PPI Reclaiming Discussion Part 5

matt_matt51

Hi all

I contacted Nationwide about the PPI I was sold and long story short they have offered me a refund of the PPI and additional interest at 8%. The only thing is they have not provided any info to explain how they have come to the figure they have. The loan was £7500 and I've been offered about £1200 plus £350 interest. Does this sound fair? I have no idea.

Thanks
Matt

amersall

alwaysmugged wrote: »

hi

can somebody explain to me what the unfair rebates on a front loaded ppi are?

also does it make a difference if you took the loan out at the bank or the car dealership?

Makes no difference who you got the PPI from, if you got a car from a dealer then you make the claim to them.

When you have Single Premium PPI on a loan, the total amount is put on at the start of the loan and you pay this back with the loan to term end with interest.

When you want to cancel the PPI, they will give you a rebate of the PPI amount, this depends on how long the loan has been running for, the remaining PPI is still on the loan to term end with interest.

If you wanted to settle the loan early, you again get a rebate of the PPI but the remaining PPI is paid back to the bank by you in the settlement figure.

If you had stand alone PPI, this is a payment each month paid separate to the loan payment, you can cancel this PPI at any time with no penalty and you do not pay the PPI amount each month going forward.

amersall

matt_matt51 wrote: »

Hi all

I contacted Nationwide about the PPI I was sold and long story short they have offered me a refund of the PPI and additional interest at 8%. The only thing is they have not provided any info to explain how they have come to the figure they have. The loan was £7500 and I've been offered about £1200 plus £350 interest. Does this sound fair? I have no idea.

Thanks
Matt

Without knowing how much the original PPI amount was, if the loan was settled early or ran to term we have no way of knowing, they repay the PPI you paid, it has nothing to do with the loan amount.

The bank will send you the calculations, if you know what the PPI was etc, we can give you a good idea if this is right or not.

Debras_Angel

Hi Guys,

Hope you can help.

I've had a quick turnaround from Halifax re my mortgage PPI, I called them on the 12th June to confirm it was mis-sold for the following reasons.

Me - self employed with pre existing condition
Hubby has 1 year cover full pay and year 2 1/2 pay cover for critical iillness and we had/have life insurance in place to cover the mortgage if anything happened.
Ubder the impression we couldn't get the mortgage without the cover.

On 7th July got an offer letter for £1900.00 but we paid out £3900.00
They are saying they will only pay out on the MRC as the rest of the monthly charge was on life cover and CIC but I'm saying we had all that and didn't need it!

Any advise welcome.

Thank You in advance Debs

On 7th July

amersall

sassyone19 wrote: »

hi dont know if am posting in right place but need to find out what to do nexthave had a complaint going with ford credit for 7 months now had final response saying they cant uphold as its out of time frame,got in touch with fla they say they were not regulated 2004 when i took my policy and finance out,the fos also say they cant help as it was before 2005.is there any oother avenue i can explore as realy do feel i was missold policy ,n feel as ive been fobbed off.should i try the underwriters of the policy which is aviva?(have heard few are successfull with this) or shou7ld i consider contacting fsa.also when i just looked up ford credit on the fsa it says they were regitered since 2001?hitting my head against a brick wallx

Give FSA a call and ask if they were or not regulated when you took the PPI out.

amersall

totalhysteria wrote: »

Hi all,

I have just had a rejection letter from HBOS regarding a loan from 2002. They mention in the letter that the benefits outweighed any cost of the ppi, and that the 'single premium' policy was deemed suitable for me. (Also that I took the loan out in branch, so there could not possibly be any miss-selling)

At the time I was in a secure job with full sick pay (and am still in said job now) I mentioned this to them, but they seem to disagree with this being a reason for being mis-sold the ppi. (I know that the ppi was never explained to me in the meeting)

How would I reply to this? (I can show my employment history/benefits) And is single premium 'front loaded' ppi?

Many Thanks

Halifax are doing this a lot lately, write back and reject the reasons they did not uphold, ask them to prove that the full cost and unfair rebates of this PPI was fully explained to you to make an informed decision, see what they come back with and if they take the same stance again then send this to FOS, Single Premium PPI is the most upheld of all PPI reclaims by the FOS.

Troyston1

pspiller wrote: »

Evening all - I have had a response from capital one "following a complete investigation into your complaint we are confident that the policy was sold appropriately. During your Internet application you clearly indicated that you wanted to purchase the policy and from the information provided you were able to do so" beckon telephone conversation took place? But I had pretty much no idea what I was getting do I still stand a chance of getting this back?

Just came across your post. I have had an almost identical reply from Barclaycard, so am interested to know whether you were successful or not.

shopperws

jovisd79 wrote: »

well just had a letter from tsb saying they realise the 8 weeks to make a decision is up but because they are so busy dealling with all the complaints they may take upto another 8 weeks to reach a decision. Just so frustrating after reading on about the people getting wins with tsb within 6 weeks of complainging! Ho-hum will just have to wait with fingers crossed i bit longer i suppose

I had a letter like that from Barclays, on sat and yesterday I recieved a check for £5700!!!!:D Might just be covering thenselves:)

[Deleted User]

Troyston1 wrote: »

Just came across your post. I have had an almost identical reply from Barclaycard, so am interested to know whether you were successful or not.

The poster concerned hasn't logged on for a while, so here's his last update (from April)
https://forums.moneysavingexpert.com/discussion/comment/52560285#Comment_52560285

xxlozxx

I took out a Barclayloan in 2008 and see that they added a PPI Premium Loan of £2749 to my cash loan of £14500 at a rate of 14.976% pa interest. The term of the loan is 72 months and I have so far made 39 monthly payments. Can't remember agreeing to this at the time as it was all dealt with over the phone. Is is worth pursuing and if so what could I expect to receive as compensation?