PPI Reclaiming discussion

milo100

I have cancelled my ppi with NEMO finance for 35000 loan, I cancelled PPI after 2 years (I was quoted as the PPI being 8000 added to the loan to begin with). I got a £1037 rebate which I wasnt told about. They also just took this off my balance instead of giving me the option of having the reclaim sent to me.

Firstly is this the correct amount they should have given me as a rebate?

Secondly are they allowed to just take the rebate from the loan balance and not give me the option of having the rebate sent to me?

Dont know if anyone out there can help and answer my query, I think they have conned me and so think I should complain but thought I would just see if anyone here has experienced this and can answer my query.

Thanks in advance

m.colak

louietudor wrote: »

[FONT=&quot]hi all ive just started my claims against my credit and store cards and my bank and have had my first refusal from capital one - the usual your were given the policy - you could have cancelled blah blah blah - [/FONT]

[FONT=&quot]my basis for claiming is that i was and am still self employed and did not realise i was paying for cover i could not claim on ( indeed i dont think they should have sold me a policy i could not claim on) - below is what i intend to send in my second letter with parts used from looking at advice given to others here - could someone have a gander and give me your opinion if its enough or do i need more:[/FONT]


[FONT=&quot]quote:[/FONT]

[FONT=&quot]As explained I was and still am still self employed and you were notified of my employment status from the date of application. At no point was I informed that I was paying for cover ( ie redundancy etc) that I would never be able to claim on.[/FONT]

[FONT=&quot]I do not recall receiving the explanation of cover by letter, please provide me with the date these were sent and a copy of the document[/FONT]

[FONT=&quot]Aside from this [/FONT][FONT=&quot]The Financial Services Authority stated the following within their report, dated 4th November 2005, on the sale of PPI, [/FONT]

[FONT=&quot]‘[/FONT][FONT=&quot]There was an over-reliance on product documentation given to the customer at the expense of explaining the policy to the customer orally [/FONT]

[FONT=&quot]As you can be clearly seen, your own regulator, the FSA does not believe the reliance upon documentation to be good practice in adequately explaining PPI policies. [/FONT]

[FONT=&quot]Therefore, we do not believe your letter of 15th January 2008, adequately justifies how the policy was:[/FONT]
· [FONT=&quot]Not Negligently Misrepresented, [/FONT]
· [FONT=&quot]both fair and reasonable, [/FONT]
· [FONT=&quot]in my best financial interests; and[/FONT]
· [FONT=&quot]meet’s the criteria of Treating Customers Fairly.[/FONT]

[FONT=&quot]I would also refer you to the misrepresentaion act 1967[/FONT]

[FONT=&quot]Again request I repayment of all premiums paid, plus interest at the statutory 8% otherwise I will have no options but to take my claim to the Financial Ombudsman and give the above ruling by the FSA I have no doubt as to it’s outcome.[/FONT]

[FONT=&quot]end[/FONT]


[FONT=&quot]cheers all in advance [/FONT]

looks fine mate:T

m.colak

DebtMagnet wrote: »

Hi and thanks to all the helpful people on these forums!

I have read the main article a few times, I have read the ‘Report PPI Successes’ thread in it’s entirety, and I have looked at all 111 pages of this thread and read any bits that appear relevant, but I am still unsure if it is worth trying my luck with reclaiming PPI?

I have had my credit card for almost 10 years now and at the time of taking it, I didn’t really need it or want it and was simply offered it by my bank. I stupidly said yes and have lived a life of debt ever since (I was quite flattered I suppose to be offered credit:o ). Anyway I had to go in to my branch to collect it and sign for it. I wasn’t there for long and don’t recall any conversation about PPI or anything else for that matter and even if it was mentioned, I wasn’t clued up enough to understand what it was or if I needed it, or indeed wanted it. I have never wanted or needed it and until recently, I wasn’t savvy enough to even realise I had it. Yes it showed on my statement every month but I didn’t really understand it and never questioned it as I presumed it was just something that was on every credit card (I’d never had any credit before then and I was pretty clueless, but thanks to MSE I am now much better!!!) I tried to cancel it a few years ago but was told I couldn’t and as I had a huge balance on the card I didn’t have an option to pay it off and cancel the card so just carried on.

They also added card protection cover as well which seems to be an annual policy as a charge just appears once a year. Every time it appears I question it and they tell me I have to contact the 3rd party company to cancel it and apparently it was also added when I first took out my credit card. I have never used this and certainly would have never wanted it as I didn’t have any cards at that time other than a simple debit card.

Anyway my questions are these:

• 1) Do you think it is worth trying a claim based on the fact that I don’t remember being told about PPI, and that I didn’t understand it or want it? Is this enough of a miss-sell?

• 2) This 6 year rule for the FOS seems to be confusing people on here. Some say if your signed agreement was over 6 years ago then the FOS can’t deal with it, others on this thread say that it’s 6 years from the last payment, or last communication on the matter. But all the info seems to relate to loans so not sure if it’s relevant. As the PPI is still on my card and I am still stupidly paying it (I know I know, I will cancel now I know the score) does that mean I can go down the FOS road if needed?

• 3) Do you think I would have a case for reclaiming this 3rd party card protection as they can obviously see on their records that I have never used it and although I should have cancelled it sooner, The point is I never asked for it and certainly wasn’t made aware of it?

Any help would be greatly appreciated.

