PPI Reclaiming Discussion part 4

[Deleted User]

Hello,

Could I ask other's opinion on something?

I'm planning to claim PPI on a loan I've got, but my situation is a little more complicated because I've already had the PPI removed and the lender acted incorrectly in the way they removed it, so I'm making a further claim for a loss of around £2.3k's worth of payments:

http://forums.moneysavingexpert.com/showthread.html?t=2020069

My question is: in spite of the advice on here, can using a claims handler actually work?

My understanding from the FOS is that because of the flood of PPI claims, it's now taking 6 - 12 months for cases to be looked at, but by that time my loan will be paid off and I don't want to go through the hassle of claiming a second time having overpaid once the PPI is refunded (read the thread and you'll understand).

I'm quite tempted just to pass this over - given it's not a straightforward PPI reclaim case - to a no-win no-fee claims company and let them take a portion of the award, but would anyone recommend doing this? Are there legitimate claims companies out there?

cot1198

Deleted_User wrote: »

Hello,

Could I ask other's opinion on something?

I'm planning to claim PPI on a loan I've got, but my situation is a little more complicated because I've already had the PPI removed and the lender acted incorrectly in the way they removed it, so I'm making a further claim for a loss of around £2.3k's worth of payments:

http://forums.moneysavingexpert.com/showthread.html?t=2020069

My question is: in spite of the advice on here, can using a claims handler actually work?

My understanding from the FOS is that because of the flood of PPI claims, it's now taking 6 - 12 months for cases to be looked at, but by that time my loan will be paid off and I don't want to go through the hassle of claiming a second time having overpaid once the PPI is refunded (read the thread and you'll understand).

I'm quite tempted just to pass this over - given it's not a straightforward PPI reclaim case - to a no-win no-fee claims company and let them take a portion of the award, but would anyone recommend doing this? Are there legitimate claims companies out there?

Hi it all depends on how quickly you want the complaint resolved.
If you want it done with quicker than 12 to 18 months and don't mind paying if you have your complaint upheld, them I would go with a reliable company, because thats how long you may be looking at if you go through the FOS.
But if you don't mind waiting I would go through the FOS as it's free and personally I don't like paying someone to do something I can do myself for the price of a few stamps and a bit of time doing letters and stuff.
Having said that my complaint has been running for 14 months and with the FOS 12 months and I am now getting a little frustrated with the length of time the FOS are taking and the lack of information from them.

[Deleted User]

The thing is that in 12 - 18 months my loan will be paid off anyway, so I'd only have to submit another complaint asking for a refund of the overpayment I'd made, if that makes sense?

That does sound like a very long time to be waiting.

I've found a few firms that seem reliable that charge 25% of any settlement (no win no fee), but how would this apply to a loan situation where the settlement isn't cash, but a deduction from the loan? e.g. if Barclays reduce my loan balance by the £2300 I'm expecting, it doesn't 'give' me £2300 so how do I pay £575 to the lawyer...?

Can anyone recommend any good firms to use?

pinknico

Claim companys use the FOS as well so dont expect them to be any quicker.

di3004

I must admit, I tried it and withdrawn, and glad I did, now its gone back to the FOS in hope it can still be looked at, so as being more or less through it, I think its more hassle that what its worth to be honest, so if you can, do this yourself, where that money is yours if successful, I think in regards of the timescales, there is not much difference.....this is going by listening and reading to others experience of going with claims companies.
But at least doing it yourself, all that money will be all yours.;):beer:

[Deleted User]

I just spoke to a solicitor who suggested that actually I may not have a claim after all though - or at least, I wouldn't if I went through the FOS.

It's quite complicated, so will post in the original thread and won't hijack this one!

cot1198

When I started the process the length of time most people where saying was 6-9 months by the time I submitted my complaint to the FOS that had gone up to 9-12 months now it's 12-18 months. The time scales are getting worse, we are always hearing the FOS are taking on more staff to cope with the large work load they have, and I don't doubt that they do have a large work load. But 12-18 months from your complaint going into the FOS to your complaint been resolved is far too long, and thats not counting the 8 weeks the company has to look into your complaint in the first place.

I can't really comment on your case only to say that if the PPI has been removed then they pay you directly any premiums already paid.

cot1198

pinknico wrote: »

Claim companys use the FOS as well so dont expect them to be any quicker.

Really I did'nt know that, thank you pinknico

[Deleted User]

cot1198 wrote: »

I can't really comment on your case only to say that if the PPI has been removed then they pay you directly any premiums already paid.

I guess the question I'm trying to ask is: what about a refund of the loan repayments made? Where do these go?

e.g. I was repaying £242 monthly on a £11.7k loan, when I should have been repaying a £10k loan.

cot1198

Deleted_User wrote: »

I guess the question I'm trying to ask is: what about a refund of the loan repayments made? Where do these go?

e.g. I was repaying £242 monthly on a £11.7k loan, when I should have been repaying a £10k loan.

The ppi element of your loan payment should be refunded directly to you,
so if your payment was £242 and the PPI element of that was say £42 you should get back £42 x however many payments you made before the PPI was taken off the loan plus interest. That is, if you have a valid complaint and it is upheld of course.