PPI Reclaiming Discussion part 4

amersall

cappo wrote: »

Hi ame how's tricks? hope you ok and having a good weekend my woman.:):):):):):):):):):):):):):):)

I am ok "my man":rotfl::rotfl:hows you? :D

strawberryR

amersall wrote: »

This is what happens when you cancel the ppi after the cooling off period.
Are you putting a claim in for mis sell?,if you are it will be better to get the outcome of this,as if you win,the whole ppi is taken off the loan and the monthly payment reduces by the ppi monthly amount.ppi you paid to date will be returned to you.

Yeah I am going to, just getting the paperwork together

amersall

smitchy73 wrote: »

I need some advice.(for a change)
I got in touch with RBS ceo who forwarded my email to a member of the ppi executive concerns department. I was asking about the restructuring of a defaulted loan which has been getting paid off over the last few years. This loan was the last in five that had been consolidated each time and the ppi complaint was found in favour of it. I believed that this loan should've had the ppi plus it's interest removed and along with the payments i've made through the debt collection agency would've gave me my new outstanding balance which I was going to pay off. They say no it's complicated etc etc made worse by the consolidations made and the arrears.
Loan was 9000.00
ppi was 2238.00
ppi int 1976.60
loan int 3873.40
total 17088.00

Over the years I've paid off about £7500 leaving outstanding just under £10000, so they are giving me a refund on this loan of about 7655.53, this obviously includes something from each of the loans that was consolidated, but they are not reducing the loan amount, they have taken just over 6300.00 from my total ppi redress and subtracting from the outstanding debt and leaving me with a new balance of just over £4400 and giving to me the interest etc of the total redress amounts.

I've asked the person concerned why i'm not receiving the ppi and it's interest being removed from the loan amount, then subtracting the repayments i've made so far, THEN paying it off with any of the redress but she says no it's complicated, is it time to speak to FOS/FSA in regards to this?

I'm not in dispute with the redress at all, it's more than I thought i'd get overall, but not happy about the 'restructure' which doesn't seem to be happening.

Hope you can help, it's my birthday too today and would like if possible to get some help from you wonderful people on here so that I can take forward some suggestions on Monday.

Thanks again and have a great weekend, i've also been told the cheques are in the post as well, so hoping the postie comes soon.

You should call them back and tell them the FOS redress states ppi total to be taken off the loan and monthly payment reduced.

Having said that,when your loan went into default you would have paid a smaller amount each month,this may have been a small portion to the loan and the same to the ppi,this would have increased arrears on this loan.
The way i see it is they have given you the ppi back off the loan £4214 this includes the interest on those, the reason they cannot reduce the loan balance anymore,could be the fact the majority of this will be arrears and the loan should have been cleared before,so they have taken the ppi off and reduced the original balance.
If i am wrong someone please feel free to butt in x.

amersall

strawberryR wrote: »

Yeah I am going to, just getting the paperwork together

Get it sent!!! good luck.

amersall

bacboy wrote: »

hope someone can help,had letter saying upheld had 4 loans over 10yrs will they roll all ppi's or just loan i asked about in original letter.

They should look at all loans you had,give them a ring and ask,if they are only doing the one loan,then you need to complain about the others.

cappo

bacboy wrote: »

hope someone can help,had letter saying upheld had 4 loans over 10yrs will they roll all ppi's or just loan i asked about in original letter.

under fsa rules they should divulge all loans for you.

cappo

amersall wrote: »

I am ok "my man":rotfl::rotfl:hows you? :D

I'm ok lorraine, steve

Bigkev999

Good afternoon

This is my first post to this web site and after a few months of reading on Thursday I took the leap and filed my complaint.

My story is as follows.

Iv had 3 loans with Halifax, loan 1 feb2005 paid july 2005 £3500 had PPI, loan 2 July 2005 paid feb 2008 £10500 had PPI, loan feb 2008 £8500 no PPI on going.
I called halifax detailing that I believe that I was mis sold my ppi on the first two loans as I remember the discussions with the banker at the branch and him detailing that I most likely did not need it however I was told when taking out the first 2 loans I most likely did.
The funny thing is that I have been with the same employer for 8 years and my circumstances have not changed. If any thing they are tighter now as I have a family and mortgage.
I have also informed them that I believe the reason I had the PPI put on my loan was that I was young (18yo) at the time of the loan and did not understand what I was taking out and I may have been seen as a bit naive.
It confuses me that they were really up for me having it on the first two but when I maybe was taking with someone that knows what he was doing it was seen that I didnt need it as I have good sick and death benifits with work that was made clear with the first two applications too.

I made all my complaints on the phone and the operator also said he would investigate my credit cards too.

I will send a letter to confirm what i have detailed even though they said they would confirm with me , I am also going to ask that my case is reviewed before them12 weeks as I am currently in a bit of financial hardship and have some bad debt.

