PPI Reclaiming discussion

gigsy

TwinsMum wrote: »

My complaint with First Plus (single premium) is now with the Ombudsman, I really thought that after the five years that they would come back to me and sort out new protection (they say I understood this was not the case) I never. Why would anyone pay for something longer than they were covered for (I might be daft but not that daft) Also the joint cover only covers my husband (hello this is a joint loan meaning me and him) It is nothing more than a money making process for them I only ask to borrow £29,000 not £37,000 their sales people are very clever, I tried to cancel it when I came to my senses and was told that nothing would really change I could cancel but would only make pence difference to my monthly payments and nothing back I might as well wait 5 years and get it all back (less this and less that and less abit more). Umm just sounding off feel better now.

Good luck. Sent mine of to FOS today after receiving a go away letter. we have a joint loan as well in which only i am covered and I work for the NHS so get quite a good sickness package if God forbid I was off work for a lengthy time - but they still sold it to me knowing that. Fingers crossed.

smitchy73

Had first letter back from Clydesdale Bank to say that the matter was in hand, but because they are taking longer than they would wish and that they hope to be in a position to make a final decision within the next 4 weeks, if not they will provide me with an update at that time, and of course if the matter cannot be sorted by then they will advise me of my rights of referral to the FOS.
I'm looking forward to it already!

sc0tsman

I received a written reply from FOS this morning saying they would "provide a full response as soon as they can" yet GE Money letter from last week stated they called FOS and advised they have referred me to the broker who set up the loan and I should proceed with the broker.

Are FOS looking into my claim and/or are GE Money lying, if not why could FOS not just have referred me to the broker???

Confused

EDIT: Do I contact the broker or await FOS ruling.?

ed8888_2

Wife & I just received what seems like a bog standard reply from Capital One regarding our claims for PPI.
FYI, we sent out MSE template letter to them in late Dec07 that went something like this:
My credit card account above is being charged for Payment Protection Insurance for a number of years that I believe was mis-sold for the following reasons:

1 - This is due to the fact that you have been fined by the FSA for failing to treat your customers fairly when selling Payment Protection Insurance and I do not believe that my policy was sold in my best interests.

2- This is due to the fact that I was not given the correct information when the policy was sold to me, as

• your salesperson was very pushy in selling me the policy so that I felt I could not say no.
• your salesperson did not tell me that the policy was optional
• i am concerned the sales assistant that sold me the policy has no financial background and the policy was not sold in my best interests.

Capital One reply @ 03/01/2008 states that:
1- our comments on FSA penalty on Cap One was correct (re: system error that made many a/c holders suffer PPI without T&C being sent out by Cap One)

2- Cap One had contacted ALL those were affected by this and assured that my wife & I are not affected, hence no contact was made to us. (Frankly, we cant recall any T&C plus insurance CERTIFICATE for this PPI - it was years ago!)

3- Cap One required all telecons to be clear & in accordance to non-misleading scripts. Cap One claimed that we gave our consent to PPI and to listen to Cap One's limited version of T&C over the phone. (Frankly, we can hardly recall this incident as it was ages ago!!)
Any help & guidance is much appreciated folks.

God bless.:o

Rgds, ed8888

tiggrae

smitchy73 wrote: »

Had first letter back from Clydesdale Bank to say that the matter was in hand, but because they are taking longer than they would wish and that they hope to be in a position to make a final decision within the next 4 weeks, if not they will provide me with an update at that time, and of course if the matter cannot be sorted by then they will advise me of my rights of referral to the FOS.
I'm looking forward to it already!

the clydesdale & sister Yorkshire are the worst bank EVER for not responding, they don't have the staff - send your complaint direct to the FOS if they don't respond after 8 weeks

tiggrae

sc0tsman wrote: »

I received a written reply from FOS this morning saying they would "provide a full response as soon as they can" yet GE Money letter from last week stated they called FOS and advised they have referred me to the broker who set up the loan and I should proceed with the broker.

Are FOS looking into my claim and/or are GE Money lying, if not why could FOS not just have referred me to the broker???

Confused

EDIT: Do I contact the broker or await FOS ruling.?

