PPI Reclaiming Discussion part 4

amersall

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!

hi there, told you marrshalka could help!! i have just read your post again, if this offer was just for a rebate i would seriously go for mis sell with both companys, as marshalka says you are due a lot more back and 9,000 just does not cover it. this is a front loaded ins and the fos frown upon these policys. the win rate for fp is astronomical. i would write to both companys for mis sell when you get the replies, (i would think they would be favourable) if they are not go to fos. a rebate is not good enough (marshalka has been down this route, that is why i knew she could help you more)especially with the way fp work this out. they are trying to rip you off again. if you win you will get all the ppi total off your loan, you get the ppi payments made to date, with interest,and your monthly payment goes down and your settlement figure will be much better

sam_temple

sam_temple wrote: »

Hi

I had a company reclaiming my PPI for me and received correspondence from Welcome Finance and FOS last August to say they had agreed to refund my payments of approx £1400 with an additional £100 compensation. When they got my letter of acceptance back they changed their minds and said my case was a Jurisdiction one because the loan was taken out before they were covered by FOS. We are struggling like most, and used the correspondence to hold of some payments before Christmas and now we are in difficulty.

I had no idea Welcome were legally able to do this; after reviewing my case for such a long time and then officially agreeing in writing to my claiming company and the FOS to agree the refund.

The company handling my claim are now (for other reasons) not able to further my claim legally. The FOS still have my case open and apparently they are in discussion with Welcome's insurers but have said there is no guarantee or timescale.

I am wondering how many other people have been affected like this?

Is it worth trying to fight this through the courts myself or leave with the FOS?

Thanks for the previous advice.

I have approached 3 other Reclaim Companies and no one wants to touch my case. I have tried to explain that the company who was dealing with this is no longer able to (that is what they tell me) and not that I just didn't agree with the outcome.

I thought I did the right thing by getting an MoJ registered company to deal with the claim and it just seems so immoral and wrong that my claim was upheld and I even got the FOS letter to say I would get my money in approx 8 weeks.

Is there any way I can get the FOS to deal with this quicker as we have already waited over a year for them to invesigate my claim and uphold it. We are not in a position to wait another 2 years, or however long, for an outcome on this case as we have been left in financial difficulty?

marshallka

sam_temple wrote: »

Thanks for the previous advice.

I have approached 3 other Reclaim Companies and no one wants to touch my case. I have tried to explain that the company who was dealing with this is no longer able to (that is what they tell me) and not that I just didn't agree with the outcome.

I thought I did the right thing by getting an MoJ registered company to deal with the claim and it just seems so immoral and wrong that my claim was upheld and I even got the FOS letter to say I would get my money in approx 8 weeks.

Is there any way I can get the FOS to deal with this quicker as we have already waited over a year for them to invesigate my claim and uphold it. We are not in a position to wait another 2 years, or however long, for an outcome on this case as we have been left in financial difficulty?

Hi, have you written to the FSA (if regulated) or if not then surely the OFT should be able to help with this as they will hold a consumer credit licence. Just a thought. Also perhaps you could ask that it be escalated to the actual Ombudsman.

Hope you get thing sorted.

tiggrae

sam_temple wrote: »

Thanks for the previous advice.

I have approached 3 other Reclaim Companies and no one wants to touch my case. I have tried to explain that the company who was dealing with this is no longer able to (that is what they tell me) and not that I just didn't agree with the outcome.

I thought I did the right thing by getting an MoJ registered company to deal with the claim and it just seems so immoral and wrong that my claim was upheld and I even got the FOS letter to say I would get my money in approx 8 weeks.

Is there any way I can get the FOS to deal with this quicker as we have already waited over a year for them to invesigate my claim and uphold it. We are not in a position to wait another 2 years, or however long, for an outcome on this case as we have been left in financial difficulty?

you could start proceedings in the County Court - under contract law once an offer has been accepted it should be legally binding - you could go to the Citizens Advice Bureau and ask for help in completing the N1 claim form

mystfied_tigger

marshallka wrote: »

Hi, you would still have to go through the broker for any kind of complaint about the misselling of the PPI anyway as Firstplus would just pass it over.

As you mention about the cashback after 5 years, this is only the amount of the PPI policy and does not include the interest charged. Your total PPI would have been 204 x 150.61 = £30724.44 so there is a hell of a difference.

If you want to be put back into the position as if you never had the PPI then I would refuse the offer and get the complaint into FOS if they do not see things your way by writing to them again. It is your choice of course but what they have offered (if it is only £9000) is not what your PPI redress would be for misselling. As this was taken out in 2006 you will be OK to use FOS.

Hope you make the right decision for you. Good luck

Hi Marshallka - thanks for the reply - I really had no idea just how much they are charging for the PPI - what a total rip-off!!!

