PPI Reclaiming Discussion part 4

di3004

chellie2009 wrote: »

Thanks Di..what happened then was i push thru with the loan to consolidate all my debts but do you think i can still claim something from my previous PPI even if they have given me a favor?

Hi chellie and yes you can.

For example I had a loan with Nemo personal finance to consolidate then a year later we had a loan advance, they did though give a substantial rebate from the first loan for the new loan with them, but as due to this being mis sold we are reclaiming the remainder of approx £800 etc back from the broker who sold the first loan.

May I ask if this is the case for you as well, for using a broker for the first loan?

You may have had a good rebate as well, but either way if you did or didnt by taking out a further loan with them, you can still try to reclaim on it, so maybe it will be worth checking any paperwork you may still have on these loans, if not request they send you a detailed breakdown on the loan you ended then to have a consolidation.

Hope this helps.;)

bullworker_2

My partner took out a loan 5 years ago of £12000, then increased the loan to £20,000 2 years ago. Her monthly payments have been approx £260 and decreasing all the while because of interest rates dropping. She is now paying £180 a month. Seeing that she started this loan 5 years ago and had it increased would she qualify for the reclaim of PPI. She knew she had to have the PPI at the time because they said she would not be able to have the loan otherwise so she didn't think any further. At the end of the day, she needed to have a loan and she thought we had to abide by their rules.

Any advice or ideas ? Is she paying too much and if so, would she be able to claim anything back and also I'm worried if I go down this route would the loan company make her pay the whole lot back as revenge ?

The loan was taking through loans.co.uk but she's paying GE Money....we didn't understand why she's now paying someone else.



Thanks

Steve

di3004

bullworker wrote: »

My partner took out a loan 5 years ago of £12000, then increased the loan to £20,000 2 years ago. Her monthly payments have been approx £260 and decreasing all the while because of interest rates dropping. She is now paying £180 a month. Seeing that she started this loan 5 years ago and had it increased would she qualify for the reclaim of PPI. She knew she had to have the PPI at the time because they said she would not be able to have the loan otherwise so she didn't think any further. At the end of the day, she needed to have a loan and she thought we had to abide by their rules.

Any advice or ideas ? Is she paying too much and if so, would she be able to claim anything back and also I'm worried if I go down this route would the loan company make her pay the whole lot back as revenge ?

The loan was taking through loans.co.uk but she's paying GE Money....we didn't understand why she's now paying someone else.



Thanks

Steve

Hello Steve and welcome.

The answer is yes going by her reasons, she should have been given a choice whether she wanted to take out the PPI or not and not only that she may not have been eligible to claim etc.

I would try to go for the 2 loan ppi's.

You write to the ones who arranged and sold the loans, such as the broker, or if this was sold direct by the lender you write to them, if a broker was involved for the first loan write to them on that one and the loan advance to the lender, hope this makes sense.

The link below is very useful, you will find template letters, a checklist of mis selling reasons, so whatever occurs to your partner, write that in the letter.
You do not need to write any amounts at this time, but they have 8 weeks to respond in full.

Keep at them until they resolve in her favour, they may give the opportunity to write back to them again, so do this if they do, until they issue your partner with the final response, they should also enclose details of the financial ombudsman service (FOS), where this can be taken to them if your not happy with the outcome of the complaint.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Post by recorded delivery. This is your proof of posting.

If you decide to reclaim on the 2 loans and both were sold direct by the same lender, you can write about both is the same reasons for mis selling on the one letter, just remember to write in both account numbers.

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

Di

PS, they cannot make her repay the loans back, do not worry about that, and she is only reclaiming what she been out of pocket for in her right, so please do not worry. X

barloo69

offkeyandy wrote: »

I need some advice with this possible ppi claim.
I had a first plus loan
Missed sold because self-employed.

Loan Amount £75,000
ppi £14,947.50
Total Loan £89947.50

Monthly interest 0.7930%

APR 9.9%
Number of monthly repayments 180

Monthly Payment £940.12

The loan was taken out 29/03/2004

36 payments of 940.12 were paid

The loan was paid off May 2007 to the cost of £87,322.13

I have contacted some companies about reclaiming the ppi and have been quoted 22 to 25% back end fee of a possible £20,000 to £23,000 which includes 8% interest.

I have mentioned to them about claiming this myself and the response was “I could claim the £14,947.50 but because the amount is high and I have no legal backup they would put me to the bottom of file and I would not get 8% interest”

Can I do this myself?

Further to what DI has said. The PPI reclaim companies have told you utter rubbish, those reclaim companies are not party to any different reclaim route and therefore your reclaim will attract the same 8% interest theirs would. It just means a few letters and possibility of going to FOS and or court on your part.

The process is simple, just follow the step by step guide on the reclaim tab at the beginning of this site.

Obviously if you get stuck at any point post up and there is a font of knowledge and advice on this thread that can give you help.

