PPI Reclaiming Discussion part 4

The_Logans

Hi folks. Sorry if this is a dumb question, I have a copy of my credit agreement from a Tesco loan. The breakdown of the loan figures shows 2 loans effectively - the main loan and a separate figure for the insurance loan (3758). These are added together to make the total charge and includes two figures of interest - one for the main loan and one for the insurance (1315.60). Does this mean that it was front-loaded? i.e. added to the loan total at the start so I paid interest on it too?

amersall

The_Logans wrote: »

Hi folks. Sorry if this is a dumb question, I have a copy of my credit agreement from a Tesco loan. The breakdown of the loan figures shows 2 loans effectively - the main loan and a separate figure for the insurance loan (3758). These are added together to make the total charge and includes two figures of interest - one for the main loan and one for the insurance (1315.60). Does this mean that it was front-loaded? i.e. added to the loan total at the start so I paid interest on it too?

As the ppi is showing as a seperate transaction,this is front loaded and you will pay the interest over the term of the loan.

Katie_m_w

amersall wrote: »

You could go mis sell now,if you win the total ppi is taken off your loan,this reduces the balance and your monthly payment by the ppi monthly amount,you get the ppi you have paid to date,this includes interest plus 8% back to you.

You could wait and get the "cashback" and then go mis sell,as the "cashback" (ppi) will still be on your loan to term end with interest,so they are not giving you the ppi back as you are still paying it.
It is up to you what you decide to do.

This is a frontloaded ppi and the most upheld of all mis sell,

If you decide to go mis sell,use this letter.

We/I believe we were mis sold the ppi on the above account number.
1)We/I were not told that the ppi was in effect another loan that was added to the original loan and was repayable over the loan term with interest.

2) We/I were not told that the ppi only covered us for 5 years, but the ppi would still be on the loan to term end with interest.

3) We/I were told that if we did not make a claim on the ppi ,after 5 years we would recieve the ppi as cashback, and to look on this as savings plan.. But were not told that the ppi would be on the loan to term end with interest and the cashback of ppi would not include the interest that we paid over the 5 years.

In line with the FOS recommendations it is requested that the overall situation be restored as if PPI had never been included. This will entail:
a) A refund of the monthly payments that have actually been paid towards the overall loan in excess of those that would have been needed, if the original loan had been sold without the PPI policy;
b) Restructuring of the loan going forward so that the amount owed, the monthly repayments, the term and the charges reflect those that would have applied, if the original loan had been sold without the PPI policy.
c) In addition, interest at the rate of 8% simple per annum to any excess payments made from the time each payment was made to the point that Firstplus pays them back to us. We/i believe we were not given enough information on this ppi to make an informed decision. Had we/i known the full cost of this ppi we would not have taken it.

Unless you can prove without doubt that this PPI policy was fair, reasonable and suitable for my/our circumstances we/I will require you to rearrange the loan as if PPI had never been included on the above loan.

Hi, we've had a letter back from firstplus saying that we were sold our loan and insurance by Money Supermarket and so they have forwarded our details to them. Do you think it's best to leave things in their hands or is there something else we should do?

r_chan

Hi, I am under going PPI claims through 'Claims Advisory Group' and want to check this is not a dogy company. I have tried looking online for reviews etc but thought this site might help me decide. Just received a letter indicating I am entitled to a refund a good amount too. They mention in their letter that this can be transferred into their account or my own. On the form my account details are listed. I would ask my bank for advise but of course I think they maybe bias as this is the bank where I got my loan with PPI payments in the first place. To sign or not to sign, help?

Kind regards,

Ros.

The_Logans

r_chan wrote: »

Hi, I am under going PPI claims through 'Claims Advisory Group' and want to check this is not a dogy company. I have tried looking online for reviews etc but thought this site might help me decide. Just received a letter indicating I am entitled to a refund a good amount too. They mention in their letter that this can be transferred into their account or my own. On the form my account details are listed. I would ask my bank for advise but of course I think they maybe bias as this is the bank where I got my loan with PPI payments in the first place. To sign or not to sign, help?

Kind regards,

Ros.

Sorry I can't advise as I did all mine on my own. I'd get it into your own bank account. Please, please, if you have more claims to make do it yourself. The money is yours, you should be getting all of it and it's really easy, believe me! They are taking your money when all it could have cost you is a couple of stamps.

amersall

Katie_m_w wrote: »

Hi, we've had a letter back from firstplus saying that we were sold our loan and insurance by Money Supermarket and so they have forwarded our details to them. Do you think it's best to leave things in their hands or is there something else we should do?

Hi,hang fire for now,let them deal with it,if you have not heard anything by 14 days,ring Money Supermarket and ask what is happening.

mrchimps

Feel like i'm bashing my head against a wall now, HFC adamantly say they made my refund payment on 8th (thursday last week) yet nothing has turned up in my Nat West Account, so 4 working days including the date paid. argghhhhhhhhhhhh

amersall

r_chan wrote: »

Hi, I am under going PPI claims through 'Claims Advisory Group' and want to check this is not a dogy company. I have tried looking online for reviews etc but thought this site might help me decide. Just received a letter indicating I am entitled to a refund a good amount too. They mention in their letter that this can be transferred into their account or my own. On the form my account details are listed. I would ask my bank for advise but of course I think they maybe bias as this is the bank where I got my loan with PPI payments in the first place. To sign or not to sign, help?

Kind regards,

Ros.

Read this
https://forums.moneysavingexpert.com/discussion/2238539



Look here for reasons for mis sell http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step2

If any/all apply to you then put a claim in,it is that easy!!.
All you need are loan account numbers,with a credit card it is the card number,some now do claims over the phone.
If you need anymore help just ask.

amersall

Just received a letter indicating I am entitled to a refund a good amount too.

They have no way of knowing this,they cannot access your data from the bank.

beamerguy

amersall wrote: »

Hi,hang fire for now,let them deal with it,if you have not heard anything by 14 days,ring Money Supermarket and ask what is happening.

Money Supermarket.com are agents for all services they offer, they provide the quotes and whoever you decide to go with, they earn a commission, They will not refund you, the company must do this.

This must be the worst "fob off" I have read on here