PPI Reclaiming Discussion part 4

Jason_Bourne_2

dilus wrote: »

Hi Jason, you MUST state that this was an upfront single premium PPI, this is frowned upon by the FOS and the sale of which has been outlawed since April 2011. This is by far the most upheld form of PPI.
You should phone them back and stress this point STRONGLY and even go as far as telling them that it was fraudulent

Just want to check that this was the case, here's what it says on my credit agreement.

• Amount of credit (cash loan) £5000
• Add: total charge for credit for cash loan £947.80
• Total amount you pay for cash loan £5947.80
• Insurance loan (cash price of loan) £854.54
• Add: total charge for credit for insurance loan £151.86
• Total amount you pay for insurance loan £1016.40
• You have to pay the loan (cash loan and insurance loan) and the interest and the arangement fees on the loan by 30 monthly payments of...............£232.14

• Anual percentage rate 12.9%
• loan £5854.54
• The total charge for credit for the loan £1109.66
• Total amount you pay £6954.20
• Monthly Interest Rate 00.968%
• We will charge you arrangement fees totalling £58.55
• This is made up of 1% blah blah

No boxes to tick if I want PPI.

Take it this is "up front single premium"? Don't want to phone and claim it is when it isn't.

Thanks again

dilus

Jason_Bourne wrote: »

Just want to check that this was the case, here's what it says on my credit agreement.

• Amount of credit (cash loan) £5000
• Add: total charge for credit for cash loan £947.80
• Total amount you pay for cash loan £5947.80
• Insurance loan (cash price of loan) £854.54
• Add: total charge for credit for insurance loan £151.86
• Total amount you pay for insurance loan £1016.40
• You have to pay the loan (cash loan and insurance loan) and the interest and the arangement fees on the loan by 30 monthly payments of...............£232.14

• Anual percentage rate 12.9%
• loan £5854.54
• The total charge for credit for the loan £1109.66
• Total amount you pay £6954.20
• Monthly Interest Rate 00.968%
• We will charge you arrangement fees totalling £58.55
• This is made up of 1% blah blah

No boxes to tick if I want PPI.

Take it this is "up front single premium"? Don't want to phone and claim it is when it isn't.

Thanks again

Certainly is upfront

Jason_Bourne_2

dilus wrote: »

Certainly is upfront

:beer:

Phoning right now........

dilus

Jason_Bourne wrote: »

:beer:

Phoning right now........

Good man

Jason_Bourne_2

Jason_Bourne wrote: »

:beer:

Phoning right now........

dilus wrote: »

Certainly is upfront

Just got told they sent me a letter today with my offer of £1462.43

:T:T:beer::j

dilus

Upfront PPI was in effect a loan within a loan, most only covered you for 5 years, if your loan was for longer you carried on paying for it even though you were no longer covered and there were so many loopholes and cop out clauses that they were designed not to pay out. If you had adequate cover through work or other insurances or even family to bail you out it would not cover you :mad:

dilus

Jason_Bourne wrote: »

Just got told they sent me a letter today with my offer of £1462.43

:T:T:beer::j

HAPPY CHRISTMAS m8 :T:D:beer::beer::xmassign:

Potatobread

Hi everyone - I'm a newbie and would really appreciate your advice.

I had a credit card with the Halifax a few years ago and happened to still have a statement which mentioned PPI - so I posted off a letter to them asking for compensation. That was about a month ago and I've just received a cheque for about £1k. The cheque is attached to a letter saying 'further to your correspondence we attach settlement'.

I also received a statement for the credit card (which I thought had been long closed) which had been credited with: Premium refund, rebate refund and APR refund, totalling the same as the cheque.

First of all, it seems they've paid me twice if they've credited the card and sent me a cheque. I don't intend to defraud the Halifax.

It all seemed a bit easy - one letter and they send me a cheque? I did have problems with the Halifax a few years ago and recieved compensation for their mistakes in relation to a mortgage so they may have seen that my records show I don't let up if I'm in the right.

I'm not sure what I'm owed in total as I've binned most of the statements ages ago. The payment doesn't seem to include any compensation - just refunds.

Should I go back to them and ask for more, or would I be pushing my luck? The payment is quite tempting given it's Christmas!

Many thanks folks!!

wakeupcall

My Halifax credit card was credited with 3 payments on the 16th Dec and and then a cheque was issued from the Credit Card account on the 19th Dec..and I received it on 22nd Dec ....it will show on your on your next statement ..
I received offer letter and cheque on the same day...hope this helps ...:)

Potatobread

Ah, that explains why I got a credit card statement with the balance and the cheque. Thanks! But did you just accept that offer or will you seek a higher settlement? I think the advice is usually to ask for more?