PPI Reclaiming Discussion part 4

maxdp

amersall wrote: »

its not down to you to provide that, they should have it, this is just another stalling ploy, write back to them and say you cant remember, but you were certainly not told that this ppi was put on your loan as one lump sum and the amount of interest you would be paying, and that you will be going to fos, they have to prove that you were told about front loaded ppi and that it was to be paid back over the full loan term and the amount of interest you would pay in total,, trust me they will never find a conversation to this effect , because they did not tell anyone this because no one would have taken this ppi, please go for it and keep us posted dont go into detail with them, as they have to prove it, you only go into detail with the fos as i did, and then it was just enough to put the nail in fp coffin

Thank you amersall as alwayws

di3004

amersall wrote: »

its not down to you to provide that, they should have it, this is just another stalling ploy, write back to them and say you cant remember, but you were certainly not told that this ppi was put on your loan as one lump sum and the amount of interest you would be paying, and that you will be going to fos, they have to prove that you were told about front loaded ppi and that it was to be paid back over the full loan term and the amount of interest you would pay in total,, trust me they will never find a conversation to this effect , because they did not tell anyone this because no one would have taken this ppi, please go for it and keep us posted dont go into detail with them, as they have to prove it, you only go into detail with the fos as i did, and then it was just enough to put the nail in fp coffin

Fantastic advice amersall well done.:T:T;)X

Curlylox_2

Hi folks, I wonder if someone can help.

I purchased a car from Carcraft in October 2004. The credit was provided by Marsh Finance with PPI included, and also a top up loan (this was what I was told) from Open + Direct - which I now also believe to be some kind of insurance.

I have a PPI information document which says Carcrat all over it and not Marsh Finance (to whom I paid the PPI money). So what I'm wondering is, do I write my PPI Reclaim letter to Carcraft as the company who missold the PPI, or to Marsh Finance and Open + Direct separately as the providers of said PPI ?

I also have a number of other PPI claims, and 4 of them are for loans which I settled early. I have all the paperwork for these loans, but what I don't have is a breakdown of what part of the Settlement Figure was PPI and what was loan. Do I still have to send a SAR for this, or can I just ask them for a breakdown of how the figure was arrived at. Will I need to pay for this latter request, and does anyone know how much I should include a cheque for, i.e. £1 or £10 ?

Thanks in advance.

Turboman

Here you go

jennywtchy wrote: »

Here goes this is information on statement:
Date of Agreement: 12/03/08
Number of months of loan: 60 months
1st payment: 01/05/08
Original Loan amount: £10000.00
Original Insurance Premium: £3014.18
Interest rate per annum: 10.44%
APR: 10.44%

Statement of payments then reads:
Loan Principal: £10000.00
Interest on Insurance: 825.82
INterest on PRincipal: 2739.80
Insurance Principal: 3014.18
Total before 1st payment = 16579.80

Payments are 276.33 per month including insurance - 11 payments made

Letter says:

Having considered the available information, I am unable to establish that you were provided with sufficient details to be able to make an informed decision when you were recommended to buy this policy. I would like to offer you £712.16 as a refund, with interest of all the premiums you have paid for the insurance element of your loan.

I have arranged for the policy to be cancelled from your account and new loan agreements have been forwarded to you under seperate cover.

The offer consists of £704 as a refund, representing the payments made in respect of the PPI from 01 May 2008 to 02 March 2009. It also includes £28.16 in respect of interest payble to 31 March 2009, less £20 Money BAck Insurance payment credited to your account on 12 MArch 2009. I confirm that with effect from receipt of you new signed loan agreements, your new monthly payment will be £213.33. Correct (near enough)--but make sure the new balance of the loan is around £8,520-ish and the remaining term is still 49 months (60-11). The represents the monthly repayment you would have made had you not taken PPI with your loan.

Your Loan Advance is £10,000
Your PPI is £3,014.18
Therefore all balances/payments are in the ratios :
Loan Advance-10,000/13,014.18 = 76.84% (Loan Advance premium is 78.84% of £276.33 = £212.33)
PPI - 3,014.18/13,014.18 = 23.16% (PPI premium is 23.16% of 276.33 = £64.00)

Total breakdown of offer:
A. Total monthly premiums from 01 May 2008 to 02 MArch 2009 £704.00 Correct 11 @£64 = £704
B. 8% Interest on (A) to 31 March 2009 £28.16 Correct
C. Minus £20 Money BAck Insurance payment credited to account £20.00 whatever
D. Total premiums + interest (A+B+C) £712.16
The amount of interest is caclulated at a rate of 8% simple consistent with the FSA and FOS

This offer is made in full and final settlement of your complaint. If you do not accept or agree contact the Ombudsman. Leaflet enclosed.

di3004

Curlylox wrote: »

Hi folks, I wonder if someone can help.

I purchased a car from Carcraft in October 2004. The credit was provided by Marsh Finance with PPI included, and also a top up loan (this was what I was told) from Open + Direct - which I now also believe to be some kind of insurance.