Hi that's just a standard holding letter from the FOS - I would contact the broker - basically with any mis selling claim you HAVE to make the complaint against whoever sold you the policy in the first place - which in a lot of cases is not the lender - it's exactly the same with mis sold endowments

reallylost

Hi there
I have been having a few problems with Halifax over my PPI

They have agreed that I was missold the PPI and will arrange appropriate redress.

I have now had a new loan agreement from them and it doesn’t make sense to me.
Firstly it is for 60 months whereas my original loan was for 84 months.
Is this allowed?
Secondly the figures don’t seem to add up.

The original loan was for £5000 over 84 months @ 14.94% making the repayments £127.03. Total loan £10670.52

The new loan without PPI is £5000 over 60 months @14.94% making the repayments £119.08. Total loan £7144.80.

Now I have already paid 22 months at the original amount (and still am as they won’t stop them till I sign the new agreement)

I have been told in no uncertain terms that this is all they will do for me and if I don’t agree I will just have to keep paying the original loan at the original payments and will not be able to make a claim for the PPI back at the end of that one as they tried to sort it out now and will not look at it again.
They say I am not entitled to any cash back as they only have to restructure the loan and credit my payments to the loan account.
Is this right?

Can anyone work out if I am being screwed up here and do I have to just accept the new loan as is?
Thanks for any help.

tiggrae

sampainter wrote: »

Hi there
I have been having a few problems with Halifax over my PPI

They have agreed that I was missold the PPI and will arrange appropriate redress.

I have now had a new loan agreement from them and it doesn’t make sense to me.
Firstly it is for 60 months whereas my original loan was for 84 months.
Is this allowed?
Secondly the figures don’t seem to add up.

The original loan was for £5000 over 84 months @ 14.94% making the repayments £127.03. Total loan £10670.52

The new loan without PPI is £5000 over 60 months @14.94% making the repayments £119.08. Total loan £7144.80.

Now I have already paid 22 months at the original amount (and still am as they won’t stop them till I sign the new agreement)

I have been told in no uncertain terms that this is all they will do for me and if I don’t agree I will just have to keep paying the original loan at the original payments and will not be able to make a claim for the PPI back at the end of that one as they tried to sort it out now and will not look at it again.
They say I am not entitled to any cash back as they only have to restructure the loan and credit my payments to the loan account.
Is this right?

Can anyone work out if I am being screwed up here and do I have to just accept the new loan as is?
Thanks for any help.

They've restructured your loan to 60 months because you've already paid 22 months which is good. £127.03 x 22 = 2794.66 you've paid to date. the original loan of 10670.52 - 2794.66 = 7875.86. The new loan over 60 months is 7144.80 therefore, they are giving you a 'refund' of £731.06

Which is the difference beween 127.03 & 119.08 = 7.95 x 60 months = £477 + 2 months (remember you've only paid 22 months and the new loan is only 60 months so they are rebating you 2 months) 127.03 = 254.06 + 477 = £731.06

reallylost

They've restructured your loan to 60 months because you've already paid 22 months which is good. £127.03 x 22 = 2794.66 you've paid to date. the original loan of 10670.52 - 2794.66 = 7875.86. The new loan over 60 months is 7144.80 therefore, they are giving you a 'refund' of £731.06

but the original loan of £10670.52 minus the PPI of £2614.08 is £8056.44
the new loan is £7144.80 minus my payments of £2794.66 is £4350.14
doesnt this mean I end up worse off
sory to be thick?

tiggrae

sampainter wrote: »

They've restructured your loan to 60 months because you've already paid 22 months which is good. £127.03 x 22 = 2794.66 you've paid to date. the original loan of 10670.52 - 2794.66 = 7875.86. The new loan over 60 months is 7144.80 therefore, they are giving you a 'refund' of £731.06

but the original loan of £10670.52 minus the PPI of £2614.08 is £8056.44
the new loan is £7144.80 minus my payments of £2794.66 is £4350.14
doesnt this mean I end up worse off
sory to be thick?

if the ppi element is £2614.08 then yes I would say so as they're only rebating you £731.06 - you need to go back to them and request a detailed breakdown of how they've worked out your new loan.