PPI Reclaiming Discussion part 4

maxdp

Turboman wrote: »

Thanks--been busy on a complex case re PPI carrying over from one loan to another--we are pioneering a FOS submission where we follow the audit trail throughout all the loans-rather than treating them as separate

Also, a little interesting case I will share (later on) where the 5 year cashback has been paid & then claims for mis-selling where the Cashback is greater than the potential cheque refund for mis-selling-spooky!!-lol

Hi Turboman
Nice to see you seems as if you have been very busy. The FOS wrote to me that they are in the process of printing guidelines for the refund of re financed loans. Is that what you are meaning.?
This was what they sent me as have been having discussions about an upheld FOS decision back in July and was not agreeing with the way the refund was worked out and is was 3 refinanced loans.

Dear

I refer to you email dated the 24 March 2009 addressed to my colleague and can confirm that your case has been passed to me for consideration.

As I understand it you are concerned with the method of calculation that Barclays have undertaken in your case as there where in total three loans; where one loan was refinanced onto the next loan.

I can confirm that this issue, where there are multiple loans, is currently being considered by the ombudsman, as there are other complaints which have the same scenario, and once the ombudsman decide on the appropriate method of redress I will speak to the business and ask them to recalculate the redress on your case.

I apologise for the delay in the settlement of your complaint however the business had calculated the original redress in line with the guidelines in place at the time i.e. to deal with each loan individually. However as I have said the ombudsman are considering how a loan which has PPI attached to when cancelled effects the subsequent loan.

As soon as I hear from the ombudsman I will contact you.

Regards

PhilTucker

We currently have a loan with First Plus and have paid a PPI of £6'800. This is cover for 5 years and has a cash back if no claims are made etc...
We are currently hanging on until November next year (started in Nov2005) so we can claim back our PPI. Am I better off canceling this now and claiming back the PPI? This PPI was added onto the loan, do we pay interest on this and if so can that be claimed back as well? If they offer us a partial figure can we claim back the whole amount by going through the Ombudsman?
Sorry for so many questions but we want to get the understanding right before canceling.

di3004

PhilTucker wrote: »

We currently have a loan with First Plus and have paid a PPI of £6'800. This is cover for 5 years and has a cash back if no claims are made etc...
We are currently hanging on until November next year (started in Nov2005) so we can claim back our PPI. Am I better off canceling this now and claiming back the PPI? This PPI was added onto the loan, do we pay interest on this and if so can that be claimed back as well? If they offer us a partial figure can we claim back the whole amount by going through the Ombudsman?
Sorry for so many questions but we want to get the understanding right before canceling.

Hi there, also posted on your other thread as well, its the same as this here:

Hi Phil

If you cancel now, as its after the cooling period, its unlikely the loan monthly repayments would reduce by much, as the ppi is added to the loan with interest etc.

However, this is entirely up to you.
There are many here who have complaints about this company, check out the threads when you have time, you will know more.;)

If successful, in reclaiming the ppi, they have to put you back in the position as if you did not take out this product, plus interest etc.

If the loan was settled they pay you the whole amount of ppi, plus interest etc.

So if mis sold, I would try to write and reclaim on this, check here for more info:
http://www.moneysavingexpert.com/rec...loan-insurance

You will find letter reclaim templates, add your own reasons, they have 8 weeks to respond in full.

If they do not resolve this to your satisfaction, write back, keep on at them until you exhaust their complaint procedures, in the final response, if still not satisfied, they should let you know how you can take this further, normally with the Financial ombudsman service (FOS).

Post all letters by recorded delivery.

Post up for any help when required, good luck.;)

Also check this thread here by Maxdp, calculations of refunds/FOS
http://forums.moneysavingexpert.com/showthread.html?t=1596473

PhilTucker

Our plan is to cancel the policy and repay the loan. As this is a cash back offer and they offer a partial refund due to canceling 18 months early so not the full refund what do we do? Do we accept what they offer (as it does say in the terms that you will get something back) then claim the rest back or do we not accept then go for the full amount?

amersall

PhilTucker wrote: »

We currently have a loan with First Plus and have paid a PPI of £6'800. This is cover for 5 years and has a cash back if no claims are made etc...
We are currently hanging on until November next year (started in Nov2005) so we can claim back our PPI. Am I better off canceling this now and claiming back the PPI? This PPI was added onto the loan, do we pay interest on this and if so can that be claimed back as well? If they offer us a partial figure can we claim back the whole amount by going through the Ombudsman?
Sorry for so many questions but we want to get the understanding right before canceling.

