PPI Reclaiming Discussion part 4

rockydoggy

i received a letter from welcome car finance that thay would pay back my ppi great until at the end of the letter its going onto my account with them can thay do that?

marshallka

rockydoggy wrote: »

i received a letter from welcome car finance that thay would pay back my ppi great until at the end of the letter its going onto my account with them can thay do that?

If you read my post above that is my understanding of redressing PPI. If you have had ppi put on your loan and then repaid it but still owe some yet then they should really pay you the PPI that you have psysically paid over to them up to date and the rest should come off your balance of loan. I don't believe that they should take it all off your loan owing.

pinknico

rockydoggy wrote: »

i received a letter from welcome car finance that thay would pay back my ppi great until at the end of the letter its going onto my account with them can thay do that?

Be very careful with a Welcome refund as they try to just take the refund off the amount and do not remove the rest of the PPI or interest still addressed to the loan.

petermb_2

My concern for simply claiming PPI back is that you are not getting everything you are due back. What about non-disclosed commissions on the PPI and the loan itself? How does the ppi effect the loan agreement?

Single Premium PPI will probably turn out to be one of the biggest cons of all time. Bigger than any Gold Bullion robbery or con before it.

The only difference between muggings and robbery and this stuff is that you are only likely to be robbed or mugged once, whereas the lenders come back and do it month after month. (Roughly word for word from a speech in a House of Commons debate)

Dont let them get away with it.!

rockydoggy

Our ppi finished after 36mths my husband lost his job last year went to welcome got the loan re-fianced asking why it was so low and was told the ppi and other covers we had with them had finished so i don't understand how thay can take it all back on the loan

di3004

moon-shadow wrote: »

hello again, i have been double checking the information that wessex had given me i typed in Promise Finance on the FSA reg, and Promise Finance current status was authorised, with a notice unauthorised to hold client money.
Im getting a little confused, am i now able to go to the FOS, with my complaint.

Hi there

If the company are still active and you have gone through the procedures of reclaiming where they have given you the final response, and they did not resolve this to your satisfaction, then yes you can take your complaint to the FOS.;)

rosemahairy

rockydoggy wrote: »

i received a letter from welcome car finance that thay would pay back my ppi great until at the end of the letter its going onto my account with them can thay do that?

How the flip did you get them to even do that its like blood out of a stone well done you have achieved the impossible. and the answer is they can only apply it to your loan account if it is in arrears if you are up to date and swimming nicely then you are entitled to a big fat cheque!!! lucky u share the luck please lol

rosemahairy

petermb wrote: »

My concern for simply claiming PPI back is that you are not getting everything you are due back. What about non-disclosed commissions on the PPI and the loan itself? How does the ppi effect the loan agreement?

Single Premium PPI will probably turn out to be one of the biggest cons of all time. Bigger than any Gold Bullion robbery or con before it.

The only difference between muggings and robbery and this stuff is that you are only likely to be robbed or mugged once, whereas the lenders come back and do it month after month. (Roughly word for word from a speech in a House of Commons debate)

Dont let them get away with it.!

very good point do the admin charges often added have any relevance to the adding of the PPI... hmmm its not right

petermb_2

rosemahairy wrote: »

very good point do the admin charges often added have any relevance to the adding of the PPI... hmmm its not right

It really depends on the charges and how they are applied. Certainly interest charges are going to be affected.

There are knock on effects with this stuff. You can keep going and going.

For instance, if you are in arrears and you are owed money back, are you in arrears at all? Then if you are charged arrears fees should they have been charged in the first place?

If there was an undisclosed commission you are owed the money as if it were in trust for you (QC opinion). Of course you are also due interest on that money

Just to get your premiums back and a bit of interest is not doing the business is it?

I have been saying this all along but the bleaters and of course the lenders friends have been saying that you must only claim what you are due. Quite right too. But why should you, on the other hand not get the money that is due simply because it is harder or perceived to be harder to win?

lalabibaby

amersall wrote: »

hi there, go for mis sell, you will still be paying the ppi for the remaining term of the loan! even when you have claimed after the five years are up, if you go the mis sell route you have a mis sell case for the reasons you state,if you win mis sell the ppi will be taken off the loan balance,you will get your payments made to ppi that you have paid to date plus 8% interest, your monthly payment will decrease by the amount of the ppi monthly payment..it doesnt take a maths genius to work out which is the best option!! please go for this as this company needs teaching a lesson, if you need any help you will get all you need on this site, good luck

Thanks Amsersall - I have been busy sorting out the paperwork and almost have the first letter ready for sending. Will keep you posted.