PPI Reclaiming Discussion part 4

Makeupworld

I am unsure about whether or not I have any sort of a claim. About 4 years ago I took out a secured loan of £25000 from barclays. They told me at the time (verbally) that after 5 years I would be eligible to reclaim the PPI part of the loan as cashback. howver they wouldnt put any of this in writing when I asked and just sent me a guide to T & C of PPI.. I tried to cancel the PPI part way through the loan and they sent me a quote saying that this would only reduce my monthly payments by £7 so i didnt bother. About a week ago after 4 years of paying nearly £300 p/m we had a settlement figure and the loan is still £30600. Even with the interest rate cust the loan has not been reduced. I have concerns that after 5 years they wont refund the PPI as stated but even if the do then what happens am i not covered for the rest of the term?? Any advice would be grately appreciated.

maxdp

Makeupworld wrote: »

I am unsure about whether or not I have any sort of a claim. About 4 years ago I took out a secured loan of £25000 from barclays. They told me at the time (verbally) that after 5 years I would be eligible to reclaim the PPI part of the loan as cashback. howver they wouldnt put any of this in writing when I asked and just sent me a guide to T & C of PPI.. I tried to cancel the PPI part way through the loan and they sent me a quote saying that this would only reduce my monthly payments by £7 so i didnt bother. About a week ago after 4 years of paying nearly £300 p/m we had a settlement figure and the loan is still £30600. Even with the interest rate cust the loan has not been reduced. I have concerns that after 5 years they wont refund the PPI as stated but even if the do then what happens am i not covered for the rest of the term?? Any advice would be grately appreciated.

Hi there make up world

Firstly I was not aware that Barclays did the refund of PPI after 5 years game. So that was a new one on me.

If that is the case it would say in your terms and conditions.

Secondly when the five years are up you will have no further cover of the PPI.

Do you have copies of all the agreement etc. or do you n eed to get these.

shepster77

Sent egg an email about ten days ago and they stated that payment protection on my credit card would not be repaid and my claim not even investigated. They stated that the FOS ruled that they had been miselling from the 17th Jan 04 and my RPP started on the 2nd Jan. I wrote back to them and said they still had an obligation to investigate. Here is the latest response...



The Card Repayment Protection was applied to your Egg Card on 2nd January 2004. It's your responsibility to monitor your account regularly and let us know if there are any items that you dispute.

For this reason no premiums you've been charged for Card Repayment Protection will be refunded to your Egg Card.

If you'd like to complain further about this matter, please put this in writing and send this to the following address;

Private & Confidential
Customer Relations Office
Egg
Pride Park
Riverside Road
Derby
DE99 3GG

Thanks for your message.

Do I now write to this address and complain or should I now go to the FOS. I know I did not ask for the CRP and certainly do not need it. Any advice?

marshallka

shepster77 wrote: »

Sent egg an email about ten days ago and they stated that payment protection on my credit card would not be repaid and my claim not even investigated. They stated that the FOS ruled that they had been miselling from the 17th Jan 04 and my RPP started on the 2nd Jan. I wrote back to them and said they still had an obligation to investigate. Here is the latest response...



The Card Repayment Protection was applied to your Egg Card on 2nd January 2004. It's your responsibility to monitor your account regularly and let us know if there are any items that you dispute.

For this reason no premiums you've been charged for Card Repayment Protection will be refunded to your Egg Card.

If you'd like to complain further about this matter, please put this in writing and send this to the following address;

Private & Confidential
Customer Relations Office
Egg
Pride Park
Riverside Road
Derby
DE99 3GG

Thanks for your message.

Do I now write to this address and complain or should I now go to the FOS. I know I did not ask for the CRP and certainly do not need it. Any advice?

You really first need to make a complaint in writing and send it recorded dellivery too. They have 8 weeks to deal with this and give you their final response.

Before you can take this to the FOS then you need to have done this and give them a chance to look into it properly.

