PPI Reclaiming discussion

skintshell

Hi can anyone help me, I bought a car last year from carcraft, the loan was given to me by Black Horse and the PPI is with someone else who do I ask about getting my money back as this was very much mis sold to me by a car sales man !! Thanks

Jackswan_2

I would appreciate a comment from petermb on this little teaser, well to me it
is, its teasing the life out of me.

I have been successful in reclaiming PPI from the BOS for a loan taken out in
2002, but, this query is a part of a discussion on PPI.

The complaint against the BOS was upheld by the FOS where the Bank were told to re-imburse me the £3330 PPI and to repay me interest at 8% from June 2002 to September 2007. As per the FSA website, if the complaint was
upheld the Bank had to re-structure the loan as if the PPI had not been added. The Bank were most awkward about this but finally produced a statement that showed the re-structured loan and all payments etc,. made
against the balance. This is the bit I cannot get my head around, the reduced balance was say £xxx.xx they then added the interest they had paid me by cheque on the mis-sold PPI and added it to the loan balance thus increasing the debt to them to £xxxx.xx. Its as if they gave it to me on the one hand and took it away on the other.

I would appreciate any light being shed on this which is baffling me.

googleman10

Willson wrote: »

Hey googleman10....soo glad to hear someone else has a pre exsiting...no one else had said anything i was beginning to wonder if i was the only person who had a credit agreement and an illness!.

What i really want to know is whats the best next step??...i have penned standard 2nd stage letter, but im wondering whether i should call them and ask what they require re; medical condition...im just not sure...

I know i should carry on, but i am thinking i might not...then that makes my blood boil as that is there aim....one less reclaim!!!

Hi Wilson

It all seems really complex at times doesn't it? I had penned the second stage letter and unfortunately GE came back and told me we were then in stalemate but at the same time wanted proof on existing medical conditions.

My situation is perhaps a little different. I wanted to claim in 2003 and was told I couldn't because of my medical condition being something I had suffered from before, even though I had not claimed under the policy for it. They wouldn't let me cancel the policy, nor would they let me claim. Now they dispute ever having this conversation.

If you have cited this as your complaint, I would wait and see whether they ask for the proof of the medical condition. If they ask for it and you are happy to supply evidence, then consider doing so as it may help your claim!?

I am only reluctant to give them medical files because of the hassle when I tried to claim. If they had been reasonable at that point, I would have gladly substantiated my claim with the information.

Keep strong, there are so many of us that have suffered through their mis-guidance and its one that as consumers we need to win.

Kind regards.

googleman10

Help48x wrote: »

I have not been delinquent in any payments to Capital One but am in a financial crisis so I have to get them to agree to freezing interest etc on my account. Does anyone know if this will make a difference to my claim for mis-sold PPI?

Also, in response to another poster on this site, I too had PPI applied to my account with Argos card services depite my refusal to accept it due to a full disclosure of a pre-existing condition. They said that they only had a record of me saying I had cancer but didn't think that necessarily meant that I opted out!! I am still at odds with them over this but they're playing the silent card at present. I suppose that they want to drag the matter out for as long as possible in the hope they will save money, or that I may snuff-it!. Unfortunately for them, I am still here!

Argos card services can wait but I am really concerned about Capital One's attitude to my request for refund of PPI if I reveal my financial situation.

Advice desperately needed!

X

Hi again...

I am just a novice, the same as you so I can't give advice, just an opinion but sometimes it does help to get people's opinion before making your own decision, doesn't it?

In an ideal world, the issue of your PPI mis-selling would be treated seperately to your financial situation. However in the realistic world, it may have a bearing. Whether this bearing is negative or positive is unknown.

On the one hand, they may decide to reduce your debt by the PPI coming off as a lump sum which would mean you could possibly re-negotiate lower monthly payments? On the other hand, they may see it very differently.

It may be time to get some independent free advice where possible.
I don't know about your circumstances but advice is available on the freezing of your interest etc through the Consumer Credit Counselling Service.

Keep positive and hope things work out.

Kind regards

googleman10

Jackswan wrote: »

I would appreciate a comment from petermb on this little teaser, well to me it is, its teasing the life out of me.

I have been successful in reclaiming PPI from the BOS for a loan taken out in
2002, but, this query is a part of a discussion on PPI.

The complaint against the BOS was upheld by the FOS where the Bank were told to re-imburse me the £3330 PPI and to repay me interest at 8% from June 2002 to September 2007. As per the FSA website, if the complaint was
upheld the Bank had to re-structure the loan as if the PPI had not been added. The Bank were most awkward about this but finally produced a statement that showed the re-structured loan and all payments etc,. made
against the balance. This is the bit I cannot get my head around, the reduced balance was say £xxx.xx they then added the interest they had paid me by cheque on the mis-sold PPI and added it to the loan balance thus increasing the debt to them to £xxxx.xx. Its as if they gave it to me on the one hand and took it away on the other.

I would appreciate any light being shed on this which is baffling me.

I know you asked petermb for advice on this but surely.

You borrowed £C
This was made up of £A for the loan
This was made up of £B for the PPI.
Your payments from inception to FSA decision were £D
The rate of interest the loan was calculated at was E%

Surely it should be as follows under the new loan:
The amount of loan is £A
The loan is still calculated at E% as you should not be put in a worse financial position for the re-structuring of your loan for cancellation of PPI.
So your loan agreement is £A + E% = £Z
Your payments from inception of your existing loan were £D
Your loan outstanding balance is £Z-£D
Your monthly repayment should be lower as the loan amount was lower.

