PPI Reclaiming Discussion part 4

marshallka

weeang wrote: »

Recieved a letter yesterday offering £400 full & final settlement as a goodwill gesture and with no admission of liability whatsoever.My loan was over a period of 46 months £13,900 payments started at £278? a month I think,afetr 2 years I paid a lump sum to the loan and reduced the payments to £90pm that eventually went up to £101pm,I paid the last payment in April of £63.On the letter it states I agreed with everything and signed the credit agreement but I dont remember and they are saying I recieved PPI booklet.

They are also saying that it was a single premium added to the loan as a lump sum.I do not have any the original paperwork although I did contact them last night and they said that they will have to check the archives or GE Money who was the lender and see if they have a copy of it and they will send it to me maybe next week.

Also that it was explained to me what I would expect if I had to settle the loan early but that I was not in a position to do so which I dont believe at the time of taking the loan no I didn`t know that I could pay it earlier due to my circumstances.

Do I except the offer? I dont know what is for the best but I dont think £400 sounds right.

How much was the original PPI that was added to the agreement? What year was the loan taken out? I don't think that all that you paid was this £400 so if this is within the jurisdiction of the ombudsman (depending on when you took the loan out?????) then I would certainly not accept and even if its not within jurisdiction then I would still pursue for more. They have offered something and I am sure they must know that they are in the wrong to have done this. Have you reqested a SAR from either the lender or broker for this? Perhaps there is something in the SAR that puts them in the wrong maybe? They do not make offers for nothing.

weeang_2

marshallka wrote: »

How much was the original PPI that was added to the agreement? What year was the loan taken out? I don't think that all that you paid was this £400 so if this is within the jurisdiction of the ombudsman (depending on when you took the loan out?????) then I would certainly not accept and even if its not within jurisdiction then I would still pursue for more. They have offered something and I am sure they must know that they are in the wrong to have done this. Have you reqested a SAR from either the lender or broker for this? Perhaps there is something in the SAR that puts them in the wrong maybe? They do not make offers for nothing.

I dont know what PPI was added I took the loan out in June 2005,I requested a copy of the original paperwork last night I destroyed the originals as soon as I got the loan,and had sent the first template letter with no info.

I have worked out that the loan payable was £13,090 less the statutory 15% = £11,127
Difference of £1963 + 8% comes to £2120

weeang_2

marshallka wrote: »

How much was the original PPI that was added to the agreement? What year was the loan taken out? I don't think that all that you paid was this £400 so if this is within the jurisdiction of the ombudsman (depending on when you took the loan out?????) then I would certainly not accept and even if its not within jurisdiction then I would still pursue for more. They have offered something and I am sure they must know that they are in the wrong to have done this. Have you reqested a SAR from either the lender or broker for this? Perhaps there is something in the SAR that puts them in the wrong maybe? They do not make offers for nothing.

Hi Marshallka
Just telephone GE Money my lender and asked if they could tell me what PPI was taken out when i got the loan from Freedom Finance she gave me a figure of £2090 and they have offered £400.

rosemahairy

KellyP wrote: »

Hi Rosemahairy,

Just been reading your post and wanted to ask you some advise.
I claimed with Welcome Finance in Nov 2007 and got back responses both times with the paperwork i originally signed saying they do not think i was missold.......so i went to FOS in Nov 07, claim is now 18months old this week.

Based on the information you have provided, does this mean my claim will now be being relooked at with Welcome Finance or remain with FOS?
Also ive read 18 months is about standard for these claims with FOS, do think i should contact them or continue waiting - i have had no corresspondence since a few months after my original claim saying it was in the queue?

Any help would be appreciated?

Oh my days!!!! Feel so sorry for you there's me moaning and you have been waiting a further 4 months on top of mine. I agree with everything Helnag says the FOS told us that they are dealing with now February 2008 claims. Get on the phone to them 0845 0801800 and quote your reference. Thats disgraceful how long you have waited with no correspondence. If they try fobbing you off tell them you want detils of how to complain about them thats awful. Its definately worth giving Welcome compliance team a call too ask for the manager he should be able to tell you if you are on the settlement spreadsheet. Keep us updated and good luck xxxxxx

weeang_2

marshallka wrote: »

How much was the original PPI that was added to the agreement? What year was the loan taken out? I don't think that all that you paid was this £400 so if this is within the jurisdiction of the ombudsman (depending on when you took the loan out?????) then I would certainly not accept and even if its not within jurisdiction then I would still pursue for more. They have offered something and I am sure they must know that they are in the wrong to have done this. Have you reqested a SAR from either the lender or broker for this? Perhaps there is something in the SAR that puts them in the wrong maybe? They do not make offers for nothing.

Hi Marshallka
Just telephone GE Money my lender and asked if they could tell me what PPI was taken out when i got the loan from Freedom Finance she gave me a figure of £2090 and they have offered £400.

weeang_2

marshallka wrote: »

How much was the original PPI that was added to the agreement? What year was the loan taken out? I don't think that all that you paid was this £400 so if this is within the jurisdiction of the ombudsman (depending on when you took the loan out?????) then I would certainly not accept and even if its not within jurisdiction then I would still pursue for more. They have offered something and I am sure they must know that they are in the wrong to have done this. Have you reqested a SAR from either the lender or broker for this? Perhaps there is something in the SAR that puts them in the wrong maybe? They do not make offers for nothing.

Hi Marshallka
Just telephone GE Money my lender and asked if they could tell me what PPI was taken out when i got the loan from Freedom Finance she gave me a figure of £2090 and they have offered £400.

marshallka

weeang wrote: »

I dont know what PPI was added I took the loan out in June 2005,I requested a copy of the original paperwork last night I destroyed the originals as soon as I got the loan,and had sent the first template letter with no info.

I have worked out that the loan payable was £13,090 less the statutory 15% = £11,127
Difference of £1963 + 8% comes to £2120

I would certainly take this to the Ombudsman then as this was taken after Jan 2005 so you are well within your rights. My opinion is that the amount they have offered is very likely to be pittance to what you are actually due back. Was the offer they made a final response? If it was then you are free to go to the FOS now, if not then write back and say you are not happy (if in fact you are not??) and ask them for a final response.

Good luck

marshallka

weeang wrote: »

Hi Marshallka
Just telephone GE Money my lender and asked if they could tell me what PPI was taken out when i got the loan from Freedom Finance she gave me a figure of £2090 and they have offered £400.

Sorry did not notice this post. Well now you have it that they are trying it on and ripping you off. Also there would be interest on this £2090 for the full term. Get your complaint in if or when you have their final response.

NAEFAGS

hi

just starting to get my letters back from the companys i sent them to
lloydstsb are looking in to it but can cancel the ppi now is this the norm

black horse ( said to case to claim i signed so i was was not mis sold ppi and cant cancel
they say i was told i had 30 days to do it in (no) new to me

any help would be great

elaine

di3004

NAEFAGS wrote: »

hi

just starting to get my letters back from the companys i sent them to
lloydstsb are looking in to it but can cancel the ppi now is this the norm

black horse ( said to case to claim i signed so i was was not mis sold ppi and cant cancel
they say i was told i had 30 days to do it in (no) new to me

any help would be great

elaine

Hi Elaine

Write back to BH and tell them you have every right to cancel, as stated in FSA rules.
And also tell them you want your complaint reconsidered or you will take further action and advice on this matter.

What year did you take out this loan?