PPI Reclaiming Discussion part 4

busbyh

pinknico wrote: »

We also took out our loan in May 2006, and have seen a Octobe 2007 agreement which was the same format as you are describing.

obviously they did have to make amendments to the original agreements

Halpin

Hi everyone,

I'm joining in a little late, but I have been finding great comfort and help in the forums on this site and felt like I should try and give a little back!

Long story short: I made a complaint against Picture Finance 2 and a half years ago regarding PPI. I got to the final stage with the Ombudsman when they went under. It has now been well over a year since the FSCS has take over and I am still waiting to get some kind of resolution to the issue.

I am going to try and keep you up to date with what happens over the next few weeks as (I guess/hope) I must be pretty near the top of the pile… hopefully this may be helpful to those who are just entering into the process or in a similar position to me.

This site has been the single source of information I have had during this stressful times. The FSCS have never had any information and now my case has been outsource I’m not sure who to contact anymore! As my life is on hold until this is resolved (it has prevented me selling my house…) it feels a little like someone has outsourced my future!

Anyway, thank you to the community that has made this difficult time a little less stressful!

pinknico

Hello Halpin and welcome, youve probably read that a few of us are waiting.
If you have a nice low reference number chances are you are pretty near the top and if you have any querys you still get in touch with the FSCS.
Good luck and hope you hear something soon.

Blondie4_2

Hi - apologies if this question has been asked many times before. I've had a quick look through and can't find it, but as there is so much information, it probably has! I am about to instigate a claim on mis-selling of a P.P.I. against a bank loan. The loan is still in place and I as yet, I haven't requested the insurance be cancelled. Should I request it be cancelled before I begin action? Your advice is much appreciated.

di3004

Blondie4 wrote: »

Hi - apologies if this question has been asked many times before. I've had a quick look through and can't find it, but as there is so much information, it probably has! I am about to instigate a claim on mis-selling of a P.P.I. against a bank loan. The loan is still in place and I as yet, I haven't requested the insurance be cancelled. Should I request it be cancelled before I begin action? Your advice is much appreciated.

Hello and welcome.;)

If this is worthless to you and your not going to be able to make a claim then I would cancel it.
However, as its possibly past the cooling period of cancellation, the repayments may not drop much, and as the loan is still active they may suggest that you take out a new loan to pay off the existing loan, and without the PPI.
If they do this then make sure the rate of that is equal to the existing loan or better.

But all banks have their own ways, check with them on this as well.

You can still try to reclaim on this if mis sold for any reason, there are many reasons on the checklist on the link here for you to check:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

You will also come across reclaiming template letters, use as a guide if you can and write your reasons of how you believe you were mis sold the ppi.

They have 8 weeks in full to respond, keep at them until they resolve in your favour, or until they issue you with the final response.
In the final response they should give you details of the financial ombudsman service (FOS).
You can take your complaint to the FOS if your not happy with the outcome of your complaint.
Also post all letters by recorded delivery.

Good luck with this and please post up for further help if required and keep us posted, cheers.;)

beaniebabe

pinknico wrote: »

Hello Halpin and welcome, youve probably read that a few of us are waiting.
If you have a nice low reference number chances are you are pretty near the top and if you have any querys you still get in touch with the FSCS.
Good luck and hope you hear something soon.

I have been thinking !:rolleyes: and would be interested in other peoples views on this. Could it be possible for the FSCS to just refund us the full lump sum PPI that was added to our Picture loan and therefore the loan and repayments would stay the same.
I can not see why Delloites or the FSCS would want to make any additional work for themselves and restructure so many loans?! I would also think that this is not really their responsibility to do.
I am wondering if there could be an option for us to use the refund to reduce our loan and repayments ourselves and beleive this would be easier for the fscs to arrange as part of the deal.
I guess I am just wondering just like us all. If anyone has an idea how they think they will work any refund , Just getting a bit ahead of myself!! please let us know

pinknico

Love that idea beaniebabe, I was hoping that all our monthly payment not just a portion had gone to paying off the PPI first and all the monthly payments made so far would be returned (kerching!) and then the rest of the PPI taken off etc in the style of the FOS.

Why the FSCS cant just say :
you will have a successful claim if .....etc etc.

Your refund will be worked out like this.... etc etc.

They really dont want to say anything do they.

beaniebabe

pinknico wrote: »

Love that idea beaniebabe, I was hoping that all our monthly payment not just a portion had gone to paying off the PPI first and all the monthly payments made so far would be returned (kerching!) and then the rest of the PPI taken off etc in the style of the FOS.

Why the FSCS cant just say :
you will have a successful claim if .....etc etc.

Your refund will be worked out like this.... etc etc.

They really dont want to say anything do they.

They certainly don't! I hope you are right! However I am keeping very open minded about what will be refunded. The FSCS are totaly different to the FOS and I can't see them sorting out all the loans and restructuring them. Thats not what they do!
I too can not understand why the FSCS can not say how they work refunds out.
There must be someone out there that has been in a similar situation with the FSCS and may be able to shed some light on this!!;) XX

beaniebabe

pinknico wrote: »

Love that idea beaniebabe, I was hoping that all our monthly payment not just a portion had gone to paying off the PPI first and all the monthly payments made so far would be returned (kerching!) and then the rest of the PPI taken off etc in the style of the FOS.

Why the FSCS cant just say :
you will have a successful claim if .....etc etc.

Your refund will be worked out like this.... etc etc.

They really dont want to say anything do they.

Pinknico

Some people on the thread have stated that the first few months repayments we made to picture was used to repay the PPI, is that right?. If so how many months was the PPI repayments spread over?
If this is correct you could be right in thinking you could get all your repayments back!:D . Also did it cover any interest!?

busbyh

pinknico wrote: »

Love that idea beaniebabe, I was hoping that all our monthly payment not just a portion had gone to paying off the PPI first and all the monthly payments made so far would be returned (kerching!) and then the rest of the PPI taken off etc in the style of the FOS.

Why the FSCS cant just say :
you will have a successful claim if .....etc etc.

Your refund will be worked out like this.... etc etc.

They really dont want to say anything do they.

Hi
The majority of the payments are interest. We were paying £350pm and in the first 18months the interest was £320 approx. It changed slightly as the rates changed. I did have the statement until the other day but I forwarded this to FSCS and out of 30 payments - £9000+ was interest. I think as with all loans the majority of the interest in taken out at the beginning. Our loan was for £35000 + £8832ppi =£43832. Dont know if you can work anything out from this.
busbyh
xx
Just had another look at account ,balance owing October 08 was £41779.00 and approx £10500(maybe more with % increase) in payments had been made in 30 mths. Only abo!ut £2000 paid of loan £66 out of £350 of loan itself

not sure if this helps at all
x