PPI Reclaiming Discussion Part 5

poppyfloss_2

Hi I've used a claim handler to successfully regain PPI payments but now they want 25% plus 20% VAT does any one else agree that this is excessive? I feel that i am being ripped off twice. I knew i would have to pay something but not this much it leaves a sour taste. I know that the money I keep is money that i otherwise wouldn't have had but can't help feeling that I should have been clearly told how much I was likely to lose before agreeing to use this company

dilus

poppyfloss wrote: »

Hi I've used a claim handler to successfully regain PPI payments but now they want 25% plus 20% VAT does any one else agree that this is excessive? I feel that i am being ripped off twice. I knew i would have to pay something but not this much it leaves a sour taste. I know that the money I keep is money that i otherwise wouldn't have had but can't help feeling that I should have been clearly told how much I was likely to lose before agreeing to use this company

25% is average, lots charge more. You should have had all this information on the contract you signed

County_Down_Star

Hello folks

Looking for some advice please, over the past 10-12 years I have had a number of loans, credit cards and store cards. I have started looking at these and discovered I took PPI on them all so now I want to claim back what is mine! My issue is I cannot be exactly sure of what I had and who I had it from, I moved house 5 years ago and destroyed all my financial records then, is there any way I can find out who exactly I had finance from? Can my bank give me a list of direct debits from so long ago? I got a credit report from an online agency but it only shows current finance.

Any help/ guidance is really appreciated!

BH

dilus

County_Down_Star wrote: »

Hello folks

Looking for some advice please, over the past 10-12 years I have had a number of loans, credit cards and store cards. I have started looking at these and discovered I took PPI on them all so now I want to claim back what is mine! My issue is I cannot be exactly sure of what I had and who I had it from, I moved house 5 years ago and destroyed all my financial records then, is there any way I can find out who exactly I had finance from? Can my bank give me a list of direct debits from so long ago? I got a credit report from an online agency but it only shows current finance.

Any help/ guidance is really appreciated!

BH

It's not a case of claiming it back, it's complaining that it was mis sold. You say that you have started looking at them yet you don't know what or even who you had it from. Why do you think you had PPI and more importantly why do you feel it was mis sold. You must have some evidence to state that you have looked into it :exclamati

County_Down_Star

Dilus
Thank you for taking the time to reply, ok so I have spent time thinks over the past my issue is that I believe I had a personal loan with Sainsburys / they deny it I just want to get confirmation for my own piece of mind. I need to gather evidence I have got info from Tesco confirming I had PPI and if I had a loan from Sainsburys I suspect I may have had PPI.

Is there a way of checking my financial records from 10 years ago?

Thanks
BH

dilus

County_Down_Star wrote: »

Dilus
Thank you for taking the time to reply, ok so I have spent time thinks over the past my issue is that I believe I had a personal loan with Sainsburys / they deny it I just want to get confirmation for my own piece of mind. I need to gather evidence I have got info from Tesco confirming I had PPI and if I had a loan from Sainsburys I suspect I may have had PPI.

Is there a way of checking my financial records from 10 years ago?

Thanks
BH

Hi BH,
10 years ago is a long time and makes it difficult as banks do only have to keep records for 6 years or so but in the case of Sainsbury's it may be worth doing a SAR but don't hold your breath that it will turn anything up. A SAR means they have to supply all they hold on you within 40 days but it cost £10 and doesn't guarantee anything. It looks like that is your only option to put your mind at rest. Sainsbury's could be being straight with you and telling you the truth.
Tesco's have confirmed that you have had PPI, they must have some form of evidence to say this so a SAR to them should hopefully turn this up or at least give you an account number to go on If you have the account number for the Tesco loan go for it

Kuffs1978

mis s

amersall wrote: »

Hi kuffs, this is what i have worked out.

Initial loan and ppi over the term at £246.52 = £14,797.20
This is the total ppi and the interest on these, end date Sept 2012.
Even after cancellation of the ppi you will still pay the remainder of the ppi to term end.

Loan payments made from October 07 to Dec 07 @£246.52
2 @£246.52 = £493.04.

Loan payments from Jan 08 to Dec 08 @ £252.84
12 @ £252.84 = £3,034.08.

