PPI Reclaiming Discussion Part 5

Kuffs1978

Hi everyone,
I hope you're all well. It probably won't surprise any of you who are familiar with our case things are getting rather nasty at the moment, and we are pleading for some help as the FOS have proven once again to be completely and utterly useless. Having spoken to GE Money back in February I enquired where the repayment balance stood, and was informed that to date, the amount already repaid stood at £12,534.20. During that same conversation a further payment of £500 was paid, with £200 being paid two weeks later. That took the repayment balance to £13,239.20, which was just £20 short of the £13,259.70 quoted on the loan agreement in 2007. Since we always like to plan ahead with monthly budgets I presented the agent at GE with a hypothetical scenario by asking what I would need to pay there and then to clear the balance completely, to which he responded with £1700. However he also pointed out that there was also £429 of additional charges on the account, but provided we returned a signed agreement to their proposal for £270 of those charges being reversed, they would do so. So, not to look a gift horse in the mouth, my sister signed the agreement and I sent it off by recorded delivery. Last Friday we received a letter acknowledging that the authorisation letter had been received, and armed with the knowledge that £1700 of capital remained on the account, we set about planning a monthly budget for the next six months to clear that £1700, taking into account that any payments would also need to include the £30 interest charged each month. Not a problem, or so we thought. So we phoned GE this afternoon, made a payment of a further £100, taking the repayments up to £13,339.20; which is £80 more than the £13,259.70 that should have been repaid without the PPI. We even double checked this by dividing the £13,339.20 by the £220.98 we had been informed we would have been paying without the PPI, which equated to over 60 payments. So I don't think I'm completely daft in thinking that whatever payments were made after this were now in 'PPI territory'. Would you agree? So have a guess at what these idiots at GE Money now claim the outstanding balance is; bearing in mind the £1537.50 PPI was cancelled in April 2011, and Norton had calculated the interest on the PPI was in £340.00. Would you believe they claim that the £270 of charges (without interest) has been deducted, the outstanding balance is £2,382. So in one breath they say that £1700 of capital remains unpaid, we make further repayments, yet the outstanding balance escalates by £500. Does anyone think this makes sense? Can anyone think of where GE have (yet again) screwed up their figures? I just don't understand and I'm getting thoroughly fed up with receiving absolutely no support from anyone, including the prats at the FOS. Usually I thought that continual repayments REDUCE an outstanding balance, not raise the amount of debt. I just give up.

-MKB-

I've read it but I'm confused, it brings up the questionaire but that doesn't go to Capital One does it? That looks like it goes to the Ombudsman, or am I reading completely wrong. Is there a template to send to Capital One or am I just being a thicko here?

di3004

jenneh wrote: »

Hi all! My partner took out a £7,000 loan about 7 years ago. He lost his job a year after and the account was transferred to APEX credit management. They keep pestering him, and hes only been paying what we can afford (we both work now, but have 2 children to provide for) which is £30 per month. He called them a month ago to check up on the account, and they say the amount owed is almost £15,000!!! He asked for details of payments ect, on several occasions, but they've failed to provide it. We dont know if we can claim mis-sold PPI on this account?! We really dont know where we stand, and i dont trust the ppi companies out there. Sorry for the long one!

Hi and welcome

And yes you can, and besides, the ppi is no use to you while on a payment plan, and its only adding to the debt.
However, please be aware the refund maybe used towards the account/arrears, anything remaining plus interest should be refunded directly to you.

You should not pursue APEX to reclaim though, but the bank/business that sold the loan to you.

Do this yourself and do not use a claims company, its only a matter of completing the reclaim questionnaire as on step 3 below, do not worry about the paperwork right now to make the reclaim, but having the loan account number will help, keep copies as well.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step3

Hope this helps.

Also just to add that you are entitled to paperwork under the Data Protection Act (DPA) by requesting a Subject Access Request (SAR), you enclose the one off payment of £10 and they have 40 calendar days to comply.
https://forums.moneysavingexpert.com/discussion/1475553

Any prbs then contact the Information Commissioners Office (ICO).
https://www.ico.gov.uk/Global/contact_us.aspx

Good luck.

di3004

-MKB- wrote: »

I've read it but I'm confused, it brings up the questionaire but that doesn't go to Capital One does it? That looks like it goes to the Ombudsman, or am I reading completely wrong. Is there a template to send to Capital One or am I just being a thicko here?

Hi

These questionnaires were issued by the FOS to use to complain to any business that mis sold PPI, save a copy and if you need to complain to the FOS later on, for example, if the business do not uphold your complaint in your favour by a final decision, you can then send them (FOS) a copy - along with completing a complaint form of their's as well, as they will require this to save time when investigating a complaint.
(These replaced template letters, but you can give your information and reasons on the complaint form/questionnaire).

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step3

faffal

first time on this site and hope someone can answer my question.
In 2003 we took out a loan for a time share with First National Bank with a ppi attached,this was added to the amount borrowed. The time share company went bankrupt shortly after the cooling off period so we wound up repaying this loan for nothing. The ppi covered both of us and somehow we acquired a second one in my name.this was pointed out to the bank the fact that we were mis sold the policy's. The response was that the ppi's were the responsibility of the time share company and not the bank and we were passed over to GE money the last time I tried to reclaim it was 2007 when the debt was paid off in full. The original loan agreement was headed First National Bank so surely the banks are liable not a company that no longer exists, I'm so confused

di3004

Kuffs1978 wrote: »

