PPI Reclaiming Discussion Part 5

amersall

banana25 wrote: »

Hi all,

I wonder if someone could give me some advice, I've applied to First Plus for a refund of my PPI and have recieved an offer letter this morning, my outstanding debt is £15,188.72 and the PPI on the loan was £13,469.50, they have sent me an offer of £4032.63 refund as they said that was the amount of the PPI I have already paid for & I had not paid for the rest yet?? I originally got the loan out and it was secured against my house, so wouldn't I have paid for the PPI up front as it was included in the loan amount and not on a monthly basis??

There is also arrears on the account which is included in the outstanding balance above, would this affect it?

Any help you could give me would be greatly appreciated, thanks

When did you take this loan out and over what term?

What was the PPI monthly payment?

Have they taken the arrears off the money they have offered you or is that yet to be repaid?

Has the loan balance reduced and your monthly payment reduced by the PPI monthly amount?

What were the actual figures they gave for redress and did this include the 8%?

slippyworm

Hi Everyone,
I'm new here although I have logged in several times to just ponder and see if anyone had similiar experience to myself.
I sent off all my forms to Barclay who responded and asked me for further proof of miselling, I sent it all back in March, got a letter saying they had received it and were looking into it, there was a brochure in about the FOS, anyhow long story short, we gave them time to sort things out it was an old loan and Barclays have been very good to us in the past, banked with them for almost 40 years.
No further update was sent to us and finally on the 23rd Aug, I phoned them a very pleasant young man did the security checks, then told me my claim had been upheld and they were waiting a response from me on the last letter they sent ( this included tables??) so I told him we'd had no letter and had nothing since the 23rd of March, he started looking at whether the letter had been posted to me or not, then he came back and said instead of them sending me the letter someone had closed me case, he told me he would have to get it re-opened and it would take another two weeks to get the new calculated figures to me, all I've received is another letter from someone else in Barclay saying my claim or complaint was still being investigated nothing about it being upheld, I'm now in total confusion, has anyone had similiar and what was the outcome if any?

colgard

Any mortgages that I had were started way back in the 80s & 90s with the last one paid off in 2005. I have had several car loans with RFS (Renault Financial Services) over the years but again the last one was paid off in 2003 - I have little or no paperwork on any of the above. Is it worthwhile even trying to claim when the loans are so old??
Also - do Claims Companies charge minimum fees?? If they only secured, say £50 in refunds, could I be out of pocket if they demand a minimum fee? Any advice gratefully received.

amersall

MPPI is the hardest to clam mis sell for, someone who knows more about this will help you further.
With regards the car dealers, you will have a problem with the year as these will have been taken out well before 2003 and they will not have been regulated, after all this time I doubt they will hold any records of your transactions.
You could contact Renault and see if they can find you on the system, this is a long shot but you can ask, if they find your accounts they will tell you if you can claim or not.
Claims companies have a minimum fee, they will take that % of any redress you get no matter how small, they will not find any info for you, you have to do all the paperwork chasing, all they do is put a stamp on the standard complaint letter you sign.

[Deleted User]

colgard wrote: »

Also - do Claims Companies charge minimum fees?? If they only secured, say £50 in refunds, could I be out of pocket if they demand a minimum fee? Any advice gratefully received.

They charge a (huge) percentage of any redress you are awarded and there is VAT on top of that. Waste of money.

Your car loans aren't likely to result in successful complaints even if you had documentation since the regulation of Insurance sellers was only implemented in 2005. Renault won't even have to consider any such complaint.

As for your mortgages, do you even know if PPI was applied to any of them? What would your complaint be about finance from thirty years ago?

colgard

Many thanks for the swift replies - impression is strongly given that it's really too long ago to attempt claims at this stage. No idea if PPI even existed back then anyway - that's why I thought of using a company as I have so little documentation from that far back.
Hey, ho, & on we go but much appreciated feedback nonetheless.

[Deleted User]

colgard wrote: »

I thought of using a company as I have so little documentation from that far back.

Neither would any Claims Company. A CMC can't magic up documentary evidence I'm afraid. Basically they put a stamp on the envelope containing your complaint (which itself is derived from information YOU provide ).
Waste of money, as I said.

Dr_Strange

Hi
My first post, apologies if it has been asked before.

I have had multiple loans Since 1994 with First Direct and have all the required paperwork. I think I have PPI reclaims onall of them.

When I claim do I send an individual claim form for each loan or list all the loans and details on the same form?

Many thanks...

amersall

It is best to put them all separately, if they were all loans that you repaid one with the next, these are consolidation loans and they should find all of them from the first loan account number but to make sure they do then do each one on its own.

If you paid one monthly payment to these loans that included the PPI payment, these are Single Premium PPI and this is one reason for mis sell that you can use, SP is in fact a loan on the loan that you repay to term end with interest, when you settled any of these early, you would have been given a rebate of the PPI but the remaining PPI would have been repaid by you in the settlement figure, this is worst with consolidation loans as you get the rebate but the rest of the PPI is paid back by you in the settlement figure that you pay back in the loan amount borrowed, in effect you pay for a portion of the PPI twice with the interest to the next loan term end.

lightisfading

I put in a claim to HSBC about credit card PPI as I felt I was force sold it and they took advantage of my lack of knowledge of financial products. A call back from them and a quick discussion revealed I also had loan PPI I didn't know about. Today I got a letter offering me £2719.56. THANK YOU SO MUCH MSE!!!