PPI Reclaiming Discussion part 4

DanDaniel

you guys and girls are ace ! thanks for the heads up, it makes my head hurt, do you think there is much chance of gettin this knocked off the loan ? x

DanDaniel

£63900 for £15000 ... what on earth was i thinking !! :mad:

marshallka

DanDaniel wrote: »

you guys and girls are ace ! thanks for the heads up, it makes my head hurt, do you think there is much chance of gettin this knocked off the loan ? x

You would be refunded all that you have paid to date being the 14 month of £67 quid and then the remaining 166 months of £67 would be taken from the loan. You have every chance of getting this back if you think it was missold for any reason.

tiggrae

DanDaniel wrote: »

you guys and girls are ace ! thanks for the heads up, it makes my head hurt, do you think there is much chance of gettin this knocked off the loan ? x

you didn't want the ppi - you asked for it to be taken off - I think you've a really good chance !!!

Also, I know I do this for a living - but you have to be careful of some claims management companies - to me if I had worked for you I would ask for a percentage of the £941 + the 8% interest - because as far as I'm concerned that's the amount I would have got back for you - however, most claims management companies don't see it that way and would want 25% of the £12k

tiggrae

DanDaniel wrote: »

£63900 for £15000 ... what on earth was i thinking !! :mad:

as for that - well there is an aspect of the Consumer Credit Act 2006 which talks about extortionate credit - if you want that looking into I would suggest you consult a solicitor or alternatively make 2 separate complaints against the lender (Welcome?) one for the ppi and the other for the extortionate credit - if you don't get anywhere you could always then take either or both complaints to the Financial Ombudsman Service - but make sure they are two separate complaints for two separate issues !!

DanDaniel

thanks so much will get writing tonight and keep you posted x

DanDaniel

thats interesting about the credit act, how should i approach this with welcome in a letter ? should i request a reduction in the interest ?

tiggrae

DanDaniel wrote: »

thanks so much will get writing tonight and keep you posted x

just looked up the section on exhtorionate credit - the notes to the Consumer Credit Act 2006 say " Section 19-22 repeal and replace sections 137 - 140 of the 1974 act.

The amended provisions will enable a court to consider whether the relationship between the creditor and depbtor arising out of that agreement is unfair to the debtor because the terms of the agreement, the way in which the agreemetn is operated or any other thing done or not done by or on behalf of the creditor before or after the agreement was made. The court may take into account all matters it thinks relevant relating to the creditor and debitor in making its assessment.

What I'd do is write to them and state you believe the terms of the credit agreement to be unfair under the Consumer Credit Act 2006 as you believe you have been charged Extortionate Credit - ask them to revise the credit to a reasonable level or you'll take your complaint to the Financial Ombudsman Service - however, I'm not an expert in this area, but it's worth a shot - or again talk to a solicitor or even make an appointment with Consumer Advice

gareth1973

marshallka wrote: »

You're welcome.;)

sorry Marshallka, just one more question. at the bottom of the HFC letter i received after theyve offered me my PPI back and state it will be off setting against my debt it says"would be grateful if you would sign and return the enclosed settlement form and provide details of the bank account to which you would like the refund to be credited. upon receipt of your signed acceptance form, please allow 10 working days for the refund to be credited to your chosen bank account."
Why would they state all this when they said previously that it would be used to reduce my arrears? im confused???

marshallka

gareth1973 wrote: »

sorry Marshallka, just one more question. at the bottom of the HFC letter i received after theyve offered me my PPI back and state it will be off setting against my debt it says"would be grateful if you would sign and return the enclosed settlement form and provide details of the bank account to which you would like the refund to be credited. upon receipt of your signed acceptance form, please allow 10 working days for the refund to be credited to your chosen bank account."
Why would they state all this when they said previously that it would be used to reduce my arrears? im confused???

It could be that there is more to repay than the actual arrears outstanding OR that its a standard letter perhaps?