PPI Reclaiming Discussion part 4

sc4rl3t

Hi All! Not sure if anyone can help- i'm new on here, thought i had posted this on earlier but can't see it here - hope this one works!!
My husband and i took out a loan with WF last Aug, we were told that it would cost just £8.00pm for our PPI so we took it out, it was all very rushed - my husband works away and it was going to be another week b4 we would be going back into the office to sign and finalize the loan, so the man dealing with it post dated it for 3 days later and got us to sign it. It wasn't until we recieved our first statement last week that we saw we are paying £4000 for the PPI - we would never have taken this out if we had known.
Our query is - we had to claim on the PPI for 2 months as my husband lost his job in Jan - can we still cancel this policy and ask for a refund? Also, we have proof that my husband was out of the country and a copy of the agreement stating the "date" we signed - could we do anything here????
Any help would be great - really not sure what to do!!! Thanx

busbyh

beaniebabe wrote: »

When I rang them the other day they confirmed they had all the information and my claim had a priority sticker on it and was being worked on that day!! (Although I found this a little hard to beleive). So as far as I am aware they have got it. I will still give them a call re the cheque and just to make sure they have the right information.;)
Just another thought I had :rolleyes: How could they pay it to the loan if picture has gone into default?

All outstanding loans are being paid to Target Loans, They appear to have taken over the books from Picture.
Hope we all hear something soon

busbyh

dialysis wrote: »

hi beaniebabe no I havent had anything from the diarrhea people sorry about spelling lol like you I am worried now cos I dont remember signing that bit of the form and because we havent heard anything I have emailed fscs again about timescales but I dont expect anything further from them, I also emailed my MP again so that might be worth a try for you too, what do you think?;) Also what I dont understand is that Picture financial are now in default but the company who have taken over Picture Homes Loans is at the same address seems a fishy to me

I assume target have taken over the building. I think they are just there to handle the outstanding debts. I did call them way back last year asking to speak to our original advisor ( I was just testing the waters) told he had left as had majority of the staff- I think they were all made redundant. Those answering the calls were just agency staff advising us to contact the fscs.
Carry on posting dialysis, vent your anger - it is our safety valve - it helps us all to shout and scream.;)

marshallka

sc4rl3t wrote: »

Hi All! Not sure if anyone can help- i'm new on here, thought i had posted this on earlier but can't see it here - hope this one works!!
My husband and i took out a loan with WF last Aug, we were told that it would cost just £8.00pm for our PPI so we took it out, it was all very rushed - my husband works away and it was going to be another week b4 we would be going back into the office to sign and finalize the loan, so the man dealing with it post dated it for 3 days later and got us to sign it. It wasn't until we recieved our first statement last week that we saw we are paying £4000 for the PPI - we would never have taken this out if we had known.
Our query is - we had to claim on the PPI for 2 months as my husband lost his job in Jan - can we still cancel this policy and ask for a refund? Also, we have proof that my husband was out of the country and a copy of the agreement stating the "date" we signed - could we do anything here????
Any help would be great - really not sure what to do!!! Thanx

Hi and welcome.

Not too sure about the signing the agreement thing and the post dated business as you knew they were doing this so they would probably state this too.

As regards the PPI itself if you have claimed on it is it not beneficial to you to keep it? If you feel it was missold you could always try to claim it back although it would be difficult to prove as you have had use of it and it proves it covered you.. but you could and should have been offered to buy a cheaper option.

Perhaps someone else will be along to post shortly. Sorry to have not been much help.

There is a guide here that may help you decide and if you do decide to go for the missell then there are also template letters on it. Try to do your own in your own words with your own reasons and send by recorded delivery. You then give the company 8 weeks for a full and final response.

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

marshallka

dialysis wrote: »

Thanks hun hopefully our petition will be the start of things changing and stop these companies getting away with it. You know they say moving house knocks 5 years of your life thats 10 years of mine gone in a month. To get me out of this house they will have to prise my knuckles of the door frame lol;)

Bloody hell, i moved 6 times before this place since my repossession. I just could not settle at all and did the private renting etc. That would mean 30 off mine:eek:. Everyone said I should just get a caravan.:o I think psychologically it was a case of move before I get settled in case i lose it again. (I was in control) I suppose it was illness but at the time i could not see it.