I have a PPI information document which says Carcrat all over it and not Marsh Finance (to whom I paid the PPI money). So what I'm wondering is, do I write my PPI Reclaim letter to Carcraft as the company who missold the PPI, or to Marsh Finance and Open + Direct separately as the providers of said PPI ?

I also have a number of other PPI claims, and 4 of them are for loans which I settled early. I have all the paperwork for these loans, but what I don't have is a breakdown of what part of the Settlement Figure was PPI and what was loan. Do I still have to send a SAR for this, or can I just ask them for a breakdown of how the figure was arrived at. Will I need to pay for this latter request, and does anyone know how much I should include a cheque for, i.e. £1 or £10 ?

Thanks in advance.

Hi there

I would start by writing to the ones who arranged the finance.
Take it from there.

You require a SAR if you need further information to help your case, but its not essential, you will find the thread for the SAR template letter on the thread with details, of payment etc.

If its just a copy of the agreement you require right now, if you do not have this on hand, then write to them to request for a copy, this is for a small charge of £1 postal order of cheque payment, they should supply this to you by 12 days of request.

In regards of reclaiming PPI for being mis sold, you can continue to write to them straight away, if you know you had this product and were mis sold this.
Here is more info on a link here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

You will come across reclaim templates, add your own reasons, they have 8 weeks in full to respond.
If you hear nothing, you should contact the Financial ombudsman service to see if they are able to help you.
If you receive a fob off response though, write back until you receive the final response, that letter should provide you with further details on how you can take this matter further if your still not satisfied.
They should let you know if your eligible to take this to the Financial ombudsman service (FOS) or not.

Always post by recorded delivery, to ensure your letters reach their destination, you can check this out on tracking on the royal mail website.

Good luck and post again if you require any further help.;)

bakerboy35

Hi all
I sent a letter off to Black Horse on the 7 Febuary 2009 with regards to there miss-selling of the ppi on my loan with them, i have not recieved any replies off them whatsoever, what would be my next step?

thanx in advance

di3004

bakerboy35 wrote: »

Hi all
I sent a letter off to Black Horse on the 7 Febuary 2009 with regards to there miss-selling of the ppi on my loan with them, i have not recieved any replies off them whatsoever, what would be my next step?

thanx in advance

Hi there

The timescales they have is 8 full weeks, if you've heard absolutely nothing at all by that time, you can take your case to the Financial ombudsman service, ask if they can deal with this matter for you now.

Do you know for definate if Black Horse received your letter?
And did you post your letter by recorded delivery, to ensure the letter reached them, as you can also check this out on the royal mail website "tracking".
If not give them a quick call to ask, take if from there.

If they have not received this letter, its up to you if you want re-send it, but it will be 8 weeks they have again unfortunately, but if they did receive it and not dealt with it by 8 weeks, then take it to the FOS.;)X

hpwo311

Hi, I am new to this site. I have read it loads of times but never commented. Today I feel that I have to.

I recently sent a PPI reclaim letter to Northern Rock - thinking that
I had nothing to lose!!

About a week later they sent me a reply letter asking loads of questions as to why I thought the Policy was mi-sold etc etc. I didn't actually reply as I was about to go on holiday. However, on my return from holiday a week later, I had recieved another letter from NR. This one offered me a FULL refund & 8% interest. All I had to to do was send the letter back and I would recieve the payment. I did have to query some of their points but in the end I have won, and got a welcome £285 sitting in the bank.:D

Thanks to MSE for all the advice.

runydoo

Hi,
I wrote to HSBC in February using the template letters on this site, regarding PPI on sevreal loans that had been re-jigged over time.
I had two letters back saying that they were investigating my complaint and that they would be intouch. The last letter indicated that they would have a response by 8th May.
I realised that the eight week period that I had given them took me up to todays date (15/4/09). With this in mind, I phoned them last Thursday and reminded them that their time was running out. The lady I spoke to was lovely and said that she would get someone to call me back the same day. An hour and a half later I was talking to a complaints officer who again apologised for their delay in replying but as a result of current global market conditions, they were experiencing an exceptionally high number of complaints...I bet they are!
She informed me that she had all my details in front of her and she promised that I would have a response in the post by the end of this week. :j
I'm not too sure what the outcome will be as I have read stories on here that indicate not everyone gets the response they are looking for. I only decided to persue my claim as my husband was successful in receiving 1,500.00 just before Christmas which helped out at a very expensive time of the year!
So fingers croseed, while I wait with baited breath to see if they are true to their word.
I will let you know if I am successful with my claim...or not!

di3004

hpwo311 wrote: »

Hi, I am new to this site. I have read it loads of times but never commented. Today I feel that I have to.

I recently sent a PPI reclaim letter to Northern Rock - thinking that
I had nothing to lose!!

About a week later they sent me a reply letter asking loads of questions as to why I thought the Policy was mi-sold etc etc. I didn't actually reply as I was about to go on holiday. However, on my return from holiday a week later, I had recieved another letter from NR. This one offered me a FULL refund & 8% interest. All I had to to do was send the letter back and I would recieve the payment. I did have to query some of their points but in the end I have won, and got a welcome £285 sitting in the bank.:D

Thanks to MSE for all the advice.

Well done to you :T
Congratulations. :beer::T:beer:x