Apologies for being thick but if I understand you correctly you suggest refusing the offer of £9K and writing to Capital to tell them that I do not accept their offer and insist that the PPI was mis-sold and that I am going to FOS for them to investigate? Should I write to FOS at the same time as I write to Capital or give them some further time to come back with an offer?

I'm not sure how Capital can put me back to the position that iI would have been in if I hadn't had the PPi at all, do they still have some involvement in my loan?

Do you think it will help my case with the FOS that Capital said that they partially upheld my complaint as 'having reviewed the sale of the PPi they believe that the explanation of the non-proportionate rebate was somewhat confused'?

Sorry again for all the questions but I am still a bit confused

mystfied_tigger

amersall wrote: »

hi there, told you marrshalka could help!! i have just read your post again, if this offer was just for a rebate i would seriously go for mis sell with both companys, as marshalka says you are due a lot more back and 9,000 just does not cover it. this is a front loaded ins and the fos frown upon these policys. the win rate for fp is astronomical. i would write to both companys for mis sell when you get the replies, (i would think they would be favourable) if they are not go to fos. a rebate is not good enough (marshalka has been down this route, that is why i knew she could help you more)especially with the way fp work this out. they are trying to rip you off again. if you win you will get all the ppi total off your loan, you get the ppi payments made to date, with interest,and your monthly payment goes down and your settlement figure will be much better

Hi Amersall thanks for the post - I have read marshllka's post and am horrified at how much I would be paying for the PPI :mad:. I'v asked her a couple of other questions as I admit I am still confused - in one respect £9000 is quite a lot of money but compared to £30,000 it is pitiful - I'm just a bit worried that I might end up with nothing - although I guess they are unlikely to offer me anything if they had a water tight case so that is something I think.......

marshallka

mys

mystfied_tigger wrote: »

Hi Amersall thanks for the post - I have read marshllka's post and am horrified at how much I would be paying for the PPI :mad:. I'v asked her a couple of other questions as I admit I am still confused - in one respect £9000 is quite a lot of money but compared to £30,000 it is pitiful - I'm just a bit worried that I might end up with nothing - although I guess they are unlikely to offer me anything if they had a water tight case so that is something I think.......

Hi mystified tiger, if your PPI repayments were £150 over 204 months its a lot of money and a lot more than this £9000 they are offering. It is up to you and there are no guarantees of winning but according to FOS records they uphold 99% of Firstplus complaints so I would think you have a good chance even though you used a broker. I don't know the in's and out's of the case but if you have a good case the difference between a rebate and a missale is huge. As I say, the choice is yours. I hope you make the right decision for you.

marshallka

mystfied_tigger wrote: »

Hi Marshallka - thanks for the reply - I really had no idea just how much they are charging for the PPI - what a total rip-off!!!

Apologies for being thick but if I understand you correctly you suggest refusing the offer of £9K and writing to Capital to tell them that I do not accept their offer and insist that the PPI was mis-sold and that I am going to FOS for them to investigate? Should I write to FOS at the same time as I write to Capital or give them some further time to come back with an offer?

I'm not sure how Capital can put me back to the position that iI would have been in if I hadn't had the PPi at all, do they still have some involvement in my loan?

Do you think it will help my case with the FOS that Capital said that they partially upheld my complaint as 'having reviewed the sale of the PPi they believe that the explanation of the non-proportionate rebate was somewhat confused'?

Sorry again for all the questions but I am still a bit confused

It is up to you but a missale is very different to a rebate. You have been offered £9000 but they have not offered you a total missale as this would be the total amounts you have paid already against the PPI repaid to you (plus 8% statutory interest) and then what would have been owing is calculated and taken off the loan balance at that time and a new loan drawn up to reflect this at the same rate and terms and also the repayments would be reduced.

If you are going to decline their offer then you would write back to them and decline and then reiterate your complaint for the misselling of the PPI and say you will send it to FOS if they do not change their minds. They will then send you their final response and if they have not budged then you are free to use the FOS.

Good luck

Silverbird

Hi all

Hope you don't mind me posting here, but just wondered whether there have been any recent successes from the FOS after more than a years' wait?

OH's claim has been with FOS for 1 year and 2 months and we just wanted an idea as to when we might hear back. Or whether it's worth us chasing them?

Congratulations to all recent successes

x

di3004

Silverbird wrote: »

Hi all

Hope you don't mind me posting here, but just wondered whether there have been any recent successes from the FOS after more than a years' wait?

OH's claim has been with FOS for 1 year and 2 months and we just wanted an idea as to when we might hear back. Or whether it's worth us chasing them?

Congratulations to all recent successes

x

Hi there and post away.......:D;)

Yes loads have been successful even waiting that long and longer.
One of mine taken about 14-15 months, then all sorted out through the FOS.

Good luck with yours, and there is no harm in chasing them up now and again for an update. Fingers crossed.