PPI Reclaiming Discussion part 4

dec22

nissan25 wrote: »

Hi Guys

I have tried to reclaim PPI through a mail order a/c with Littlewoods Finance (now Shop Direct).

Basically I vaguely remember being advised by their telesales that the PPI was a condition of my a/c in the event that I was unemployed etc and therefore my understanding, it was compulsory and I never took the time to read the "small print", which convienently is now highlighted by them. Subsequently all came to light that they have ripped us off through PPI on financial products for years. Like bank charges!!

I never made a claim on this PPI and I discontinued my a/c about 3 years ago.

I have been fobbed off that they were not part of the dispute resolution service (FOS?) until after the PPI was applied to my a/c and that I could have cancelled the PPI at any time, blah, blah, blah. However I am not content with this and have filed my complaint with the FOS. Just got a letter this morning from them that they have a high volumes of cases and will be in touch ASAP.

Any other MSE users had any success with this company?

Cheers

I am also wanting to claim but haven't seen any successes and am not sure whether the FOS will look at the complaint.

If I recall correctly my PPI started when I was told that I had been selected for a Select account with benefits and thought to have this I had to have the PPI. I will keep an eye on your progress.

Good luck!

Cutiesinger1976

I finally got a reply from the FINED Capital One folk basically saying to stick my claim where the sun don't shine! That my PPI dates back to 2004 and they did all they could and sold me the policy correctly.

Should I just give up now or refer it to the relevant folk?

I am so not amused and would like to hit them upside the head with a wet kipper!!!!! :mad:

All help welcomed.

Thanks guys

Marianne xo

pinknico

Go to the FOS.

dec22

Cutiesinger1976 wrote: »

I finally got a reply from the FINED Capital One folk basically saying to stick my claim where the sun don't shine! That my PPI dates back to 2004 and they did all they could and sold me the policy correctly.

Should I just give up now or refer it to the relevant folk?

I am so not amused and would like to hit them upside the head with a wet kipper!!!!! :mad:

All help welcomed.

Thanks guys

Marianne xo

I had to send a second letter with Capital One and had success with that. I made mention of the fact that they had been fined for a later period and could they produce evidence to demonstrate that their selling practices had changed. I was cold-called and sold the PPI over the phone.

I asked them to give a final response so I could send my complaint to the FOS and had a full offer of a refund in 2 weeks.

Don't give up, ask foa final response and send your complaint to the FOS.

chesworths

I took a loan with HFC in 2005. The PPI was £470.40 and the interest on the PPI was £244.56 totalling £717.96 added to the loan amount. The APR on this loan was 34%.

In 2006 I took another loan to pay the original loan off (and a few other bits) The PPI on this was £1,142.50 with £818.30 interest totalling £1960.80. The APR on this loan was 33.9%

They have made me an offer of £1400.44. :rolleyes:

As i paid off both early I am confused as to what I can actually ask then to refund. Would it be full amount (ppi plus interest on both) £2678.76 plus 8% ? What does the 8% refer to? Rather than the APR added to the amounts anyway?

Can anyone help?!

Thanks
Sharon

gemsln

Hi all,

I have had a second response from the funding corporation with regard to my PPI reclaim. After I went back to them and advised that they had sold it to me on a compulsory front loaded basis even though I had PPI through work, that a fact find had not been carried out and they had fraudulently completed a form they have offered me £449.52 although they are not of the opinion that it was missold to me. The premiums I paid in total amounted to £610.10. As i mentioned this was front loaded and added to my monthly premiums in April 2005. When calculating the 8% interest do I work on the start date (April 05) or from when I paid it off which was April 2007? Your help would be greatly apreciated as I would love to settle this in order to clear some debts!!

pinknico

Egg have now told me I was mis informed when they said 7 to 10 days, they have no idea when they will make calculations and send cheque. Not Happy.

Oh well at least their calculator has been fixed!

marshallka

gemsln wrote: »

Hi all,

I have had a second response from the funding corporation with regard to my PPI reclaim. After I went back to them and advised that they had sold it to me on a compulsory front loaded basis even though I had PPI through work, that a fact find had not been carried out and they had fraudulently completed a form they have offered me £449.52 although they are not of the opinion that it was missold to me. The premiums I paid in total amounted to £610.10. As i mentioned this was front loaded and added to my monthly premiums in April 2005. When calculating the 8% interest do I work on the start date (April 05) or from when I paid it off which was April 2007? Your help would be greatly apreciated as I would love to settle this in order to clear some debts!!

How do you know you paid in premiums £610.10? If you are definately not happy with this then you can write back and state your argument and threaten the FOS as this would fall within jurisdiction.

When calculating the 8% statutory interest you would calculate it from the date of settlement to todays date if simple interest or by putting each amount you paid in PPI into the bank charges calculator on here and the date each payment was made you can add them up with interest for each one if they do it this way. Each firm is different.

gemsln

They have sent me a copy of the agreement which I have just been looking through. When i took out the loan they stated that I had to take out the PPI in order to obtain the loan. Even though I had protection through my employers at the time. Having looked at my agreement again the £610.08 (not 610.10 as previously stated is for PPI and Personal Accident Insurance which I didn't know was even on there (again, had this through work)!! PPI was £280, interest charge was £169.52, Personal Accident was £100 plus interest £60.56. Can I reclaim this separately or is it part of it - I'm now very confused!

di3004

chesworths wrote: »

I took a loan with HFC in 2005. The PPI was £470.40 and the interest on the PPI was £244.56 totalling £717.96 added to the loan amount. The APR on this loan was 34%.

In 2006 I took another loan to pay the original loan off (and a few other bits) The PPI on this was £1,142.50 with £818.30 interest totalling £1960.80. The APR on this loan was 33.9%

They have made me an offer of £1400.44. :rolleyes:

As i paid off both early I am confused as to what I can actually ask then to refund. Would it be full amount (ppi plus interest on both) £2678.76 plus 8% ? What does the 8% refer to? Rather than the APR added to the amounts anyway?

Can anyone help?!

Thanks
Sharon

Hi Sharon,

I would ask them to post you a full detailed breakdown of how they calculated these, so that you will know what was paid, in order for you to reclaim them back.
Write to them and ask if they can send these ASAP say 7 days as from date of letter) as you are entitled to see these, post - recorded delivery as well, good luck.;)

Di