Many thanks in advance,
DM

ok will make it transparant if your policy was active within 6 years ago then yes you can claim. I am claiming from Halifax who never mentioned PPI or the fact i had to pay it in the first place. This means that it wasn't explained and in fact am paying for something i don't want. You claim from the bank --- they are taking your money not the third party company --- do not get suckered in a who blames who situation. The bank can claim it back from the third party.

m.colak

milo100 wrote: »

I have cancelled my ppi with NEMO finance for 35000 loan, I cancelled PPI after 2 years (I was quoted as the PPI being 8000 added to the loan to begin with). I got a £1037 rebate which I wasnt told about. They also just took this off my balance instead of giving me the option of having the reclaim sent to me.

Firstly is this the correct amount they should have given me as a rebate?

Secondly are they allowed to just take the rebate from the loan balance and not give me the option of having the rebate sent to me?

Dont know if anyone out there can help and answer my query, I think they have conned me and so think I should complain but thought I would just see if anyone here has experienced this and can answer my query.

Thanks in advance

Ok positive step that you've received a refund and some banks/places will offset against the loan amount (This is doing you a favour as its reducing your balance) You can ask for a breakdown of the refund and how they calculated it and then send the information in the form of a complaint into the FOS is you think you have been diddled. The major point is with the refund they should have recalculated your payments and sent you out a revised statement.

jrobinson4

Does anyone know if Citifinancial are settling or stringing it out?
Jo

checkedshirt

First Letter: 11th December 2007
Reply: 19th December 2007 -We did nothing wrong etc so no refund

2nd Letter:11th January 2008 asking them to reconsider and why (copy of letter posted in PPI Discussions Forum)

Reply:18th January 2008 -have reconsidered and will refund total PPI of £1550.82 + 8 % interest (no exact figure given)

THE TROUBLE IS:

they have stated the refund + interest is conditional upon the PPI being cancelled (no problem) but the refund will be credited to my loan account and therefore reduce the amount still owing.

Can they insist upon this????

I don't know if the PPI counts separately to the loan agreement and therefore are two entirely different things.

It's further complicated by the fact that original loan is in arrears and reduced payments are being accepted by LLoyds on a reviewable 6 month basis and subject to a Debt Management Plan (DMP) being administered by the Consumer Credit Counselling Service (CCCS).

Whilst I accept the refund will reduce the amount owed to LLoyds the mis-selling has contributed to my overall financial situation being pretty rubbish (I have outstanding PPI Claims ongoing with the Royal Bank of Scotland and Loans.Co.uk) and quite frankly I could use the refund to correct my current overdraft facility with my bank and therefore reduce charges and interest incurred as a result.

Any advice or opinions would be gratefully received.

Finally, a big big big thankyou to Martin and all those who post on this forum for the help and advice.

CheckedShirt

Last edited by checkedshirt : 18-01-2008 at 6:55 PM. Reason: wrong month re:reply to 2nd letter

gt568

checkedshirt wrote: »

First Letter: 11th December 2007
Reply: 19th December 2007 -We did nothing wrong etc so no refund

2nd Letter:11th January 2008 asking them to reconsider and why (copy of letter posted in PPI Discussions Forum)

Reply:18th January 2008 -have reconsidered and will refund total PPI of £1550.82 + 8 % interest (no exact figure given)

THE TROUBLE IS:

they have stated the refund + interest is conditional upon the PPI being cancelled (no problem) but the refund will be credited to my loan account and therefore reduce the amount still owing.

Can they insist upon this????

I don't know if the PPI counts separately to the loan agreement and therefore are two entirely different things.

It's further complicated by the fact that original loan is in arrears and reduced payments are being accepted by LLoyds on a reviewable 6 month basis and subject to a Debt Management Plan (DMP) being administered by the Consumer Credit Counselling Service (CCCS).

Whilst I accept the refund will reduce the amount owed to LLoyds the mis-selling has contributed to my overall financial situation being pretty rubbish (I have outstanding PPI Claims ongoing with the Royal Bank of Scotland and Loans.Co.uk) and quite frankly I could use the refund to correct my current overdraft facility with my bank and therefore reduce charges and interest incurred as a result.

Any advice or opinions would be gratefully received.

Finally, a big big big thankyou to Martin and all those who post on this forum for the help and advice.

CheckedShirt

Last edited by checkedshirt : 18-01-2008 at 6:55 PM. Reason: wrong month re:reply to 2nd letter

When I got my ppi refund from NatWest they tried to put the money back into the loan. I wrote demanding the money be paid into my non-NatWest account and they complied. At the end of the day it's your money.

Stillsmiling

Got a NO from First Plus today as they claim that they my husband did a series of "Demands and Needs" over the phone and that they then sent that to us with the credit agreement.

But I really didn't realise (obviously I was being dull at the time but we were desperate for the loan) that we would be paying for the PPI for the life of the loan. I understand that it was valid for 5 years but I assumed I would only pay for it for 5 years!

Not sure what to do now. Not even sure I have a case to keep fighting... *sigh*

Elsie2_2

Hi all. Just wondered if anyone has taken any companies to court with regards PPI yet? And if so, whether you could help me figure out what to put in the particulars of claim. Thanks.

m.colak

Stillsmiling wrote: »

Got a NO from First Plus today as they claim that they my husband did a series of "Demands and Needs" over the phone and that they then sent that to us with the credit agreement.

But I really didn't realise (obviously I was being dull at the time but we were desperate for the loan) that we would be paying for the PPI for the life of the loan. I understand that it was valid for 5 years but I assumed I would only pay for it for 5 years!

Not sure what to do now. Not even sure I have a case to keep fighting... *sigh*

Easy one really did anybody consult with you about PPI if your name is on the loan too. If its a no then you have a reason for complaint. If not then the fact that they sent the information about PPI out rather than explain it in an interview is also a bone of contention. You have a claim if any of the above ring a bell.