PPI Reclaiming discussion

jim2

Hi,
My query is regarding the loan I took out with Northern Rock in July 2006.
After reading all the bad press regarding PPI I shopped around to find stand alone cover for a tenth of the price!(Thanks Martin).So,yesterday I phoned N/Rock to cancel the PPI.The girl advised me not to cancel as it would mean a new agreement which would take half an hour to process.Then she said as the loan is front loaded I was aswell keeping the agreement going as the actual loan hasnt started to be paid off yet.But it clearly states on my loan agreement in the monthly breakdown that £35.61 is towards Loanguard,£115.36 is the cash loan,giving a monthly payment of £150.97.
Do I have grounds for a refund on my PPI?
Thanks in advance.
Jim.

gio67

hi Triggae,
I will write a letter to them immediately, i will ask to cancel my ppi on the loan.
If you cancel you ppi do you need to take up another loan or you can use the same loan without ppi? because if they offer another loan will be much higher in APR and you could end up to pay more that what currently you pay. Its better to cancel over the phone or actually write a letter requesting the cancellation?
The reply i had from them for my reclaiming ppi iwas negative and also told me that if i didn't answer wirhin 8 weeks they will consider the case closed, but when i wrote to them they took 4 months to answer me... ridiculous ..they did apologies but now they try to push me in the corner...
I will send the letter with your suggestion this week and keep you posted!!!
Many thx

Lizalu

Hi guys,
I'm trying to do this for my OH. He's been self employed for 15+years, and took out a van loan (6grand) with Egg about 5 years ago. It was all aranged over the phone, and he remembers telling them he was self employed. I've sent off the first letter but they've come back saying that he still signed the agreement, therefore it wasn't mis-sold. I guess this is true but is it worth another letter? I don't know whether this still counts or not, surely everyone (inc those who've successfully reclaimed) signed the agreement?

mac_saver

Hi I was wondering if anyone has had any dealings with catalogue companies and the "peace of mind policies" that they push on their customers. My wife took out such a policy on the advice of a salesperson in 1994 even though she told them she was not employed and had an illness that she thought would prohibit such a policy, but after persuasion ticked the box and was sent a leaflet to read. Last year when circumstances with her health caused major financial difficulties and we fell behind with payments we approached them with a view to assist with back payments, we were then told that the policy did not cover her for this even though her illness was the root cause. I wrote to them cancelled the "policy" and asked for a refund in paymnets as the policy sold was worthless and should never of been offered in the first place and today had a first and final reply stating;
1) Policy docs were sent out 13 years ago and we knew what was and not covered and we signed for this freely
2)When changes to the policy were instigated on 4 occasions all holders were notified on thier statements.
3)We have received 158 statements all showing clearly the payments as a seperate entity (never queried this), and as we had never questioned this they "consider that this constitutes acceptance of the policy.
4)There is no requirement for advisors to have any financial training in the selling of such policies.
5)If we are not satisfied with this response contact the FOS but it is unlikely that they will help as they only took juristriction over such matters after the policy was sold.

Any advice??

daynurse

m.colak wrote: »

having examined your offer i see that as you state that my payments would only reduce to £10 with the PPI removed that means i have only £2760 left of the PPI to repay (not including interest to be deducted seperately). If this is the case then i believe by logic i have paid the majority of the PPI on this loan already and by your calculation's on a drop of £10 i must be refunded at least £5100 (not including the statuatory interest of 8%) before any further reconcilation can be made. This is determined by the letter you have sent me further to which i believe that means i have paid (316*24) £2484 off my loan (not including interest) which would bring my current loan balance below the 32000 threshold. Having done the most redumentry calculations i maybe wrong by as much as 2% however would appreciate clarification from yourself in 14 days before i take the matter further.

will try this next however might request a statement of what has been paid
so far thanks so much for your input

daynurse

have been at my freinds today telling her the story of the single premium policy we tried to do a few calculations what became apparent is that i will have paid huge amounts of interest 10,000 pounds i think on my ppi 60.00 a month supposedly for 300 months is 18000 pounds i feel worse than ever now
there must be something that can be done about this
how do they get away with it

daynurse

tiggrae wrote: »

what I think they've done is front end loaded your loan, in otherwords if you have a loan + ppi for 5 years the first 2 years you will be paying off the PPI and NOT the loan capital

is that legal tiggrae??

BigCraigJohn

Lizalu wrote: »

Hi guys,
I'm trying to do this for my OH. He's been self employed for 15+years, and took out a van loan (6grand) with Egg about 5 years ago. It was all aranged over the phone, and he remembers telling them he was self employed. I've sent off the first letter but they've come back saying that he still signed the agreement, therefore it wasn't mis-sold. I guess this is true but is it worth another letter? I don't know whether this still counts or not, surely everyone (inc those who've successfully reclaimed) signed the agreement?

Its a fob off. Send a second letter.

m.colak

daynurse wrote: »

is that legal tiggrae??

Its legal but they have to disclose it on application of the product

m.colak

LISAW wrote: »

Im more confused. Surely its the decision of the FOS as to whether or not they will take on the case?? I'd love to take control, but feel like its out of my hands now and in the hands of the FOS. To make it worse LTSB have told me if it goes to the FOS they will settle in 2 weeks!! Can you please tell me what else I can do??

By the way, all of the help you give on here is fantastic!!

Thanks

you have to raise the complaint with the fos as you are dissatisfied. second of all two weeks isn't likely currently with the back log of claims your looking at six months min.