Hi everyone,
I hope you're all well. It probably won't surprise any of you who are familiar with our case things are getting rather nasty at the moment, and we are pleading for some help as the FOS have proven once again to be completely and utterly useless. Having spoken to GE Money back in February I enquired where the repayment balance stood, and was informed that to date, the amount already repaid stood at £12,534.20. During that same conversation a further payment of £500 was paid, with £200 being paid two weeks later. That took the repayment balance to £13,239.20, which was just £20 short of the £13,259.70 quoted on the loan agreement in 2007. Since we always like to plan ahead with monthly budgets I presented the agent at GE with a hypothetical scenario by asking what I would need to pay there and then to clear the balance completely, to which he responded with £1700. However he also pointed out that there was also £429 of additional charges on the account, but provided we returned a signed agreement to their proposal for £270 of those charges being reversed, they would do so. So, not to look a gift horse in the mouth, my sister signed the agreement and I sent it off by recorded delivery. Last Friday we received a letter acknowledging that the authorisation letter had been received, and armed with the knowledge that £1700 of capital remained on the account, we set about planning a monthly budget for the next six months to clear that £1700, taking into account that any payments would also need to include the £30 interest charged each month. Not a problem, or so we thought. So we phoned GE this afternoon, made a payment of a further £100, taking the repayments up to £13,339.20; which is £80 more than the £13,259.70 that should have been repaid without the PPI. We even double checked this by dividing the £13,339.20 by the £220.98 we had been informed we would have been paying without the PPI, which equated to over 60 payments. So I don't think I'm completely daft in thinking that whatever payments were made after this were now in 'PPI territory'. Would you agree? So have a guess at what these idiots at GE Money now claim the outstanding balance is; bearing in mind the £1537.50 PPI was cancelled in April 2011, and Norton had calculated the interest on the PPI was in £340.00. Would you believe they claim that the £270 of charges (without interest) has been deducted, the outstanding balance is £2,382. So in one breath they say that £1700 of capital remains unpaid, we make further repayments, yet the outstanding balance escalates by £500. Does anyone think this makes sense? Can anyone think of where GE have (yet again) screwed up their figures? I just don't understand and I'm getting thoroughly fed up with receiving absolutely no support from anyone, including the prats at the FOS. Usually I thought that continual repayments REDUCE an outstanding balance, not raise the amount of debt. I just give up.

Hi there
A confusing/and rather complexed matter there then?

What I would do is contact the Chief executive officer (CEO) of the business and tell them you do not know where you are and you want this sorted once and for all, tell them it's causing undue distress and not helping at all.
Or if you've a good local MP, it maybe a good idea to let them know of your situation here, and ask if he or she will kindly write to them on your behalf.
(Remember they will want your vote in time, or maybe you have already voted for them over the time), so they should be willing to help with this for you.
Going by some posts on here, using their local MP have resolved a lot of cases, quicker too.

Good luck with this and hopefully someone else wil be along later on, or in the morning to have a look at this for you with other ideas for you.

di3004

faffal wrote: »

first time on this site and hope someone can answer my question.
In 2003 we took out a loan for a time share with First National Bank with a ppi attached,this was added to the amount borrowed. The time share company went bankrupt shortly after the cooling off period so we wound up repaying this loan for nothing. The ppi covered both of us and somehow we acquired a second one in my name.this was pointed out to the bank the fact that we were mis sold the policy's. The response was that the ppi's were the responsibility of the time share company and not the bank and we were passed over to GE money the last time I tried to reclaim it was 2007 when the debt was paid off in full. The original loan agreement was headed First National Bank so surely the banks are liable not a company that no longer exists, I'm so confused

Hi and welcome

Usually its the ones who set up and sold the policy to you are responsible, so you pursue them.
If the business are no longer active, you can sometimes make a reclaim through the Financial compensation scheme (FSCS), but they like the Financial ombudsman service(FOS) are only able to investigate complaints if the company were regulated by the FSA at the time you taken out the policy.

However, in these cases, you can still contact the FOS who will suggest another avenue as another way of trying to get your money back to you. Usually the underwriter/insurer of the policy, as they may have been regulated by the FSA etc, the FOS will investigate the involvment they had with the broker/lender via the policy.

I would give the FOS a ring, explain your position here and see what they suggest.

Good luck with this.

http://www.financial-ombudsman.org.uk/contact/index.html

skintbroke

amersall wrote: »

You need to make it more clear that you could pay this loan back after any period of sickness so the ppi was an extra expense you did not need.


Did you put these loans were front loaded? get back in touch with them and tell them the ppi was in fact a loan upon a loan that was paid over the term with interest, ask them to look at your claim again and reconsider their decision or you will take this to FOS reiterate the sickness pay that you would get, ppi for sickness only covers you for 12 months and you had work sick pay for 18 months, what other reasons did you use for mis sell and did you have the account numbers? the front loaded one is the most upheld of all ppi mis sell.

Thanks amersall for your reply. By the time I had read your reply I had already sent off a letter to Nationwide asking them to reconsider their decision to reject on the grounds of what you said in your kind reply. I didn't threaten them with FOS this time though. As a matter of interest how do we know that its 'front loaded'

tracylouiseg

sugarpuss27 wrote: »

Thanks again for all your time on this. Me thinks it might be worth a go, they can only say no cant they.;)

My philosophy exactly - and for the cost of postage and a few photocopies....??

BUT never accept their first answer - it's a deterrent, they're trying to discourage you because it's easier for them to do that. They like to try it on with some cos some WILL back down!! You have to have balls and keep at it!!!! lol!!! :cool:

cappo

-MKB- wrote: »

Hello all, I've got a Capital One credit card which I've found that I've been paying PPI when I opened the account since 2001! After reading through what I'm supposed to be doing it still isn't clear to me what I need to send to Capital One. Can someone help me here please, I'd really appreciate it. I can see the questionaire link but is it this I need to send to them?

Hi MKB don't worry as our lovely Di says the questionairre is sent to the lender (keep copies) then the idea is that if the lender rejects your claim you send another copy to the fos