PPI Reclaiming discussion

Smtmand

Advice Please!!
I have successfully challenged Lloyds TSB re PPI on a loan (they basically said no insurance no loan - argghh) they are now offering to pay back this money plus interest! BUT as I am on a Debt Management Plan (arranged through CCCS) the 'loan' has been paid on to a debt recovery agency acting on behalf of Lloyds and Lloyds are intending to pay the 'refund' to this agency - to be taken off the total amount owing. Can I ask for all (or more realistically a small part of this money) to be refunded cash to me? Obviously I wish to pay off my debts as quickly as possible - but it would be great to have a small sum 'banked' to fall back on (and in light of the 12 months of verbal and written harrassment, threats and general pursuing which drove me to the brink of a breakdown and having to move house to get away from their threats!) a small sum to maybe use for a very frugal weekend away!

Does anyone know I stand? Grateful for any advice

LISAW_2

Smtmand wrote: »

Advice Please!!
I have successfully challenged Lloyds TSB re PPI on a loan (they basically said no insurance no loan - argghh) they are now offering to pay back this money plus interest! BUT as I am on a Debt Management Plan (arranged through CCCS) the 'loan' has been paid on to a debt recovery agency acting on behalf of Lloyds and Lloyds are intending to pay the 'refund' to this agency - to be taken off the total amount owing. Can I ask for all (or more realistically a small part of this money) to be refunded cash to me? Obviously I wish to pay off my debts as quickly as possible - but it would be great to have a small sum 'banked' to fall back on (and in light of the 12 months of verbal and written harrassment, threats and general pursuing which drove me to the brink of a breakdown and having to move house to get away from their threats!) a small sum to maybe use for a very frugal weekend away!

Does anyone know I stand? Grateful for any advice

if anyone could answer this, i would be most interested as in a similar situation.. however, they've not agreed to refund me as yet so fingers crossed.

Smtmand, how long did this process take you?
Lx

gt568

I reclaimed with NW. They wanted to pay into the loan account, I said negative I want cheques and they obliged.

pokey15

pokey15 wrote: »

Bit new to this so please be gentle....

Took out a secured loan of £30klast October with Paragon thru brokers Loanmakers,on top of the £30k was a £6k PPI.
Have written to Paragon t to get the PPI refunded and a new loan fiqure . They sent me a snotty letter came saying it wasnt there problem it was Loanmakers as they were my broker,I sent off another letter to their complaint dept,they have just written back saying yes it was Loanmakers problem and to take it up with them,although they are stopping the PPI and will have a new loan fiqure for me soon.Forgive me if im wrong but Loanmakers just checked my criteria found the loan I was needing and passed me onto Paragon who0 went thru everything again.The loan,the paperwork,everthing is with Paragon so I dont understand why its the brokers.(Are they trying to fobb me off?)
Anyhow Ive now sent a letter to Loanmakers so fingers crossed.
Will the fact that Paragon have stopped the PPI affect my chances with Loanmakers.
Any advice greatly appreciated

Pps
Thanks to this great site have managed to reclaim £330 in bank charges,£96 in credit card charges and only yest managed to get my Virgin deal cut by £25 a month:j
Martin your a star:money:

Hi folks
had some comeback from Paragon and wanted some advice
They have agreed to cancel the PPI on my loan and the rebate and I quote "in accordardance with Consumer Credit(Rebate of Early Setlement) Reg 1983" is £1,930.50and they will be applied to my account if I sign the enclosed form,also my monthly payment is reduced from £339.86 to £321.72.

Do you think that fiqure is right?
Should I go ahead and settle or tell them to send me the money ?
just not really sure
Any feedback greatly appreciated
Thanks folks:T

tiggrae

pokey15 wrote: »

Hi folks
had some comeback from Paragon and wanted some advice
They have agreed to cancel the PPI on my loan and the rebate and I quote "in accordardance with Consumer Credit(Rebate of Early Setlement) Reg 1983" is £1,930.50and they will be applied to my account if I sign the enclosed form,also my monthly payment is reduced from £339.86 to £321.72.