Loan payments from Jan 09 to Dec 09 @ £261.16
12 @ £261.16 = £3,133.92

Loan payments from Jan 10 to Dec 10 @£261.16
12 @ £261.16 = £3,133.92

Loan payments from Jan 11 to Dec 11 @ £261.16
12 @ £216.16 = £3,133.92

Loan payments from Jan 12 to March 12 @ £261.16
3 @ £216.16 = £783.48

Add these amounts together that you paid above = £13,712.36

Take this off the total loan and PPI balance of £14,797.20
To March 12 you still owe on the loan £1,084.84.
the loan is to be repaid by Sept 12 and at £216.16 x 6 = £1,566.96
this is what is owed to loan and PPI conclusion.

The rebate of PPI was " allegedly" taken off the balance
£ 384.38 this leaves the balance to end of loan in Sep @ £1,182.58

take off this the £800 that was paid = £382.58 that is extra by the End of the loan.
They are taking " allegedly" the charges of £270.00 off the balance that leaves the amount you owe them £112.58 if the loan ran to term end with the PPI still there.

but they owe you the ppi, this should come off the balance of the loan and the loan should be cleared now and the surplus given back with interest, as i said before just because the ppi is cancelled after the rebate the remaining ppi is still on the loan, this is why front loaded PPI, as this is, stinks, you have to fight to get the loan reset without the remaining PPI this is where the problem lies!, if i were you, i would put a complaint into the Chief Ombudsman Natalie Cheney at FOS to let her know what has happened and you are still fighting this mis sell as the FOS upheld this but GE are playing with them.

I know it is your Sisters case, i refer to you in the post as you are dealing with this, good job she has someone to fight her corner x.

Does my post help at all?.

Yes, it helps big time. Thank you. I'm just trying to do my best for somebody who is very important to me, and since few people seem eager to help the disabled these days, I think it's only fair somebody should be fighting their corner.
I like the sound of what you've said; it would take me forever to do the calculations as you have, so a massive thank you for that. The only thing is that I got the impression from the guy at the FOS that although they ruled that the PPI had been mis-sold, since Norton Finance were responsible for paying the rebate and they have gone bust, we have no choice by to pay same as the rebate back to GE Money, on top of the excessive payments already made on the loan. Although the FOS had instructed Norton to recalculate the loan payments to date so that the interest was the same as it would have been without the PPI, since Norton have gone bust, GE don't have to do this and we have no choice but to carry on with the repayments as they have been all along. Is this wrong then? My argument with that was that the PPI was cancelled after month 42, yet GE appear to be insisting that by the end of the 60 months we pay back the same amount as if the PPI policy had been active for the full term. But at the very least, the amount upon full repayment should be £384 less than it would have been if the PPI (and interest) had run full term? As I've said before, the interest paid on the loan so far, according to the guy at GE, is £3,339. They claim that a further £2,382 is owed, which if added to the balance already paid would amount to a full repayment of £15,721, which equates to 60 months of the same level of repayment as when the PPI was included (+£159 charges), yet as I've said before, the PPI was cancelled in April 2011 so we cannot have been paying interest on anything more than when the policy was active (£340 interest between inception and termination of the policy during month 42) and whatever that accrued during the final 18 months of the repayment period. Since it earnt £340 during 42 months, it can't have earnt anything more than £100 during the final 18 surely?

cappo

poppyfloss wrote: »

Hi I've used a claim handler to successfully regain PPI payments but now they want 25% plus 20% VAT does any one else agree that this is excessive? I feel that i am being ripped off twice. I knew i would have to pay something but not this much it leaves a sour taste. I know that the money I keep is money that i otherwise wouldn't have had but can't help feeling that I should have been clearly told how much I was likely to lose before agreeing to use this company

Hi poppy did'nt they tell you initially how much there fee was? if you were not told and it is not in there contract challenge it.

