PPI Reclaiming Discussion part 4

karen5416

Hi i have a few loans but am at present with justabank with a DMP can i claim back ppi or is it to late ???

Thank you

Karen

di3004

karen5416 wrote: »

Hi i have a few loans but am at present with justabank with a DMP can i claim back ppi or is it to late ???

Thank you

Karen

Hi Karen,

Of course you can try to reclaim on the PPI if mis sold for any reason, it makes no difference if on DMP or not.;)
Di
X

di3004

Karen1456

For more information on reclaiming PPI here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Check the above link for templates and a checklist.

Write to them with your reasons with help from the template, they have 8 weeks in full to respond, post by recorded delivery as this would be your proof of posting.

You may have the opportunity to write back to them if they do not resolve in your favour, so keep at them until they do resolve or until the final response, which should also disclose details of the financial ombudsman service (FOS), where you can take your complaint to these if your not happy with the outcome of your complaint.

Good luck and please keep us posted.;)

stereo_mike

Any money that you get from the FSCS will firstly be used to pay off any loans you still have with company that is in default, this is bascially a way of creditors and shareholders etc getting back some money from the company. If there is still some money left after your liabilities have been paid off, then you should receive this, although remeber that you are only entitled to 100% of the first £2,000 of a claim then 90% of the rest.

The FSCS work in a similar way to the FOS, as they believe you should be put back into the same posititon as if you had never taken out the PPI cover, however, this would usually mean just the premium plus interest, it does not mean you are entitled to 8% statutory interest on top of any PPI premiums and interest paid.

laalaa41

stereo_mike wrote: »

Any money that you get from the FSCS will firstly be used to pay off any loans you still have with company that is in default, this is bascially a way of creditors and shareholders etc getting back some money from the company. If there is still some money left after your liabilities have been paid off, then you should receive this, although remeber that you are only entitled to 100% of the first £2,000 of a claim then 90% of the rest.

The FSCS work in a similar way to the FOS, as they believe you should be put back into the same posititon as if you had never taken out the PPI cover, however, this would usually mean just the premium plus interest, it does not mean you are entitled to 8% statutory interest on top of any PPI premiums and interest paid.

Bit of a grey area there. If (say) an account was in arrears - then for them to claw back your refund is, I guess, remotely understandable. But here's my thing. To a bank/financial institution - moving "virtual" money around is creative accounting, to a PERSON it is the difference between having your house taken away, food on the table for your kids, bus fare to get to work/the difference between starvation and success. So the FOS awarding you a refund is a fat lot of use if it just stays with the guys who missold it to you in the first place.

You are far from being in the same position you would be without having to pay PPI. This is what the poverty trap feels like - sometimes it doesnt matter what you do, it really does look like the world is set up mess you up - unless you're born into money. Then you dont understand what the fuss is all about because even if the leccy bill doubles because granny got sick - its no biggy.

If it was my money in the first place, I will decide where it goes, not the FOS. Are we saying that we need the bank/loan institution's goodwill at all? Where they might agree to move it to your account (where they keep it anyway) and the FOS agrees to that! - then do the FOS get a cut for acting for the institution who mis-sold and not the poor Joe who's just had the bailiffs at the door?

L

pinknico

stereo_mike wrote: »

Any money that you get from the FSCS will firstly be used to pay off any loans you still have with company that is in default, this is bascially a way of creditors and shareholders etc getting back some money from the company. If there is still some money left after your liabilities have been paid off, then you should receive this, although remeber that you are only entitled to 100% of the first £2,000 of a claim then 90% of the rest.

The FSCS work in a similar way to the FOS, as they believe you should be put back into the same posititon as if you had never taken out the PPI cover, however, this would usually mean just the premium plus interest, it does not mean you are entitled to 8% statutory interest on top of any PPI premiums and interest paid.

The company that is in default isnt the company that supplied the loans so the money they took off me by mis selling should not in my opinion go to them.

jaffanap

Me and my husband have a loan with first plus, we took a payment protection policy with it which we were advised we would get back the premiums after 5 years if we did not make a claim. Since all the headlines for re-claiming PPI we decided to try this. We used one of the third party companies and we have received an offer after only 4 weeks but I need advice on what to do now. In total we are receiving back over £6000 but they are paying £3800 to the loan account and then I would receive the rest totalling just under £3000 for interest and payments made, the company I have used are charging me £2700 and I will be left with £190 approx. I asked them the question that if I do not accept what would happena dn they have told me that I would still have the same fee to pay. I need advice and HELP!!!!

di3004

jaffanap wrote: »

Me and my husband have a loan with first plus, we took a payment protection policy with it which we were advised we would get back the premiums after 5 years if we did not make a claim. Since all the headlines for re-claiming PPI we decided to try this. We used one of the third party companies and we have received an offer after only 4 weeks but I need advice on what to do now. In total we are receiving back over £6000 but they are paying £3800 to the loan account and then I would receive the rest totalling just under £3000 for interest and payments made, the company I have used are charging me £2700 and I will be left with £190 approx. I asked them the question that if I do not accept what would happena dn they have told me that I would still have the same fee to pay. I need advice and HELP!!!!

Hello there and well done on your success.:beer:

I am sorry to hear about all the charges involved here, I have not gone this direction myself with any of mine and hopefully if someone have they will post back with some advice for you.
The annoying thing about it is that you were out of pocket because you were mis sold the PPI and again now because of the fees and charges involved......., good luck to you here and I do hope this sorts out for you very soon. x

busbyh

stereo_mike wrote: »

Any money that you get from the FSCS will firstly be used to pay off any loans you still have with company that is in default, this is bascially a way of creditors and shareholders etc getting back some money from the company. If there is still some money left after your liabilities have been paid off, then you should receive this, although remeber that you are only entitled to 100% of the first £2,000 of a claim then 90% of the rest.

The FSCS work in a similar way to the FOS, as they believe you should be put back into the same posititon as if you had never taken out the PPI cover, however, this would usually mean just the premium plus interest, it does not mean you are entitled to 8% statutory interest on top of any PPI premiums and interest paid.

Thanks for the info. I really don't know how they work it out, I am just making assumptions. We have paid off the second charge to Picture and added it to mortgage. Will the interest we have paid be taken into account when making the FINAL JUDGEMENT !!!!
busbyh
xx

I think I am getting confused with "statutory interest"
Cheers

gumbi

busbyh wrote: »

Thanks for the info. I really don't know how they work it out, I am just making assumptions. We have paid off the second charge to Picture and added it to mortgage. Will the interest we have paid be taken into account when making the FINAL JUDGEMENT !!!!
busbyh
xx

I think I am getting confused with "statutory interest"
Cheers

Oh what a tangled web they weave....I guess we're all in the dark really and we'll just have to do the one that I suppose we've all become very good at......Wait and hope!:rolleyes: