PPI Reclaiming Discussion part 4

ANGIE54

Hi Everyone Have Just Sent First Letter To Fp.for Ppi Miss Selling Should I Cancel This Ppi Policy As Well Or Just Go All Out For Miss Selling Any Advice Most Welcome.

jennywtchy

Hi - I am a newey - Please advise. I wrote to Alliance & Leicester less than a week ago and this was the response: Got loan in March 08 for £10K paid £72 PPI per month they have offered me over £700 which I think works out all payments back with 8% interest. My problem is the statement which says:.

Original Loan Amount £10,000.00.
Original Insurance Premium £3014.18 (Is this PPI?) Does this now get taken off my loan if I accept their offer..
.
Also says:
.
Loan Principal 10,000.00..
Interest on Insurance 825.82.
Interest on Principal 2739.80.
Insurance Principal 3014.18.
Total 16579.80.

What is Principal and what are the last 3 figures? Do they come off once I cancel PPI and accept offer?:o:eek:

di3004

jessy30 wrote: »

Hi i ve taken out two loans both of which i cleared half way through and just wondered if i can claim back the ppi. Also one of these loans finished in 2004 and they are saying this is too long ago to reclaim (halifax) is this right or are they trying to fob me off

Hi there hun.

If they mis sold you this product then yes you can try to reclaim back all the ppi plus interest etc.

No 2004 is not that long ago, maybe they are trying to fob you off, I won a claim going back as far as 2002, at first I thought it was a 2003 loan but it was that of a 2002 loan ppi.

You go for it hun and here is the link for more info with templates, they have 8 weeks to respond in full, write back to them again if they fob you off, until you exhaust their complaint procedures, you may be eligible to take this further to the Financial ombudsman service for further investigation if they do not resolve this for you, they should let you know this in their final letter.

Obviously add your own reasons to the letter template and post by recorded delivery, good luck and post up for more help when needed and keep us posted.;)
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Di
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hartanii

Hi I got a loan from Lloyds 4th December 2002. With the loan I got loan protection Insurance. I am a widow with a state pension. I asked for a refund. I got a letter this morning offering me £1,151.93 plus intrest.They say I am unable to give you a precise calculation as intrest will be added up to the time of settement, however for illustrative purposes only, the refund of premiums would equate to which intrest charges will be added. If I accept offer of refund I understand that this payment will be made to my loan account to reduce the outstanding debt.

di3004

ANGIE54 wrote: »

Hi Everyone Have Just Sent First Letter To Fp.for Ppi Miss Selling Should I Cancel This Ppi Policy As Well Or Just Go All Out For Miss Selling Any Advice Most Welcome.

In regards of FP cancellation I would check with other FP complainers.;)
Companies vary from one to another where they may not reduce the loan repayments very much if its after the cooling period.

I'm sure someone will post up to give you the best info on this, but good luck with the reclaim, keep at them.;)

di3004

hartanii wrote: »

Hi I got a loan from Lloyds 4th December 2002. With the loan I got loan protection Insurance. I am a widow with a state pension. I asked for a refund. I got a letter this morning offering me £1,151.93 plus intrest.They say I am unable to give you a precise calculation as intrest will be added up to the time of settement, however for illustrative purposes only, the refund of premiums would equate to which intrest charges will be added. If I accept offer of refund I understand that this payment will be made to my loan account to reduce the outstanding debt.

Hi there hun and well done.;) :beer: , however if you have not missed any repayments, you should be able to choose to have this paid directly to you, but if in arrears - missed payments they do tend to use this method.

Did they give you a reason of they they could not provide you with a precise calculation?

Di
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amersall

i wouldnt cancel it as you will have to wait longer as you then have to go through mis sell.- when you cancel this ppi you only get 78% of the ppi taken off your loan, the remaining 22% ppi you have to continue to repay for the rest of your loan, you also do not save much by way of a reduction on your loan monthly payment (take this from someone who knows) go for mis sell if you dont like the response back from first plus go straight to fos, dont let this company get away with this. good luck and keep us posted, the guys and gals on here are a fountain of wisdom they will help you every step of the way

amersall

hi there if i were you i would ask them for a break down of this offer as they may be trying to pull a fast one, when you have this info i am sure turbo:A will look at your figures and tell if they are correct, did you go for a mis sell or did you cancel ppi?

ANGIE54

Would Only Get Back £900 Taken Of Loan Ppi Cost £3900 Only Taken Out In 2008

amersall

hartanii wrote: »

Hi I got a loan from Lloyds 4th December 2002. With the loan I got loan protection Insurance. I am a widow with a state pension. I asked for a refund. I got a letter this morning offering me £1,151.93 plus intrest.They say I am unable to give you a precise calculation as intrest will be added up to the time of settement, however for illustrative purposes only, the refund of premiums would equate to which intrest charges will be added. If I accept offer of refund I understand that this payment will be made to my loan account to reduce the outstanding debt.

hi there if i were you i would ask them for a break down of this offer as they may be trying to pull a fast one, when you have this info i am sure turbo:A will look at your figures and tell if they are correct, did you go for a mis sell or did you cancel ppi?