PPI Reclaiming discussion

m.colak

Loan = 27500
Interest Rate 7.7%
No. of Payments = 264
Start Date = 20/08/06
Settled Date =01/02/08
Settlement Figure = 31372.04
Payments Made = 4155.16
Total Paid out = 35527.20

Length of Time you had loan = 18 months approx
Loan plus interest for 18 months = 30757.77

SO In reality the Loan would have cost you 30757.77 if no PPI was involved
and you had paid by this time 35527.20 making a difference of £4769.32. Now if you are stating that you were mis sold PPI then the case falls under disproportional rebate as highlighted earlier in this thread. If you go after the PPI and the fact that the settlement figure was disproportionate (I think if you check the OFT/FOS website's they will tell you more about it) you should be intitled to approximately the above figure.

m.colak

jul64marty wrote: »

Ok - I had no idea about this one. What do you think my chances are

5 years ago I had a bank loan with full PP against loss of work, sickness etc - it only had a couple of years left. During the year prior to this point, I had been back and forth to the Doctor [not excessively, but maybe 4 or 5 times] with tummy pain. I was taken into hospital for exploritory surgery and all was found to be ok. The pain went after this and about 6 months later I wanted to extend my loan. The bank arranged this and the loan was set up as a new loan - again with full PP. About 8 months after this, the pain returned and the Doc sent me back to hospital after I had some major bleeding. As it turned out, I had to have a major operation and as a result I had to leave work for a while. I contacted my PP firm and they refused to pay out claiming that the illness was pre-existing from 18 months ago - even though I had been given the all clear before taking out the loan. I argued that the two periods of illness may not even be realted, but they refused point blank. I had to take out something called a managed loan to pay off my bank loan and after paying 120 pounds a month for 18 months, only 200 pounds came off my balance - I had to borrow to get rid of that loan as it was crippling me. Five years down the line, I still have a loan, trying to get rid of the backthrash of this. Can I make a claim against the PP firm.

Did they cover your previous medical history at the loan interview as it is common practice to ask a medical questionaire. If they did and you highlighted the fact you're in the right. If they didn't and assumed that you were fine you're in the right. I would make sure about the medical questionaire first though.

ANY_CHANCE

m.colak wrote: »

Ok first of all ask yourself the question do you think they are telling the truth. All of a sudden they never sold you the loan and PPI. Get them to confirm this in writing with the name of the person whom they have contacted at Norton Finance whom has confirmed that they have sold the loan and PPI until this happens still go after first plus as they may trying to send you barking up the wrong tree.

Hi,
They also returned a document says Norton finance on the top and has our sigs at bottom. I did not have a copy of this before
Information on the document:
amount Required 50000 over 25years
insureance policy part has an automatic computer tick on single cover
Our address bank details
Employment income Husband income
No income for myself
blah blah

It doesnt say alot really apart from we must have gone to them to find a loan.

Their letter says that as it is with Norton finance have no telephone calls regarding this matter
Also i sent First Plus a letter for both misselling and unfair rebate i asked them for a statement of the settlement amount which i have not recieved yet but i did ask for this over the phone!!!!:rolleyes:

ANY_CHANCE

I had a letter from FP in march 2007 (from when i mentioned to them over the phone that would not have taken the insurance if i had been fully informed)
Their letter did not include anything about norton finance just that
'the optional PP cover was 1,2245.00' (that is how it appeared in the letter!) was signed by us ....PPP added of 5000.00 with total being 6,2245'

I have to say that nowhere in any documents i have is this clearly stated, in fact it is just not said at all. The only figure i have is 'the cash price premium 12,245' There is not an explanation that no matter how long you have the loan you pay £12,245 for Ins policy lasting 5 years only

:mad: :mad: :mad:

Also why did they not send me a final statement when we sold they house? Im going to get in touch with the solicitor who paid them the amount see if she has anything

m.colak

ANY_CHANCE wrote: »

I had a letter from them in march 2007 (from when i mentioned to them over the phone that would not have taken the insureance if i had been fully informed)
Their letter did not include anything about norton finance just that the optional PP cover was 1,2245.00 (that is how it appeared in the letter!) was signed by us ....PPP added of 5000.00 with total being 6,2245

I have to say that no where in any documents i have is this clearly stated in fact it is just not said at all the only figure i have is 'the cash price premium 12,245' - No where is there an explanation that no matter how long you have the loan you pay £12,245 for Ins policy lasting 5 years only

:mad: :mad: :mad:

Also why did they not send me a final statement when we sold they house? Im going to get in touch with the solicitor who paid them the amount see if she has anything

Send them back copies of the letter and clarify that if the loan was with Norton Finance why were you receiving letters from them. If they were acting on behalf of Norton fianance then they are responsible for the mis selling not Norton Finance. Stick to your guns they sold you the policy not Norton they miss sold not Norton.

ANY_CHANCE

Just had a cup of tea and yep it seams clearer
They are the ones responsible for the misselling
They obviously have no telephone calls to back themselves up with so are trying this route to confuse i will send my return 2nd letter and caryy on

m.cloak - thankyou you are :A

Thanks for stearing me in the right direction its easy to lose the plot when such a lot happening

Im also going to claim PPI for Halifax credit card, Beneficial finance, Halifax loan Welome finance

Bank & cc charges too - Barclays, beneficial finance, debenhams, Halifax acct, halifax cc;)

GOOD LUCK WITH YOURS M.CLOAK:cool:

m.colak

ANY_CHANCE wrote: »

Just had a cup of tea and yep it seams clearer
They are the ones responsible for the misselling
They obviously have no telephone calls to back themselves up with so are trying this route to confuse i will send my return 2nd letter and caryy on

m.cloak - thankyou you are :A

Thanks for stearing me in the right direction its easy to lose the plot when such a lot happening

Im also going to claim PPI for Halifax credit card, Beneficial finance, Halifax loan Welome finance

Bank & cc charges too - Barclays, beneficial finance, debenhams, Halifax acct, halifax cc;)

GOOD LUCK WITH YOURS M.CLOAK:cool:

Hmmmmm, name is m.colak not cloak:rolleyes:

ANY_CHANCE

:rolleyes: Theres no hope for me:rolleyes: what a muppet

ANY_CHANCE

Did i spell muppet correctly wheres the damn spell check on this thing?
Maybe i could take my old school to court for poor English teaching?:p

LISAW_2

I have taken LTSB to FOS and am waiting on a decision if they can take on the case as the loans were in 98 and 99, so i decided to collate all of the information with the possibly of going straight to court. LTSB are rubbish.

Heres my questions; when i refinanced 98 loan in 99 I should have recieved a 4 year rebate. yesterday LTSB emailed me to say the LPI ran for the full 5 years so no rebate ( this is rubbish ) can i claim for this seperately?

Here's the crucnh question; I asked them for the signed paperwork they have for my current 99 loan. they state they do not have this as they only need to hold paperwork for 6 years. is this the case or do they need to hold it for the full term of the loan??

I am at my wits end. LTSB have challenged FOS on taking on the case due to timeframes and now they wont give me the info i need to take them to court. They cant even provide me with the interest rates i was charged at the time.... am i just wasting my time and should I give up?? both premiums were without doubt forced on myself....

LTSB are now saying they will not correspond with me any more until the FOS have no involvement...

PLEASE HELP :mad: