PPI Reclaiming Discussion Part 5

dilus

gilldee wrote: »

Thanks amersall and dilus i will let yous know how we come on.

You're welcome and yes please do let us know

DDave_2

amersall wrote: »

Who was the broker?.

money expert limited craven house, station approach, godalming, surrey. GU7 1EX

solbamba

Hello everyone. This is my first post and I would like some advice about PPI, I apologise if this is posted in the wrong place.
I have just received a letter from Northern Rock regarding PPI on 2 loans I still have with them. I did not know if I had PPI on either loans, but according to NR, "as you were sold a PPI policy during this time".
So, presumably I was mis-sold this policy, as I do not recall asking for it.
Is it advisable to contact NR and persue my claim with them?

Thank you for any advice.

amersall

DDave wrote: »

money expert limited craven house, station approach, godalming, surrey. GU7 1EX

Never heard of these!!, do you have a phone number to contact them and ask ask for the address to claim your ppi back, i have googled them and the address is not the one FP gave you, there is nothing i do not know regarding FP and this broker has never come up once.

Did you get any cash back or a bonus with this ppi at the 5 year stage or sooner?.

amersall

This is a win by the way!!.

amersall

solbamba wrote: »

Hello everyone. This is my first post and I would like some advice about PPI, I apologise if this is posted in the wrong place.
I have just received a letter from Northern Rock regarding PPI on 2 loans I still have with them. I did not know if I had PPI on either loans, but according to NR, "as you were sold a PPI policy during this time".
So, presumably I was mis-sold this policy, as I do not recall asking for it.
Is it advisable to contact NR and persue my claim with them?

Thank you for any advice.

Absolutely :D:D:D
This will be front loaded ppi, a loan on a loan payable to term with interest, use this as a reason for mis sell, this is the most upheld of all ppi.

amersall

Look here for other reasons that may apply too.

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step2

DDave_2

amersall wrote: »

Never heard of these!!, do you have a phone number to contact them and ask ask for the address to claim your ppi back, i have googled them and the address is not the one FP gave you, there is nothing i do not know regarding FP and this broker has never come up once.

Did you get any cash back or a bonus with this ppi at the 5 year stage or sooner?.

Firstly appreciate the fast replies . Its the address and name in the letter received this morning along with a number 01942 710910 for which they just say call them if I want to discuss.
Cash back is due November this year so nothing yet. I found though the forums to my horror it was just a rip off hence the PPI claim (thought is was almost a free insurance- doh !!!)

DDave_2

amersall wrote: »

This is a win by the way!!.

Sorry amersall are you saying you think mine is a win ?

amersall

That is all i needed to know!!!, and you are very welcome x.
Send this to them.


We/I believe we were mis sold the ppi on the above account number,and would like recordings,if any to the contrary of my/our reasons for mis sell set out below.

1)We/I were not told that the ppi was in effect another loan that was added to the original loan and was repayable over the loan term with interest.

2) We/I were told that the ppi was a 5 year policy, but not told the ppi would still be on the loan to term end with interest.

3) We/I were told that if we did not make a claim,or go into arrears on the ppi ,after 5 years we would receive the cashback of ppi but were not told this would not include the interest made on these payments that we paid over the 5 years.

In line with the FOS recommendations it is requested that the overall situation be restored as if PPI had never been included. This will entail:
A refund of the monthly payments that have actually been paid towards the overall loan in excess of those that would have been needed, if the original loan had been sold without the PPI policy.

In addition, interest at the rate of 8% simple per annum to any excess payments made from the time each payment was made to the point that Barclays pays them back to us. We/i believe we were not given enough information on this ppi to make an informed decision. Had we/i known the full cost of this ppi we would not have taken it.

Unless you can prove without doubt that this PPI policy was fair, reasonable and suitable for my/our circumstances we/I will require you to rearrange the loan as if PPI had never been included on the above loan

Do this asap and send recorded signed for, if they will take the complaint over the phone, then use the contents of the letter, when you win redress, make sure they reset the loan, they should take the whole ppi amount off the loan and your monthly payment should reduce by the ppi monthly amount, you get the ppi you have paid to date with interest plus 8%.