PPI Reclaiming Discussion part 4

pinknico

CONGRATULATIONS.

Is this a settled or ongoing loan ?

EllBee

Hi Jadest,

I see we're both still waiting for something to happen with our cases!!!

I've been waiting for the FOS to make a final decision on my complaint against Loans.co.uk since June/July last year. My case has now been with the FOS since January 2008. The adjudicator found in my favour but obviously Loans.co.uk disputed this so my case was passed to the Ombudsman for a final decision. Or so I thought!!

I have just come off the phone from someone at the FOS who told me that he hasn't come across many cases that have taken as long as mine (!!!!!:rolleyes:!!!!) and that it was waiting to be passed to an adjudicator. I pointed out that it had already been through the adjudicator, giving his name, and explained that he had found in my favour and recommended that I should be reimbursed! The man I spoke to today apologised and agreed that it was waiting for a final decision and hopefully it wouldn't be too much longer!!! I am so bloody angry!!!!!!! :mad::mad:

I am really struggling at the moment as I have lost a lot of the work I do on a self-employed basis (the FOS have been aware of my financial situation since Christmas so the financial hardship route didn't work for me!).

According to the man I spoke to they currently have around 24,000 cases to deal with! Maybe if the FOS added an extra hefty charge on top of the payout for misselling (if the company is found to have missold a policy but disputes it) perhaps there might not be so many disputes and the FOS would not have such a heavy workload!! In addition, the FOS could make some money out of it and employ more staff to deal with the claims. Maybe the threat of a hefty fine might make these companies more compliant and less likely to dispute a claim.

Needless to say - I am not happy!! Needed to get this off my chest and share it with you (as you're dealing with the same company) and anyone else who might be interested.

Now I'm going to make myself a cup of tea and sit down and try and CALM DOWN!!!!!

All the best.

Ellbee

jadest wrote: »

I recieved this email today...

Good morning xxxxxxxxxxxx

From what I understand Loans.co.uk have responded to my previous view refuting some of the points that I have made regarding the sale of the PPI policy, we have responded to Loans.co.uk and have asked that they provide evidence to support their response and have also expanded on our previous points. Once we have this information we will need to consider any further info and act accordingly.


The financial Ombudsman Service are an impartial party in this complaint and will asses all points raised by yourself and Loans.co.uk we do not side with businesses or consumers, when requesting information we have to give all parties sufficient time in which to collate the information and respond. I appreciate that this may not be ideal for you but we do have to be fair to all parties involved.


The evidence we have requested from Loans.co.uk is not in relation to the way in which they sold the loan it relates to the sale of the PPI policy which is what we are looking into. Essentially it does come down to if we consider that the PPI policy was mis-sold or not, however based on the industry regulations in place at the time of the sale we need to consider many different aspects of the sales process adopted by Loans.co.uk to ascertain if the sale was conducted in a compliant manner or not.


If the case does go before an ombudsman they may at their discression award an amount for any distress and inconvenience that has been caused and it is possible that the length of time taken to resolve the matter may be taken into consideration.


I can appreciate your frustration that is being caused by the length of time it is taking to resolve this matter, however, it is imperative that we conduct a full and thorough investigation so as we reach a correct decision and treat all parties fairly throughout our investigation.


Please be assured that we are doing everything we can to progress this as quickly as possible.


Kind regards

I was shocked as loans.co.uk was given till 14th May 09 to reply and upto last week they had not replied but now I am being told that they have rufuted the adudicators findings... 5 weeks late and now I have to wait again for them to give a reason why... Surely they should have sent all the information right at the beginning when they were asked to when the case went to the FOS in July last year... This is just turning into a joke... They are prolonging every step of the way.

Hope you are all having better luck than me with your claims

Doddy03

it is still an ongoing loan - we have been paying it for five years so far. To be honest we are going to clear it when we remortgage as don't want to pay First Plus any further money! I am just completely baffled as to how to work out what we should be due back!

pinknico

Marshallka is good with numbers, she would need to know loan amount, PPI amount ,monthly payment, maybe interest rate and how many payments made so far.

marshallka

Doddy03 wrote: »

Hi everyone. Well after a very stressful evening I waited with trepidation for the postman this morning and guess what the letter hasnt come!!! I couldn't wait any longer so i phoned the Adjudicator and he has just phoned me back. Basically he is upholding our complaint and First Plus have to pay us back all the PPI, interest plus 8% and an additional payment of £500.00 for stress! I am shaking. Am so happy. Does anyone know how I can work out how much money we will get back?
Thank you all sooo much I could never have done this without the input from everyone on here.
Debs xx

As pinknico says, I can have a go at this. I would be able to tell you the total cost of the PPI including the interest for the full term and then how many payments you have made to date etc but if this is ongoing then its turboman you need really for how much they have to reduce your loan by. I would only be able to tell you how much you should get back in the form of a cheque. Remember though what you get back by cheque is not all of what they are redressing to you. The rest would be used to reduce the loan amount that you owe to date and then the loan is redone without the PPI. Its still the same as having the loan without the PPI and also you would get 8% statutory interest on top.

dickydonkin

Hi everybody,

I would like to post my experience of reclaiming PPI on behalf of my daughter with Alliance & Leicester.

