PPI Reclaiming Discussion Part 5

shazzareli

help! good news Nationwide offered me my PPI back great £598, but say because we made a settlement and they wrote off £600 of the loan the money must go to pay off what they wrote off!! is this legal??

kebin-6

Hi, just looking for a bit of advice,
My wife and I took out a loan in Aug 2007 with Clydesdale Bank, my wife re-did the loan in Dec 2008 in her name only. We reclaimed PPI and the bank have accepted on the first loan but refused on the second, stating that the loan agreement stated the PPI as optional. However they would repay some of the PPI from the previous loan. I have looked at both loan agreements and they BOTH say that the PPI is optional. Are they pulling a fast one, or was there a change between 2007 and 2008 that I dont know about.

dunstonh

shazzareli wrote: »

help! good news Nationwide offered me my PPI back great £598, but say because we made a settlement and they wrote off £600 of the loan the money must go to pay off what they wrote off!! is this legal??

It is both legal and logical and correct. They can use the redress against amounts written, defaults and arrears.

You surely didnt expect to get a payment when you defaulted on the loan and left them with debt? That would be very cheeky.

-taff

shazzareli wrote: »

help! good news Nationwide offered me my PPI back great £598, but say because we made a settlement and they wrote off £600 of the loan the money must go to pay off what they wrote off!! is this legal??

Yes. You owe them money, so they're taking it back.

-taff

kebin-6 wrote: »

Hi, just looking for a bit of advice,
My wife and I took out a loan in Aug 2007 with Clydesdale Bank, my wife re-did the loan in Dec 2008 in her name only. We reclaimed PPI and the bank have accepted on the first loan but refused on the second, stating that the loan agreement stated the PPI as optional. However they would repay some of the PPI from the previous loan. I have looked at both loan agreements and they BOTH say that the PPI is optional. Are they pulling a fast one, or was there a change between 2007 and 2008 that I dont know about.

They may have identified a failing with the first loan that wasn't present on the second.
If they are paying due to the reasons thay have stated though, and the second loan had the same reasons, you can write to poiint this out.

shazzareli

not cheeky...just naive, to me 'wrote off' means 'wrote off..thanks for the info, if i never claimed i would always have wondered what if!!

very grateful to this site for helping me of claim without the use of a 'rip off' company

kebin-6

Thanks -taff for a quick response,
The letter sent to my wife states that this is their final response to the claim. I just dont know whether she should take her claim to the ombudsman and, if she did, how long that would take and if it was denied, would the offer they made be retracted?

-taff

They have only offered you redress on one loan, so take it. Once you have accepted the offer in full and final settlement, they can't ask for it back once you have the money unless they've overpaid you.
The second one can be sent to the FOS, will take anything upwards of a year [less if you're very lucky]

4Footer

-taff wrote: »

Yes. Single Premium = Front Loaded

Thank you thank you thank you.
The letter they sent as to my reasons did not reflect what I said over the phone to them so I will ring and tell them............but will follow up with a letter. Your a star:beer:

4Footer

nee666 wrote: »

Yes as Taff says it is single premium/front loaded, Single Premium is the reason that you use to complain, the full cost and unfair rebates of this PPI were not explained to you fully at the point of sale for you to make an informed decision.

I thank you both for your speedy reply...........I will ring them and write ,so glad I asked, Have a good day:D