PPI Reclaiming Discussion part 4

amersall

hi and welcolme, was this for mis sell? is the loan finished ? did they just refund you and you did not get in touch with them? if so this is a first for first crap. could you give us more details and someone on here will put you on the right track

gerryboy

Hi
Loan finished last month, and about 4 weeks prior i received a letter from FP saying that as i had not claimed against PPI i was entitled to refund.
This was the first i was aware i was paying PPI.

Hope this helps

marshallka

gerryboy wrote: »

Hi all
First post on here so excuse if this question is not relevant here

Just received PPI refund from FirstPlus (minus a premuim tax?) for an insurance i didnt even know i had
My question is: am i not entitled to a refund of interest paid on this PPI?
:T

I take it they have refunded you 78% pro rata and usually where FP are concerned this is 78% of the unused part of the premium (either when you have settled the loan OR when you have cancelled the PPI???) but without the interest being included.

If you have written to them about misselling this then I would not accept and would pursue the full amount (this would be your own decision though but just giving my view here) of the sale being PPI, interest and also 8% statutory interest. If you get back with a little more detail perhaps one of us can help. The above is all speculation really?????

marshallka

gerryboy wrote: »

Hi
Loan finished last month, and about 4 weeks prior i received a letter from FP saying that as i had not claimed against PPI i was entitled to refund.
This was the first i was aware i was paying PPI.

Hope this helps

Arrr, Ok. I take it this is the five year refund then. It would be the refund of the PPI for not using it in 5 years and would only be the premium without interest.

If you were not aware of having this PPI was it put on without your knowledge? If it was you would be entitled to make a complaint for the missale.

Usually as well you have to make a claim for the premium back after 5 years too. You have been lucky if they have done this for you without you asking for it. That is a first for FP from posts on here.

marshallka

gerryboy, if you feel you have missold this you can still make a complaint. You need to write to them to say you did not even know you had PPi and so did not request it and it was sold to you without your knowledge. You write however to whoever sold you the PPI and this can be different to FP if you used a broker. As this would have made the sale in 2004 the broker would have had to have been regulated at the time of the sale and sometimes they were not. FP however were members of the GISC from 2001 so if it were them that sold this to you you would be allowed to use the FOS for your complaint or otherwise you would have to complain to the broker and then find out if the broker was regulated at the time.

To whoever made the sale you send a letter stating misselling of the PPI and then give them 8 weeks for a full and final response. Send it recorded delivery and keep a copy should this need to go further. There is a guide here templates but if you do your own reasons for this from the and template letters but use your own words, it is often better.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Dsmliverpool

Hi there,

I have started tracking this company Auto Credit Finance Ltd and they seem to be up to know good. I have now started FSCS and companies house communications. Is there anyone else who have dealt with any ceased traders.

my issue is that they are still trading as accept car credit, a little sus as they are exactly the same.

Will wait for FSCS, FOS and companies house outcomes, and will post.

Is there any interest in a ceased trading ppi claim thread out there?

di3004

Dsmliverpool wrote: »

Hi there,

I have started tracking this company Auto Credit Finance Ltd and they seem to be up to know good. I have now started FSCS and companies house communications. Is there anyone else who have dealt with any ceased traders.

my issue is that they are still trading as accept car credit, a little sus as they are exactly the same.

Will wait for FSCS, FOS and companies house outcomes, and will post.

Is there any interest in a ceased trading ppi claim thread out there?

Hi there

Just posted in your thread with some information for you.;)

sicofbinskint

hi folks
this is my first post and need a little help,
i have a loan running at the mo with tsb with ppi of £3274.68 went through the reclaim process etc and eventually got a reply that if i cancelled my policy they would backdate the cancellation to the 31st march when they recieved the complaint and i would get a rebate of £2104.40 i now have 10 days to reply do i take it or ask for the whole amount etc can i lose the offer alltogether?plz help

maxdp

sicofbinskint wrote: »

hi folks
this is my first post and need a little help,
i have a loan running at the mo with tsb with ppi of £3274.68 went through the reclaim process etc and eventually got a reply that if i cancelled my policy they would backdate the cancellation to the 31st march when they recieved the complaint and i would get a rebate of £2104.40 i now have 10 days to reply do i take it or ask for the whole amount etc can i lose the offer alltogether?plz help

Hi there if they are back dating they must think your case is reasonable so you could get the whole amount back. You have not given your reasons for miss selling? If you need the money take it but if you feel you have a good casse with PPI plus interesst etc this could be about 4800 so your choice.

welcome by the way and post back in whichever way you need to. Somebody will always answer you post:D.

SimonWB

Hi I've two issues relating to the PPI I have with two Lloyds loans I have.

Both my loans have PPI. Today I went to cancel the insurance to be told that although I can cancel the insurance it will make next to no impact on my repayment amount, £1 in the case of one of the loans.

In my loan agreements for both loans there is a grid stating relaying the "Key Financial Information" in this it states how much in total and each month I will be paying on the cash loan and how much I will be paying for the loan protection insurance (LPI).

However when I went to cancel the LPI today I was told that it is not simply the case that on cancelling the LPI the amount my loan agreement says I pay each month for the LPI is no longer paid, infact I'll be paying virtually the same/

On speaking to Lloyds (not in the branch as they couldn't help me and after spending over an hour being passed round various places I was first told that this was because Lloyds front load the policies to pay off the insurance first I was then told by another person in a call centre that this isn't in my Loan Agreement but in my LPI Policy Document.

In that is states:

"If you settle your loan early a refund of part of your premium may be paid, provided we have not paid a claim to you. The amount an insurer might have to pay in the event of a claim is greater at the beginning of a loan than at the end. This explains why a refund is not made on a pro-rata basis"

It seems to me totally unaceptable and to be blunt pretty deceptive for my loan agreement to state one thing and then have a clause hidden in the policy document of the LPI contradicting it. Is there anything I can do about this?

On top of this I feel one loan I feel I was mis sold. I was sold the loan during an account revue meeting with Lloyds when I was experiencing some financial issues and was desperately needing help. While being sold I was told that the repayment amount for the loan would be less if I took out the loan with insurance. Now this I see as a very basic case of mis selling and I intend to follow the process through to claim for mis selling but equally I want to do something about the very dodgy practices Lloyds have employed making it pointless for me to cancel this insurance.

What do you guys reckon?