:mad::mad: fp AGAIN do as di says, as your ppi will still be paid each month for the rest of your loan term EVEN THOUGH YOU HAVE DONE WITH THE PPI INSURANCE!!!! on your agreement see what your ppi payment is and times that amount by the total length of the original loan term and when you see what you are paying back just for that you will vomit, trust me go for mis sell i am still paying fp a ppi payment of 111 a month for the next 18 years WORK THAT OUT and i havent even got the ppi any more, they put the ppi as a lump sum on at the beginning and you pay that with interest, i hate this company:mad::mad: dont let them get away with this, if you cancel this now you will still be paying for it till the end of the loan and your monthly payment will not go down by much please take this all the way or you will still be paying this for a long time to come, you have nothing to lose and everything to gain YOU GO FOR IT AND GOOD LUCK

amersall

philtucker wrote: »

our plan is to cancel the policy and repay the loan. As this is a cash back offer and they offer a partial refund due to canceling 18 months early so not the full refund what do we do? Do we accept what they offer (as it does say in the terms that you will get something back) then claim the rest back or do we not accept then go for the full amount?

you will not get the full amount back you will be worse off please go for mis sell, any offer they make you will be peanuts!!!!

PhilTucker

Amersall / Di,

Thanks for your advice it all sounds good. What do I do first? Do I cancel the PPI? Pay off the loan? Do I just refuse whatever figure they try to give me? Do I inform them that I intend to reclaim the full amount etc when I cancel?
I am more than happy of how to reclaim but what order do I do things in?

Amersall - you said you have also had fp issues, did you get your money back? What stage are you at?

di3004

PhilTucker wrote: »

Amersall / Di,

Thanks for your advice it all sounds good. What do I do first? Do I cancel the PPI? Pay off the loan? Do I just refuse whatever figure they try to give me? Do I inform them that I intend to reclaim the full amount etc when I cancel?
I am more than happy of how to reclaim but what order do I do things in?

Amersall - you said you have also had fp issues, did you get your money back? What stage are you at?

Hi there, did also leave you a private message.:D

If you pay off the loan, the amount of PPI (full amount and interest) will be paid directly to you.

You do not need to use a figure on the reclaim letter, they may be required at a later date.

With a bit of luck others with experience of FP will post up in regards of cancelling this, as I am aware every company work things out differently.

If you cancel the ppi they should reduce this from your loan and repay you what you have paid in this upto date with interest, but again do not expect much reduction on the monthly repayments, if you can grin and bear it in regards of cancelling, that is up to you.;)

I believe amersall's case is still ongoing. X

clucky26

Hi has anyone had any dealings with claiming back from Tesco credit card PPI? I can't remeber when I opened the account must be over 6 years ago. I called them about 2 years ago and asked them to cancel it and they were sending me forms to complete which never arrived and due to moving at the time I completely forgot to chase. Rang a few months ago and explained this and the woman said she would cancel it there and then but I said not to because wasn't sure I could still claim if I cancelled this.
Can anyone advise please.
Many thanks xx

Toffee_Penny

Me again guys hope you are all looking forward to Britain's Got Talent and not eyeing up your kids easter eggs for tomorrow tut tut

Had 4 letters today from FOS, 3 saying looking into claims will contact within 2 months with response, very busy etc etc

But for OH MBNA ppi mis-selling on cc, the letter states

Thank you for recent query.

From the information you have provided, it would appear that we cannot deal with your complaint because the business was not covered by the Financial Ombudsman Service at the time you took the policy out.

Please find enclosed a leaflet that explains our service. Should you have any questions or feel that I may have overlooked something, please contact me again. I am returning your documents to you.


I had contacted MBNA and asked for SAR and CCA (still need to come up with that one, they can't find it in their filing system :rolleyes:) Using the SAR statements the ppi amounts to around £1800 without interest so not something we can afford to just 'leave' if you know what I mean.

MBNA's Gail Powell sent a final response along with a copy of OH application form from 2001 after my very first letter which was just a basic template adapted to OH circumstances from this site.

On closer inspection the tick in the ppi box is different to all the rest on the form ie OH filled form in with a ball point pen, the ppi tick looks thicker and darker like a biro. MBNA strongly stated that being self employed was ok but there was certain critieria that had to be met to have a successful claim therefore ppi wasn't mis-sold etc.

I wrote back pointing out the different tick and the fact OH was not told of the certain criteria that had to be met for self employed to be eligible. ( I have since found out MBNA will pay out ppi if you die or go bankrupt for the self employed :rolleyes:)

MBNA have NEVER responded, not even when asked for an original colour copy of the application form to verify the different colour ticks.

So what should be the next step now?

MBNA told us to pass on to the FOS in their final response letter, now the FOS are saying they didn't cover them. It means alot to us this money and we really don't want to give up especially when we feel MBNA have not even acknowledged or responded to our claims re the different ticks means in our view there is more to this and feel we have been fobbed off.

Should I write back to MBNA again?

thanks for your help as always xxx