a lot cheaper than this, but this is something that loan and credit card companies were slow to disclose. Worse still, the PPI was in some cases being sold as a ‘condition’ of the loan.

wannabe123

part 2

To rub further salt into the wound, in June last year a 15-month investigation was published by the Competition Commission which revealed that the average insurance payout ratio for personal loan PPI was just 15%.

In other words, for every £100 the PPI provider pockets, it pays out just £15 in claims. It’s even worse with credit card PPI, when the average payout is just £11 for every £100 taken. The payouts are so low because PPI is generally littered with exclusions and many claims are refused.

However, the Financial Services Authority (FSA) has now ruled that all firms still selling ‘ single premium’ PPI with unsecured personal loans must withdraw the product as soon as possible and no later than 29 May. Selling PPI at the point of sale of another financial product has also been banned.

The good news is that consumers have now been given the green light to apply to reclaim any cash spent on PPI premiums. So how do you go about it?

Next: How to make a claim >>

Turboman

Bebsie wrote: »

Hi I posted this on another thread but was advised to post it here:

Hi All, I got a letter from A&L stating that I "may" have had a PPI on my loan etc etc turns out I did, I did not even know that is why I have never even read the PPI threads :eek: Well it turns out I paid £5.18 per month for the PPI but:eek: I paid the loan off early. Loan £5000 paid £123.20 per month (£5.18 PPI ), I only paid the loan for 10 month and then paid it in full, does that mean I will be able to claim back £51.80 (£5.18 x10).

Also, I had a Halifax loan around the same time that I have paid off, did Halifax also have the "hidden" PPI around the same time?

Thanks for reading

Bebsie--you would be entitled to the 51.80 + 8% (on each pymnt)

BUT - we need the situation to be " as if PPI had not been applied in the first place"

SO-when you paid off the loan-you most probably paid a far higher figure than you would have paid without the PPI (they will have given you a refund-but not the whole amount)

We need the full picture--post up:

1)-Date of agreement and Number of Months of Loan
2)-Date of first payment
3)-Amount of Cash Advance Loan / Monthly Pymt at outset / % at outset
4)-Amount of PPI Loan / Monthly Payment at outset/
5)-Total Loan Amount (not incl interest)/ Total Mthly Pymnt (as a crosscheck of above 2 to be sure) at outset
6)-
7)-Number of Payments made before paying off loan
8)-Exact figures & wording from your received settlement letter and dates thereof

Turboman

Littleluc21 wrote: »

Sorry meant to say the that my limit is 550 on card - pretty much (bar two - three months) been at my limit for the past 7 years......so 1.50 per £100 I have on card - rip off I know but was missold as I was a fulltime student with no job so shouldnt have had it all!

L xxx

So 550 @ 1.50 per 100 for the whole time (say) -revised figures are -- taking 6 years not 7

72 x 8.25 = 594
+ 8% of 145
= 739

Turboman

Mr_Bojangles wrote: »

Thanks for your time and effort Turboman:beer:

Using figures in your post number 2333

I would expect a refund of all the payments
60 x 109.27 = 6,556.20 + 8% interest (on each pymnt from date paid to 30/3/2009(say) ) which comes to 1,634

Total = £8,190 + the Compensation of £200

Phew!!---post up when you get your figures !!

By the way--to calculate the 8% interest you can use the Bank Charges Calculator on Martins main site

maxdp

scoodies wrote: »

Good evening all....hope you are all well?!

Just wanted to ask a question if I may? I'm in the process of trying to claim back from Cap One for mis-selling of PPI, BUT I'm still paying it at the moment??!! Should I contact them to cancel?

This is probably a really dumb question....It just didn't even cross my mind re cancelling lol :rolleyes:

Hi There

Yes ring them and cancel it. ( I am presuming that it is a credit card PPI) then follow it up by letter. Some lenders cancel straight away others you have to give a months notice.

If you have strong grounds and you are going to ask for the PPI payments back you could also put that to them over the phone just to see their response. Be aware they record conversations.:rolleyes: If you do that first then post again and I am sure somebody will guide you depending on the initial response that you get from them.:D

maxdp

FloodNo wrote: »

Hi I'm fairly new to the forum.

I have been quite successful in claiming 2 old PPI's so far, however First Plus are being a nightmare.

I originally wrote to them to state that the PPI was missold and surprise surprise they wrote back stating that it was discussed on a telephone conversation.

I have since applied and received a SAR. Again surprise surprise there is missing information. The final conversation in respect of the agreed loan is not on the CD they provided. Although they asked the demand and needs questions on an early recording this was not in respect of the final loan. The salesperson was very pushy and only mentioned 'optional' very quickly in a conversation which he was obviously reading off of a screen.

I got a load of print outs of the screens which I am trying to get my head around, but looking at the final agreement screen print they have put our property at £180,000. We never said this in any conversation. My god if this was the value we would have remortgaged with our mortgage company and not them. Our house at the time was only values at £135,000.

Also in a print out from a property valuation website it states our property is semi detached, 4 bedrooms, 2 bathrooms and a garage. I live in a terrace, 3 beds, 1 bathroom and no garage.

I'm starting to wonder whether I was actually mis sold the whole loan and not just the PPI.

Would they have given us the loan if our house was put on the application as the correct rate?????

Please please I'm desperate for some advice. I want to write to them and I'm willing to fight every step of the way.

Hi Flood No

That is quite complex isn't it. If you want more information or help try sending a PM to Petermb he may well be able to guide you here. Really wish you good luck:D

Rosie2404

Rosie2404 wrote: »

TURBO - I understand you're the expert - I have looked at some of your previous posts and understand that you need the following information from me. Please could you work out how much I should have been refunded including the 8% statutory interest and explain how the 8% is worked out please? Thanks for your help.

Just an update on this - Barclays have written to me today and said the 8% interest I have been given is 8% of the Payment Protection Insurance Payments of my Barclayloan????? Surely I should get 8% interest on each payment from the date I made the payment so I should get 8% on £30.57 from 26th Jan, Feb, March etc. Could anyone let me know if what I am thinking is correct ASAP please as Barclays are phoning me back soon to discuss this matter and I would like to have (or sound like I have:rotfl: ) some idea of what I am talking about:rotfl: !!!!!!!!!!!!!

Thanks for your help.

Heather091284

di3004 wrote: »

Hiya hun

I'm really not sure on that one, I'm sure someone will post up and let you know otherwise.

However, I would still try to reclaim on this if mis sold.

I take it this was sold by those of Arnold Clark then?

If they stated he should have this to be eligible for the finance then yes he has a case of being mis sold.

Do you require any help in regards of a template reclaim letter etc?

I would also check this link out here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

You will find some useful info and a template letter, they have 8 weeks to respond in full, write your own reasons in the letter and keep on at them until the final response is received if not resolved, they should then let you know in the final letter how to take this further for example the Financial ombudsman service (FOS) a free service also.

Post by recorded delivery.

Have your partner all the paperwork for this or at least the agreement?

Good luck and post if you require any help.;)

Thanks! I'll let you know how it goes.:T