PPI Reclaiming Discussion part 4

missprim

Hi all,

I've been reading the sections of this fab site that are relevant to me for a little while now, and have jut worked out that the PPI section may apply to me in a fairly big way- 2 C/c's, 1 store card and 2 (smallish) loans.

I have no problems on claims for the store card, the 2 credit cards and one of the loans as i can make these using the templates.

the questions i would be grateful for any advice available on are as follows:

1. Being a newby to this particular area, I believe I'm currently (i now know, stupidly) paying PPI on all of the above credit facilities. Should i phone up and cancel the PPI policies and then claim the premiums back or just ask for it to be cancelled in the claim letter? may seem a silly question, but I'd appreciate any views as to best course of action.

2. Regarding the larger of my loans- £10,500 5yr Professional Studies Loan throught my bank in Sept 2003. Monthly payments of £243, due to end march nxt year (so potentially, a sizeable chunk of money to recoup).

What is concerning me is that I also still have my rather large (£1,800) student/graduate OD, and am thinking that if i make a claim, will they just be mean and immediately call in the OD, which i can in no way afford to pay off in full at the moment??


Any advice, comments greatly appreciated. Thanking you in advance!!

Missprim

missprim

Incase anyone is wondering, I forgot to mention, I deferred the start date of PSL while finishing uni; reason why its just ending next year after @6 years on a 5 year term!

Thanks again

di3004

missprim wrote: »

Hi all,

I've been reading the sections of this fab site that are relevant to me for a little while now, and have jut worked out that the PPI section may apply to me in a fairly big way- 2 C/c's, 1 store card and 2 (smallish) loans.

I have no problems on claims for the store card, the 2 credit cards and one of the loans as i can make these using the templates.

the questions i would be grateful for any advice available on are as follows:

1. Being a newby to this particular area, I believe I'm currently (i now know, stupidly) paying PPI on all of the above credit facilities. Should i phone up and cancel the PPI policies and then claim the premiums back or just ask for it to be cancelled in the claim letter? may seem a silly question, but I'd appreciate any views as to best course of action.

2. Regarding the larger of my loans- £10,500 5yr Professional Studies Loan throught my bank in Sept 2003. Monthly payments of £243, due to end march nxt year (so potentially, a sizeable chunk of money to recoup).

What is concerning me is that I also still have my rather large (£1,800) student/graduate OD, and am thinking that if i make a claim, will they just be mean and immediately call in the OD, which i can in no way afford to pay off in full at the moment??


Any advice, comments greatly appreciated. Thanking you in advance!!

Missprim

Hello there and welcome.;)

We have all been there so not to worry.....:D.

In regards of cancelling if this is worthless to you, myself personally would write a separate letter, its up to you, ask them to cancel immediately.

And then if this was mis sold to you for any reason, write a reclaim letter, they have 8 weeks to respond in full, keep on at them until they resolve in your favour or until they give the final response, where they should give details of the financial ombudsman service (FOS).
You can use the templates if you want to on the link below, or use them as a guide, but add your own reasons for why you believe you were mis sold.
There is a checklist on the link as well, check that out in case any of those reasons occur to you to add to the letter of reclaim and post all letters by recorded delivery.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

They should treat you fairly here and not touch your OD, we have had a few complaints with our bank in regards of PPI, and have finally been successful, and the overdraft is still there.
You should be okay, you are only reclaiming what is rightfully yours.;)

Please keep us posted and ask for help when required, good luck.;)

missprim

many thanks Di0034, you advice is much appreciated!!

I really think I have been mis-sold them all, as i have almost always been made to feel it was necessary- ie pressure/some aggressive selling before confirming the loan etc and that helps to get the loan/c.c etc, and is just 'the done thing'. My job is secure, i have never missed one of my loan payments etc so i think i'll give them all a go, see where i get!!

Again, many thanks, i'll be sure to post updates!

Missprim

missprim

PS Di3004 - i was also never aware that you could, if actually required, obtain this cover from 3rd parties. I'm assuming not being informed of this could potentially be another reason it was mis-sold!!?

Again, many thanks!!

di3004

Hi Missprim
Your very welcome,

You go for them all, there is nothing to lose.;)

I used to think until learning from the media and these sites that they were all part of the loan or credit card etc.

Good luck with these and please do give us a yell for help when needed.;)

Curlylox_2

I have recently received a settlement letter from Black Horse about PPI on an existing loan which I cancelled the PPI portion in April 2009. The loan was taken out in October 07.

