PPI Reclaiming Discussion Part 5

DDave_2

amersall wrote: »

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%.

Thanks that is exactly what I wrote to First plus having found it on an earlier of one of your posts I think after FP's rejection do I now send it to the broker ?

amersall

DDave wrote: »

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 !!!)

Whatever you do DO NOT LET THEM FOB YOU OFF WITH THE CASHBACK IN NOVEMBER !!!
This is a big NO NO when you get the cash back the ppi is still on the loan to term end with interest and you are no longer covered for the remaining term.
This is rip off ppi and if they say "get lost" then FOS will uphold this in a heartbeat :T

amersall

DDave wrote: »

Thanks that is exactly what I wrote to First plus having found it on an earlier of one of your posts I think after FP's rejection do I now send it to the broker ?

I have my uses then? :rotfl:
Yes, send it to the broker, they are liable as they sold you the loan and ppi.

DDave_2

amersall wrote: »

I have my uses then? :rotfl:
Yes, send it to the broker, they are liable as they sold you the loan and ppi.

:T Many thanks was facing a few sleepless nights on this one still think it will be a miracle if I get anything but if I do will keep you posted. Also fired off ones to Egg, Sainsburys and still have HSBC to go so was a bit of a downer when I first read my first reply being the FP response. Thanks again:beer:

amersall

DDave wrote: »

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

I most certainly am :D:D:D:j:j:j:j

amersall

DDave wrote: »

:T Many thanks was facing a few sleepless nights on this one still think it will be a miracle if I get anything but if I do will keep you posted. Also fired off ones to Egg, Sainsburys and still have HSBC to go so was a bit of a downer when I first read my first reply being the FP response. Thanks again:beer:

:D No worrying tonight? this is a win

solbamba

amersall wrote: »

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.

Thank you Amersall. Should I proceed directly with NR as some of these no-win fee companies charge 30%?

amersall

solbamba wrote: »

Thank you Amersall. Should I proceed directly with NR as some of these no-win fee companies charge 30%?

:mad: Do not swear on this forum :rotfl: no contest, do it yourself a company will only post the form off, why would you give someone a hefty % for posting a letter?.
Claiming is so easy and free

DDave_2

amersall wrote: »

:D No worrying tonight? this is a win

Just looking forward to sending off the letter I shall certainly sleep better now :-):j

amersall

DDave wrote: »

Just looking forward to sending off the letter I shall certainly sleep better now :-):j

Let me know what they say.