PPI Reclaiming Discussion part 4

di3004

finatra26 wrote: »

I have just received an e-mail from a company offering to help my reclaim my mis-sold PPI (too late the MSE'rs helped me for free) & do you know how professional they are? In the list of banks they have Bank of Scotland (RBS) - these are two different banks - I think all the people who post asking if they should use these companies should note - they might not even be capable of sending your claim to the right place!
Away to run spybot as I obviously have some unwated tracking on my lappie

Hi there

I think by giving it a go yourself is the best way to go about it if you can, so you have done the right thing, and keep all your money if successful.;)

We get no end of phone calls and emails like that.....annoying I know.

Albagubrath1314

Looking for some advice/help with reclaiming money from my PPI.

The RBS called me on Friday asking me if i would be able to come in for a meeting regarding my loan. They said a lot of my loan i had paid back so far had been on insurance and they had a "new structure" for their insurance which would help bring down my monthly payments.

The loan taken out was for £5,000 over 60 months capped at 11% interest. Basically my payments are £108.87 per month with £30.53 on top for insurance. The loan was sold to me as a package basically she said it would be £139.40 per month with the insurance. I may have been a bit naive at the time and should have asked what it would be without but this option was never mentioned to me.

Are the RBS now contacting me as they know the insurance they on my loan has been missold and are trying to rectify it by saying they have a new structure for their insurance that can save me money on my loan?

Also i dont know if this is relevent but looking at all my paperwork i have they have written down for my residential status that i live with my parents! I was 28 at the time and havent lived at home since i was 17! Also i have a Personal Loan Duty of Care Checklist form with my loan, obviously it has to be completed by someone at the bank and ticked off to say they have explained everything and signed then i have to sign it but its blank and i certainly didnt sign anything in the bank or have a copy and i have all the original paperwork in front of me.
It asks questions such as signing to say i have understood the key benefits and exclusions of loanguard cover OR sign to say i have read and understand the key benefits and eclusions of loanguard but decided not to take it, as i said it has to be signed my a member of staff stating they have explained the PPI. Would mentioning this also help my case as surely they have to complete all appropriate paperwork for the loan?

Sorry if some of this seems a bit muddled but im just trying to get my head round it all and would be grateful for any help or advice anyone has.

di3004

Albagubrath1314 wrote: »

Looking for some advice/help with reclaiming money from my PPI.

The RBS called me on Friday asking me if i would be able to come in for a meeting regarding my loan. They said a lot of my loan i had paid back so far had been on insurance and they had a "new structure" for their insurance which would help bring down my monthly payments.

The loan taken out was for £5,000 over 60 months capped at 11% interest. Basically my payments are £108.87 per month with £30.53 on top for insurance. The loan was sold to me as a package basically she said it would be £139.40 per month with the insurance. I may have been a bit naive at the time and should have asked what it would be without but this option was never mentioned to me.

Are the RBS now contacting me as they know the insurance they on my loan has been missold and are trying to rectify it by saying they have a new structure for their insurance that can save me money on my loan?

Also i dont know if this is relevent but looking at all my paperwork i have they have written down for my residential status that i live with my parents! I was 28 at the time and havent lived at home since i was 17! Also i have a Personal Loan Duty of Care Checklist form with my loan, obviously it has to be completed by someone at the bank and ticked off to say they have explained everything and signed then i have to sign it but its blank!! Would mentioning this also help my case as surely they have to complete all appropriate paperwork for the loan?

Sorry if some of this seems a bit muddled but im just trying to get my head round it all and would be grateful for any help or advice anyone has.

Hello there;)

This is a new one to me.

I take it this call was out of the blue?

You could be right here, maybe they realised they have mis sold you the PPI and have been going through the systems etc of all customers.

However, see what they have to say, but just be careful your not talked into anything or that you will be down in money, by them changing the way of the loan.

You could though if mis sold write to them if you want to, and request that they refund you all of your ppi, with your reasons, or see what they say first.

If you do go to the appointment, tell them you want time to think about it, so your not made to sign anything straight away, and if you can take someone will you.
Good luck.

More here on reclaiming PPI.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Albagubrath1314

di3004 wrote: »

Hello there;)

This is a new one to me.

I take it this call was out of the blue?

You could be right here, maybe they realised they have mis sold you the PPI and have been going through the systems etc of all customers.

However, see what they have to say, but just be careful your not talked into anything or that you will be down in money, by them changing the way of the loan.

You could though if mis sold write to them if you want to, and request that they refund you all of your ppi, with your reasons, or see what they say first.

If you do go to the appointment, tell them you want time to think about it, so your not made to sign anything straight away, and if you can take someone will you.
Good luck.

Thanks for such a quick response!
Yes the call was completely out the blue and i was quite surprised to be honest!
Im not sure yet about going to the meeting yet, i guess like you say i could go and see what they have to say and walk away and think about it.

di3004

Albagubrath1314 wrote: »

Thanks for such a quick response!
Yes the call was completely out the blue and i was quite surprised to be honest!
Im not sure yet about going to the meeting yet, i guess like you say i could go and see what they have to say and walk away and think about it.

Your welcome.

That's right, you do not have to attend if you don't want to, and you can always write to them to reclaim and tell them you want to keep everything in writing.;)

tiggrae

Albagubrath1314 wrote: »

Looking for some advice/help with reclaiming money from my PPI.

