PPI and Loans paying off loans

TwistedPsycho

Well after much "umming" and "ahhing" I have bitten the bullet and decided that as a certain building society have mucked me around a lot, then I am going to challange the PPI then enforced on me.

I had a Nationwide Loan in 2002, which was during a working gap year in my university studies. The loan continued into my 3nd year at University and by 2005 I had to take a new loan out to pay it off and buy a car (my old one exploded). Because I had PPI on my first loan I was told I had to have it on my new one.

Would this be a starting ground for miselling the PPI in the first place? I have previously read the PPI reclaim bits on here, but am unsure on whether this is a qualifying factor. To be honest I would not have wanted it as by 2005 I was a year into a very secure job.

Secondly, I don't think I would be able to claim for it now as the loan is part of a DMP. Is that correct?

di3004

TwistedPsycho wrote: »

Well after much "umming" and "ahhing" I have bitten the bullet and decided that as a certain building society have mucked me around a lot, then I am going to challange the PPI then enforced on me.

I had a Nationwide Loan in 2002, which was during a working gap year in my university studies. The loan continued into my 3nd year at University and by 2005 I had to take a new loan out to pay it off and buy a car (my old one exploded). Because I had PPI on my first loan I was told I had to have it on my new one.

Would this be a starting ground for miselling the PPI in the first place? I have previously read the PPI reclaim bits on here, but am unsure on whether this is a qualifying factor. To be honest I would not have wanted it as by 2005 I was a year into a very secure job.

Secondly, I don't think I would be able to claim for it now as the loan is part of a DMP. Is that correct?

Hi there

I know what you mean and remember being told the same as you, but its an individual loan and you should have had a choice.

Also check the checklist for any other reasons, but if you did not want the ppi, and was pressurised into taking this out, then give it a go, also on the first one as well if it applies to you too.

All you do is complete the FOS questionnaire you will find on the link below, this includes the checklist, and the questionnaire is more or less below the page as stage one.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Complete and send to whoever set up your policy, keep a copy for yourself as suggested by the financial ombudsman service (FOS), these questionnaires were actually issued by the FOS, and in replacement of the first template letter.

They have 8 weeks in full to respond, sometimes they write and ask for more time.
Try to get proof for posting at your post office.

Hope this helps, good luck.

marshallka

Hi, just to butt in here, if you are in arrears and the loan is on a DMP then mostly they would use the redress (if you win) to reduce the DMP. Better than nothing though and good luck.

TwistedPsycho

Thanks for your responces.

Marshallka, I don't mind.... that would actually affect the %'s on the DMP and they can accept a more balanced payment for being a problem ever since I declared I was having problems..... I might actually then be making minimum payments!

marshallka

TwistedPsycho wrote: »

Thanks for your responces.

Marshallka, I don't mind.... that would actually affect the %'s on the DMP and they can accept a more balanced payment for being a problem ever since I declared I was having problems..... I might actually then be making minimum payments!

Extra good luck and this one TwistedPsycho. Also if this has to go to FOS and you are experiencing financial difficulties then you can ask that they look at this sooner.

TwistedPsycho

Afternoon Everyone,

Just want to query something with dates and getting a reply.

I sent off my documentation to Nationwide and received a letter from them on 2nd September.
I then got a letter on 23rd September promising a full responce by 21st October, but nothing has arrived.

Okay so delays in the post can happen, but considering I had a letter from their heavy handers at KPR (for the third time in three years they "never received my DMP annual update?" and said word for word "we are going to be going to court to take your house" on the phone to me!) on the very same day, I would like to keep pressure on them like they threaten me.

So can I now theoretically go to the next stage?

zppp

TwistedPsycho wrote: »

Afternoon Everyone,

Just want to query something with dates and getting a reply.

I sent off my documentation to Nationwide and received a letter from them on 2nd September.
I then got a letter on 23rd September promising a full responce by 21st October, but nothing has arrived.

Okay so delays in the post can happen, but considering I had a letter from their heavy handers at KPR (for the third time in three years they "never received my DMP annual update?" and said word for word "we are going to be going to court to take your house" on the phone to me!) on the very same day, I would like to keep pressure on them like they threaten me.

So can I now theoretically go to the next stage?

As Di stated, so long as 8 full weeks have passed since the complaint was raised you can go to the FOS. I would suggest you contact them to query why you haven't recieved a response, because escalating it to the FOS may take even longer.

TwistedPsycho

Many thanks zppp.

I think I was trying to work out whether the fact they asked for an extension restarts the clock. But I am a fair man, unlike Nationwide and their bully boys at KPR, so I will give them until Monday night before phoning them Tuesday.

TwistedPsycho

Bah!

Got a letter this morning telling me that they will now reply in full by 17th November

di3004

TwistedPsycho wrote: »

Bah!

Got a letter this morning telling me that they will now reply in full by 17th November

Good luck.;)

TwistedPsycho

SUCCESS!!!!!!

On a letter dated the same day as the one asking for more time, I have been offered £2559.91 +8% to be paid off of my arrears!!!