PPI Reclaiming Discussion part 4

di3004

mrsevans wrote: »

Good Evening all,

Just want to know if anyone else out their is having a similar experience.

We had a secured loan with Blemain Finance in 2005, and mis-sold PPI (what a surprise) I wrote to Blemain who inturn told me that it was Click for Freedom who actually sold us the PPI and they have now ceased trading (or dissolved was the description on the Companies house website). I phoned the FSCS today and they told me to put everything in writing to them plus any evidence. So I have written a letter and posted copies of everything else I had with it. What are the likelyhoods that I will get any/all of my money back now?? Can anyone help???? PLEASE x

Hi there

I am wondering if its the same sort of Click business as the ones we went with who dissolved in 2006, ours was Click Finance, but the same director runs quite a few Click companies, and many of them have dissolved.

I would in your situation try to pursue this with the insurer/underwriter, I have done so in this case, the FOS are trying to also make these responsible, if you do not have the policy details with the insurers details, the lender (not broker) should supply them to you, so you write to these as you do with the broker with the reasons you have for being mis sold, they have 8 weeks to give you a decision.

If the insurer comes back and tells you know then move on to the FOS.

However, before you do all this, you may be able to reclaim through the financial compensation scheme (FSCS) instead?
Depending if they were regulated by GISC prior to the when the FSA taken over when you taken this out, you may have a chance to go to the FSCS.

If not then as stated go the insurer direction, mine is with the FOS now, hopefully it will be passed on to an adjudicator in time.

For more info on reclaiming here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

You could though contact the FSCS (compensation scheme) and ask if they are listed with them, if not then to the insurer.
http://www.fscs.org.uk/contact-us/

Hope this helps, but do not give on on this quite yet, there are a few ways around this.
Good luck, please keep us posted.:)

mrsevans

Di, you are a star:staradmin thank you very much, the feedback and support you get on this site is wonderful and makes you want to keep fighting.. xx

di3004

mrsevans wrote: »

Di, you are a star:staradmin thank you very much, the feedback and support you get on this site is wonderful and makes you want to keep fighting.. xx

Hi MrsEvans
My pleasure.:A
Just ask for help anytime, fingers crossed for you.;) X X

lucieloo

hi everyone just a quick question, how do you find out if your broker were covered by gisc? i have looked everywhere but can not find any info on hfs homeowner loans. any help would be great

marshallka

lucieloo wrote: »

hi everyone just a quick question, how do you find out if your broker were covered by gisc? i have looked everywhere but can not find any info on hfs homeowner loans. any help would be great

You could ring up FOS and they will tell you.

lucieloo

thank you x

lucieloo

and guess what they were not covered. what now?

marshallka

lucieloo wrote: »

and guess what they were not covered. what now?

See if FOS would accept the complaint against the insurer perhaps. If you give them a ring they will advise you on this and may even write on your behalf.

mystfied_tigger

Hi I wanted to tell you some good news :j- I have just had a reply from Capital Finance to my letter rejecting their offer of just over £4,200 offering me £9,000! :j:j

They have said -

We are making our offer entirely independently of whatever you decided to do with your PPI. With our offer you can still look at cancelling your PPI, in which case Firstplus will apply your PPI rebate directly to your loan and you have the option whether or not to pay this amount into your loan. Alternatively you could continue with the PPI cover for another 15 months and when the insurance finishes apply for the full premium rebate directly from Firstplus, subject to their terms and conditions. This will not affect our offer.

Obviously I am very happy with the increased offer but am unclear how I stand as far as the insurance is concerned and the loan with Firstplus and would welcome some advice please.

Can I now contact Firstplus to ask them to cancel the insurance and get a refund of the premiums and interest and therefore have a reduced loan (and payment) from then until the end of the loan period (are they likely to do this?)? And that would be in addition to the offer from Capital?

If I have the option of continuing to pay the PPI and get the premium rebate, although that is supposed to mean that I get a large lump sum at that point, I will still be paying interest on the PPI throughout the whole loan term which is what makes it so expensive isn't it?

Any advice you can give would be really appreciated!

Thank you!

di3004

mystfied_tigger wrote: »

Hi I wanted to tell you some good news :j- I have just had a reply from Capital Finance to my letter rejecting their offer of just over £4,200 offering me £9,000! :j:j

They have said -

We are making our offer entirely independently of whatever you decided to do with your PPI. With our offer you can still look at cancelling your PPI, in which case Firstplus will apply your PPI rebate directly to your loan and you have the option whether or not to pay this amount into your loan. Alternatively you could continue with the PPI cover for another 15 months and when the insurance finishes apply for the full premium rebate directly from Firstplus, subject to their terms and conditions. This will not affect our offer.

Obviously I am very happy with the increased offer but am unclear how I stand as far as the insurance is concerned and the loan with Firstplus and would welcome some advice please.

Can I now contact Firstplus to ask them to cancel the insurance and get a refund of the premiums and interest and therefore have a reduced loan (and payment) from then until the end of the loan period (are they likely to do this?)? And that would be in addition to the offer from Capital?

If I have the option of continuing to pay the PPI and get the premium rebate, although that is supposed to mean that I get a large lump sum at that point, I will still be paying interest on the PPI throughout the whole loan term which is what makes it so expensive isn't it?

Any advice you can give would be really appreciated!

Thank you!

This is wonderful a big difference in the offer on the 2nd one, Well done and Congratulations. :beer::T:beer:

I's sure someone will be along to explain how this works, as banks can vary from one to the other in how they do this, on cancelling etc.;)