PPI Reclaiming Discussion Part 5

di3004

Moneyineptitude wrote: »

Absolutely don't wait. If you do wait, it will just mean yet another eight week period before you know the next outcome.

Totally agree.;)

toni66

;)thanks again, just off to do the paper work

[Deleted User]

bracken68 wrote: »

The total offer of redress they have made is £2,051.79 which they have calculated as follows - total amount of payments received £4,460.80, from which a rebate of £1,188.07 was deducted as this was paid to the lender when I cancelled the policy. They've then deducted the cost of an equivalent monthly paid policy calculated using the FSA suggested rate of £9.00 per £100.00. They calculate the total cost of this policy (for period 28th July 2006 to 26th August 2008) would have been £1,188.11, giving a subtotal of £1,400.62. They have then added 8% simple interest of £813.96 giving a subtotal of £2,214.58. Then tax deducted giving the total £2.051.79.
They also say that they will 'provide an amount to First Plus to enable them to restructure my loan and remove the payment protection element'
They have me bamboozled .... is this a good and fair offer, or should I decline and take it to the FSO? Any advice anyone can offer would be gratefully received!

Everything looks to be in order for your offer, the only query I have is why they would need to restructure your loan once again if you cancelled the PPI after two years.
Figures look entirely acceptable, given you only paid for two years.

amersall

dolphingazer wrote: »

Hi everone,
I need some help please. I was sure that my loans from blackhorse were front loaded ppi as I was paying 2 loans at once but as a single monthly payment. The paperwork was all one one page. I have already submitted my claim using the consumer questionaire from this site and used this point as one of my reasons for mis sell.

Front loaded ppi is the most upheld of all mis sell claims,as you only made one monthly payment to the loan then this was front loaded, fingers crossed for you x.

toni66

Hi again, just filled my form in, do i put the reference number that my other claims are going through or should i leave that blank, so it starts a new claim, or their reference so all the paperwork will stay together, sorry to waffle x
Toni

amersall

bracken68 wrote: »

Hi - I was contacted at the beginning of this year by Ocean Finance re my secured load I took out in 2006, for which I had also taken PPI. (After just over two years I cancelled the PPI). They have now come back to me with an offer and I'm not sure if it's one I should accept or not.
The total offer of redress they have made is £2,051.79 which they have calculated as follows - total amount of payments received £4,460.80, from which a rebate of £1,188.07 was deducted as this was paid to the lender when I cancelled the policy. They've then deducted the cost of an equivalent monthly paid policy calculated using the FSA suggested rate of £9.00 per £100.00. They calculate the total cost of this policy (for period 28th July 2006 to 26th August 2008) would have been £1,188.11, giving a subtotal of £1,400.62. They have then added 8% simple interest of £813.96 giving a subtotal of £2,214.58. Then tax deducted giving the total £2.051.79.
They also say that they will 'provide an amount to First Plus to enable them to restructure my loan and remove the payment protection element'
They have me bamboozled .... is this a good and fair offer, or should I decline and take it to the FSO? Any advice anyone can offer would be gratefully received!

If the loan is reset and your monthly payment goes down by the ppi amount then accept this, you only paid 2 years on the ppi as you cancelled this, the most important thing is to get it in writing from FP that the whole ppi will be removed from the loan, this will save you thousands in interest over the remaining term.

amersall

Moneyineptitude wrote: »

Everything looks to be in order for your offer, the only query I have is why they would need to restructure your loan once again if you cancelled the PPI after two years.
Figures look entirely acceptable, given you only paid for two years.

When the ppi was cancelled there would have been a small rebate for the cancellation and this is why this from of ppi is widely mis sold because the whole ppi was still on the loan to term end with interest, it was not reset when it was cancelled this does not happen, the poster would have paid this to term end and have no cover!.

amersall

toni66 wrote: »

Hi again, just filled my form in, do i put the reference number that my other claims are going through or should i leave that blank, so it starts a new claim, or their reference so all the paperwork will stay together, sorry to waffle x
Toni

Keep this separate.
Can't have the banks confused now can we? :rotfl:

cappo

toni66 wrote: »

Hi again, just filled my form in, do i put the reference number that my other claims are going through or should i leave that blank, so it starts a new claim, or their reference so all the paperwork will stay together, sorry to waffle x
Toni

Hi Toni you could initially put the ref number of your existing loans in so they can find you but you should be given your own reference number for the new claim, good luck.

toni66

:oThanks, Ive got to keep myself from getting confused;)