amersall

Kuffs1978 wrote: »

mis s

Yes, it helps big time. Thank you. I'm just trying to do my best for somebody who is very important to me, and since few people seem eager to help the disabled these days, I think it's only fair somebody should be fighting their corner.
I like the sound of what you've said; it would take me forever to do the calculations as you have, so a massive thank you for that. The only thing is that I got the impression from the guy at the FOS that although they ruled that the PPI had been mis-sold, since Norton Finance were responsible for paying the rebate and they have gone bust, we have no choice by to pay same as the rebate back to GE Money, on top of the excessive payments already made on the loan. Although the FOS had instructed Norton to recalculate the loan payments to date so that the interest was the same as it would have been without the PPI, since Norton have gone bust, GE don't have to do this and we have no choice but to carry on with the repayments as they have been all along. Is this wrong then? My argument with that was that the PPI was cancelled after month 42, yet GE appear to be insisting that by the end of the 60 months we pay back the same amount as if the PPI policy had been active for the full term. But at the very least, the amount upon full repayment should be £384 less than it would have been if the PPI (and interest) had run full term? As I've said before, the interest paid on the loan so far, according to the guy at GE, is £3,339. They claim that a further £2,382 is owed, which if added to the balance already paid would amount to a full repayment of £15,721, which equates to 60 months of the same level of repayment as when the PPI was included (+£159 charges), yet as I've said before, the PPI was cancelled in April 2011 so we cannot have been paying interest on anything more than when the policy was active (£340 interest between inception and termination of the policy during month 42) and whatever that accrued during the final 18 months of the repayment period. Since it earnt £340 during 42 months, it can't have earnt anything more than £100 during the final 18 surely?

Hi Kuffs, i had to work it out so that i knew what it worked out at, the only way you can get the PPI taken off the loan is to make GE responsible for the mis sell, they did not sell you the loan and PPI so they are not liable, this is disgusting as they are taking the money for this PPI and you should have had the rebate taken off the loan balance when it was cancelled, this should be checked as it looks like they have not taken this off also the charge they said they would take off ( i just remembered the rest of the charge that you have to pay too!! sorry) unless you get the rebate and the charge taken off ( looks like they have not taken these off!!) the balance will be to term end what i worked out above.

Put a complaint into GE money, separate from the case ongoing, regarding the balance they say you owe, contradict this and use the workings out i did above and ask them to explain why the balance is more now than it should be with the rebate and charges taken off and you want written proof that these have been taken off.


The ppi needs to be deemed to be mis sold to get the whole lot wiped off the loan, as i have said before this has not be won so the whole ppi is still on the loan to term end with interest regardless of cancelling and the rebate, you need to know what happened with rebate, this PPI is grossly unfair and this will be paid to term end with interest even after the rebate, this is what happens with this type of ppi, people think they have cancelled and the loan payment goes down but it does not and the PPI is still there and has to be repaid no matter what, you are stuck with this, but you need to have proof that the rebate and the charges were taken off, also there will be interest charged on these charges too, i do not know how they work these out so cannot help with these, this has to be taken into account too.



Put a complaint into Natalie Cheney, put ( as brief as you can) that this ppi was a loan on a loan to term end with interest and this is clearly a mis sell and the FOS upheld the claim but unfortunately Norton went into administration, put what the FOS did next and what GE said (enclose copies of correspondence) put what was said about the cancellation and that you now know this does not happen and you do not believe the rebate was applied to the loan as the balance now and what GE said you owe to this point is to GE profit.
Stress that this was front loaded PPI and was deemed to be mis sold by the FOS and upheld but GE are saying they are not responsible for the mis sell it is Norton who sold this, but, GE are taking the money for this loan PP to term end with interest and ask her to explain how GE can take this money yet remove themselves from the mis sell.

You can ring FOS and make this complaint, let them know you want this FAO Natalie Cheney and why you want this escalated as you are just going round in circles and your sis is paying for a PPI that was mis sold and no longer has cover for, this may get you some help, it may not but you have nothing to lose by going this route, also ring FSA and ask if they can give you any advice on what to do, again this may not work, but at least you have tried.

Another thought!! do you know who the insurer is? it may not work but you could try the complaint to them for mis sell and see what they come back with, let them know that the FOS upheld against Norton but they went bust, stress the front loaded aspect this is critical, loan on a loan to term end with interest, after cancellation it is still there and is being paid to term end.

Keep letters direct and to the point, do not sway to figures and digress, straight to the point is needed here, give it a go and see what happens.

amersall

Hi again! Kuffs, when you do the complaints it wouldn't hurt to mention that your sis is disabled and it is taking it's toll on her health and that this PPI was mis sold, by the FOS own admission, she has had her benefits reduced and has still to pay for a PPI that should not be there.
Keep it to the point just get the message across.