PPI Reclaiming Discussion part 4

desamax

pinknico wrote: »

I was told that the next calculations would be done by Friday and then letters and cheques sent out. Mine letter was 31st July though Egg claim that they didnt get their letter until 10th August! So I should think yours is in the same batch. You could ring and check this?

Thanks, i just called them and they said the cheque will be in the post today.
Ill keep you dated.

pinknico

good for you glad to hear it!

Coo1

Hi, I've just had an offer from HSBC but they are saying that instead of paying the £1675 into my bank account they are going to use it to pay off some of my outstanding loan with them. They have also said that they are unable to cancel the protection unless I take out a new loan for the oustanding debt, which would be £3,300, they are offering the same interest rate that the orginal loan was for but say that it must be over the same term which is 18 months.... Should I take the offer? are they allowed to make me take out a new loan? I'm worried that by taking out another loan I may have to pay more interest and what happens if the loan gets refused... I know my credit rating has been hit hard over the last 2 years...The letter arrived yesterday and they said that I only have until 1 Oct to arrange to the loan...... I'm so confused...

corinne28

Good afternoon everyone,
iam claiming ppi took out in 2004 with broker loans.co.uk but the loan was actually with GE money and the insurance was with pinnacle. I have got no where with them so went to fos. i recieved a letter saying that loans.co.uk were not regulated by them then so it was out of there jurisdiction but they were going to see if the underwriters pinnancle were or would accept responsibility. dont think theres much hope but has anyone else had this or does any one have any suggestions. Also if the fos can't do any more is there anything stopping me from carrying on even though i had the companies final responses and passed it over to fos?? many thanks to all who reply..

Lorraine_Davies_2

Firstly a great big thank you, Martin. If it wasnt for your site would never had got this result.

Have two credit cards with A&L (which are now with MBNA)- one for 19 years and the other for approx ten years and didnt reliase that I was paying this PPI or what it meant. Took your advice and sent off first stage letter requesting orig documents (so far it has taken 6 weeks and they have just written to me explaining it will be another month - think they must have lost them) Anyway at same time sent off 2nd stage letter and yesterday had a phone call from MBNA firstly asking me to go into more detail on my claim, which I did and they offered me my payments back from 2003 to date explaining that from 1990 to 2002 - would have to go back to A&L. Was really chuffed but on thinking it through later that day - they never mentioned refunding the interest etc only the basic PPI payments - should I accept or go back to them asking for the rest and also if they took over from A&L wouldnt they be responsible for the earlier payments. Would have no idea how to get hold of the A&L credit card people - Any ideas.

Thanks

marshallka

Coo1 wrote: »

Hi, I've just had an offer from HSBC but they are saying that instead of paying the £1675 into my bank account they are going to use it to pay off some of my outstanding loan with them. They have also said that they are unable to cancel the protection unless I take out a new loan for the oustanding debt, which would be £3,300, they are offering the same interest rate that the orginal loan was for but say that it must be over the same term which is 18 months.... Should I take the offer? are they allowed to make me take out a new loan? I'm worried that by taking out another loan I may have to pay more interest and what happens if the loan gets refused... I know my credit rating has been hit hard over the last 2 years...The letter arrived yesterday and they said that I only have until 1 Oct to arrange to the loan...... I'm so confused...

Usually this is how they do the cancellation of a policy in that they do make you sign a new agreement but its also usual not have a credit cjeck again as its their fault they missold this to in the firstplace. The new loan should be of the same terms and also APR as the old one so no worries there.

Can i ask, have there been any arrears during the loan. Most often if there have been arrears they do make the redress against the loan but if there has not perhaps you can try to ask them to redress as a cheque or at least what was not outstanding (if in fact any was??) in a cheque.

marshallka

Lorraine_Davies wrote: »

Firstly a great big thank you, Martin. If it wasnt for your site would never had got this result.

Have two credit cards with A&L (which are now with MBNA)- one for 19 years and the other for approx ten years and didnt reliase that I was paying this PPI or what it meant. Took your advice and sent off first stage letter requesting orig documents (so far it has taken 6 weeks and they have just written to me explaining it will be another month - think they must have lost them) Anyway at same time sent off 2nd stage letter and yesterday had a phone call from MBNA firstly asking me to go into more detail on my claim, which I did and they offered me my payments back from 2003 to date explaining that from 1990 to 2002 - would have to go back to A&L. Was really chuffed but on thinking it through later that day - they never mentioned refunding the interest etc only the basic PPI payments - should I accept or go back to them asking for the rest and also if they took over from A&L wouldnt they be responsible for the earlier payments. Would have no idea how to get hold of the A&L credit card people - Any ideas.

Thanks

I would certainly query this and also you need in writing how they are doing the calculations of the redress. You really need to be put back into the position as if you never had the PPI. I would always keep everything in writing too as they can twist what you say on the phone and like you have said, sometimes taking it all in can be too much and you say "yes" too soon.

marshallka

corinne28 wrote: »

Good afternoon everyone,
iam claiming ppi took out in 2004 with broker loans.co.uk but the loan was actually with GE money and the insurance was with pinnacle. I have got no where with them so went to fos. i recieved a letter saying that loans.co.uk were not regulated by them then so it was out of there jurisdiction but they were going to see if the underwriters pinnancle were or would accept responsibility. dont think theres much hope but has anyone else had this or does any one have any suggestions. Also if the fos can't do any more is there anything stopping me from carrying on even though i had the companies final responses and passed it over to fos?? many thanks to all who reply..

This is something new that FOS are trying for in that they are trying to make the underwriters responsible for sales. Can I ask, are FOS writing on your behalf to the underwriter.I have a complaint in that is similar against the insurer and its been there since last september now and I rang yesterday and they told me they have no idea how long this will be as there are loads of legalities regarding these claims. I would let them have a go for you as you have nothing to lose really.

marshallka

corinne28 wrote: »

Good afternoon everyone,
iam claiming ppi took out in 2004 with broker loans.co.uk but the loan was actually with GE money and the insurance was with pinnacle. I have got no where with them so went to fos. i recieved a letter saying that loans.co.uk were not regulated by them then so it was out of there jurisdiction but they were going to see if the underwriters pinnancle were or would accept responsibility. dont think theres much hope but has anyone else had this or does any one have any suggestions. Also if the fos can't do any more is there anything stopping me from carrying on even though i had the companies final responses and passed it over to fos?? many thanks to all who reply..

As regards you carrying on the complaint yourself then yes, you can do as you please. There is always the courts route.

amersall

Coo1 wrote: »

Hi, I've just had an offer from HSBC but they are saying that instead of paying the £1675 into my bank account they are going to use it to pay off some of my outstanding loan with them. They have also said that they are unable to cancel the protection unless I take out a new loan for the oustanding debt, which would be £3,300, they are offering the same interest rate that the orginal loan was for but say that it must be over the same term which is 18 months.... Should I take the offer? are they allowed to make me take out a new loan? I'm worried that by taking out another loan I may have to pay more interest and what happens if the loan gets refused... I know my credit rating has been hit hard over the last 2 years...The letter arrived yesterday and they said that I only have until 1 Oct to arrange to the loan...... I'm so confused...

how long was the original loan over? as if you only had say 12 months left on the original loan that will be all that is left on the new one but the paper work will show the original term,(if this is a mis sell win), if this is just an offer and your loan term will be increased then i would give fos a ring and they will help you more. no credit check is done when they do the new loan they just do it without the ppi on. was this mis sell that you won or just an offer from them? if you have no arrears they should give all of it back to you (some dont though) good luck with this and if you need anymore help you will get it on here x