PPI Reclaiming Discussion part 4

nailzone796

hi i am trying to reclain a PPI from egg for about £3600.00 when i originally rang querying the PPI the lady i spoke to automatically offered to credit the PPI against my loan which would bring the repayments from 225.00 per month to 212.00 i asked her for a copy of my loan agreement this all started in March 2009 and i have still not received a copy from them and they have told me i have no chance so i have written to financial ombudsman, they wrote yesterday for details on when i took out loan, over how many months and copy of agreement which i dont have cause it was all agreed over the phone. Also when i went on to egg site to look at top up loan there was a big pink box saying loan does not have a ppi and shows monthly payments of £63.00 now so completely confused

Portofino_2

Hi Portofino,

My claim against MBNA was started on 21st October 2008, so it's taken nearly 10 months to resolve. Personally I feel that the FOS give these companies too much time to mess people about, MBNA were supposed to respond to the Ombudsman by 11 March 2009 after my complaint was upheld, but they totally ignored that deadline. Whilst I'm delighted this has now been resolved (or will be when I receive a cheque, which MBNA reckon will still be another 8 weeks from receiving my acceptance slip), it does annoy me that people can be ignored for so long & no fines or anything can be forthcoming. I look forward to seeing if the interest at 8% is added from the time my complaint was upheld in February to now or whether they only include it to the former date.

Yep, they sure know how to drag it out. I am seriously considering the small claims court as I believe the single premium policy argument should be more cut and dried.

Also received acknowledgment from Virgin today re CC PPI - surprise surprise the letter was signed by Gail Powell, who is a VP at MBNA but merely a Dept Manager at Virgin. Boy, can that woman multi-task!

Portofino_2

Yep, they sure know how to drag it out. I am seriously considering the small claims court as I believe the single premium policy argument should be more cut and dried.

Also received acknowledgment from Virgin today re CC PPI - surprise surprise the letter was signed by Gail Powell, who is a VP at MBNA but merely a Dept Manager at Virgin. Boy, can that woman multi-task!

Oh and the best bit - she says " we're sorry our customer service wasn't up to scratch this time". Talk about an understatement!

geoffmr1

Portofino wrote: »

Hi Portofino,

My claim against MBNA was started on 21st October 2008, so it's taken nearly 10 months to resolve. Personally I feel that the FOS give these companies too much time to mess people about, MBNA were supposed to respond to the Ombudsman by 11 March 2009 after my complaint was upheld, but they totally ignored that deadline. Whilst I'm delighted this has now been resolved (or will be when I receive a cheque, which MBNA reckon will still be another 8 weeks from receiving my acceptance slip), it does annoy me that people can be ignored for so long & no fines or anything can be forthcoming. I look forward to seeing if the interest at 8% is added from the time my complaint was upheld in February to now or whether they only include it to the former date.

Yep, they sure know how to drag it out. I am seriously considering the small claims court as I believe the single premium policy argument should be more cut and dried.

Also received acknowledgment from Virgin today re CC PPI - surprise surprise the letter was signed by Gail Powell, who is a VP at MBNA but merely a Dept Manager at Virgin. Boy, can that woman multi-task!

Of course it's your decision which route to take, I did consider the County Court but I thought I would give the FOS a chance first. I also couldn't really afford to pay out the £100 or so that a County Court claim would cost, also you then have to start all the research & put together all the arguments for your own case. I won't deny having spent a year fighting Weightmans over a debt to HFC I really couldn't be bothered with more Court papers.

The FOS are pretty slow but they get there in the end, so I suppose it depends on how desperate for the money you are. If you can afford to wait then the FOS is certainly the best route.

busbyh

Hi Guys
Could do with some help with calculations!

Advance £35000
PPI 8732

Total £43732

Monthly % 0.584
APR 7.2%

Repayment £350.00 approx

Any idea if we are successful with claim, how much would we be looking at getting back


Cancelled PPI August 08 when we realised just how much we were paying for 5 years cover -25% on top of the loan - monthly payment reduced by a miserable £2

Remortgaged and paid back Picture in Nov 08 - Balance owing £41772.55
they were offering to waive early redemption penalty of £1860.

Total interest paid to them over the 30mths loan was running- £10,500

By tranferring the Picture loan to the mortgage we made a saving of £90pm and also as we kept the mortgage to the remiang term of 19 years save 3 years payment of £350 = £12600.00

If any of you out there is in a position to do this, I would strongly recommend it. As you can see there is a lot of saving to be made, which we can all do with. It was stressful trying to sort it but was worth it in the long run.

I have also noticed in one of Picture's leaflets it states :
Arranging a PICTURE loan that is right for you

"You need to have a mortgage to take out a Picture loan................This means we don't need to rely on the equity in your home to provide you with an affordable loan over an extended period"...................... surely this cannot be right (but then is anything about PICTURE right:mad::mad::mad:

Sorry to ramble, but I get more incensed by the day when I see what Picture have put people through even ick of listening to myself

Grateful for any help on this on

LOL
busbyh

busbyh

Hi Guys
Could do with some help with calculations!

Advance £35000
PPI 8732

Total £43732

Monthly % 0.584
APR 7.2%

Repayment £350.00 approx


Cancelled PPI August 08 when we realised just how much we were paying for 5 years cover -25% on top of the loan - monthly payment reduced by a miserable £2

Remortgaged and paid back Picture in Nov 08 - Balance owing £41772.55
they were offering to waive early redemption penalty of £1860.

Total interest paid to them over the 30mths loan was running- £10,500

By tranferring the Picture loan to the mortgage we made a saving of £90pm and also as we kept the mortgage to the remiang term of 19 years save 3 years payment of £350 = £12600.00

If any of you out there is in a position to do this, I would strongly recommend it. As you can see there is a lot of saving to be made, which we can all do with. It was stressful trying to sort it but was worth it in the long run.

I have also noticed in one of Picture's leaflets it states :
Arranging a PICTURE loan that is right for you

"You need to have a mortgage to take out a Picture loan................This means we don't need to rely on the equity in your home to provide you with an affordable loan over an extended period"...................... surely this cannot be right (but then is anything about PICTURE right:mad::mad::mad:

Sorry to ramble, but I get more incensed by the day when I see what Picture have put people through even ick of listening to myself

Grateful for any help on this on

LOL
busbyh

di3004

Hi hun

Sorry I am hopeless at working out calculations......:o

I'm sure someone will be along at some point later, maybe sunbathing lol, about time we had some Summer isn't it ?:T:T

Good luck with this hunni and hope your well XXX

alastair1982

This might seem like a daft question but i believe i have PPI on a credit card, but it's on my statement as Payment Protection Cover. Is this the same thing? I assume so, but if anyone can help i'd appreciate it.

Thanks

Portofino_2

Same thing - just what they call it for CC cover I believe.

di3004

alastair1982 wrote: »

This might seem like a daft question but i believe i have PPI on a credit card, but it's on my statement as Payment Protection Cover. Is this the same thing? I assume so, but if anyone can help i'd appreciate it.

Thanks

Hello and welcome.;)

Yes I take it its the same, if you have not got the agreement for the credit card, write to them and enclose a £1 postal order or cheque payment, request for a true copy of the CCA (Agreement) and post by recorded delivery. They should send you this by 12 days.

Who is the credit card with if you don't mind posting this?
Cheers.

For addresses check on this thread here below, if the address is not listed please post up and let us know.
http://forums.moneysavingexpert.com/showthread.html?t=1619943

Good luck and if you require help on reclaiming the PPI, due to any mis selling reason please also ask, more information with templates on this thread here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance