PPI Reclaiming Discussion part 4

dilus

beamerguy wrote: »

What are you on gratefull ??? I want some

And me :rotfl: "a righteous war" I like it :T

gratefull

dilus wrote: »

And me :rotfl: "a righteous war" I like it :T

Sorry I was just having a "moment". Yes it has became quite clear banks are now employing stalling tactics, and very basic ones at that. I also agree that the government could do more to help. It is after all a righteous battle and we could do with a little more help from the powers that be:)

dilus

gratefull wrote: »

Sorry I was just having a "moment". Yes it has became quite clear banks are now employing stalling tactics, and very basic ones at that. I also agree that the government could do more to help. It is after all a righteous battle and we could do with a little more help from the powers that be:)

And what a "moment" educational and thought provoking, took me three reads to grasp the meaning, lets slay these giants

beamerguy

gratefull wrote: »

Sorry I was just having a "moment". Yes it has became quite clear banks are now employing stalling tactics, and very basic ones at that. I also agree that the government could do more to help. It is after all a righteous battle and we could do with a little more help from the powers that be:)

That's OK, YES the banks are being very stupid, if they want credibility, they have gone to the wrong training school.

It is forums like this that are giving the banks a bad name, we are the power and ..... as the "powers to be" are useless from the FSA up to David Cameron, both have lost touch and both will be the losers.

With the banks, again look at this site
http://www.thisismoney.co.uk/money/cardsloans/article-2064869/Victims-PPI-waiting-money-banks-caught-delaying-compensation-payouts.html

In the comments section someone has said
"there is no need to put up with such delays once the figure is agreed after say 30 days send a county court summons and they will have to pay the costs as well no problem you will be paid"

If you have a letter informing you of your refund and it does not arrive, issue a county court summons, about £30 which you will claim back, you will win, you have the letter.
If after the court judgement, you still do not have your cheque, you can request bailiff action, The bailiffs will then visit the company to either get the money or seize goods to the value which they will sell and you will be paid the proceeds.

This will happen sooner or later and when it does, all others will behave themselves. Rest assured, the law is on your side

If you take this action, you can be safe in knowing that the bank will not attend court so it's win win for you, it's a repeat of the bank charges fraud

dilus

And they won't turn up to the court so you will win

beamerguy

dilus wrote: »

And they won't turn up to the court so you will win

So Dilus, a draft letter is needed to help everyone.

FIRST AND FINAL WARNING
I am in receipt of your letter advising me that you are refunding £xxxx
This payment is now overdue. Should I not receive your cheque within the next 7 days, I will issue a county court summons against you which will include costs. No further notice will be given. Be advised that this is only subject to cleared funds

Dilus, should we include a statutory notice as well, you know the one they send about "what to do now" and the help they could get ?????:rotfl::rotfl:

Kuffs1978

Hi gang,

I hope everyone is well and continuing to enjoy many successes.
I'm posting tonight because although we have had a final answer on the PPI rebate, I am concerned that from what I have read so far, my sister is actually going to be no better off.

On the 14th of November Norton Finance provided a breakdown of the rebate as follows:

Premium=£1537.50
Total payments/interest paid to date on ppi=£340.20
Interest at 8% on payments made=£133.12
Compensation=£200
Total=£2210.82
Less rebate already received=£384.38
Total redress due=£1826.44

Brilliant, we thought. Even with the money the claims management dumbos are due my sister would still have £1240+ to do whatever she wanted with. However, on the second page it stated:
"In view of the fact that you only have approximately £3354.20 owing on your loan we wouuld advise that we can arrange to forward the settlement to GE Money so that they can restructure your loan and reduce your payments"

Now, the bit that we can't understand is how the outstanding balance of the loan was £3354.20 before the Ombudsman ruled in my sister's favour, can still remain the same after it has been ruled that she shouldn't have been paying PPI? Are we wrong in our interpretation of the Ombudsman's instruction was that he required Norton that:

" Miss Andrews should be placed back in the position she would have been in had the PPI policy not been sold. To that end, I require Norton to

"-calculate the payments actually made;
-the payments which would have applied if Miss Andrews had taken out the loan without the PPI; and
-add interest of each of these net payments at the rate of 8% per year. "

To me, that sounds like the Ombudsman has agreed that my sister should not have been sold the PPI and therefore whatever she has repaid so far should be recalculated to reflect what the status would have been if she had been paying the loan back without the PPI premium each month? Would you agree?
If that is the case; if my sister should only have been paying £216.88 a month (as GE Money have told us), yet has made overpayments over the 48 months since October 2007 (excluding the PPI premiums) totalling £2,829, why are the finance company AND the claims management company maintaining that she still owes an excess of £3000? If my sister had been sold the loan without PPI, at a rate of 10.89%, that would have meant she would make 60 repayments of £216.88, which equals £13,012.84. If her repayments up until now were to be divided by £216.88, that would mean that she has made 61.044 months' worth of repayments, and therefore exceed the £13,012.84 by £226, which from the the Ombudsman's instruction that:

"Norton cannot require Miss Andrews to reduce the loan beyond which now would have applied had the PPI policy not been sold"

-I understand they are not permitted to do.
I must confess, folks, that this has been doing my head in since I don't understand how to move forward.
If working on the premise that my sister was only supposed to make payments of £216.88, yet is expected to pay a further £3354 on top of the £13,239.22 she has already paid, excluding the PPI, that will mean she have repaid in excess of £16,500, which is a fairly significant repayment when she'd only borrowed £10,000 at a rate of 10.89% over 60 months. This is a real headache for us, so if any kind folk may be able to tell us whether our understanding of what the Ombudsman said is correct, or if we are completely wrong, I would be very grateful. Thank you.

MrsShazbat

cappo wrote: »

hi karen it,s a good idea to have a ballpark figure but with mine as stupid as it sounds i.m not entirely sure, how is your cap 1 claim going

I just wondered as I've seen a number of people list various amounts.

I haven't heard anything back from FOS since receiving their letter to acknowledgement my claim. Have emailed them for a progress update twice now, and still no response or acknowledgement. Going to check all my dates and get them put on the calendar.

paid_too_much

beamerguy wrote: »

WOOPS A NEW COMPLAINT ABOUT MNBA

http://www.thisismoney.co.uk/money/cardsloans/article-2064869/Victims-PPI-waiting-money-banks-caught-delaying-compensation-payouts.html

Beware of MBNA, they are saying "cheque in the post", when it does not arrive, "oh must have been lost" ???? These delaying tactics are futile ... is MBNA running out of money, I think so
- Jason Richards, London UK, 24/11/2011

they will be on day 28 for me on Wednesday, Ian's 2nd in command has said the cheque has been raised and should be with me 'early next week' hope it flippin' is!

Sunnyk_3

cappo wrote: »

Hi sunny if you mention the fos you might find they (tesco) suddenly remember you.

Cappo, the case has already been to FOS, Tesco's themselves have already written to FOS stating that they will pay compensation, the question isn when and how much.

As Tesco's have gone form various changes, they say the old paperwork may have been misplaced.