One Day I Will .... get debts below £8500 (Debt Diary)

Bunnyinthelights

Onedaywill,
You are doing so well and seem to be in control-I found that once I gained control of my finances, my depression was much more manageable.
I had my LBM in Dec 2005-unfortunately not until I was over £50k in debt-WITHOUT MY DH KNOWING! It was the worst moment of my life telling him. (Especially as he had bailed me out twice before)
Anyway, I think now that you have control and are moving in the right direction you will be fine and telling DH will help you.
Keep up the amazing job!
Bunny x

cocalls

well done on your progress so far-good luck with claiming back your ppi-i'm sure Martin's talked about it somewhere on the site.
Just a thought could you set yourself a target for telling your OH like say when you're under 10k (seeing as though you are near that mark anyway) as having a 4 figure debt sounds better than a 5 figure one!

maralum

I think you're doing really well oneday!

We have a damp house too and only use the tumbler to take the worst of the wet from the clothes, then hang them on the radiators to finish off. I know it seems like an extra expense, but it's cheaper in the long run than lots of sick days due to flu and treating the house for mould! Good luck, hope I've helped.

maralum

I think you're doing really well oneday!

We have a damp house too and only use the tumbler to take the worst of the wet from the clothes, then hang them on the radiators to finish off. I know it seems like an extra expense, but it's cheaper in the long run than lots of sick days due to flu and treating the house for mould! Good luck, hope I've helped.

onedayiwill

Hi guys,

Thanks for your support and advice. I'll take it all on board - hopefully we'll have some nice dry, non sour smelling clothes without using TD soon!

So today, I managed to finally pick up the phone to Virgin money and ask about my PPI.

Needless to say the phone call did not go very well and I plan to follow it up with a letter... this is what I've written (put together using examples from this site and elsewhere on the internet):
---

Dear Sirs,

Loan Account No XXXXXX - Payment Protection Insurance

As my circumstances have changed, I no longer require this insurance. I spoke with a member of the Insurance Team on Monday 5th March regarding the cancellation of this insurance policy I was informed that:

“All it would mean is that you are not covered. The premium was front loaded and therefore no refund will be given as this is a change in the terms of the contract.”

I was also told:

“The premium is front loaded because as time goes on you are less likely to need cover”.

The employment and financial status of a person can change at any time and had I been aware that I would not be able to cancel this cover in future I would not have taken out this policy. This policy was therefore missold.

The cost of the Policy was £1405.78 plus £288.74 Interest making £1694.52

I request a refund of the policy fee plus any interest paid on the fee.

I would appreciate a reply to this letter within fourteen days. If you reject this complaint, I would be grateful if you could explain whether you provide an internal appeals process. If you do not, please supply me with a final response letter, so that I can take up the matter with the Financial Ombudsman Service, and if need bemake a claim via the small claims court to recover the PPI insurance fee + Interest + costs.

All correspondence should be sent to: -
xxxxxxxxxxxxxxx
xxxxxxxxxxxx
xxxxxxxxxx,
xxxxxxxxxx

Yours faithfully,

--

Doe this sound OK? Any suggestions for improvement? Have I said anything stupid??? Any comments at all before I send it?

[EDIT: Just realised - I'm in Scotland maximum small claims is £750, so perhaps I better not include that part and should instead just end it at Financial Ombudsman Service.... flippin' 'eck I know nothing about the law!]

I decided not to put in the fact that the second statement by their "representative" completely contradicted their letter dated June 06 (see a post above). When I pointed this out to her on the phone she said "All that means is that you can cancel the policy. Not that you'll get any refund". I couldn't be bothered to argue ... but that's not what the letter seems to say to me....

Other than that... got to go to the post office now to send some eBay parcels So that's good!

onedayiwill

Don't like to bump myself up but could really use some input on that letter ... even if its a "sounds OK to me" type of response. Thanks.

medman

Hi Oneday :hello:

I know what you mean by your reluctance to phone financial institutions it can be very intimidating. Often the people on the other end don't know what they're talking about either.

I would suggest you write a letter ref your PPI. It is much easier as you don't have to listen to all their gibbering about how valuable it it etc etc. Plus you can be more assertive in a letter and sound much more business-like. If you want any help composing it just say!

If the PPI was included automatically then I would ask them to remove it and refund all your premiums. It's also worth checking the cover it provides as often it doesn't cover your particular circumstances.

In any even I would write and ask for it to be canceled, and if you have any thought that it may have been mis-sold then ask for all your premiums back. Mis-sold would include inappropriate cover for your circumstances; the suggestion that you would be more likely to be accepted for the loan if you take out the cover.

PPI is a really expensive rip off in my opinion you pay the premiums to protect the bank against default, and they get a back-hander from the insurance company.

OK good luck

MM

medman

OK give me few minutes to take a look

medman

I think it fine, I've had a bit of a play with it, see what you think.

Good luck

Your address

Their address Date

Dear Sirs,

Reference: Loan Account No XXXXXX - Payment Protection Insurance (PPI) Policy No **********

I am writing with regard to the above PPI. As my circumstances have changed, I no longer require this insurance. I spoke with a member of the Insurance Team on Monday 5th March, regarding the cancellation of this insurance policy, I was informed that:

“All it would mean is that you are not covered. The premium was front loaded and therefore no refund will be given as this is a change in the terms of the contract.”

I was also told:

“The premium is front loaded because as time goes on you are less likely to need cover”.

The employment and financial status of a person can change at any time and had I been aware that I would not be able to cancel this cover in future I would not have taken out this policy. The cost of the Policy was £1405.78 plus £288.74 Interest making £1694.52. This was not made clear to me at the time of the application, had I been aware of these terms and conditions I would not have accepted them. I conclude, therefore, that this policy was mis-sold.

I require a refund of all the premiums paid to date; together with the interest accrued thereon.

Please respond within fourteen days. If your reply is not satisfactory I will pursue the matter with the Financial Ombudsman Service, and commence small claims court proceedings.

All correspondence should be sent to: -
xxxxxxxxxxxxxxx
xxxxxxxxxxxx
xxxxxxxxxx,
xxxxxxxxxx

Thanking you in anticipation of your prompt reply and satisfactory conclusion.
Yours faithfully,

onedayiwill

Thanks a lot medman ... it seems to read better now. I'll get it finished off tonight and send it tomorrow.