PPI Reclaiming Discussion Part 5

amersall

MILLET wrote: »

Hi wonder if anyone can help me.
Took out a loan in nov 2004. Application was a pre typed form with ppi already worked out which just had to be signed. PPI application form prefilled in both on I Group paperwork both with an advert for Loanline stapled to the back.
Put in my PPI claim to Ge Money who I Group morphed into.
I had a reply saying that I needed to contact Loanline Ltd who sold the PPI but as they were no more I would need to contact the administrators of Loanline.
All my paperwork says I group.
Rang FOS who seem to think that I will need to find the Administrators of LoanLine, but in the meantime to send them a copy of my paperwork as they had something similar on another phone call at the same time.

Three questions if anyone can help.

Has anyone been thru something similar?

How was it resolved, did you have to go thru the Administrators?

Does anyone know who the administrators of Loanline are?

Would be very grateful for any feedback.

You will have to go through the Administrator with this, give FSA a call and ask if they can help with finding these.
http://www.fsa.gov.uk/consumerinformation/consumer_contact

amersall

AlwaysBroke wrote: »

Recieved a letter today from RBS about my old Natwest account (that is now closed) saying they had no record of my account?
If the account is closed will i still be able to reclaim?

How long ago was this closed?, if it was within the last 6 years then do a Sar request, enclose £10 and ask for all info they hold on you and give them 40 days to respond.

If you have the account number and reasons for mis sell, then put the complaint in.

amersall

needhelpplz wrote: »

Hi Amersall
The loan was taken out in April 2005. We have not had the cashback as we fell into some arrears and also we claimed on the insurance for six months when my partner lost his job. Will this affect our claim ?
We are still paying this loan
Thanks

If you win redress, they will take the money back that you claimed, you will get all the PPI back that you paid to date and the 8%, the best thing is that the whole PPI will be taken from the loan balance and this will save you thousands in interest over the remaining term, the monthly payment should also reduce by the PPI monthly amount.
Send this to loans.co.uk.
We/I were mis sold PPI on the above account number for the reasons stated below.

We/I would like proof to the contrary of my/our reasons for mis sell of the above PPI .

1)We/I were not told that the ppi was in effect another loan that was added to the original loan and was repayable over the term with interest

2) We/I were told that the ppi was a 5 year policy, but not told the ppi would still be on the loan to term end with interest and would no longer have cover.

3) We/I were told that if we did not make a claim,or go into arrears on the ppi ,after 5 years we would receive the cashback of ppi but were not told this would not include the interest made on these payments that we paid over the 5 years or that the PPI would still be on the loan to term end with interest.

In line with the FOS recommendations it is requested that the overall situation be restored as if PPI had never been included. This will entail:
A refund of the monthly payments that have actually been paid towards the overall loan in excess of those that would have been needed, if the original loan had been sold without the PPI policy.

In addition, interest at the rate of 8% simple per annum to any excess payments made from the time each payment was made to the point that Loans.co.uk pays them back to us. We/i believe we were not given enough information on this ppi to make an informed decision. Had we/i known the full cost of this ppi we would not have taken it.

Unless you can prove without doubt that this PPI policy was fair, reasonable and suitable for my/our circumstances we/I will require you to rearrange the loan as if PPI had never been included.

amersall

sanfran1 wrote: »

First post but I'll try to be brief!
We received an offer from Santander consisting of £845.48 refund plus £832.30 interest.
After further enquiries from us they sent us a breakdown showing all the monthly premiums (totalling £845.48) and the interest calc s/sheet.
This is where I'm stuck - I can't work out how the interest has been calculated;
May 98 Premium £34.32 interest offered £0.23
They say that the interest rate of 15% applies from May 98 - Mar 93 and this reduces to 8% from Apr 93 to date.
No matter what formula I try I can't get back to the first calc. of £0.23.

I'm hoping your interest expert might be able to throw some light on this.

I am bumping this up for you until someone takes a look and explains this to you.
All I know is the 8% is on a decreasing scale for each month PPI that you paid to the redress date, with a Credit card this is set to zero balance and any month that had a credit balance you do not get the 8% for.

AlwaysBroke

amersall wrote: »

How long ago was this closed?, if it was within the last 6 years then do a Sar request, enclose £10 and ask for all info they hold on you and give them 40 days to respond.

If you have the account number and reasons for mis sell, then put the complaint in.

The account was closed in 2007
They origianlly sent me a letter saying that they needed more info such as account numbers or reference.
I have my old bank statments from reclaiming bank charges so sent them a letter with that account number because that is the account the loan was paid into.
I'm moving abroad in 5 weeks so wanted to try and get it sorted.:(

amersall

AlwaysBroke wrote: »

The account was closed in 2007
They origianlly sent me a letter saying that they needed more info such as account numbers or reference.
I have my old bank statments from reclaiming bank charges so sent them a letter with that account number because that is the account the loan was paid into.
I'm moving abroad in 5 weeks so wanted to try and get it sorted.:(

Give them a ring and ask if they can find you, this was closed in 07 so the info should still be there.

http://www.rbs.co.uk/global/contact-us.ashx
Pop into a branch if you have one near you, this will be quicker.
Check your credit report, this should have the last 4 digits of the account number you can use these, see if that helps.

Have you tried Natwest too? this is a different number.
http://www.natwest.com/global/contact-us.ashx?channel=personal

AlwaysBroke

amersall wrote: »

Give them a ring and ask if they can find you, this was closed in 07 so the info should still be there.


Pop into a branch if you have one near you, this will be quicker.
Check your credit report, this should have the last 4 digits of the account number you can use these, see if that helps.

Have you tried Natwest too? this is a different number.



The loan and credit card was with Natwest so i'll call them.
Do you know the address for Natwest for the PPI claims? I can check i sent it to the right place.

amersall

Here you are, phone number and address.

http://www.nationwide.co.uk/contact_us/making_a_complaint/making_a_complaint.htm

AlwaysBroke

Do you have the NatWest address please?

sanfran1

amersall wrote: »

I am bumping this up for you until someone takes a look and explains this to you.
All I know is the 8% is on a decreasing scale for each month PPI that you paid to the redress date, with a Credit card this is set to zero balance and any month that had a credit balance you do not get the 8% for.

Thank you.
For info, the policy was with our mortgage and the duration of cover was from May 98 - Jan 03.
They are not very helpful in disclosing the formula they use for the interest calc.
Before accepting the offer, I'd like to be sure that the interest calc. is fair.
Thanks in advance