PPI Reclaiming discussion

m.colak

jim2 wrote: »

Thanks for replying.
The girl at Northern Rock told me it was front loaded,is verbal not any use.

verbal is never any good you need all communications in written form.

tiggrae

cocker100 wrote: »

Hi all,

Well, after sitting down and listening to all the advice given, I have decided to try the FOS first with regards to my complaint. Downloaded and typed up the forms tonight, so will get them posted tomorrow. I know it may take a while, but i'm not in any financial hurry to get things sorted. I'll consider the court route if this fails to get the right result.

I've been reading through the recent posts regarding First Plus from various members with interest. It is appauling that they can get away with this type of treatment of its customers when so many of us are complaining about the same type of things. I for one know that my loan agreement blatantly breaks the FSA's rules regarding what is disclosed on it regarding the total amount payable including interest over the full loan term and the actual interest payable itself. From reading recent posts, it seems to me that I am not alone in this. How can they get away with it if the FSA has rules that they must abide by?:mad: :mad: :mad: :mad: :mad:

Anyway, i'll keep everyone posted as to what the outcome is with my complaint.

Cliff.

P.S. Congratulations m.colak on your little bundle of joy. I remember when our first was born. It seems like only yesterday and he is now 5. Enjoy!!!:beer: :j

Hi there, when did you take out your loan as First Plus only came under the jurisdiction of the FOS on 15th January 2005, if your loan was pre this you can't take your complaint to the FOS.

As to how they got away with it, the Financial Services Authority only started looking into PPI in 2005 (ie after everyone was under their authority) and they started to clean up the mess and instruct companies to change their terms & conditions for new customers and to 'consider re looking at terms for existing customers'. Unfortunately, they didn't instruct them to amend - only to relook, rather poor wording to be honest as it left a large loophole !!!

absnasm

After sending the first and second letters to my bank, then replying to an eventual letter from them (asking me to call them) with a third letter to say I would prefer to deal with them in writing, they've written to ask me to send them a copy of my loan agreement.

Should I do it? Shouldn't they have a copy of my loan agreement? I've already sent them some of it as supporting evidence. Are they trying to trick me? Am I just being paranoid?! I have a complaint reference number now, at least.

Any advice gratefully accepted. I foolishly thought this would be as simple as writing them a letter and getting a nice cheque.

In other news, the second letter to my "mortgage care" providers was posted yesterday after they failed to get in touch after eight weeks, the fools.

LISAW_2

tiggrae wrote: »

so you've only just become aware of the complaint through the media interest and you've made it within 3 years of becoming aware + I suspect the 6 years written within these rules is related to the Statute of Limitations rule

Thanks for your help. I thought i was within the rules its just nice to have these things confirmed. Lets hope the FOS see it the same way as me! FIngers crossed

tiggrae

absnasm wrote: »

After sending the first and second letters to my bank, then replying to an eventual letter from them (asking me to call them) with a third letter to say I would prefer to deal with them in writing, they've written to ask me to send them a copy of my loan agreement.

Should I do it? Shouldn't they have a copy of my loan agreement? I've already sent them some of it as supporting evidence. Are they trying to trick me? Am I just being paranoid?! I have a complaint reference number now, at least.

Any advice gratefully accepted. I foolishly thought this would be as simple as writing them a letter and getting a nice cheque.

In other news, the second letter to my "mortgage care" providers was posted yesterday after they failed to get in touch after eight weeks, the fools.

unfortunately it's not that easy !!! I'd write back and simply ask them why they need a copy of the loan agreement - you could always copy it to them but keep the original - which bank is it with ?

smitchy73

absnasm,
I can't believe that they're asking YOU to supply them with paperwork, I always think that of the banks can't find any paperwork, why pay anymore to them I'm sure they'd find it then to come after you for money!!

cocker100

tiggrae wrote: »

Hi there, when did you take out your loan as First Plus only came under the jurisdiction of the FOS on 15th January 2005, if your loan was pre this you can't take your complaint to the FOS.

As to how they got away with it, the Financial Services Authority only started looking into PPI in 2005 (ie after everyone was under their authority) and they started to clean up the mess and instruct companies to change their terms & conditions for new customers and to 'consider re looking at terms for existing customers'. Unfortunately, they didn't instruct them to amend - only to relook, rather poor wording to be honest as it left a large loophole !!!

Hi tiggrae,

Thanks for replying, we took the loan out in August 2005, so they did come under the FSA's rules then. It even says that they are bound by their regulations in our loan documentation.

absnasm

tiggrae wrote: »

unfortunately it's not that easy !!! I'd write back and simply ask them why they need a copy of the loan agreement - you could always copy it to them but keep the original - which bank is it with ?

Thanks, Tiggrae. I think I'll probably do that - copy my originals and send them a copy, asking them why they need one. It smacks of stalling tactics a little, I think. It's with Royal Bank of Scotland.

absnasm

smitchy73 wrote: »

absnasm,
I can't believe that they're asking YOU to supply them with paperwork, I always think that of the banks can't find any paperwork, why pay anymore to them I'm sure they'd find it then to come after you for money!!

I know, it's ridiculous! I suspect it's stalling tactics on their part, to be honest.

rl1234

Hi - can anyone help me please with advice on making a PPI mis-selling claim on a Northern Rock personal loan. After recently re-mortgaging, I have sufficient funds to pay off the loan (which included over £100 a month for PPI, which I tried to cancel twice but was told I would have to take out a new loan). I've received the settlement figure and am due to pay it off within next couple of weeks. Would it be best to pay the loan off, then make a claim? I don't want to delay paying off the loan as I have been on a reduced payment agreement with them for the last couple of months and want to clear it.

Any advice gratefully appreciated!

Thanks