PPI Reclaiming Discussion part 4

ANGIE54

amersall wrote: »

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

THANKS WILL FOLLOW YOUR ADVICE AND GO ALL OUT TO GET THEM MAY NEED YOUR HELP LATER THANKS AGAIN

Pixie983

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.

Hi there - I have just successfully claimed PPI back from First Plus. When I took out the loan with them I took the PPI after they glamourised it as a kind of savings plan where I would get the money back after 5 years - what they didn't tell me was that the insurance premium would be front loaded onto the loan, what would happen after the 5 years (i.e I'd then have to take out another PPI policy if I wanted cover) AND that I would pay extra interest on the PPI!!!! So when I sent my mis-selling letter I didn't cancel the PPI as I thought if I was unsuccessful in reclaiming I suppose I could hold out for the payout after the 5 years (don't know if I would have though!). They fobbed me off and I ended up going to the FOS which took 6 months but I didn't cancel the policy as I just though best to wait for the outcome.

What are your circumstances for the mis-selling? My advice would be that if you have a fairly strong case and you can afford to continue paying the PPI then don't cancel it. If your complaint is upheld you'll get it all back anyway + interest. This is just my experience/advice from my dealing with FP though you might want to wait for others to advise on here.

amersall

jennywtchy wrote: »

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:

i am sure turbo:A will help you with this, i dont think that sounds right they may be pulling a fast one, did you cancel ppi or go for mis sell? as i think if you cancel you dont get the 8% interest ( just think if you were paid by the hour turbo you would be stinking rich ;)LOL

amersall

ANGIE54 wrote: »

THANKS WILL FOLLOW YOUR ADVICE AND GO ALL OUT TO GET THEM MAY NEED YOUR HELP LATER THANKS AGAIN

YOU CAN HAVE MY HELP ANYTIME, take a look at this website firstpluscomplaints.co.uk you will certainly have your eyes opened, this is for fp customers:mad: who are fighting this miserable excuse for a company good luck xx

ANGIE54

Pixie983 wrote: »

Hi there - I have just successfully claimed PPI back from First Plus. When I took out the loan with them I took the PPI after they glamourised it as a kind of savings plan where I would get the money back after 5 years - what they didn't tell me was that the insurance premium would be front loaded onto the loan, what would happen after the 5 years (i.e I'd then have to take out another PPI policy if I wanted cover) AND that I would pay extra interest on the PPI!!!! So when I sent my mis-selling letter I didn't cancel the PPI as I thought if I was unsuccessful in reclaiming I suppose I could hold out for the payout after the 5 years (don't know if I would have though!). They fobbed me off and I ended up going to the FOS which took 6 months but I didn't cancel the policy as I just though best to wait for the outcome.

What are your circumstances for the mis-selling? My advice would be that if you have a fairly strong case and you can afford to continue paying the PPI then don't cancel it. If your complaint is upheld you'll get it all back anyway + interest. This is just my experience/advice from my dealing with FP though you might want to wait for others to advise on here.

thanks this is so helpful

Pixie983

ANGIE54 wrote: »

thanks this is so helpful

No problem! and I'm with Amersall - FP are a nightmare and you can have my help anytime. I've had SO much help with my claim from the wonderful people on here that it's nice to be able to help someone else! GOOD LUCK!

jennywtchy

I haven't cancelled PPI, they said they would do it once I signed the agreement in full and final settlement

amersall

jennywtchy wrote: »

I haven't cancelled PPI, they said they would do it once I signed the agreement in full and final settlement

please wait untill turbo:Atakes a look at this if he says the calcs are right take it from there (when you wrote to them were you claiming a mis sell?) i personally think you should have (if it was mis sell) 12 x 72 which is the ppi you paid for the 12month you had the loan that totals alone 864 so it seems to me they are only giving you this back without the 8% i could be wrong but turbo will put you straight

babymaca1090

Can anyone help me please?
Ive had a couple of loans from A&L over the last 3years.
I had to take ppi for all of them and i was NEVER informed it was optional, and the most recent loan i took they retuned the initial paperwork after i signed for the loan but not the ppi agreement.
I was told the loan wouldnt be agreed unless i signed and returned the ppi agreement.
I know now that ive been misold ppi for all my loans.
Where do i go from here because there is so much to read here and im lost on what to do next??

di3004

babymaca1090 wrote: »

Can anyone help me please?
Ive had a couple of loans from A&L over the last 3years.
I had to take ppi for all of them and i was NEVER informed it was optional, and the most recent loan i took they retuned the initial paperwork after i signed for the loan but not the ppi agreement.
I was told the loan wouldnt be agreed unless i signed and returned the ppi agreement.
I know now that ive been misold ppi for all my loans.
Where do i go from here because there is so much to read here and im lost on what to do next??

Hi there hun

On every loan ppi you were mis sold, write down each account number on the same letter and give your reasons for why you know you were mis sold this product.

Here is a link of useful info and templates to help you through:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

They have 8 weeks to respond in full.
You may have to write to them again if fobbed off first time from them and keep going until you exhaust their complaint procedures, they will let you know in the final response if your not satisfied with the outcome how you can take this matter further, such as with the Financial ombudsman service (FOS).

Post all letters by recorded delivery, this is your proof of posting, and you can also check the ref postal tracking number on the royal mail website to ensure your letters reach the complaints dept.

Keep us posted, and we can help you through this step by step, good luck and keep at them.;)

Di
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