Good luck.

bullworker_2

Thanks for your extremely fast response !

Both of the loans were through Loans.co.uk. She decided to borrow more money ( aaargh ) after 2 years into the first loan....I remember the deal was for them to pay off the first loan and then start a fresh one.

So you are saying I should start with the broker ?

Thanks again for listening.

Steve

di3004

bullworker wrote: »

Thanks for your extremely fast response !

Both of the loans were through Loans.co.uk. She decided to borrow more money ( aaargh ) after 2 years into the first loan....I remember the deal was for them to pay off the first loan and then start a fresh one.

So you are saying I should start with the broker ?

Thanks again for listening.

Steve

Your welcome Steve.;)

Yes basically whoever arranged and sold the loans, you write to them.
If Loans.co.uk arranged both loans, then you write to them.

Good luck Steve, keep on at them, and as you may be aware loans.co.uk were also fined for mis selling PPI as from Jan 2005, hope this helps as well, if your require further help, please post up anytime.

Wishing you luck.

Di

Hugbubble

doingmybest wrote: »

Hi there just an update especially for all those who are dealing with Egg. Long story short, FOS found in my favour, Egg totally ignored them (this is after Egg had already paid out for on a different PPi policy). The case went before the Ombudsman himself to decide and he decided in my favour and I was told that by law they now had to respond. They didn't. FOS sent me an agreement form to sign and send back, this was at the end of June. I was told that Egg had 4 weeks to respond. After 4 weeks I contacted Fos who said that in all they give Egg 90 days in all to make payment. :eek: Hang on, up until the 1st Fos decision it had taken approx 18months. Egg ignore FOS and the big boss makes a decision and gives them another 3 months to make payment. Can anyone explain how that is fair or reasonable to the consumer? It just seems to me that for what ever reason FOS are pandering to the money industry. If it has been found that they have misold then tell them to pay up immediately or face penalties. init? Rant over.

Exactly the same situation as mine! I just sent back my acceptance letter and was hoping for some dosh soon.

I won't be holding my breath then

Thanks for the info

tiggrae

offkeyandy wrote: »

I need some advice with this possible ppi claim.
I had a first plus loan
Missed sold because self-employed.

Loan Amount £75,000
ppi £14,947.50
Total Loan £89947.50

Monthly interest 0.7930%

APR 9.9%
Number of monthly repayments 180

Monthly Payment £940.12

The loan was taken out 29/03/2004

36 payments of 940.12 were paid

The loan was paid off May 2007 to the cost of £87,322.13

I have contacted some companies about reclaiming the ppi and have been quoted 22 to 25% back end fee of a possible £20,000 to £23,000 which includes 8% interest.

I have mentioned to them about claiming this myself and the response was “I could claim the £14,947.50 but because the amount is high and I have no legal backup they would put me to the bottom of file and I would not get 8% interest”

Can I do this myself?

Hi Andy,

Yes you can do this yourself, but you have to get it right, are you claiming for mis selling or for an unfair rebate - the law covering the two are very different and you make the claim to different providers. Also, you may find even though you were self employed the PPI covered you if you paid NI contributions - you need to check your policy details.

With respect to the 8% - this is the amount the county courts (County Courts Act 1984) allow you to claim as you been unlawfully deprived of money - again how you work this out will differ dependant upon what you are claiming for !

tiggrae

Hugbubble wrote: »

Exactly the same situation as mine! I just sent back my acceptance letter and was hoping for some dosh soon.

I won't be holding my breath then

Thanks for the info

They FOS are in a difficult position, they can order the firm to make a repayment but the legislation which they have to abide to (Financial Sevices & Markets Act 2000) doesn't allow them to set specific timeframe for the repayments - so it isn't their fault

amersall

barloo69 wrote: »

Further to what DI has said. The PPI reclaim companies have told you utter rubbish, those reclaim companies are not party to any different reclaim route and therefore your reclaim will attract the same 8% interest theirs would. It just means a few letters and possibility of going to FOS and or court on your part.

The process is simple, just follow the step by step guide on the reclaim tab at the beginning of this site.

Obviously if you get stuck at any point post up and there is a font of knowledge and advice on this thread that can give you help.

Good luck.

i agree with di and barloo69, you do as they say, are there any other reasons you could claim mis sell?as first plus are not the best in the world for telling you that the ppi will only cover you for 5 years and that you will still pay for it over the term of the loan with interest, did they tell you the ppi was optional and you could go elsewhere for cover? bet you cant answer yes to any of those and i know because they dont tell you anything!!! the fos dont like these front loaded ppi policies, so you go for it good luck and any help just post on here and you will get all the help you need, by the way if you win mis sell and the loan is paid off that will be a good payout for you as you will get all the ppi back that you have paid, less any rebate you had back when the loan was settled plus 8% that is good