PPI Reclaiming Discussion Part 5

rainmac97

Hi All.

I am not sure if I am posting this in the right place so please be gentle with me if not.

My Husband and I are in the middle of trying to reclaim mis-sold PPI from Welcome Finance. He had three loans and we have filled out the questionnaire etc. They took 8 weeks then returned saying they were not upholding the complaint as they did not have enough information. We wrote back again with more detail (basically reiterating the questionnaire) and they have come back again stating that we need to fill out a questionnaire for each of the three loans and this would then start as fresh claims and can take up to 8 weeks. At the end of the day we are in no rush, but we are not sure whether they are trying to put us off or delay us or something. Should we go back to them again with three questionnaires or now take it to the Financial Ombudman?

[Deleted User]

rainmac97 wrote: »

H He had three loans and we have filled out the questionnaire etc. They took 8 weeks then returned saying they were not upholding the complaint as they did not have enough information. We wrote back again with more detail (basically reiterating the questionnaire) and they have come back again stating that we need to fill out a questionnaire for each of the three loans and this would then start as fresh claims and can take up to 8 weeks.

If the original complaints were replied to with a "full and final" response, then you have six months to refer this complaint to the Ombudsman.
However, what specific information did you apparently neglect to include in your questionnaire?
If they've simply told you that you must fill out a separate form for each loan then the simplest (and quickest) way is to comply with their instructions.

rainmac97

Moneyineptitude wrote: »

If the original complaints were replied to with a "full and final" response, then you have six months to refer this complaint to the Ombudsman.
However, what specific information did you apparently neglect to include in your questionnaire?
If they've simply told you that you must fill out a separate form for each loan then the simplest (and quickest) way is to comply with their instructions.

Thank you for this. They have said it is their final decision but then say if we wish to persue the complaint we need to complete a questionnaire for each of the accounts and upon receipt of the questionnaires they will review our claim, however they will then start a fresh claim and respond within the 8 week time frame.

dunstonh

ianj1959 wrote: »

Clearly not but as I pointed out all bankruptcies are not generic and there may be some who can claim PPI legitimately and as I point out that the best course of action is to speak to your own OR before proceeding.

Because of Claims Companies I agree there will be many ex Bankrupts sat on PPI refunds who have not disclosed them but there seems to be no mass evidence at this point of those people being chased by the OR for refunds...

I am merely trying to point out to those that wish to seek PPI what the position is re my case including bankruptcy and feel it does this site no benefit to be pounced upon by some one who clearly monitors all traffic with some agenda to comment it seems on every individual case.

c

The situation is clear.

The PPI redress payment is a pre-bankruptcy asset and the individual has a legal responsibility to let the official receiver know they have been paid them.

The bankrupt has a duty to co-operate with the trustee, specifically as regards notifying the trustee in writing of any after-acquired property within 21 days of becoming aware of its existence. This requirement is set out in form NTB2 which is served on the bankrupt in every case and requires a signed copy to be obtained for the office file, which acknowledges that the bankrupt has read and understood the document.

My message remains that whilst disclosure is key it is also a fact that those who feel they have been mis-sold should not give up and to that point it is interesting that you have no comment to make when an "insider" confirms that mis-selling was endemi

I totally agree with you that it should not prevent the discharged bankrupt from making a complaint. The creditors who lost money are entitled to get some of their money back. However, the discharged bankrupt should not see a penny unless an amount is refunded by the OR as all debts have been settled. Or if the PPI payments were made post bankruptcy and therefore not part of the estate.

well I did and I have and I think generalising in this context that a bankrupt is not entitled to the proceeds is misleading. I am not a Financial Services "virgin" and therefore spoke to both the OR and my Solicitor before making a claim.I then disclosed my bankruptcy in all complaint letters and if anyone had come back to me and said this will go to the OR I would have referred it to the OR.

The requirement is for you to make the OR aware of the money when it is received. If you fail to do that then you are breach of your requirements. If you do notify and the OR says you can keep it then that is fine. If the OR has given no instruction of any sort in writing then it would suggest that they are not aware of it.

