PPI Reclaiming Discussion part 4

Crunchy_Nutter

Hi,

I started investigating the option of claiming back PPI a couple of weeks ago, but I got sidetracked with other things...

Unfortunately I don't have any of the paperwork, as I had two loans which were both settled in 2009, and therefore don't have account or policy numbers. However I have a copy of my credit report which details start and end dates, and partial account numbers (last 4 digits).

I took out a loan with TSB in November 2004, at £153/month for 60 months, and in August 2006 a loan from Citi Financial, at £155/month for 36 months. Both loans had PPI, and I'm pretty sure both had the PPI included at the start at a fixed cost added to the loan.

What is the best way to take this forward - SAR for full account details, then FOS questionairre or letter to PPI complaints departments? Or just go straight in with FOS Qs / letters with the partial a/c numbers?

I intend to claim it was mis-sold as:

a) Was hinted at by the salesperson that I wouldn't be accepted without PPI;
b) Didn't need it as get sick pay from employer, plus payouts from union in certain circumstances.

Also, would I be right in understanding that I may have a better claim as the premiums were added to the loan at the start?

Kuffs1978

amersall wrote: »

THIS TOO XX PLEASE,ANYONE?.
Another thought!!,did the ppi amount above not include the interest?
If the ppi above was the total on the agreement,the interest is included in this,see what i mean?.

Hiya,

I'm not entirely surely if I've got the right end of the stick here but all I know for sure is that according to GE Money as of last Friday, my sis has repaid £12,534.20. Since GE have no idea about the PPI rebate decision I can only conclude that Norton have not followed the instructions from the FOS and have therefore not spoken to them. So it would be fair to say that the £12,534.20 already repaid includes the 42 PPI payments (which I reckon is about £25.63 per month, if dividing the £1537.50 by 60 months) which adds up to £1,076.46. None of this really makes sense, as the rebate was 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


If the PPI premium was divided by 60 payments that equates to £25.63 a month. She made 43 payments which equals £1,076.46 . Yet when the policy was cancelled the rebate removed from the loan balance in April 2011 was only £384.38 for the remaining 17 months. Yet £384.38 divided by 17 is just £22.61, not £435.71 which is 17x25.63. None of this is consistent, but if you're talking about the total interest on the PPI paid to date, the higher the monthly premium, the lower the interest accrued, which thten means that the interest charged on the actual loan capital is even greater and more ridiculous! You'll see that £340.20 divided by 42 payments is just £8.10, and when that £340.20 is deducted from the £3,600+ my sister has already paid in interest, that still leaves £3,260 having already been repaid. That's a huge amount of interest already repaid at something close to £67.92 per month, which is extortionate. But even if we were to be generous and say that they full £1537.50 in PPI was paid and should therefore be deducted from the £12,534.20 already repaid, that still leaves £10,996.70 already repaid, which is only slightly more than £2,000 short of the £13,009.70 the Ombudsman says my sister should repay.

I just wish somebody from the FOS would at least get in contact to let us know they are dealing with the situation, but after two emails to them in 3 days I'm now getting close to writing to the Managing Director at Norton Finance. How on earth can companies get away with behaving so disgracefully? They know they're dealing with a disabled person; the Ombudsman made that clear in his decision, yet Norton appear to think they have the right to be selective of which instructions they follow and which they ignore.

beamerguy

For all being fobbed off by Lloyds Bank, the CEO Antonio Osorio has returned to the bosses chair this week after sick leave for stress.

HERE IS HIS EMAIL ADDRESS for you to complain about the disgusting service LTSB are giving

beamerguy

luckynumber7 wrote: »

Hi there dont know if i'm on the correct discussion site but here goes.
I was sold morgage payment protection way back when i took my morgage in 1998 but after a few yrs i went to speak to a broker regarding my morgage and was then given a cheaper monthly mppi with paymend shield who i think were (Norwich Union) because it was a couple of ££'s cheaper. After speaking with many colleague's and friends they have said that there is no point in me having this as i get paid for a yr when i'm off sick therefore its no use to me. I have now cancelled the policy just 2 weeks ago, but i'm wondering if i could claim this money back as i feel i was missold the insurance and if i do who do i claim? will it be payment shield as these are the people who i paid the insurance to please help any advise would be helpfull and thanks Debbie.

Hi, read through the list below and if you can answer at least NO to one or more you have grounds to claim a full refund


*Did YOUR BANK explain the full cost of the PPI when you took out the loan?
*Did you specifically ask YOUR BANK for PPI?
*Did YOUR BANK make clear that PPI was optional?
*Did YOUR BANK ask you about your medical history?
*Did YOUR BANK ask you about any existing payment cover?
*Did you know that YOUR BANK added a PPI policy to your loan?
*Do you think YOUR BANK treated you fairly?
*Did YOUR BANK ask if you have any existing medical conditions?
*Did YOUR BANK ask if you were entitled to sick pay from your employer?
*Did YOUR BANK add the PPI without your permission

If you answered no to any one of the above you could be owed thousands of pounds

beamerguy

carprdiem24 wrote: »

Hi guys. first off congratulations on all your successful cases.

I have a question that hopefully someone can answer...

I had been with hsbc bank from around the age of 12. 5 maybe 6 years ago they kicked me out the bank due to me being so rubbish at paying back loans etc etc. my loan then got passed onto debt collectors etc and im now debt free

My question is, even though it has been over 5 years or so, AND i got kicked out of my bank, would i still possibly be able to try to claim my ppi back from a £15000 loan.

I no longer have the paperwork for it, but if there is a alight chance of getting some money back then i obviously want it.

If so, how do i begin the process!

