PPI Reclaiming Discussion Part 5

[Deleted User]

ponkles wrote: »

my wifes loan was taking out over 10 years but due to only paying back a small amount each month loan is still live.

Was this loan defaulted on and passed to a collection agency? That would explain why the Bank can find no record of it.
If it's still being paid off in the conventional manner, then the account number will be on your statements each month. If not, you can get it from the collection agency. Do be aware that the Bank can offset any redress against a debt that is in arrears or has defaulted.

Wisdom123

Moneyineptitude wrote: »

This a "non-advised" sale of PPI which is impossible to successfully complain was mis-sold.

You may now regret the purchase, but that just makes it mis-bought.

Sorry.

Oh well. thanks.

Any answer to my post 3914 would be welcome. Thanks

[Deleted User]

Wisdom123 wrote: »

Any answer to my post 3914 would be welcome.

I don't think anyone here knows to what you are referring in that post....

Grand_Benders

Wisdom123 wrote: »

Hey,

I had a loan with a non FSA regulated company in 2004 (loan still active).

The broker has now issued a final response letter saying they can generally only consider complaints about mis selling if made w/I 6 years of date of sale.

I assume this is just a fob off letter, should I be returning to them re s32 LA1980?

Thanks

My understanding of the 6 year limit from reading the main PPI article that Martin wrote is that this is generally how long they keep records for, although some keep them longer. It's not an official cut-off for claiming; it's just harder as they may not have your details. (Sorry, can't put links in here to the article, but it's pretty easy to find from the 'popular now' links on the right hand side).

I think it would be worth spending £10 and sending them a DSAR (Data Subject Access Request) which they're bound by law (Data Protection Act 1998) to comply with, and send you all information they have in their records and archives in relation to your account, whether closed or not. If they have anything, they're required to send it to you. There's a thread on here called 'subject access request' which has a great template letter to help you.

You will then have the full story and all the evidence you need to back up your claim. If they still refuse to consider it, I think you can still take your complaint elsewhere (Financial Obmudsman, Trading Standards... something like that). Hopefully someone will be along to give you the right info in that regard, but I think in the meantime, a DSAR will help you get that one step closer.

I don't know what the s32 thing you're referring to means. Sorry.

Hope this helps.

[Deleted User]

Grand_Benders wrote: »

My understanding of the 6 year limit from reading the main PPI article that Martin wrote is that this is generally how long they keep records for, although some keep them longer. It's not an official cut-off for claiming; it's just harder as they may not have your details.

I'm afraid you have misunderstood the Op's problem. His dilemma is not that his lender have no records, but that as they are not regulated by the FSA they don't have to comply with regulated guidelines. They are refusing to deal with any complaints older than six years. In this case, the OP has no recourse to the Ombudsman as his complaint is pre-2005 when regulation began.

Thanks for your input, though.
(and I don't know what "s32 LA1980" is either)

ALgirl

ALgirl wrote: »

Hi,

I submitted a claim to First Plus on May 31, rang them today & have been told it's been upheld!! They wouldn't confirm the amount & said I would need to wait for the letter.

This loan was taken out in 2002 & fully paid off in 2004, they told me it was sold by a broker however dealt with it themselves for some reason. To give everyone hope, I had absolutely no paperwork at all. I simply rang them, gave them my details & they traced me, they told me the amount of loan & PPI.

So what I would say is, don't bother with a SAR with FP just ring them.

Would anyone know how much I'm likely to get back, the loan was £51.000 & PPI was £10,164. Taken out 9 Sep 2002 paid off 19 Jan 2004. Apparently I had no rebate on the PPI when the loan was settled.

Well I received my offer letter today, original PPI £10164, interest accrued on PPI £2246.20 less early settlement rebate £931.30 (can't believe the early settlement amount was so low though!). 8% interest of £7897.50 less income tax of £1579 leaving me with a very healthy £17,797.49.

If anyone took out a loan with FP ring them, mine was taken out in 2002 & I had no paperwork nor any account info, I just rang them & they gave me the details.

Does anyone know how long it takes for the cheque to be issued?

Wisdom123

32 Postponement of limitation period in case of fraud, concealment or mistake.E+W
(1) Subject to subsection (3) subsections (3) and (4A)] below, where in the case of any action for which a period of limitation is prescribed by this Act, either—
(a)the action is based upon the fraud of the defendant; or
(b)any fact relevant to the plaintiff’s right of action has been deliberately concealed from him by the defendant; or
(c)the action is for relief from the consequences of a mistake;
the period of limitation shall not begin to run until the plaintiff has discovered the fraud, concealment or mistake (as the case may be) or could with reasonable diligence have discovered it.
References in this subsection to the defendant include references to the defendant’s agent and to any person through whom the defendant claims and his agent.

--

Hey, that is the section 32 (Limitation Act 1980) I refer to in terms of threatening any court action and extending the limitation for bring a claim.

amersall

bunnie1980 wrote: »

amersall wrote: »

Use the ombudsmans questionnaire to send to the company and make a copy in case you have to go to FOS later.
Where it asks "why do you think you were mis sold this product ", you put that this was a Single Premium PPI that was put on the loan to term end with interest and you were not told the full cost of this policy or the unfair rebates at the point of sale.
If you win the PPI and the interest is given back to you plus the 8% you need to be
"put back into the position that you would have been had the PPI not been added to the loan", this takes care of the interest.

QUOTE]

Ive already previously sent this questionnaire to them do i fill it in again and put this in the new one?

The one you have sent is enough, if you used the Single Premium as a reason on that one x.

[Deleted User]

Wisdom123 wrote: »

Hey, that is the section 32 I refer to in terms of threatening any court action and extending the limitation for bring a claim.

I don't think anyone here will recommend court action. That's just likely to be a very expensive additional rejection.

amersall

took out a consolidation loan with the Co-op in 2006 which I only recently discovered had PPI (the bank mentioned it during a phone call). I intend to make a claim for this loan. I took out prior loans with Co-op in 2003 and 2005 which also included PPI. The loan taken out in 2005 consolidated debt from the loan taken out in 2003. Should I make one claim to the Co-op for all of these or handle each one separately?

It is best to do them separately, as one paid the previous one off they should find all of these from one loan number but best to be on the safe side, these are most likely Single Premium PPI and if they are, this is the reason you use for mis sell for all.