PPI Reclaiming discussion

nova

ANY_CHANCE wrote: »

Unfortunately we took out a secured loan with First Plus for 50,000 as we were desperate. On the phone they said we could not take out the loan unless we had payment protection so we signed for it 12245. Payments of 374.98 p/m for the loan over 25 yrs and 91.83 for the payment protection.

All interest we since found out was front loaded! - I believe this was not explained intially or what it meant.

We took this out in july 2005, in 2007 struggling to meet payments we asked to stop ppi they said they would but they would only refund 2246.86 which would be credited to the account reducing monthly payments by 17.25!!

By this time we were fed up with first plus and wanted to get rid of them we had to sell our house and pay them off 62,000 if you add the payments made over 22 months at around 466.81 per month total amount to them is 73,000

their profit out of us in 22 months is 23000

Is this fair, responsible, honest lending? I dont think so

Thats bloody disgusting to say the least, its companies taking advantage of people in desparate circumstances, it's like loan shark territory really,l dont knowwho if anyone you could complain to but it's circumstances like these that need to be highlighted.

Weezey

terry876 wrote: »

We have a personal loan with EGG who sold it to us on the basis that no PPI no loan, I have now sent 3 letters to EGG who claim that it was sold correctly, but they cannot find the recording, having watched the forums I notice that companies can find the recordings when the PPI has been sold correctly, but like in our case and many others on the forum they cannot find the tape when in dispute. Is it just me or have others noticed this trend too?

Funnily enough they can't find our telephone conversation either. We argued against the PPI as it doesn't cover us, but were told we couldn't have the loan with out it. They have told us to take it to the Ombudsman, but when asked they agreed to stop the PPI payments meanwhile. It has taken 6 months to get to this point and so I have also asked for a refund of payments since my initial letter, but have had no response. They also refuse to supply statements or copy paperwork, I want to check they refunded the insurance when we extended our borrowing on a new loan. Has anyone had any success with Egg?

MWH1

x.xEmmax.x wrote: »

Hi everyone, I was just wondering if someone would please help me.
Im currently paying off my loan taken out about 18months ago. I am planing to try and reclaim my ppi, that i know was mis sold to me.
My questions are:
Can i still try and claim even though i am still paying off the loan ? or do i have to wait until i have finished paying the entire loan? (in 3.5years time? )
My loan was taken out with barclays,.

You can commence reclaiming the PPI even if you're part way through the agreement. Have you asked the loan company about cancelling the PPI if you don't need it?

MWH1

kats9lives wrote: »

Looking back on it i think i was mis sold the policy. It was clear i didn't need the policy as i had no out goings such as mortgages etc as i lived with my parents, rent free. I don't recall ever being told about the loan without PPI, from what i remember it was this is your loan repayment, this is the protection. Protection explained. sign here. Heres a cheque for the loan. Never, you don't have to have PPI. Its up to you.

Do you think thats grounds to reclaim?

Take a look at Martin's reclaiming video guide, in which he says you can try to reclaim if you feel they did anything "morally dubious" in not telling you what you were getting.

This has to be your decision. It won't cost anything (other than a stamp) to send one of the template letters on this site to your loan company. This isn't really about making a 'quick buck' because if you need to approach the Financial Ombudsman Service further down the line, this is likely to take several months before they can look at your case. Alternatively, you can take the matter to court, but you will have to pay for the pleasure.

glazertron

My reclaiming is not going to well. I was given a loan with Egg 3 years ago for 2500, and PPI for a whooping £960. I did the standrard letter and was told your not getting it, it was not miss sold. I then wrote back saying this was not the case. They then told me I had exhusted eggs complaint process and sent me a cd in the post with me talking to there adviser. Bit silly really as he was very clever in that coversation, never really mentioning that the cover was seperate, and costin over £900!!! I sent a few secure messages on there online service, basically saying talk to me or i using this cd for proof to take it further. they keep saying they will be in touch But nothing yet.

Anyone with similar problem?? Call taker that sold the PPI was very clever in the way he worded everything!!!

TwinsMum_2

juliedawn wrote: »

Thats what i want too...my PPI is £100 a month......want that gone.So theres hope for me to get a cheque too.....well done daynurse....hope you get the cheque soon!

