PPI Reclaiming discussion

BBTHREE

Hi Everyone.

My hubby and I took out a 15yr loan with GE Money (First National) through Purple Loans in 2003 . It seems the policy automatically included a lump sum PPI which we didn't know we were signing for and that we didn't need.

I only found out we had PPI when I requested a settlement figure to pay G E Money off in Feb 07, and got sent two settlement figures - one for the loan and one for the PPI. Thats when I rang and found out that they added £1900 onto our loan and then charged me £1800 to cancel it!!!!

I did pay it off, but sent with the cheque I sent a letter saying how underhand and misleading they had been, and that I had been given no advice etc etc. I ended up writing about 7 letters and it took about 3 months, and eventually they said because I cancelled the PPI within a 4 year period I would get a percentage of it refunded, and they put roughly £300 in my account. At no point did I accept this as full and final payment, I have just left this pending, and I have been brooding on doing more about this for a long time because I still feel that we were totally ripped off.

I can't let this lie and I want to formally go after G E Money again, but I think because I have already shown them my hand with the many letters, and because I have been given some money back, they wont do anything. Is it too late? Any advice appreciated please?

TwinsMum_2

tiggrae wrote: »

Did you fill in the Financial Ombudsman complaint form and send it with your letter - that's the only way to get them to 'reconsider'

Yes I did, guess that is the route I must take.

Lisakx

tiggrae wrote: »

Complain to the financial ombudsman, say you're not happy with their reply send a copy of the FOS complaint form to Barclays 'as a courtesy' they get all hot under the collar then

thank you! I am now writing them a letter using the fab template and will see what happens, will keep y'all posted!

gt568

becks.989 wrote: »

i have tried to cancel the insurances as welcome told me i could nut i have been told that i have already paid for them in full so would not benifit in any cancelation. i am a bit miffed about this. i have a email address to send my letter. i just want some advice as to what to say. i was very confident with reclaiming my bank charges. i knew what i was doing. but with this i don't. can anyone help. many thanks becks.

Simply send letter one out of the PPI reclaiming article here http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Then see what they say.

COOKIEWILLOW

tiggrae wrote: »

HMSC Money Claim On Line is the County Courts automated claims service - it's instead of the sending the claim form off to your local county court and it's actually cheaper to issue a claim on line - here's the link www.moneyclaim.gov.uk

Tiggrae do you think i should send letter 2 first as i dont really know the amount owing to me as we have not kept 6 years worth of cc statements? plus ask them for copies of statements and copy of documentation when cc account was opened? Also in myearlier post i saidLloyds was claiming my hubby purchased PPI AFTER 2005, which was not the case as it was a good 3 to 4 years earlier but another poster said that them saying that wasnt an issue? I can only think that the 8 extra weeks they asked for was for nothing as they didnt even search for the date the account was opened?

m.colak

COOKIEWILLOW wrote: »

Tiggrae do you think i should send letter 2 first as i dont really know the amount owing to me as we have not kept 6 years worth of cc statements? plus ask them for copies of statements and copy of documentation when cc account was opened? Also in myearlier post i saidLloyds was claiming my hubby purchased PPI AFTER 2005, which was not the case as it was a good 3 to 4 years earlier but another poster said that them saying that wasnt an issue? I can only think that the 8 extra weeks they asked for was for nothing as they didnt even search for the date the account was opened?

First of all you only go down the MCOL route if you have determined a figure that you should receive back and without all the details it's going to be pretty hard to justify your case. I would send off to lloyds requesting all paperwork relating to the cc account (usually £10 charge) when you have this you can work out how much PPI so have paid or what you should reclaim and then i would continue with letter 2. Hope this helps. Use the standard request for information as you would for charges on your credit card but change the wording requesting your PPI payments instead.

Hope this helps.

katiekittykat

Thanks everyone for the help


xxxx

m.colak

BBTHREE wrote: »

Hi Everyone.

My hubby and I took out a 15yr loan with GE Money (First National) through Purple Loans in 2003 . It seems the policy automatically included a lump sum PPI which we didn't know we were signing for and that we didn't need.