They have not admitted mis-selling, but have said they will give me back the difference between a rebate and a pro-rata rebate. This is their final offer.

I don't really understand any of this, and wondered if someone could advise me if what they are offering is a good deal. They have also indicated that the rebated amount would be deducted from by loan - however I want the money in my hand. Do I have grounds to insist on this?

Loan amount £20,000
Term 120 months APR 10.9%
Monthly payment £270
Total Amount Payable £32,400

PPI Amount £6651.20
Term 120 months APR 10.9%
Monthly payment £89.90
Total Amount Payable £10,776

For the PPI portion the payments are paid monthly (at the same time as the loan) with the first payment being made on 24th November 2007 and paid monthly thereafter until the final payment I made on 24th April 2009.

Black Horse state "The rebate you received when your PPI policy was cancelled on 22nd April 2009 was £4982.95. A pro-rata rebate would have amounted to £6112.22. We would like to offer the difference of £1129.27 to be credited to your agreement"

Now I'm confused. If I work out the monthly payments I made i.e. 17 months x £89.90 the total is £1618.20. Surely this is the amount they should be repaying me. I don't understand what all this pro-rata stuff means (I understand pro-rata - but not how they came up with those figures).

Can anyone advise on whether I should reject this offer and take it to the ombudsman. Or should I write back and state what I want i.e. £1618.20 plus 8% and I want it paid into my bank account.

I have three other expired loans with Black Horse - all with PPI - which I am currently trying to claim back.

Any help, gratefully received.

geoffmr1

di3004 wrote: »

Hi there

I think what they mean is, that has the MBNA have not responded to the adjudicator, even if its upheld, your case will be moved on to another adjudicator who works closely with the ombudsman.
They will go through your case and MBNA, and if they agree with the first adjudicator, which normally they do, then they will write to the business, with their version, and they must comply to the ombudsman to what I am aware of.

Good luck with this and hope you hear soon.;)

Hello there,

MBNA did eventually respond to the adjudicator (just not by the required date of 11th March 2009), however their response was that the FOS does not have jurisdiction over something (I'm not sure what the jurisdiction issue actually is & the adjudicator dealing with my case couldn't explain it). I was then told by this guy that talks with MBNA were ongoing at a much higher level (not just over my complaint but over numerous amounts with the same jurisdiction issue).

As I say, now I have received another letter saying that an adjudicator is looking into my complaint but surely they have already done this as they upheld my complaint & sent me a copy of the letter they had sent MBNA giving their reasons for upholding it.

Do these complaints have to go through different adjudicators at higher levels because I'm really lost with all this & the FOS don't explain anything?

amersall

Curlylox wrote: »

I have recently received a settlement letter from Black Horse about PPI on an existing loan which I cancelled the PPI portion in April 2009. The loan was taken out in October 07.

They have not admitted mis-selling, but have said they will give me back the difference between a rebate and a pro-rata rebate. This is their final offer.

I don't really understand any of this, and wondered if someone could advise me if what they are offering is a good deal. They have also indicated that the rebated amount would be deducted from by loan - however I want the money in my hand. Do I have grounds to insist on this?

Loan amount £20,000
Term 120 months APR 10.9%
Monthly payment £270
Total Amount Payable £32,400

PPI Amount £6651.20
Term 120 months APR 10.9%
Monthly payment £89.90
Total Amount Payable £10,776

For the PPI portion the payments are paid monthly (at the same time as the loan) with the first payment being made on 24th November 2007 and paid monthly thereafter until the final payment I made on 24th April 2009.

Black Horse state "The rebate you received when your PPI policy was cancelled on 22nd April 2009 was £4982.95. A pro-rata rebate would have amounted to £6112.22. We would like to offer the difference of £1129.27 to be credited to your agreement"

Now I'm confused. If I work out the monthly payments I made i.e. 17 months x £89.90 the total is £1618.20. Surely this is the amount they should be repaying me. I don't understand what all this pro-rata stuff means (I understand pro-rata - but not how they came up with those figures).

Can anyone advise on whether I should reject this offer and take it to the ombudsman. Or should I write back and state what I want i.e. £1618.20 plus 8% and I want it paid into my bank account.

I have three other expired loans with Black Horse - all with PPI - which I am currently trying to claim back.

Any help, gratefully received.

if i were you i would go to fos, they are pulling a fast one, if you win mis sell they have to give you back all ppi payments made to date plus 8% interest, you go for it they owe you more than that. please keep us posted

pinknico

When the FOS write to you and say they will contact the company for further information about their side of the complaint, how long do they give the company to respond? Thanks. xx