That is what I am after aswell, I understood that it lasted 5 years but I then believed that they came back to me with a new deal, which is what she said to me (or what I believed she said to me), they say they are not at fault. Case with FO awaiting outcome.

NannyB

I sent three letters to Egg, they said i was not mis sold ppi, my complaint is now with the ombudsman, I don't think anyone is having much success with them, if there is someone out there that has been successful, please let us know, so fingers crossed for the ombudsman....

TwinsMum_2

The FO has aked me if I can think of any more information that I can give them.

I have listed the following:-

1. Was partly aware thet the PPI lasted 5 years but believed a new agreement would be made at the end of the 5 year term.

2. Only my husband is covered and not me on the PPI even though it is a joint loan and I am the one that pays this loan.

3. I felt that I was given insufficient information at the start of the loan on the PPI policy.

4. Thay paid alot of attention to the fact that we would get the PPI back after the first 5 years (leading me to believe that a new policy would then start)

5. I felt that the sales person was very pushy, stated that we needed to take out the PPI as we had no other way of paying it and not much savings (If we had lots of savings we would not be taking out the loan in the first place, would we)

6. My husband has his earnings protected, they say this is not enough as mine aren't ( but then I can't claim on this policy only my husband so what do I have to do with it.)

I can't think of anything else, I am not daft and I would never take out a policy that only lasted 5 years when the loan is over alot longer period I honestky thought that after 5 years we drew up some kind of new deal (Maybe I am daft).

There feel better now sorry for long post.:eek:

THIS POST IS REALTED TO CLAIMING PPI BACK FROM FIRSTPLUS THROUGH CENTRAL CAPITAL.

TwinsMum_2

daynurse wrote: »

had a phone call this am from first plus THEY ARE PAYING THE WHOLE OF THE POLICY BACK £6911.83P TO ME .....DIRECT....BY CHEQUE..PLUS THE 1,133 THATS BEEN TAKEN OFF THE LOAN!!!!! CAN YOU BELIEVE THAT
:j :j :j :beer: :T :T :T :j :j :j :j
SO SEND YOUR FORMS TO THE OMBUDSMAN FOLKS MAYBE JUST THE THOUGHT OF THEM GETTING INVOLVED IS ENOUGH WHO CARES!!!!!!!!THERE PAYING UP EMAILED ACCEPTANCE CANT BELIEVE IT THOUGHT IT WOULD GO ON FOR MONTHS
YIPEE.........

Fantastic well done you hope I have your luck.

TwinsMum_2

cocker100 wrote: »

Hi all,:j

Sorry to all of you who have been waiting for this response. I've known about the outcome for a couple of days, but just got written confirmation today and was waiting to get that before posting!
Well to get straight to the point - I'VE WON!!!!!!!!!!!!!!!!!!!!!!!!!!!:beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer:
Finally got it in writing today, they are fully refunding the whole ppi premium with interest!!! Here's the paragraph that I've been waiting for:

"I have completed a review of the correspondence regarding your case and in order to resolve your complaint we would like to offer you a full refund of the insurance premium plus interest and propose to make the necessary adjustments to your loan account to put it in the position as is if the payment protection insurance policy had not been taken. This will mean a full refund of the insurance premium plus interest, and returning the part of your monthly payments made towards the payment protection insurance premium to you. The monthly payments due will then be rescheduled accordingly."

Wow! I cant believe it. The total premium was £11360. We have made 29 payments so far in the loan for the ppi for at least £106 per month. These had increased with the interest rate. When you add on the interest, that over £15000 refunded!!!!!!!!!!!!:j :j :j

Obviously, they make the offer with no admission of liability and merely as a gesture of goodwill!!! Goodwill, First Plus, yeah right!!!!!:rolleyes:

If I could give any advice, it would be to stick to your guns and dont accept anything less than what you want. In any letters sent to your creditors quote the misrepresentation act as found in several previous posts. Remember, they have to prove that they never mis-sold you the policy, not you have to prove that they did.

Finally, I'd just like to thank everyone who has given me advice on this matter especially m.colak and tiggrae. Congratulation daynurse on your success today. You are a proper battler and would fight to the bitter end!!!:beer: :T
Good luck to all of you who continue to fight. As for me, I've got LLoyd's TSB in my sights next. BEWARE!!!

:money: King Martin rules ok!

Cocker.:)

FAN DABY DOSEY, (showing my age now) good for you I am plesaed for you.