After reading many posts on here I have now made it my prior new year resolution to keep on Halifax with this and peruse them just have they have done to me for every £30 and £12 charge over they years.

Any comments on the above would be of help , e.g if you think I have a case.

RuthnJasper

beamerguy wrote: »

Hi RUTH what are they saying now please, will do a much stronger letter but this time we will send it the CEO of Marks & Spencer itself.

Does anyone here have a M&S credit card signed up in store ?????

PLEASE LET ME KNOW

Hi Beamerguy & Cappo,

Apologies for the delay in responding - was so miserable that I haven't been online much over the past week. Here is the reply that I received:

"Thank you for contacting us recently about the Payment Protection Insurance (PPI) on your account and for your continued patience whilst I have investigated this matter.
I understand from your letter that you feel this Insurance was mis-sold to you and would like a full refund of all premiums paid, plus 8% statutory interest.
I would like to assure you that we take our adherence to the General Insurance regulations very seriously and we would not condone the mis-selling of our products.
The allegations set out in your letter are as follows:
• Unappointed Representative
• Not aware of the exclusions
• Details of PPI
I have now finished my investigation into your complaint and have confirmed my findings below:
• You completed the application in store in your own time, M&S Money were not present so no advice could have been given to you about the merits of this policy.
• The sale of this Insurance is deemed as "non-advised", as M&S Money did not employ appointed representatives in M&S stores at that time.
• Details regarding the PPI and the account terms and conditions were attached to the application form.
• On the application form in order to take out the PPI you were required to tick a box to state you wanted the PPI, this clearly indicated that the PPI was optional.
• In the Payment Protection Section of the application form you have ticked the box to select PPI, written your name and date of birth as the insured person. It would therefore appear that you read and understood the PPI section of the application.
• By signing the overall credit agreement, you confirmed that you were happy with contents of the application form and the accounts terms & conditions
• Policy documents were issued to you detailing the benefits, exclusions and cancellation rights. These should have been consulted to ensure the cover was suitable.
• The policy was charged on a monthly basis for over 7 years and clearly detailed on your monthly statements. You could have contacted us at any time to query or cancel this policy.
• We wrote to you during September 2003 to inform you that we were transferring your Chargecard account to a MasterCard account. This letter also included details about the transfer of the PPI policy.
• We wrote to you in January 2007 to make you aware of some changes to your PPI policy. You did not contact us at this time to question or cancel the policy.
• PPI is offered to customers to cover their monthly repayments should the unexpected happen, such as accidents, sickness and involuntary redundancy/unemployment.
• Our policy covers self employed customers should the unexpected happen, such as accidents, sickness, bankruptcy or liquidation.
• Customers can submit a claim on their policy until it is cancelled or the account is closed.

Due to the reasons stated above, I reject your complaint that this policy was mis-sold to you and will not be offering you a refund of this policy. I have enclosed a copy of the application for your reference.
Please note this policy has not been cancelled. Should you wish to cancel this and no longer receive the benefits of the cover, please contact our Customer Services Department on 0845 900 0900.

Whilst I accept that this letter will not provide the response that you had hoped for, I trust that I have been able to clarify M&S Money's position. If you are not satisfied with M&S Money's response, you have the right to refer your complaint to the Financial Ombudsman Service."

I think I am going to follow Cappo's advice and try via the Ombudsman, as M&S just seem to be providing exactly the same responses with slightly different wording each time and it's not getting anywhere.

Incidentally, there's something else that's confusing me about this. Perhaps you might be able to help? In looking out some paperwork, I found a letter dated August 2011 from M&S Money about the PPI, part of which states "[COLOR="rgb(0, 100, 0)"]You have Purchase Protection Insurance as a free benefit on your credit card that covers any items you buy with your card for up to 60 days from date of purchase...[/COLOR]" Is this the same as the PPI we're talking about, and if so why does the letter say it's free when I am paying for it?

Thanks for any information or advice - much appreciated.

With love,

Ruth xx

lisajaynec

Hi All and especially Cappo as I need your advice.
My husband had a business loan in 2008 with LTSB and has just been upheld and is due to receive £639.75 back :beer:

but before we met he had 4 loans with TSB the last being taken out in 1994 and each refinancing the other, so I did a SAR and he has received a letter back saying that they cant find an account number that I supplied. I have sent them a copy of TSB paperwork we have stating the account number.

We have the paperwork for the 1994 loan but not for the others, although the loan numbers are the same with 01 on the end 02, 03 and 04. On the paperwork we have it does say refinancing.
My problem is that TSB told my hubby that they have no paperwork from before 1996, so will we loose out and also he had a Trustcard with TSB in 1990-1995?
Cappo I know that you have had dealings with TSB so did you have your paperwork and what dates did you have your claims upheld please.
Thanks
Lisa