Can I claim PPI Back

MrsPorridge

I wonder if someone can help me please. I have just read Martin's article on claiming back PPI but cannot really understand it.

I took out a secured loan in September 2007. It was for £25,000 over 10 years. I also took out PPI as when speaking on the phone I felt panicked into buying it.

On my copy of the statement we signed it says insurance premium £5,205.11 - interest on this insurance premium over 120 mnths £2,170.09 total cost of insurance £7,375.20.

There is then a letter to us confirming the loan (which of course we did not sign) stating that our payment protection premium is reduced to £4,957.25 and our total laon is for £30,057.25.

Is it worth while trying to reclaim this?

I have always paid the loan on time (via DD) and never defaulted once on it.

If worth while reclaiming can anyone please point me in the direction of template letters - or would it just be better to telephone them?

The loan is with Nemo personal finance (through Ocean Finance).

Thanks for any help you can give me.

di3004

MrsPorridge wrote: »

I wonder if someone can help me please. I have just read Martin's article on claiming back PPI but cannot really understand it.

I took out a secured loan in September 2007. It was for £25,000 over 10 years. I also took out PPI as when speaking on the phone I felt panicked into buying it.

On my copy of the statement we signed it says insurance premium £5,205.11 - interest on this insurance premium over 120 mnths £2,170.09 total cost of insurance £7,375.20.

There is then a letter to us confirming the loan (which of course we did not sign) stating that our payment protection premium is reduced to £4,957.25 and our total laon is for £30,057.25.

Is it worth while trying to reclaim this?

I have always paid the loan on time (via DD) and never defaulted once on it.

If worth while reclaiming can anyone please point me in the direction of template letters - or would it just be better to telephone them?

The loan is with Nemo personal finance (through Ocean Finance).

Thanks for any help you can give me.

Hi there

Me too had a loan with Nemo, but with a different broker to you.

However, we did have a loan advance with Nemo and was successful with a reclaim, through the FOS.

I would check here for more information and letter templates to help you through this:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
In your case write to Ocean Finance, and give your reasons, there is also a check list on the link.
If you can use your own words but use the template as a guide, so that it does not look the same as everyone elses if you know what I mean lol, but you can still use the templates if you want to, and of course add your own reasons.

They have 8 weeks to respond in full.

Post by recorded delivery.

Keep at them, you may have to send another letter if they do not resolve this by the first response, where you will also come across stage 2 letter.

If you hear nothing though at all by those 8 weeks, then contact the financial ombudsman service (FOS).

Good luck with this and please post up for help when needed.;)

PS, also just to say that you do not actually require the calculations for the letter, but they will come in handy later on, in case you need to refer to them.
They may offer a goodwill gesture, but be careful as generally they are a lot lower than that of the true amount, with the interest.
If they do give an offer and your not happy, you can ask if they are prepared to take it to a more reasonable offer.

If it were me though, it would have to be the whole lot, and the interest. This is my opinion though lol X

di3004

In the final decision they should give details of the FOS, if your not satisfied its another direction you can take, for these to investigate the complaint for you.;)

MrsPorridge

Well I posted my letter off on 9th July - the stage one letter. I've come home from work today to this response:

"Further to your letter dated 9th July regarding your appliation to our Company for finance facilities.

Firstly, we are sorry that you have had cause to complain and we will initiate an immediate investigation into the circumstances surrounding the issues you have raised.

To enable us to fully investigate your complaint we may need to obtain information from your lender and/or their insurers so we would be grateful if you would sign and returned the enclosed authority to us."

They finish off by saying they will handle the investigation as swiftly as possible. The attached form is just the form of authority (which I assume is standard in these cases).

I'm quite surprised to have received such a positive response.

I do have one question - and its a bit silly really, but do you think my taking this action would make them ask me to pay the whole loan back in one go?

Thanks for any help - I'm feeling a bit nervous now.

di3004

MrsPorridge wrote: »

Well I posted my letter off on 9th July - the stage one letter. I've come home from work today to this response:

"Further to your letter dated 9th July regarding your appliation to our Company for finance facilities.

Firstly, we are sorry that you have had cause to complain and we will initiate an immediate investigation into the circumstances surrounding the issues you have raised.

To enable us to fully investigate your complaint we may need to obtain information from your lender and/or their insurers so we would be grateful if you would sign and returned the enclosed authority to us."

They finish off by saying they will handle the investigation as swiftly as possible. The attached form is just the form of authority (which I assume is standard in these cases).

I'm quite surprised to have received such a positive response.

I do have one question - and its a bit silly really, but do you think my taking this action would make them ask me to pay the whole loan back in one go?

Thanks for any help - I'm feeling a bit nervous now.

All the best with this, this must be then how they deal with the complaints, so they have to have your authority do continue to do so, standard practice with some I believe.
It's not a silly question lol, you bound to be anxious about this.
They should not make you pay the whole loan back, your only rightfully trying to reclaim your money back, you have been out of pocket for, so do not worry.;)