PPI Claim & the Nightmare that is CitiFinancial!

Twirly68

Hi everybody

I am new to the Forum and hope that someone can help me please.

I will try to cut a very long story short. I had a secured loan with CitiFinancial back in 2006 which included PPI and a Mortgage Guarantee Premium. Unfortunately I hit financial difficulties in late 2007 which ended with CitiFincial re-possessing my home. C&G were my main mortgage providers and they got all their money back and up until 2011, I believed CitiFinancial had all their money back too (due to the fact that I had a Mortgage Guarantee with the loan and that this would cover any shortfall).

I decided in 2011 to reclaim my PPI from CitiFinancial who upheld my claim (woohoo) which came to £5,464.01. However, they then said that they would use this money to help pay off the arrears that were on the account! What arrears I said. Nobody had contacted me since 2007 to say that I owed money after my home was sold. In November 2011 I decided to pass the claim onto the FOS as I believed that I did not owe anything to CitiFinancial and that they owed me.

It has taken until now to get a decision from the FOS and they have said that as CitiFinancial decided not to make a claim on the mortgage guarantee then there was a shortfall and that they can use the £5,464.01 to reduce said arrears!

I need help to understand why CitiFinancial are allowed to not make a claim on the mortgage guarantee premium that added a cost of £2052.92 to my loan agreement???? What is the point in paying extra for something that they can just decide not to use. At no time was I told that they are able to do this and why didnt they contact me back in 2007 when my home was sold to say that I still owed them money????

Help please

[Deleted User]

Twirly68 wrote: »

Help please

It looks like the Lender has decided to offset the arrears written off as part of your home repossession.
If you hadn't decided to complain about PPI then these monies would never have been sought by CitiFinancial, hence why you weren't contacted at the time to inform you that you still owed money.
They are allowed to do this;
http://www.moneysavingexpert.com/banking/setting-off

Twirly68

Hi Moneyineptitude

I understand that banks can off-set monies when there are arrears involved.

What I dont understand is why CitiFinancial decided not to clear the arrears back in 2007 by claiming on the mortgage guarantee premium that i had on the loan. It just doesn't make any sense to me.

[Deleted User]

Twirly68 wrote: »

What I dont understand is why CitiFinancial decided not to clear the arrears back in 2007 by claiming on the mortgage guarantee premium that i had on the loan.

They obviously decided just to write off these monies as a loss.This money would never have been sought from you had you not complained about the PPI.

You can still ask FOS to refer your complaint to an actual Ombudsman if you continue to disagree with their assessment.

Twirly68

Thanks again, I have asked the FOS to pass this to an Ombudsman.

LOWER

Can anyone help??

I have had my PPI claim upheld by CITIFINANCIAL and was advised that I would receive a settlement cheque within 20 days.

12 weeks later and I have still not received a cheque.

I have sent letters and e- mails to ask when the cheque would be received but don't get a response.

Cannot speak to anyone by telephone as they don't have customer advisors to discuss POI claims.

Anyone had similar experiences?

Any advice or help would be sincerely appreciated?

McKneff

Your need to set up a thread of your own and explain things on there.
It gets very complicated because its confusing when answers are coming but you don't know who they are for.

amersall

LOWER wrote: »

Can anyone help??

I have had my PPI claim upheld by CITIFINANCIAL and was advised that I would receive a settlement cheque within 20 days.

12 weeks later and I have still not received a cheque.

I have sent letters and e- mails to ask when the cheque would be received but don't get a response.

Cannot speak to anyone by telephone as they don't have customer advisors to discuss POI claims.

Anyone had similar experiences?

Any advice or help would be sincerely appreciated?

Contact the FOS, you should have the cheque by now.

amersall

McKneff wrote: »

Your need to set up a thread of your own and explain things on there.
It gets very complicated because its confusing when answers are coming but you don't know who they are for.

I doubt that will happen last post for this thread was 2 years ago.

McKneff

It beats me how these old posts get resurrected lol. x

dunstonh