I sent in the complaint and received two delaying letters explaining they were not able to make a decision on my daughters claim.

After 8 weeks, I sent another letter explaining that I was unhappy with the delay and explained that I would allow another seven days for them to come to a decision. I also informed them that I would be progressing the claim should there be no response after that time limit. In that letter, I also requested the contact details for submitting a SAR (although I already knew this).

A&L still did not have the courtesy to respond therefore I rang them and told their agent that we were now taking the matter further (obviously as I was ringing on behalf of my daughter he was unable to divulge much information).

Lo and behold, I received a telephone call the next day from A&L requesting to speak to my daughter. I explained she was at work and he told me he would ring her at 5pm when she would be at home. Unsurprisingly, despite my daughter staying at home all night, they did not ring.

Now today, she has received an offer (by letter) of a refund (about half of what the single premium was paid at the start of the loan) of £977.00 (including interest) stating that they:

"Had been unable to establish whether you were provided with sufficient details to allow you to make an informed decision when this policy was taken out"

By offering a payment after delaying tactics and much procrastination in my mind speaks volumes.

Of couse it is up to my daughter as to whether she should accept the offer - I will suggest she does not and fight for the full premium + interest as requested in the original communication to them.

I was wondering if others have had a reduced offer and battled it out for the full amount. Also it seems that with these claims, one has to be persistent and resolute and ensure that these big organisations do not take the pee!

di3004

dpassmore wrote: »

Hi everybody,

I would like to post my experience of reclaiming PPI on behalf of my daughter with Alliance & Leicester.

I sent in the complaint and received two delaying letters explaining they were not able to make a decision on my daughters claim.

After 8 weeks, I sent another letter explaining that I was unhappy with the delay and explained that I would allow another seven days for them to come to a decision. I also informed them that I would be progressing the claim should there be no response after that time limit. In that letter, I also requested the contact details for submitting a SAR (although I already knew this).

A&L still did not have the courtesy to respond therefore I rang them and told their agent that we were now taking the matter further (obviously as I was ringing on behalf of my daughter he was unable to divulge much information).

Lo and behold, I received a telephone call the next day from A&L requesting to speak to my daughter. I explained she was at work and he told me he would ring her at 5pm when she would be at home. Unsurprisingly, despite my daughter staying at home all night, they did not ring.

Now today, she has received an offer (by letter) of a refund (about half of what the single premium was paid at the start of the loan) of £977.00 (including interest) stating that they:

"Had been unable to establish whether you were provided with sufficient details to allow you to make an informed decision when this policy was taken out"

By offering a payment after delaying tactics and much procrastination in my mind speaks volumes.

Of couse it is up to my daughter as to whether she should accept the offer - I will suggest she does not and fight for the full premium + interest as requested in the original communication to them.

I was wondering if others have had a reduced offer and battled it out for the full amount. Also it seems that with these claims, one has to be persistent and resolute and ensure that these big organisations do not take the pee!

Hi there

You are doing the right thing by refusing this offer in my opinion.

So write back if you want and ask for at least a reasonable amount or the full whack plus the interest etc.

Your daughter can always move on to the FOS if she wants to later on.;)
Good luck.

marshallka

Doddy03 wrote: »

it is still an ongoing loan - we have been paying it for five years so far. To be honest we are going to clear it when we remortgage as don't want to pay First Plus any further money! I am just completely baffled as to how to work out what we should be due back!

Pm'd you back.

dialysis

Hi all anyone heard anything about picture and going into default yet what is the fscs doing keeping us waiting so long. I am getting so frustrated now keep looking on their wesite for news it is so annoying. My MP is disgusted that our complaint has been upheld and still the fscs wont pay up I am getting really p.....d off now:mad: :mad:

di3004

dialysis wrote: »

Hi all anyone heard anything about picture and going into default yet what is the fscs doing keeping us waiting so long. I am getting so frustrated now keep looking on their wesite for news it is so annoying. My MP is disgusted that our complaint has been upheld and still the fscs wont pay up I am getting really p.....d off now:mad: :mad:

Hi dialysis

Its bad isn't it?

Funny enough I was saying to my hubby earlier its been a year coming up that our case has been with them, however that is in regards of Twopart/eloan.

Seems to be taking forever doesn't it ?

Hope your okay though hunni.:AXXX