-taff

ianj1959 wrote: »

My advice would be simple with regard to bankrupts - approach the OR before claiming and put the scenario to them and ask them to put in writing what their position would be - if they lay claim to any proceeds and it helps them/you to claim do so even in the PPI mis-seller gains from it in the long run;if however they give you to confirmation that they will NOT seek refund of any assets due to discharge and some clause in the original OR case then GO FOR IT and merely respectfully tell them when you get anything back.

Mine would be what Moneyinpetitude has already posted.
Ask the OR if you can make a complaint, since you no longer have the right to do that if it a pre-bankruptcy asset, and get it in writing too. Just to be safe rather than sorry.....

[Deleted User]

rainmac97 wrote: »

Thank you for this. They have said it is their final decision but then say if we wish to persue the complaint we need to complete a questionnaire for each of the accounts and upon receipt of the questionnaires they will review our claim, however they will then start a fresh claim and respond within the 8 week time frame.

You still haven't said what information was missing or what your actual complaint was...

If you have valid complaint reasons take this to the Ombudsman, asking the Bank to re-open the case means that they don't have to abide by the eight week timescale. Even if you do complain again, keep a close eye on the six months you have (from the date of the first rejection) to refer to FOS.

island2501

amersall wrote: »

That is brilliant :j
You will get the whole original PPI amount back and the interest associated with this, they will take off the rebate amount they gave at settlement, after the rebate of the PPI, you would have paid the remaining PPI back in the settlement figure so you get this back plus the 8%, can't be exact as I don't know what the rebate was or the monthly PPI amount.
Let me know what they give you.

Many thanks Amersall
I have a bit more info, but still unsure what to expect back.
The £3800 PPI was a one off premium which was paid up front to the insurance company at the beginning of the loan and incorporated in to the monthly payment figure of £440.58 per month(including monthly interest usually varying between £170 - £190 per month
The loan was scheduled to run for 72 months but was paid off after 13 months.
So amount borrowed £23,800(£20,000 +£3800)
Amount I paid over 13 months £440.58 x13 = £5,727.54
Settlement figure paid back £21,553.69.
So the key question is whether I am due back the full PPI £3800 as it was paid off first (if this is the way it was structured) or whether I am due 13 monthly installments of 72 payments which by my calculations comes to around £3800 divided by 72 = 52.70 x 13 = £685

Hope this makes sense.

Any help would be appreciated on this one as there is quite a difference between the two figures

Cheers

[Deleted User]

island2501 wrote: »

So the key question is whether I am due back the full PPI £3800

No, you'll receive only the PPI you actually paid and, no, you don't pay the whole of it at the outset the Bank does that but it simply forms part of your overall loan. Your final settlement figure would have included a rebate on the PPI reflecting the early repayment but only the Bank can tell you exactly how much this rebate actually was.

You'll have to wait for the Bank to provide the breakdown as there are too many variables for anyone here to post an accurate figure.

island2501

Moneyineptitude wrote: »

No, you'll receive only the PPI you actually paid and, no, you don't pay the whole of it at the outset the Bank does that but it simply forms part of your overall loan. Your final settlement figure would have included a rebate on the PPI reflecting the early repayment but only the Bank can tell you exactly how much this rebate actually was.

You'll have to wait for the Bank to provide the breakdown as there are too many variables for anyone here to post an accurate figure.

Thanks for this
I will post the settlement details when I get them.

island2501

Another question.
Should I be concerned about the six year rule on this one?
I currently have a complaint lodged with Bank of Scotland for PPI sold with a scotloan.
The loan was taken out in 2000 and finished in 2005 after running the full term.
I registered the complaint on 22May 2013 after recalling the documents from the banks archives.
I remember at the time being told that we had to take the insurance to get the loan after I had filled in the form.
I had filled out the form and ticked the no box to PPI, and it has been scored out and the yes box ticked.

I have sent a copy of this document to the bank along with my complaint.

Thank in advance for any advice.