PPI Reclaim Advice

rosenvelt

Hi, Im new to this site and have one question to ask about PPI reclaim. Im about to go through the first phase of the reclaim by writing to my bank and asking for a refund. Now my question is do i stop paying while i am going through this procedure ie the monthly lumpsume witch involves the ppi or do i keep paying.
Any advice on the matter would be greatfull.
Thank you all.

di3004

rosenvelt wrote: »

Hi, Im new to this site and have one question to ask about PPI reclaim. Im about to go through the first phase of the reclaim by writing to my bank and asking for a refund. Now my question is do i stop paying while i am going through this procedure ie the monthly lumpsume witch involves the ppi or do i keep paying.
Any advice on the matter would be greatfull.
Thank you all.

Hi and welcome

No do not stop paying and carry on as normal.
They may otherwise default you.

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

But ask for any help if required, good luck.

amersall

rosenvelt wrote: »

Hi, Im new to this site and have one question to ask about PPI reclaim. Im about to go through the first phase of the reclaim by writing to my bank and asking for a refund. Now my question is do i stop paying while i am going through this procedure ie the monthly lumpsume witch involves the ppi or do i keep paying.
Any advice on the matter would be greatfull.
Thank you all.

Do not stop paying this Di is right, you will get defaults.

And DO NOT CANCEL THE PPI. You will end up with a new loan with a higher apr and a longer term, wait for the result of your mis sell because if you win the loan is reset without ppi and ppi you have paid to date will be given back to you, the total ppi amount will be taken off your loan and the monthly payment will go down by the ppi monthly amount.

ian1981_2

Cheers guys but i have been offered a sum but they wont guve me the money directly it has to go off the out standing loan which i defaulted on 6 yrs ago and have a payment plan set up
I wanna
Kno
If they can do that or it has to be payed off the loan Even thou i dnt want it too

amersall

ian1981 wrote: »

Cheers guys but i have been offered a sum but they wont guve me the money directly it has to go off the out standing loan which i defaulted on 6 yrs ago and have a payment plan set up
I wanna
Kno
If they can do that or it has to be payed off the loan Even thou i dnt want it too

I am afraid they can take a win off your loan if it is in arrears, you could give them a ring if you are in financial hardship, as they may change their mind, but i would not pin your hopes on this.

ian1981_2

Dam i am in finacial hardship what step would u recomend ombudsman?

di3004

ian1981 wrote: »

Dam i am in finacial hardship what step would u recomend ombudsman?

Hi Ian

If your not happy with the situation, you could send them a letter and explain this to them and ask if they could discreetly refund this to you.
For example if you had urgent debt elsewhere - you may require this for, such as then mortgage/rent or council tax, you could tell them you were hoping to use this for very important debt.

If they don't budge, you are entitled to still make the complaint to the FOS, you can do this by either giving them a ring first, or complete the complaints form on their website.
http://www.financial-ombudsman.org.uk/contact/index.html

http://www.financial-ombudsman.org.uk/consumer/complaints.htm

Hope this helps, maybe ask the bank to get back with you with a decision by about 14 days as from your letter.
Good luck.

ian1981_2

cheers im gunna get a letter wrote up and sent see what they say its been going on nearly a month now and keep gettin passed from pillar to post ill just get straight to the point with them as !!!!! footing about gets u nowhere

amersall

Cheers Di x.

di3004

amersall wrote: »

Cheers Di x.

That's ok hun.;) Xx