The RBS called me on Friday asking me if i would be able to come in for a meeting regarding my loan. They said a lot of my loan i had paid back so far had been on insurance and they had a "new structure" for their insurance which would help bring down my monthly payments.

The loan taken out was for £5,000 over 60 months capped at 11% interest. Basically my payments are £108.87 per month with £30.53 on top for insurance. The loan was sold to me as a package basically she said it would be £139.40 per month with the insurance. I may have been a bit naive at the time and should have asked what it would be without but this option was never mentioned to me.

Are the RBS now contacting me as they know the insurance they on my loan has been missold and are trying to rectify it by saying they have a new structure for their insurance that can save me money on my loan?

Also i dont know if this is relevent but looking at all my paperwork i have they have written down for my residential status that i live with my parents! I was 28 at the time and havent lived at home since i was 17! Also i have a Personal Loan Duty of Care Checklist form with my loan, obviously it has to be completed by someone at the bank and ticked off to say they have explained everything and signed then i have to sign it but its blank and i certainly didnt sign anything in the bank or have a copy and i have all the original paperwork in front of me.
It asks questions such as signing to say i have understood the key benefits and exclusions of loanguard cover OR sign to say i have read and understand the key benefits and eclusions of loanguard but decided not to take it, as i said it has to be signed my a member of staff stating they have explained the PPI. Would mentioning this also help my case as surely they have to complete all appropriate paperwork for the loan?

Sorry if some of this seems a bit muddled but im just trying to get my head round it all and would be grateful for any help or advice anyone has.

have you started to reclaim the mis sold PPI ? - If you get your claim against them upheld they'll have to restructure your loan anyway and you'll get all the money back that you've paid todate

mlucyminx

OCEAN FINANCE & MORTGAGES CLAIM UPDATE

I have today received a call from FOS expaining to me that they have received an offer from Ocean Finance.

Now he was very clever with his wording which I suppose they have to be but the way I translated it was this:

Ocean Finance have made an offer. It is not in line with FOS redress in settlement of claims dealt with by FOS but Ocean are insisting that the offer is sent to me for me to consider. FOS pointed out to me that I do not have to accept this offer (once again pointing out it isnt in line with their system) and that there would be information sent with the offer explaining how it has been worked out and also a list of options on what to do if I accept the offer or wish to reject (He then pointed out yet again that it isnt in line with their system).

So reading between the lines I think it is fair to say ocean are not offering the full amounts and I think unless it is very close to the figure I am expecting I will be rejecting their offer for now.

I know there are a few other people on here that have also had their claims put on hold with FOS because of this so wanted to let people know my outcome so they know what is happening.

di3004

mlucyminx wrote: »

OCEAN FINANCE & MORTGAGES CLAIM UPDATE

I have today received a call from FOS expaining to me that they have received an offer from Ocean Finance.

Now he was very clever with his wording which I suppose they have to be but the way I translated it was this:

Ocean Finance have made an offer. It is not in line with FOS redress in settlement of claims dealt with by FOS but Ocean are insisting that the offer is sent to me for me to consider. FOS pointed out to me that I do not have to accept this offer (once again pointing out it isnt in line with their system) and that there would be information sent with the offer explaining how it has been worked out and also a list of options on what to do if I accept the offer or wish to reject (He then pointed out yet again that it isnt in line with their system).

So reading between the lines I think it is fair to say ocean are not offering the full amounts and I think unless it is very close to the figure I am expecting I will be rejecting their offer for now.

I know there are a few other people on here that have also had their claims put on hold with FOS because of this so wanted to let people know my outcome so they know what is happening.

Hiya hun
Hope your well.;)

Good luck with this.
So they have not actually provided you with the figures yet I take it?

tiggrae

mlucyminx wrote: »

OCEAN FINANCE & MORTGAGES CLAIM UPDATE

I have today received a call from FOS expaining to me that they have received an offer from Ocean Finance.

Now he was very clever with his wording which I suppose they have to be but the way I translated it was this:

Ocean Finance have made an offer. It is not in line with FOS redress in settlement of claims dealt with by FOS but Ocean are insisting that the offer is sent to me for me to consider. FOS pointed out to me that I do not have to accept this offer (once again pointing out it isnt in line with their system) and that there would be information sent with the offer explaining how it has been worked out and also a list of options on what to do if I accept the offer or wish to reject (He then pointed out yet again that it isnt in line with their system).

So reading between the lines I think it is fair to say ocean are not offering the full amounts and I think unless it is very close to the figure I am expecting I will be rejecting their offer for now.

I know there are a few other people on here that have also had their claims put on hold with FOS because of this so wanted to let people know my outcome so they know what is happening.

why don't you ring them back and ask them to email the offer to you - especially given the postal strike you may not get it for ages !!!

Albagubrath1314

tiggrae wrote: »

have you started to reclaim the mis sold PPI ? - If you get your claim against them upheld they'll have to restructure your loan anyway and you'll get all the money back that you've paid todate

No i havent started to reclaim it yet. I only properly started looking into it over the weekend and sifting through the paperwork. As i said i was maybe a bit niave at the time but had it all been broken down to me properly with regards to how much the insurance would cost on top of the loan i certainly wouldnt have taken the insurance as well!
Letter from the bank arrived confirming my meeting at 11.30am next Monday but at the minute im thinking more to go down the route of writing a letter to try reclaim the money.