PPI Reclaiming Discussion part 4

nathan97

Hi all,

could I please just thank everybody in his forum for the help they have given me during PPI reclaims process that was upheld by the FOS. I have had confirmation this weekend from LTSB of the amounts of PPI that I have paid on the 3 loans that the FOS upheld and said that LTSB had to calculate the refund according to the standard FOS criteria. I wonder if the mathamatical geniuses in this forum could work out a reasonably close figure to what I might receive from LTSB so that I can agree or disagree with their amount. Forgot to mention I have not received the offer yet but I like to be prepared.

OK here goes.

1st loan

£1000 over 12 months taken out in 2003, 12 payments made. cost of PPI £132.15 apr 8.9%.

2nd loan

£15000 over 60 months taken out in 2004, 32 payments made. cost of PPI £3348.39 apr 11%.

3rd loan that consolidated 2nd loan,taken out in 2007.

£25000 over 84months, 28 payments made, cost of PPI £6834.25 apr 12.9%.

All these above loans have now been settled and paid in full.

Any reasonably accurate calcs welcome, as annual percentages are not my thing.

Many many thanks again in anticipation of your help

Nathan97

mrs-d_3

I wrote to Lloyds about my PPI and they said no. Now that was in Dec 2008 and they said I have 6month to contact FO but I didn't. Can I start again or am I too late? We are seriously struggling at the moment.

marshallka

mrs-d wrote: »

I wrote to Lloyds about my PPI and they said no. Now that was in Dec 2008 and they said I have 6month to contact FO but I didn't. Can I start again or am I too late? We are seriously struggling at the moment.

I know that someone that is on here did this and somehow the FOS accepted the complaint again. I hope she comes along to post as I always thought FOS were pretty strict on this from how others had posted. I know if you have had family/health problems that have mean't you have had no time to think about your PPI claim and every waking hour is spent on the probs then it may work. I did think you had to prove it though but cannot be sure?? I will try and bump the post if she is on later.

Good luck

mrs-d_3

Thank you Marshallka for your reply. I thought to write to Lloyds again and then after that Ombudsman. Hope I'm not too late!

di3004

mollymoo96 wrote: »

Hi everyone

I have today looked at my mbna account and found a credit from friday for £1889 will this be my ppi refund I have asked for although I have had some but it turned out to be not enough . I have also claimed for credit card charges . I have had this card since 1996 before 2003 it was run by alliance and liecster so I have claimed from them too. Any Ideas it say on the statment cao refund

Hi mollymoo
Hope this gets all sorted out soon, but in regards of charges, it may be a good idea to post on the credit card charges thread, where someone will know the best action for you on this one, here:
http://forums.moneysavingexpert.com/forumdisplay.html?f=102
Please let us know how you get on, thanks hun and fingers crossed it will all be sorted out for you soon.:)

skintmumofone

Hi all
well just got a call from my adjudicator at the FOS re FP and he has advised if Loans.co.uk do not get back to him by Friday he is going to send the paperwork for a full adjudication? What is that exactly?

So that makes me smile a little bit!

Then still nothing from WF so phoned my local branch again to be told they still have an IT issue and it is an external issue, was told to phone compliance which I did and was told that they have a standard reply for all complaints now which is that it will be resolved by end of February! I said to her well I wont hold my breath and if I dont get this resolved I will take it further. Said I have been extremely patient with this company since October and have been palmed off every time |I have called and now the email has bounced it is saying now no external emails are being sent to individual staff members. Great fun now I have no way of knowing anything! Oh the joys

dec22

mrs-d wrote: »

Thank you Marshallka for your reply. I thought to write to Lloyds again and then after that Ombudsman. Hope I'm not too late!

It could also be worth just asking Lloyds to reconsider their decision based on the publicity towards the end of the year where the FOS said that rejected claims should be reconsidered. Can't remember the details exactly but someone on here might know what I am talking about and point you to the link. I would attach a copy of this and send it with your letter. Fingers crossed they might give you another opportunity to go to the FOS or even better review their decision and settle it without the FOS.

Good luck!

helen_forbes

Hi

Hope someone might be able to help me, ive had a letter from a company saying they can reclaim money back from London Scottish, and want £140 to start the wheels in motion, i believe London Scottish arent in business anymore, do i use them or try to do it myself? i had a loan with them in 2005.

Thanks

maxdp

Hi Do not go there. If you feel you have been miss sold insurance etc on a loan then you can claim it back from this site. Have they been taken over by another company?

lucieloo

Incipience wrote: »

Guys.. Just to clarify this situation. The broker wont pay out, the lender will have to pay out even if the broker admits liability. The Broker would have to tell FP that there were some issues with the sale, FP would claw back all the commission from the Broker and then pay you.

