PPI Reclaiming Discussion part 4

tiggrae

Meeely3 wrote: »

Thanks for this - just one more thing - having a real issue getting my head round what I will get back if I do have a case (and seems 99% certain that I do). I 'borrowed' 9.5k to pay for the PPI up front, which was then subject to interest. I have paid that back over 4 years (and barely made a dent in it), BUT should they hold their hands up and say, yup missold, here you go, surely the 'refund' just goes to pay off my 9.5k loan? Or do they refund 4 years worth of PPI payments and just right off the rest owing?

I'm properly confused!

have you made a claim yet and when did you take the loan out? Also, who sold it to you was it direct from First Plus or through either Bespoke Finance or Freedom Finance (one of those two tend to have brokered the majority of FP loans)?

tiggrae

di3004 wrote: »

Hello and welcome Tink223,;)

If you did not require the PPI and it does not meet your requirements, then its not worth paying out for it, you should be able to cancel the PPI at any time, and of course try to reclaim on the PPI as well if you think you were mis sold the product.

Here is the link for more info, with a checklist of mis selling reasons, a guidelines of reclaiming and template letters to help you through this, give us a yell if you require any help from here.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

I would cancel in writing and if you decide to reclaim on the PPI as well, you can do this at the same time, remember though if you can its best to post by recorded delivery, this is your proof of posting, and of course with the postal strikes as well, its worthwhile using this type of posting, good luck and please keep us posted.;)

Di

I agree with Di, but along with the standard template I would mention your health and how having to pay the loan is affecting it , especially bearing in mind the addition of £50 in unwanted PPI !!

marshallka

Meeely3 wrote: »

Thanks for this - just one more thing - having a real issue getting my head round what I will get back if I do have a case (and seems 99% certain that I do). I 'borrowed' 9.5k to pay for the PPI up front, which was then subject to interest. I have paid that back over 4 years (and barely made a dent in it), BUT should they hold their hands up and say, yup missold, here you go, surely the 'refund' just goes to pay off my 9.5k loan? Or do they refund 4 years worth of PPI payments and just right off the rest owing?

I'm properly confused!

How they would work out the redress if you won would be to work out what part of the repayments made went towards the PPI. They then add 8% statutory interest onto each payment from when were paid to todays date and then they look at what you settled the loan. This would be with the PPI so they then work out your loan as if you never had the PPI (with the repayments that would have been without the PPI element included) and pay over the difference. They would then calculate 8% statutory interest on this from the date you settled to todays date.

Hope this helps.

marshallka

tiggrae wrote: »

I agree with Di, but along with the standard template I would mention your health and how having to pay the loan is affecting it , especially bearing in mind the addition of £50 in unwanted PPI !!

I know they should take this into account tiggrae but half the time if you had a really serious illness they could not care less. :rolleyes:

tiggrae

marshallka wrote: »

I know they should take this into account tiggrae but half the time if you had a really serious illness they could not care less. :rolleyes:

oh I know, but some of them worry that you might sue for contributing to your illness and pay you back just to get rid of you - you have to try to use every tool in the box !!

marshallka

tiggrae wrote: »

oh I know, but some of them worry that you might sue for contributing to your illness and pay you back just to get rid of you - you have to try to use every tool in the box !!

Or some might hope you snuff it before your complaint gets before an adjudicator. :rolleyes:

Seriously, I know that some on here have posted having cancer and they have still been turned down for complaints and had to queue at FOS. They just do not care in my opinion.

I put a stress claim in against Firstplus for messing me around with my complaint and not addressing concerns and I have it in writing from the adjudicator women that "all complaints are stressful to some extent".....and she turned it down. I have asked it be esculated to the Ombudsman. Still waiting 12 months later.

yellowstar_3

Hi any advise..please!!!

I am getting my ppi insurance refunded from Lloyds hopefully got the letter from this site thanks Martin!! But they wrote to me months ago telling me they were refunding the money and i phoned them after a while and they said it will take 21 days and after that was up they said it will be another 21 days and its gone on for months.. do you think im going to get it???? i dont know what to do now, i ring them every day nearly and just get fobbed off

thnaks for any advice

gil8967

Hi there,

Should've posted this sooner but unfortunately the dreaded Swine Flu gave me a visit!

My 1st letter was sent to Clydesdale Bank on 03/09/09 which means that their 8 weeks was up on Friday (29/10/09). They have sent me 3 letters in all. The first was to say they had received my complaint, the second was a questionaire & the last one was to say that I should have a response within 4 weeks, which coincidently was 29/10/09. I have still not received anything so do I send a 2nd letter or do I go straight to the FOS. I did try to phone but couldn't get through.

My 2nd claim is to Direct Line. I sent the 1st letter on 11/09/09 and I received a letter confirming they had receive my complaint then another to say who was dealing with it etc. Their 8 weeks is due this Friday(6th Nov). I have phoned but was told that their 8 weeks was not up & that I was to phone back if I hadn't heard anything by Friday.

Can someone give some advise please. Gill

di3004

gil8967 wrote: »

Hi there,

Should've posted this sooner but unfortunately the dreaded Swine Flu gave me a visit!

My 1st letter was sent to Clydesdale Bank on 03/09/09 which means that their 8 weeks was up on Friday (29/10/09). They have sent me 3 letters in all. The first was to say they had received my complaint, the second was a questionaire & the last one was to say that I should have a response within 4 weeks, which coincidently was 29/10/09. I have still not received anything so do I send a 2nd letter or do I go straight to the FOS. I did try to phone but couldn't get through.

My 2nd claim is to Direct Line. I sent the 1st letter on 11/09/09 and I received a letter confirming they had receive my complaint then another to say who was dealing with it etc. Their 8 weeks is due this Friday(6th Nov). I have phoned but was told that their 8 weeks was not up & that I was to phone back if I hadn't heard anything by Friday.

Can someone give some advise please. Gill

Hi there
Hope your feeling better now hun.;)

I think the postal strikes have had a lot to do with the delays this time......but I would just give them a quick ring, they must confirm this to you if you ask.

Then take it from there, if they have not yet even finished investigating your complaint yet, you do have that choice of going to the FOS.
Not unless you discretly give them say about one more week (if you want to that is).

Good luck hope you receive some good news soon.;)

gil8967

Thanks for that Di,

Yes I'm much better, thanks.

I will phone them again tmrw & take it from there. It may well be due to postal strikes. Will keep you posted. Thanks, Gill