I only found out we had PPI when I requested a settlement figure to pay G E Money off in Feb 07, and got sent two settlement figures - one for the loan and one for the PPI. Thats when I rang and found out that they added £1900 onto our loan and then charged me £1800 to cancel it!!!!

I did pay it off, but sent with the cheque I sent a letter saying how underhand and misleading they had been, and that I had been given no advice etc etc. I ended up writing about 7 letters and it took about 3 months, and eventually they said because I cancelled the PPI within a 4 year period I would get a percentage of it refunded, and they put roughly £300 in my account. At no point did I accept this as full and final payment, I have just left this pending, and I have been brooding on doing more about this for a long time because I still feel that we were totally ripped off.

I can't let this lie and I want to formally go after G E Money again, but I think because I have already shown them my hand with the many letters, and because I have been given some money back, they wont do anything. Is it too late? Any advice appreciated please?

Its not to late to claim the PPI because the policy was still running inside the 6 years window and therefore eligable. Just because you have received monies of a company doesn't mean that you agree that the case is closed although they might assume otherwise. Companies sometimes put the line " and if i haven't heard from you in 8 weeks then i consider the case closed" this isn't a valid agreement as if you tried that you would get laughed at. The next step is to work out how much you should have received back and then send a letter saying

..... in continuation to your letter dated .... i have received the said figure of £300 however i do not believe this accurately accounts for the amount of PPI refund i should have received. I therefore have consulted with the citizen's advice bureau (I apologize for the delay) and decided to consider court action against yourself. If no satisifactory settlement is received in 14 days to the sum of ......(Enter amount) i will be taking proceeding further.

Yours faithfully.

Address it too the person who sent you the last letter so there is continuation and it isn't passed from person to person.

m.colak

becks.989 wrote: »

Right then guys,

i took out a loan to purchase a car with welcome in jan 04. i couldn't get a loan with welcome but could with advantage finance, although welcome did all the paper work.
after reclaiming bank charges i thought i would now have a go at this as welcome stated that i WOULD NOT recieve the loan amount if i didn't have the ppi insurance even tho my partner was already covered.

i have found the paper work and this is how it goes (sorry no scanner)

Amount of credit £6000

term of loan 48 months

total amount payable £9663,36

Payable at 301.32 per month

ppi £2064,44

breakdown insu £395.00

rac roadside assi £245.00

gap insu £395.00

amount of credit £3099.44

total amount payable £4773.12

payable in 48 monthly instal at £99.44

i have tried to cancel the insurances as welcome told me i could nut i have been told that i have already paid for them in full so would not benifit in any cancelation. i am a bit miffed about this. i have a email address to send my letter. i just want some advice as to what to say. i was very confident with reclaiming my bank charges. i knew what i was doing. but with this i don't. can anyone help. many thanks becks.

Hi don't believe anything that anybody tells you (golden rule). Phone the insurance companies in person and state that you wish to cancel the insurance policy and want a refund of the remaining figure of the insurance.

I'm guessing that the policy is nearly finished therefore the PPI is almost complete to. This make's it a lot easier to work out then normal.

4773.12/3099.44*2064.44= Total PPI + Interest Paid = 3179.22

Using the Formula i made the other day the additional interest of 8% on
repeated similar payments is
3179.22/2*0.08=127.69

Therefore amount you should ask for is £3179.22+£127.69=£3306.91

Hope this helps

becks.989

Hi don't believe anything that anybody tells you (golden rule). Phone the insurance companies in person and state that you wish to cancel the insurance policy and want a refund of the remaining figure of the insurance.

I'm guessing that the policy is nearly finished therefore the PPI is almost complete to. This make's it a lot easier to work out then normal.

4773.12/3099.44*2064.44= Total PPI + Interest Paid = 3179.22

Using the Formula i made the other day the additional interest of 8% on
repeated similar payments is
3179.22/2*0.08=127.69

Therefore amount you should ask for is £3179.22+£127.69=£3306.91

Hope this helps

thanks for this. all i need to do know id find out who i need to claim from. advantage say it welcome and welcome say it's advantage. the person i actually delt with was from welcome finance. so i would assume its them what do you think?

does any one know of any contact detail for welcome finance, thanks