PPI Reclaiming Discussion part 4

Avenger2

Sorry if I have posted this in the wrong place, we have just received an offer from the RBS, our claim is still awaiting an adjudicator from the Ombudsman, but the RBS have finally got back to us with an offer, they have offered 2'545.72 plus interest at 8% totalling 538.03, I will inform the ombudsman, should we go for their first offer? they have admitted that they been unable to confirm precisly what information we were given at the time we purchased the policy, but the above offer is a gesture of good will,
This will help us immensly, but I don't want to just jump in and accept could someone offer any advice

Meeely3

I took it out in 2005, monthly repayments for loan and PPI was/is approx £474 and the LOAN was taken out over 20 years (40k). If the PPI is added to your loan and repayments spread over 20 years, how come I would have got the whole lot back in december of this year, £9796 if I hadn't made a claim?

amersall

Meeely3 wrote: »

I took it out in 2005, monthly repayments for loan and PPI was/is approx £474 and the LOAN was taken out over 20 years (40k). If the PPI is added to your loan and repayments spread over 20 years, how come I would have got the whole lot back in december of this year, £9796 if I hadn't made a claim?

hi again, the ppi is paid for the 20 years but you are only covered for 5!!! you still pay ppi for the term of the loan, that is one of the reasons i won my case with fp. my ppi was 23000 over 25 years at 185 a month, nearly had heart attack when i worked out how much i would pay back for a product i no longer had, the interest on your monthly ppi will be why you only paid £80 for actual ppi but this interest goes back to your loan with the original ppi total amount, the ppi back after 5 years is the carrot they use so you do not question what you will actually be paying back for the ppi over the term of the loan. hope you understand this and it has helped you

Meeely3

amersall wrote: »

hi again, the ppi is paid for the 20 years but you are only covered for 5!!! you still pay ppi for the term of the loan, that is one of the reasons i won my case with fp. my ppi was 23000 over 25 years at 185 a month, nearly had heart attack when i worked out how much i would pay back for a product i no longer had, the interest on your monthly ppi will be why you only paid £80 for actual ppi but this interest goes back to your loan with the original ppi total amount, the ppi back after 5 years is the carrot they use so you do not question what you will actually be paying back for the ppi over the term of the loan. hope you understand this and it has helped you

Thanks Amersall - this has helped I think - if what they are offering is not short changing me, I will accept it - I think I will check paper work at home, see what the monthly payments for the PPI actually were, and go from there - thanks all!

amersall

Avenger2 wrote: »

Sorry if I have posted this in the wrong place, we have just received an offer from the RBS, our claim is still awaiting an adjudicator from the Ombudsman, but the RBS have finally got back to us with an offer, they have offered 2'545.72 plus interest at 8% totalling 538.03, I will inform the ombudsman, should we go for their first offer? they have admitted that they been unable to confirm precisly what information we were given at the time we purchased the policy, but the above offer is a gesture of good will,
This will help us immensly, but I don't want to just jump in and accept could someone offer any advice

hi there, does it sound right to you? if they are working blind with this and it seems right to you, thats fine. it may be worth talking to the adjudicator and see what he thinks, and well done on your win

amersall

Meeely3 wrote: »

Thanks Amersall - this has helped I think - if what they are offering is not short changing me, I will accept it - I think I will check paper work at home, see what the monthly payments for the PPI actually were, and go from there - thanks all!

glad you understood what i meant lol, well done on your win with fp. they are the worst company to deal with for a loan. take a look at this website firstpluscomplaints.co.uk this has been set up to help disgruntled first plussers, you will have your eyes opened let me tell you, please sign the petition on there about interest rates as they are the only company to raise rates even though the interest rate is at its lowest in a long time, ask first plus about the 8% you have nothing to lose and congrats on your win!!!!

Stubbsy05

Can anyone pleas advise?

I have held a flex (current) account with nationwide for several years.

Situation is:

Old Nationwide loan that was settled - I am currently waiting for the Obundsman to tell nationwide I accept their PPI claim offer.

I am buying a new car and want to pay for it with a personal loan. Nationwide offer the best rates. Can I go ahead and apply or will I be rejected due tot he claim or ruin the claim going through?

thanks

di3004

Stubbsy05 wrote: »

Can anyone pleas advise?

I have held a flex (current) account with nationwide for several years.

Situation is:

Old Nationwide loan that was settled - I am currently waiting for the Obundsman to tell nationwide I accept their PPI claim offer.

I am buying a new car and want to pay for it with a personal loan. Nationwide offer the best rates. Can I go ahead and apply or will I be rejected due tot he claim or ruin the claim going through?

thanks

Hi and well done with the offer.:beer:

I am not certain on this, hopefully someone will post up with some advice for you here, good luck.;)

di3004

For anyone waiting to hear from Lloyds in regards of your refunds, I was given the direct email details, so thought I would post them here for you.
[EMAIL="customer.care.insurance@lloydstsb.co.uk"]customer.care.insurance@lloydstsb.co.uk[/EMAIL]

lucieloo

this is the situation. can anyone advise me or have i blown it? i sent my mis sold form to fp last week, then i was told by a friend that it was too old as it was 2002 so i contacted the citezens advice who then put me in touch with the fo who said i had a case and they were writing to fp asking them to give me a final discision. but it has only been a week!! he then told me if i dont agree with fp discision then they would look into it further. im wondering how come the fo have got involved so early, and will that go against me?