PPI Reclaiming Discussion part 4

marshallka

dirtdiver wrote: »

hello every one had a northern rock loan have details in previous posts wanted some info on amount to be refunded to me have rock says they will not refund in full my premium as they apportion more risk in early part of loan i spoke to FSA to see if this was correct they were unsure but ive just read the small print on my policy (wife keeps everything)it states they are calculating refund under rule 78 can anyone tell me if this is allowed i thought rule 78 was no longer in force thank you.

Hi, rule 78 was abolished for all new loans taken since May 2005 BUT can still be applied on the following
The reform will apply May 2005 for new borrowers. Existing ones who have loans for terms of 10 years or less, and want to settle early, will not benefit until 2007. Those with loans for longer than 10 years will not be covered until 2010.
Hope this helps.;)

Also worth noting if your loan is unregulated by the CCA (ie over £25K) then it should not be applied anyway.

dirtdiver

took loan in march 05 settled april 07 can they use rule 78 on me or is it unforcible ?

marshallka

dirtdiver wrote: »

took loan in march 05 settled april 07 can they use rule 78 on me or is it unforcible ?

Yes they can then if the rules above apply and it was a long loan but if it was a short term loan then no they cannot. How long was the loan over in its original terms? ALso how much was it for?

Portofino_2

Hi

Under a SAR request, is a bank meant to send you the credit cc application and cc agreement? Or do you ask for that seperately?

Never had a problem getting it under a SAR before but today I was told by the bank that I had to send a further £1.

Will that also cover the application?

Thanks.

di3004

Portofino wrote: »

Hi

Under a SAR request, is a bank meant to send you the credit cc application and cc agreement? Or do you ask for that seperately?

Never had a problem getting it under a SAR before but today I was told by the bank that I had to send a further £1.

Will that also cover the application?

Thanks.

Hi hun

Sometimes they do enclose them with the SAR and others do not.

Think this may vary from one bank to another.

Just write a short letter and tell them you have enclosed a £1 cheque or postal order payment for your Credit Agreement request, and expect yo receive this by 12 days of posting.;)

Portofino_2

Thanks - should this include the application as obviously that's what I am after?

di3004

Portofino wrote: »

Thanks - should this include the application as obviously that's what I am after?

I would mention this on the letter, Credit Agreement/Application just to be sure.;)

Good luck X

dobby203

Hi can anyone give me some advice please????

I sent a letter in september 09 to Central Captial to reclaim a mis-sold PPI, today I have finally received a full response.

They have listened to the tapes from the telephone calls between the Customer Account Manager and my husband and have rejected both aspects of my complaint. However, they have offered me a ex-gratia payment as they are not entirely satisfied with the level of information provided with the sale of the loan.

They have said that I had sufficient life cover so they have offered the cost of the policy minus the life cover.

The ASU & life cover cost for policy was £1428.00
The ASU cost for policy £1,176.00
Therefore their offer would be £252.00

I am new to all this and was wondering if someone could advise me as to whether to accept this offer and if so should it have included interest? Or are they just trying to fob me off?

I have also just found out from checking the paperwork that even though me and my husband are responsible for paying back the loan, only i am covered under the insurance, we thought we were both covered????

di3004

dobby203 wrote: »

Hi can anyone give me some advice please????

I sent a letter in september 09 to Central Captial to reclaim a mis-sold PPI, today I have finally received a full response.

They have listened to the tapes from the telephone calls between the Customer Account Manager and my husband and have rejected both aspects of my complaint. However, they have offered me a ex-gratia payment as they are not entirely satisfied with the level of information provided with the sale of the loan.

They have said that I had sufficient life cover so they have offered the cost of the policy minus the life cover.

The ASU & life cover cost for policy was £1428.00
The ASU cost for policy £1,176.00
Therefore their offer would be £252.00

I am new to all this and was wondering if someone could advise me as to whether to accept this offer and if so should it have included interest? Or are they just trying to fob me off?

I have also just found out from checking the paperwork that even though me and my husband are responsible for paying back the loan, only i am covered under the insurance, we thought we were both covered????

Hi there and welcome.;)

I would write back and ask them to reconsider the amount if your not happy with it, and of course also ask them to send you copies of the recordings they state they have listened, some will send these, but otherwise by requesting a SAR.
You have proof on your letter that they confirm they listened to these recordings, so you have the right to request for a copy, and they should supply this to you.

Going back to a SAR this is short for Subject access Request, where they have 40 days to comply/send everything they hold on you.
There is a charge of £10 cheque or postal order, and I would post the SAR letter by recorded delivery for your proof of posting.
Link here to SAR template letter:
http://forums.moneysavingexpert.com/showthread.html?t=1475553

Keep at them until your satisfied, you can always ask them to offer you a more of a resonable offer which you will consider.

Hopefully others will post of their opinions on this as well.;)

Please let us know how you get on, cheers.

Di

dirtdiver

ok here goes ill try to make it simple took out a loan in 03/05 for £25000 over ten years heres the numbers

INSURANCE LOAN CASH LOAN TOTAL LOANS
ppi £16,412.40 £25000 6.5% £50,245.20

ppi per mth £136.77 loan per mth £281.94 total £418.71

paid loan up after 25 instalments

outstanding after 25 instalments of £418.71

£39,807.45
less ppi rebate £7301.55
less interest rebate £7897.72

amount to pay £24,608.18

so i paid it off

11 nov 09 i send template letter to them claiming miss selling

recieved reply and a refund of

£6,525.34 + £1,794.89 interest of 8%


but there calculation of my refund is under rule 78 of the cca 1974

i have searched and found out that rule 78 is unfair in calculating early repayment but lookin at my settlement figure letter at the bottom in small print says it is calculating my settlement figure in accordance with consumer credit regulations 1983 which replaced cca 1974
so i rang them and asked them to check to see which way my refund has been calculated but im pretty sure if they use ccr1983 calc it will work out better for me fingers cross ill keep you posted