Do you think that fiqure is right?
Should I go ahead and settle or tell them to send me the money ?
just not really sure
Any feedback greatly appreciated
Thanks folks:T

write back and ask for a full break down of the figures and the basis of the calculation

tiggrae

Smtmand wrote: »

Advice Please!!
I have successfully challenged Lloyds TSB re PPI on a loan (they basically said no insurance no loan - argghh) they are now offering to pay back this money plus interest! BUT as I am on a Debt Management Plan (arranged through CCCS) the 'loan' has been paid on to a debt recovery agency acting on behalf of Lloyds and Lloyds are intending to pay the 'refund' to this agency - to be taken off the total amount owing. Can I ask for all (or more realistically a small part of this money) to be refunded cash to me? Obviously I wish to pay off my debts as quickly as possible - but it would be great to have a small sum 'banked' to fall back on (and in light of the 12 months of verbal and written harrassment, threats and general pursuing which drove me to the brink of a breakdown and having to move house to get away from their threats!) a small sum to maybe use for a very frugal weekend away!

Does anyone know I stand? Grateful for any advice

write and tell them you'll make a complaint to the Financial Ombudsman if they don't pay you direct.

jdee66

MSE_Martin wrote: »

It's not right. It's missold. That's why you should try to reclaim - this is a typical example of the type of rife misselling across the industry. The important thing is not to assume "they must be right"; with PPI selling often it was pure "we must sell sell sell" regardless.

same as myself credit card by lpf

w216uhk

Hi,

So I sent the Halifax a letter on 1/10/2007 got a response back very quickly saying they will be looking into it a few of these letters come and go. Then the final response arrives, stating because I signed the PPI form (which they made me sign or else no loan) and it was suitable for my needs. Even though I had funds to cover this elsewhere. They also breached section 8.3 of the banking code making the PPI a condition of taking the loan. So I have now gone to the FSO any advice from others who have had this problem with the Halifax or others.

Thanks in advance

Maggie_Holmes

[quot=Maggie_Holmes;7167619]Last year I took out a Secured Loan with First Plus, I can remember the saleperson telling me about a payment protection plan and that after five years I would get this lump sum of £5,000 + or I could pay it off my loan. So I agreed to have this protection. I was told it would be so much per month so I thought this sounded good. Now 15 months on I am re-mortgaging because my fixed rate has ended little did I know that a 2nd charge would cause such a problem. So I have decided to consolidate the secured loan in with the re-mortgage because in the end my monthly mortgage will be cheaper than keeping the secured going as well.
Now I mentioned the secured loan to the broker and also the ppp which prompted me to look at the paperwork, and I noticed in one column it said PPP Loan and this sum of money that I am supposed to get in 5 YEARS time and I noticed that this had been added to the loan. So I rang First Plus to enquire about the PPP only to be told that after 5 years I wouldn't be covered and that I would have to carry on paying the premium payment I then discovered if I see this loan through to the end I will have paid First Plus double the amount of the Lump Sum I would have been "given"
Now since I have thoroughly read Martins thread on PPI I now realise I have taken on a single premium insurance loan, I wasn't told at the time that this would be added to the loan I took out nor was I told that after 5 years that i would not be protected anymore and that I would have to carry on paying the premium.

I had as a matter of course asked for a settlement figure for my re-mortgage only to discover that I am owing more than I took out due to this PPP. So I rang First Plus to ask why the settlement figure was so high, and they explained about the PPP and they have only taken off £1,000 so in effect they have taken £4500 for this PPP plus the monthly payments I have made.

Is this right, I want to finish this loan but I didn't know they were taking money off me in this way.

I have complained to them via the telephone and have received a letter saying they are loooking into my complaint.

Am I entitled to have the PPP removed from my loan amd my monthly payments refunded to me? or will I only get a partiial refund?

I feel I was mis-sold this PPP and not told the full facts re: not being covered after 5 years and not told this was actuallybeing added to the loan? Maggie[/quote]


Can anyone advise me on my situation I want to cancel the PPP on the basis I was mis-sold this policy and get a settlement figure on the loan that I took out originally. Can I do this and will I get the £5,000 plus PPP loan fully refunded/ taken off the agreement and the monthly premiums I have paid so far refunded also the interest that, no doubt I have paid on this PPP loan. Am I right in thinking this way or will I only get a partial refund. I want to get my facts straight before I speak to them.

Smtmand

LISAW wrote: »

if anyone could answer this, i would be most interested as in a similar situation.. however, they've not agreed to refund me as yet so fingers crossed.

Smtmand, how long did this process take you?
Lx

Unbelievably less than 4 weeks - although only received a phone call to confirm I have 'won' so far - awaiting letter of confirmation. My advice would be to calmly ring them every other day and ask what progress has been made. (I figure I've had 12 months of hell from their bugging - maybe playing the same game with them will work)!

:T
Thank you - I'm going to try the ombudsman threat!

This is my first success - but hopefully many more to follow!