Thank you

SEE THIS LIST


*Did YOUR BANK explain the full cost of the PPI when you took out the loan?
*Did you specifically ask YOUR BANK for PPI?
*Did YOUR BANK make clear that PPI was optional?
*Did YOUR BANK ask you about your medical history?
*Did YOUR BANK ask you about any existing payment cover?
*Did you know that YOUR BANK added a PPI policy to your loan?
*Do you think YOUR BANK treated you fairly?
*Did YOUR BANK ask if you have any existing medical conditions?
*Did YOUR BANK ask if you were entitled to sick pay from your employer?
*Did YOUR BANK add the PPI without your permission

If you answered no to any one of the above you could be owed thousands of pounds

silversami

Hi
Does anyone know if you can still reclaim PPI from the bank who originally sold it to you if they have sold your debt to a debt collector. My debt is all handled by the CCCS and my payments are up to date with the debt collectors but need a cash injection to help pay them off quicker so thought i would give reclaiming a go.

Many Thanks

highadmiral

Crunchy_Nutter wrote: »

Hi,

I started investigating the option of claiming back PPI a couple of weeks ago, but I got sidetracked with other things...

Unfortunately I don't have any of the paperwork, as I had two loans which were both settled in 2009, and therefore don't have account or policy numbers. However I have a copy of my credit report which details start and end dates, and partial account numbers (last 4 digits).

I took out a loan with TSB in November 2004, at £153/month for 60 months, and in August 2006 a loan from Citi Financial, at £155/month for 36 months. Both loans had PPI, and I'm pretty sure both had the PPI included at the start at a fixed cost added to the loan.

What is the best way to take this forward - SAR for full account details, then FOS questionairre or letter to PPI complaints departments? Or just go straight in with FOS Qs / letters with the partial a/c numbers?

I intend to claim it was mis-sold as:

a) Was hinted at by the salesperson that I wouldn't be accepted without PPI;
b) Didn't need it as get sick pay from employer, plus payouts from union in certain circumstances.

Also, would I be right in understanding that I may have a better claim as the premiums were added to the loan at the start?

If you still have bank statements from 2009 they will show the account numbers hopefully.
You could try a complaint through the dedicated ppi complaints area of the companies concerned and take it from there.Many will find the accounts based on the info you have now.

If these were single premuim front loaded policies then make that the primary basis of your claim.These policies were bad news and the FOS rightly take a strong view on them.They were a loan within a loan,protecting you from debt by putting you in more debt!.There were other issues with them including a very low payout to claim ratio and often they did not run for the full term of the loan despite the interest being charged full term.The cancellation/rebate terms were bad too if you settled early as they made sure the ppi was paid for first early in the loan.The whole thing was loaded very heavily in favour of the lender and they made huge profits on them.
I would back that up with the fact that you received good sickness benefits from work/union as that is factual information along with the above.

You can include what the salesperson did or did not say,but that is essentially non provable,your other reasons are concrete and make for a strong case.

beamerguy

amersall wrote: »

Write a letter to GE money and tell them you are in dispute over the balance and this is with FOS,keep up the monthly payments (without ppi) and tell them you will deal with this when you get a conclusion from FOS,if they persist in the contact,you will take legal advice.

HI THIS IS SO SIMPLE. As you have passed your complaint to FOS, IT IS NOW IN DISPUTE and GE are now breaking the law harassing you

Administration of Justice Act
It is a criminal offence for any company to harass you if the debt is in dispute.

FURTHERMORE
1. A person commits an offence if, with the object of coercing another person to pay money claimed from the other as a debt due under a contract he-
* harasses the other with demands for payment which, in respect of their frequency, or the manner or occasion of making any such demand, or of any threat or publicity by which any demand is accompanied, are calculated to subject him or members of his family or household to alarm, distress or humiliation;

Tell GE to back off or you will report them to the FSA

di3004

silversami wrote: »

Hi
Does anyone know if you can still reclaim PPI from the bank who originally sold it to you if they have sold your debt to a debt collector. My debt is all handled by the CCCS and my payments are up to date with the debt collectors but need a cash injection to help pay them off quicker so thought i would give reclaiming a go.

Many Thanks

Hi and welcome

Yes you still pursue your bank, as they were the ones responsible.;)

beamerguy

silversami wrote: »

Hi
Does anyone know if you can still reclaim PPI from the bank who originally sold it to you if they have sold your debt to a debt collector. My debt is all handled by the CCCS and my payments are up to date with the debt collectors but need a cash injection to help pay them off quicker so thought i would give reclaiming a go.

Many Thanks

THIS ONE IS INTERESTING
If the bank sold the debt to the debt collector, strictly speaking, the debt collector now owns the Intellectual rights and therefore everything to do with the contract including PPI.
As the mis-selling of PPI is fully covered by the fraud Act 2006, it means your debt collector purchased a fraudulent contract from the bank
Therefore, your claim must be against the debt collector firstly and if they wish to counterclaim from the bank, that is up to them.

Advise the debt collector you wish a full refund of the PPI plus 8% interest. Do not let them fob you off as they are now responsible for it and to you.

Answer any of these questions with no and you fully claim back all monies plus interest

*Did YOUR BANK explain the full cost of the PPI when you took out the loan?
*Did you specifically ask YOUR BANK for PPI?
*Did YOUR BANK make clear that PPI was optional?
*Did YOUR BANK ask you about your medical history?
*Did YOUR BANK ask you about any existing payment cover?
*Did you know that YOUR BANK added a PPI policy to your loan?
*Do you think YOUR BANK treated you fairly?
*Did YOUR BANK ask if you have any existing medical conditions?
*Did YOUR BANK ask if you were entitled to sick pay from your employer?
*Did YOUR BANK add the PPI without your permission

If you answered no to any one of the above you could be owed thousands of pounds

The debt collector will not be amused but more fool them for buying a fraudulent contract

Let me know how you get on