Hope this makes sense. This is as I see it but I could be wrong!?

Kind regards

bathgatebuyer

bayjomam wrote: »

Done the template letters and got the usual 'we are looking into your complaint' malarky. I've just received a letter today (finally!!!) from Halifax saying they are satisfied that my policy was inappropriate for me because they can't prove or disprove the claims I made about mis-selling as there is no paperwork available nor is there any record of who sold me the policy. They will be contacting me shortly with 'an appropriate payment to settle my complaint'. WOOOOOO HOOOOOO

A massive thank you to Martin yet again as thanks to you I've now clawed back £1800 in bank charges and over £200 in credit charges. Have a fab Christmas you are a hero.

:beer: :j :beer: :j :beer: :j :beer: :j :beer:

Hey, well done. I'm banging my head up against a wall with the Ha-Ha-lifax. They sought to justify that I had wanted the PPI cover on a credit card by sending me a copy of an appplication that wasn't even in my handwriting!!! :mad: I've claimed £1911 and got nowhere with Customer Relations. Have emailed their Chief Executive tonight telling him that I'm going to the Police now as I believe that document was cobbled up recently to seek to avoid paying me out the cash. Clearly not my handwriting and they think that appeases me?! Not a chance. I'm angry as hell :mad: and intend taking this to the Police, Court, and the media.

Elsie2_2

Elsie2 wrote: »

Help. I need clarification about a letter i've received today from First Direct in response to my initial letter advising i think i was mis-sold a policy in 2001.

I finished the loan in June 2002 when i think i consolidated it and paid it back.
They disagree that i wasn't advised the PPI was optional as they offer a 30 day cooling off period. And they have said that as the loan was paid back in 2002, i received a partial refund for the remaining term of the loan.

What i want to know is, can i still write back to them to see if i can reclaim for the year that i did have the PPI as they are saying that as the loan was started over 6 years ago, they are unable to consider a claim. I thought the loan had to finish within 6 years, which it does....just.
Can anyone advise if this is worth pursuing, or should i file the letter under B.....for BIN.
Thanks. "

I responded to the above letter from First Direct with a letter asking them to look again at my claim as i believed they had mis-sold the policy. I recieved response from them today;
As you are aware, your refund request against policies taken out in 2001 has not been considered under the Statute of Limitations Act 1980 because they were sold more than six years ago. I also disagree that you were unaware the cover was optional. You did not raise any concerns regarding this matter previously. Taking the above into consideration, i can only reiterate that it is not appropriate to make any offer of redress of premiums paid or additional interest. As such, there is nothing further I can usefully add.

CRAP!!I have the original policy docs, and the thing I find quite amusing, is they have sent me computer generated copies of the agreement to sign, and within it there is already a tick in the box for accepting the cover without my even having had the option. I probably should have seen it and queried it, but as i was only young, i probably didn't even notice. This Statute of Limitations thing is crap too i think, as the policy FINISHED less than 6 years ago. Please advise me if i am wrong on this. Thanks all.

leanne7lee

HI everyone, just wondering whether anyone is getting anywhere with Brokers? Particularly HFS loans (now Capital One Homeowner loans). I wrote to the finance company (Endeavour) twice and they just keep bleeting on about the broker - is this correct?

Elsie2_2

So I've drafted a short letter that I want people's opinions on. I found I got quite annoyed as I was writing it. Not sendng it until I get some feedback so please tell me if its too much.Thanks.
I am writing in response to your letter dated 29th November, with regards the insurance sold with my loans. Your reference is *****.
I feel that nether your first nor second letters offered a satisfactory justification that my policy was sold fairly, reasonably and within my best interests. You have stated the justification for not considering my request is the Statute of Limitations Act 1980, however, the Limitation Act applies only when no contact has been made between the creditor and debtor within a certain time limit. For unsecured loans it is 6 years. If the debtor acknowledges the debt in writing or pays an installment, then the time limit begins again from the date of payment. This said, as you were receiving monthly payments within the last six years and falls within the necessary time period, I would ask you to re-consider my request.
Furthermore, I enclose a copy of the original paperwork showing that the box for taking the PPLP had already been ticked, thus not giving me the option to opt in, rather having to opt out, something I maintain I was not aware of at the time.
Finally, the FSA are carrying out investigations with regards PPI and have stated they believe refunds should be calculated to take firms reasonably incurred costs into account. These costs will depend on the individual firm, but might include administrative fees, a proportion of commission and the uneven spread of the risk across the length of the policy. I feel that the partial refund I received after having the loans for only one year was unfair. I received only 61.3% of my initial outlay for the PPLP on loan number ********and only 49.6% of the PPLP for loan number ********.If I do not receive a more favorable response within 14 days I shall be taking my complaint to the Financial Ombudsman."

sc0tsman

leanne7lee wrote: »

HI everyone, just wondering whether anyone is getting anywhere with Brokers? Particularly HFS loans (now Capital One Homeowner loans). I wrote to the finance company (Endeavour) twice and they just keep bleeting on about the broker - is this correct?

As someone quoted earlier if you went via a broker for your loan but you PPI was lumped in with your loan then it would have been then LENDER who arranged the PPI not the broker.