Been here over 13 years now but only holding on by the skin of our teeth.

busbyh

dialysis wrote: »

Thanks Marshallka that has explained the whole picture thing

i am sorry for waffling on guys:eek: I needed to get a few things of my chest and chatting to you all has hepled to relieve some stress you are all brill thanks for listening:T or reading lol

waffle as much as you want dialysis, we all do;) ad yes it does relieve the stress. Were would we all be without this site:eek:
Take care and keep your chin up;)
xx

di3004

marshallka wrote: »

Bloody hell, i moved 6 times before this place since my repossession. I just could not settle at all and did the private renting etc. That would mean 30 off mine:eek:. Everyone said I should just get a caravan.:o I think psychologically it was a case of move before I get settled in case i lose it again. (I was in control) I suppose it was illness but at the time i could not see it.

Been here over 13 years now but only holding on by the skin of our teeth.

Marshallka, I am so tempted to live in a caravan.....:D;)XX

Doddy03

Hi all once again I need some advice please regarding First Bloody Plus!!! After going to the FOS and having a ruling in our favour I have today received a letter from First Plus stating that they are going to refund the PPI and interest to our loan account! I am sitting here absolutely fuming and have had a blazing row with the FOS regarding the situation. Not once did we ever agree to this and as we have had the loan for five years we would have received the full amount of PPI back as we have never claimed! My question is what do I do next? Is what First Plus have done illegal? We have fully paid back the PPI (after having it for the full five years) so I believe we are fully entitled to have the full amount refunded to us in cheque form am I right? Please can someone put my mind at rest. Many thanks to everyone for all their hard work on this issue - I never could have done it without you. Debs xx

marshallka

Doddy03 wrote: »

Hi all once again I need some advice please regarding First Bloody Plus!!! After going to the FOS and having a ruling in our favour I have today received a letter from First Plus stating that they are going to refund the PPI and interest to our loan account! I am sitting here absolutely fuming and have had a blazing row with the FOS regarding the situation. Not once did we ever agree to this and as we have had the loan for five years we would have received the full amount of PPI back as we have never claimed! My question is what do I do next? Is what First Plus have done illegal? We have fully paid back the PPI (after having it for the full five years) so I believe we are fully entitled to have the full amount refunded to us in cheque form am I right? Please can someone put my mind at rest. Many thanks to everyone for all their hard work on this issue - I never could have done it without you. Debs xx

They should actually repay to you in a cheque anything that it has actually cost you plus the 8% statutory interest and the rest should be taken off the loan. Have you ever had arrears with them as they often do this if you have?

What was the outcome of the blazing row with FOS? Have they allowed them to do it this way?

I only know of Egg doing this but never heard of FP doing it this way unless you were in arrears.

How it works in the redress is you would have had the PPI as a loan on top of your loan so although you say you have had this for 5 years the loan to pay the PPI lasts for the full term of your original loan. It would then be more than double the amount on your actual agreeement as this is shown without the interest. You would have made 60 repayments against the PPI (just using the 5 years here but maybe more if you have had the loan longer) and that is what you would be due back in a cheque. (this is what you have paid against it) but this would not be the full amount of the total cost as the total cost would be for the full term. The amount of the total cost less what its cost you would then be taken from the loan reducing the outstanding balance and a new loan would be drawn up reflecting this.

There is a thread here about how FOS calculate redress's
http://forums.moneysavingexpert.com/showthread.html?t=1596473

Doddy03

Hi - we have never been in arrears with them. They have sent us a letter with the breakdown of how they have calculated it all and have sent us a cheque for overpayments made on the loan to date plus the 8%. However they are stating that the full PPI premium plus interest on this amount has been recredited to the account. I am completely confused but when we signed the acceptance from the FOS it didnt mention anything whatsoever with regard to having the money offset against the loan. I put my point across quite forceably with the man at the FOS and he said he will re-contact First Plus and "see what they say". I just wanted some advice from you lovely people as to how to proceed? Thanks again.