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PPI Reclaiming Discussion Part 5
Comments
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Hi I’m going through a PPI reclaim with fscs for a picture secured joint loan taken in 2005 for 35k, with approximately 6k front loaded ppi.
26 repayments of approx 400pcm later (10000ish), my wife and I sold our house in 2007.
The picture loan was paid off (39k!!), along with the mortgage and I took on the unsecured debt,which I paid off.
We also divorced shortly after this in 2007.
I have since found out that she was declared bankrupt in 2006. For what debts I do not know!!
Will her bankruptcy from 2006 affect the claim if the picture loan was not included in this bankruptcy? (she is willing to sign the fscs paperwork)
I’d be mighty annoyed if I lost out on the reclaim because of her bankruptcy!! I’ve always struggled but have NEVER missed a payment nor been late and have paid every penny of my debt! It would be the heightof awful irony if the official receiver gets a cheque for the whole lot.
One point that keeps coming to my mind, the loan was joint, but the ppi only covered me,would that make any difference.
Am I worrying needlessly?
I should point out that 50% of this reclaim will go to my ex-wife from my perspective, but will FSCS give 100% to the official receiver in these cicrumstances. The fscs form asks the question about bankruptcy, but do I need to qualify on a covering letter that i want my 50% of the reclamation?
Thank you to anyone who takes the time to reply, I am indebted to your experience and knowledge, and I really do thank you.:)
As you were not made bankrupt, I would assume they cannot touch your half of the payout, give FSCS a call and ask them,you need to let them know as when they pay out and if the whole claim goes to the bankruptcy you will have a long battle to get your half back.
Singe Premium PPI only covered the second named borrower for death, this has no bearing on the claim.0 -
Hi All,
Back in 2003 we took out mortgage, I have now discovered that we are entitled to nearly £3,000 miss sold ppi. BUT I have since divorced my husband, the mortgage protection was in his name but I can prove that I paid that protection the whole time. Am I entitled to it, he says I am not. Can anyone help0 -
I've just had a 10 year review of my Whole of Life Assurance with Critical illness cover from Scottish Provident. In discussing the new monthly premium they talk about an addition for premium protection. I assume that this is already included in my current cover, but I was not aware of this and assumed that the premium I have been paying was for the cover that I was quoted and not for anything else. I would not have opted for PPI and would instead of increased the value of my cover. Should I be making a claim?
Whole of life assurance cant have PPI built in to it. The only bolt ons are critical illness cover and waiver of premium. Waiver of premiums is long term insurance offered by life assurance companies underwritten at point of sale. Very different to PPI which is short term insurance issued by general insurance companies underwritten at point of claim.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Will her bankruptcy from 2006 affect the claim if the picture loan was not included in this bankruptcy? (she is willing to sign the fscs paperwork)
Yes. It means she will not see her half of the money if the complaint is successful. It will go to the official receiver and will be distributed to those who lost out when she did not pay her debts. You will still get your half.
You need to make it clear that she was made bankrupt,not you, and the loan in question never formed part of the bankruptcy.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Hi All,
Back in 2003 we took out mortgage, I have now discovered that we are entitled to nearly £3,000 miss sold ppi. BUT I have since divorced my husband, the mortgage protection was in his name but I can prove that I paid that protection the whole time. Am I entitled to it, he says I am not. Can anyone help
Why do you think you are entitled to £3000? There is no such entitlement.
If your ex husband feels he was mis-sold then he can complain and if he is successful in his complaint then the redress belongs to him. Not you.
I wouldnt be too worried about it though. Mortgage PPI has a low rate of success on complaints and this one is pre-regulation as well. So, the odds of a successful complaint are low anyway.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Hi,
Im looking for advise for my sister, shes had a letter from barclays confirming the amount she will be getting back, 18 months later she is still waiting, she has called many times and just gets fobed off, any advise on what to do next or is it just a waiting game now..
Many thanks
#helping my sister0 -
hi was told in july that my claim was upheld by egg, have wrote to them to try and get my acceptence form , which they said they would send out, but still nothing can u help.0
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Quote:
Originally Posted by grottie
Evening,
Sorry if this has been asked before and i am being thick.
If you receive a PPI payment do you have to inform DWP as retired and they receive pension tax credits. I hope this makes sence.
Thank you for taking the time to read and possibly reply.
If they are on Housing or Council Tax benefit you will also need to let the local authority that deals with it know as if ity takes them over the capital limit it will affect the amount they getIf at first you don't succeed try, try, try again.
Eleventh Heaven # 550 1 2 3 4 5 6 7 8 9 10 110 -
Hi all. Hoping someone can help me. I put a claim into NatWest for PPI that is on our loan that is part of a 3 loan chain. The total monthly repayments are £368.71 per month, £85.45 of that is for the PPI. We have paid just over 4 years of the loan and have 35 more months to go on it.
Today we received a letter from them saying that we have recently cancelled the PPI and an insurance rebate has been credited to the loan account. This rebate is for £833.39 and they go on to say that our monthly repayments have now been reduced to £341.63 (roughly £27 less than previous).
By my calculations, on this current loan we have paid just over $4000 in PPI repayments so far. The total amount of PPI added for the life of this current loan is £7177.80.
Can anyone tell me what the £833 rebate is? Also, as they have cancelled the PPI on the loan (we didn't cancel it, we just put a claim in for the missold PPI) does that mean they are upholding our claim? If so, does that then mean they will pay us back what we have paid in and surely they have to take the PPI amount ofF the loan and recalculate it to what it would have been if we had not had the PPI added to start with.
I hope this makes some sense and that someone can help me with this.
Many thanks in advance0 -
Can anyone tell me what the £833 rebate is?
Its for the period borrowed from the start of the loan until now (the 4 years worth paid). The 3 years worth you have remaining hasnt been paid for yet and wont be paid as your monthly payments will be lowered and the debt level reduced.Also, as they have cancelled the PPI on the loan (we didn't cancel it, we just put a claim in for the missold PPI) does that mean they are upholding our claim?
A complaint saying you didnt and dont want PPI is a complaint saying you want it cancelled. Their response is an acceptance of your complaint and a success on your part.
Ask them to clarify the calculation saying you cant work it out. The will explain it.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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