Good luck

dreamer33

pebbles88 wrote: »

Hi, I have tried to claim on the PPI, and they have said no due to the pre-existing condition and it being a chronic condition. I dont know what to try claim for, ie what angle on the ppi, if that makes sense.

probably a stupid question, but if halifax havent cashed my £1 postal order, is there any way i can check if they have?? i didnt send the ltter recorded delivery sp am kicking myself now

Hi pebbles

When you purchased your postal order you should have been given a receipt, you can call Royal Mail, they should be able to advise if it has been cashed.

The receipt should have a special number on it, give them a call just to check.

Good luck

Krasnoludek

Hi

I am waiting for two lots of PPI to be refunded :j by Halifax, I have asked them to refund it via cheque rather than clear our OD, which is slowly being paid off each month by a standing order payment.

They have agreed to do this by cheque after I phoned up and asked. What I am wondering is if there are any guidelines relating to how companies should refund the PPI, I am guessing that there are lots of people out there who have loans still active and are reclaiming the PPI and whether they are being told they have to have their refund paid back into their loan as opposed to a cheque. But seeing as it is money that they never should have paid in the first paid, or paid under incorrect circumstances, it seems wrong that the banks are able to clear "their own debts" first even though they are supposed to be refunding the customer.

I am concerned that they may pay our PPI refund into the OD account I guess, and thats not what we want, we are repaying the OD at our own pace and regularly doing it each month

Apologies if this has been done before......

Regards

K xx

Puddlesplasher

Hello,

I posted on here the other day asking for advice on what my next step should be in trying to reclaim my PPI from A&L.

Just thought you might like to know that I have today had an offer from them of £2150!! I am very happy as you can probably imagine and want to thank this website and the members for all the help and information I have received.

Just wondering if anyone is able to advise me further? They have sent me a new loan agreement without the PPI on it to sign and return. However, we now want to settle the loan so I'm just wondering what the best way to go about it is. I don't want to agree to the new loan and then be penalised for paying it off straight away. Does anyone know if they will be able to calculate a settlement figure on the old loan with the PPI on?

di3004

Puddlesplasher wrote: »

Hello,

I posted on here the other day asking for advice on what my next step should be in trying to reclaim my PPI from A&L.

Just thought you might like to know that I have today had an offer from them of £2150!! I am very happy as you can probably imagine and want to thank this website and the members for all the help and information I have received.

Just wondering if anyone is able to advise me further? They have sent me a new loan agreement without the PPI on it to sign and return. However, we now want to settle the loan so I'm just wondering what the best way to go about it is. I don't want to agree to the new loan and then be penalised for paying it off straight away. Does anyone know if they will be able to calculate a settlement figure on the old loan with the PPI on?

Well done on your offer :beer: :T , great news.

Wait for someone else to post as well here hun.
Ask A&L for a settlement figure first, the amounts though may change daily.

I expect someone will reply to this soon, good luck and again well done and congratulations.:beer:

Di

Krasnoludek

Hi

I am no expert on here but if I was you I would ask them to calculate the settlement figure on the existing amount minus the PPI (check the APR is the same as when you took out the loan) certainly dont agree to open a new loan, I wouldnt have thought they could insist you sign a new loan agreement on the basis that they are refunding the PPI they mis sold you !

Whatever the settlement figure is I would be cheeky and ask them to reduce it given the issues you have had with their PPI mis selling but thats just me, I like to push the envelope!

K x

di3004

Krasnoludek wrote: »

Hi

I am no expert on here but if I was you I would ask them to calculate the settlement figure on the existing amount minus the PPI (check the APR is the same as when you took out the loan) certainly dont agree to open a new loan, I wouldnt have thought they could insist you sign a new loan agreement on the basis that they are refunding the PPI they mis sold you !

Whatever the settlement figure is I would be cheeky and ask them to reduce it given the issues you have had with their PPI mis selling but thats just me, I like to push the envelope!

K x

I agree with you.
Well explained.;)