PPI Reclaiming discussion

tiggrae

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?

Are you wanting to reclaim the full amount for mis selling or just the amount for ending the loan early - legally 2 different approaches, the 2nd one being far easier than the 1st

tiggrae

becks.989 wrote: »

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

It is definately Welcome - their address is Welcome Finance, Customer Complaints, Mere Way, Ruddington Fields Business Park, Nottingham NG11 6NZ

Elsie2_2

Yey, cheque received for £747.83 today from First Direct. Thanks for everyone's help and advice.

Another question for you guys out there though please. I have today received a letter from a store card company telling me that my card has been inactive since December 1999 and that because of this, they are unable to provide me with any information about the card as it is over 6 years ago. I have the statement for December 1999 and there was still a balance on it, so not sure how it can have been inactive at that poit. My question is, is there any point in continuing or could this just be a ploy to fob me off. They have given me a further address to write to if i am still unhappy. Any thoughts? Thanks in advance.

LISAW_2

Guys,

Just a quickie. after much to-ing and fro-ing with a lady in LTSB who decided to stick her heels in ( probably because i made her feel stupid on the phhone - hindsight in wonderful ) they have told me their decision is final, and I will get nothing. The laughable thing is the defence they have used is exactly what I was complaining about in the first case!!!

In any event, this is where I need advice.

I have sent all of the relevent docs to the FOS, am just wondering who has gone down this route and any idea on a timeframe on how long this normally takes. Also, if this fails, can i still go down the court route. It was a long time ago, but i was blatently ripped off... TWICE!!

L xx:eek:

Elsie2_2

LISAW wrote: »

Guys,

Just a quickie. after much to-ing and fro-ing with a lady in LTSB who decided to stick her heels in ( probably because i made her feel stupid on the phhone - hindsight in wonderful ) they have told me their decision is final, and I will get nothing. The laughable thing is the defence they have used is exactly what I was complaining about in the first case!!!

In any event, this is where I need advice.

I have sent all of the relevent docs to the FOS, am just wondering who has gone down this route and any idea on a timeframe on how long this normally takes. Also, if this fails, can i still go down the court route. It was a long time ago, but i was blatently ripped off... TWICE!!

L xx:eek:

I wouldn't even bother speaking to anyone over the phone. I've done all my claims via letter, i find this avoids having to deal with people's personalities. Send all the letters in order and if and when they refuse, send a complaint to the financial ombudsman and let them sort it out.

LISAW_2

Elsie2 wrote: »

I wouldn't even bother speaking to anyone over the phone. I've done all my claims via letter, i find this avoids having to deal with people's personalities. Send all the letters in order and if and when they refuse, send a complaint to the financial ombudsman and let them sort it out.

Hi Elsie,
i tried the letter thing and they called me. it turned a little cildish to be honest, but this is their final decision.

Have you gone done the FOS route as I am doing now?

Lisakx

Can I cancel PPI whilst I'm trying to claim the refunds? Would it affect any refund made in a negative way?

cocker100

Hi all,

Just about finished drafting my third and final letter in First Plus. Have quoted the misrepresentation act in it. Does the following section of the letter sound ok? It's just that I haven't really had any dealings with court procedures and law before, so dont want it to sound silly!

.........................................Therefore, I believe that the single premium policy sold to me essentially made me borrow more money rather than simply pay a monthly fee for insurance. I also believe that it should have been made clear to me that the policy generated large profits for First Plus at my expense. You clearly failed to do this and in so doing have failed in your "Duty of Disclosure" to me. This is because insurance contracts are basically contracts of the utmost good faith. This imposes on you a duty to disclose all material facts because one party, First Plus in this case, is in a strong position to know the truth. Your failure to disclose these facts to me is misrepresentation at common law under the Misrepresentation Act 1967...............................................


Does this sound ok?

All advice greatly appreciated.

Cliff.

Elsie2_2

LISAW wrote: »

Hi Elsie,
i tried the letter thing and they called me. it turned a little cildish to be honest, but this is their final decision.

Have you gone done the FOS route as I am doing now?

I have a few times, but i always find that they respond at the last minute and i am then able to cancel my complaint. Sometimes just the threat is enough. They have tried to phone me a few times. Once it lookslike they are starting to get silly, i just advise them that i dont wish to discuss it over the phone and ask them to put it in writing. That way, it usually eleviates all the sillyness.

The_deacon

Sorry about this, i have read all the information on both the reclaim froums and seen the article contents about reclaim amounts. However! call me dim, but i am really struggling to understand what would be a fair figure to be accepted in the event of any offer or, which i will do, filling in my court form. . I will post the figures below and hopefully someone will be able to point me in the right direction.
I have seen some of the formulas posted but they mean nothing to me, sorry!
I have already sent off the first letter but am still awaiting a reply.

Loan taken out in June 2002 for the sum of £47,343

Secured loan and so was charged £2116.80 (added to loan)Mortgage Guarantee Insurance, (don't know whether this was a legal requirement or was conned in to this as well?)

PPI £5112.42 (single premium added to loan, was told could not have loan without this)

Total amount of credit £54,972,22 (I know this figure is more than the others added together but honestly don't know why it is £400 more?)

The original interest rate charged was 14% however it does seem to have changed a couple of times to 13.8 and 13.17?

I paid the loan off in August 2003, with a settlement figure which was larger than the original loan by some margin. I was allowed a rebate on the PPI of £2765.82. By my understanding this means i paid £2346.60 for the PPI?

I honestly don't have a clue what people mean by 8% etc, or whether this would be just for when the loan was in force or the time since then?

Will be really grateful for any help, and will repay this to somone when a subject which i do understand! crops up on the forums.

Thanks in Advance