However, would you think the lender would say no to the broker, your problem you pay. Of course not because the Lender Knows that he is also liable.

The FOS, look at the basics of any case, and if the Lender says it the Broker then the FOS will come back to you and say the same. Because that is what they have all been trained to say.

However, if you go to the FOS and argue that on a balance of probability you would have had no idea as to the responsibility of the sale. All your paperwork is that of the Lenders, the Policy Documentation is that of the Lenders, the Lender goes as far to say that they are the intermediary in the sale of insurance.

How could a meer consumer, construe it to be the responsibility of anyone but the lender?

Lenders love branding things, and this is to their own detriment in cases such as this, they advertise the fact that they are a member of all sorts of regulatory bodies and memberships, and that they follow codes of conducts.

This is why you buy from them, because you feel safe, now if the lender continues to claim that its not them, it could be argued that its policy documentation and assertions to the consumers protection is a negligent misrepresentation. Which would allow you to pursue under either common law or under the Misrepresentations Act 1967, choice is yours.

Dont think for one second because the lender tells you to take legal action or go to the FOS, they know that less than 1% of the claimants will do either. And the ones who take it to court, I have yet to see FIRSTPLUS make it all the way to court, cases are settled.

You have to understand the Lenders train their staff to push you to the limits of giving up, they use words and rhetoric that will make you feel that you were stupid enough to agree to its terms, and may even tell you that you can do nothing.

They can quote FOS, FSA or CCA, or whatever they want.. these are regulatory bodies, and/or acts of parliment. All the principles of these are founded on Common Law, and you have a right under no less than 10 different Acts and Laws that you can appeal to.

If your PPI is worth say £10k, imagine the cost to these Lenders to defend legal action, Eversheds (who firstplus use) are not cheap counsel, a case such as this can amount to £20k and upwards in litigation and barrister fees. Then if they even had the slightest chance of loosing can you imagine the precedence this will set for other customers to do the same.

Think about this logically, think about it from a risk management point of view. At the moment fob-ing you off is worth over 10k to them, so it makes sense to hire a bunch of nonses to break you down. However, they will fight you till it starts to cost more to defend than it does to pay you out. Then look for the settlement letter in the post.

If you are new to this complaining. File a Complaint with the FOS and see if it rattles them.. wait 2 months and if Nothing, Take them to Court. Avoid claims management companies who just basically do what you do, Complain, wait, Compain, Wait, Sent to FOS.

You want LEGAL action, so you need a solicitor or a claims company that does the litigation and then passes over to the Solicitor.

Remember a Solicitor can claim the fees off the other side, even on a settlement, so the lender will lose much more. than it could of if it had just paid you out.

But as I said its all based on numbers. I would therefore tell EVERYONE, never give up, no matter what they tell you fight it to the end. I am sure if someone gave you an extra 10k in your pocket at the end of the year, you would be likely to put in some serious over time.

Therefore, stop thinking like a victim and start treating this as a contract, with a nice big payout at the end. You will Get it, but you have to work for out.

Once you get into the same mindset as the lender and refuse to back down, and dont take it personal, which is hard I know, but just enjoy it.

Once lenders realise that people are not going to go away, it will pay them to shut them up.

Firstplus Kicked me Down over the past 4 years, and I was ready for giving up, until someone said to me, that loan is worth over £150k over the term, and if I told you that I would pay you at least 10% of that to fight it, what would you do.

Remember that its not just the PPI, its the interest on that for the length of the loan and that can amount to at least 5 holidays or more over the term.

So do yourself a favour and employ yourself to fight your own case, if it get a little tough then employ another to help on either a commission basis or something like that. (by that I do mean a lawyer)

Now have a good hard think about what I have said.. It is your Money.. It Is your right, and even though the odds may seem stacked against you.. The lender has more to loose than you do.

Give back as much as you get.. this time next year, we will see who is in the better position.

The law is with you, and Judges Hate these lenders, remember Judges were students once, with huge student loans, they know the pressures that lenders can put on people, everyone except the lenders hate credit (unless its there own)

Never get angry, always wait a day before replying to a letter.

Educate yourself, you never know you might just find you have a knack for complaining.

If you sit back and do nothing, then you can be sure that one day this will happen to your kids. Take action now and force these companies and the government to make changes..

You are not alone, people here and on other boards are here to help and let you vent off your anger.. but be careful to the information in which you release on these boards as you can be sure that the lenders read them every day.

If someone walked in to your house and stole £10k would you just sit back and let them take it, or would you use everything available to you to fight for it?

Then why sit back and let these companies abuse you.

hi i have just found this and was wondering if should be claiming from fp or hfs/ now cap one? if it is first plus how do i go about it? they have replied saying that my loan was brokered and have forwarded my complaint to cap one? how would i pursue this with fp?