PPI Reclaiming discussion

m.colak

LISAW wrote: »

hI,

What is the rule on how long a company has to hold signed contracts??

Also, i believe ifthe mis sale event happened more than 6 years ago, then you are unable to take it to court as the or 3 years to be reasonably aware rule" does not apply. Do you know if that is the case?

Thanks in advance.

Ok the ruling is that you can only claim if the loan/product was still run within 6 years. If you have documentation that proves that you were paying during this six year period then they are still liable. The three years reasonably aware is at which point were you made aware that you were mis sold. The answer to that is usually less than 3 months ago so you are well within that as it has only come to light recently.

doingmybest_3

m.colak wrote: »

If you check out the FOS/OFT/FSA websites you'll see information relating to dispproportionate rebates. In most case's all consolidation means is they get to rape you again. I would send the documentation to the FOS siting that you believe that EGG have delibrately not refunded the PPI in these policies and their rebates are disproportionate to the actual amount already paid.

Thanks for that. Do you think I should bother writing to Egg or just go to the FOS?
I have a good idea of what the response from Egg is going to be judging by my last two responses from them.

LISAW_2

m.colak wrote: »

Ok the ruling is that you can only claim if the loan/product was still run within 6 years. If you have documentation that proves that you were paying during this six year period then they are still liable. The three years reasonably aware is at which point were you made aware that you were mis sold. The answer to that is usually less than 3 months ago so you are well within that as it has only come to light recently.

Thanks, what is the rule on holding signed contracts?

Tthats what i thought but LTSB have told me if the FOS refuse to take it on, i cant take them to court cos the reasonably aware thing is an FOS rule and not law, but dont trust what they tell me...

m.colak

doingmybest wrote: »

Thanks for that. Do you think I should bother writing to Egg or just go to the FOS?
I have a good idea of what the response from Egg is going to be judging by my last two responses from them.

Give them one last chance citing that you offer them one last chance before you take the matter further (its always worth while). Remember to include all the original points and on what grounds it was mis sold ie Misrepresentation Act 1967 or Consumer Credit ACt 1999. Then send it via the FOS. Ps if you think you have a very strong case and you can be bothered to work out what you expect back then quote this too.

m.colak

LISAW wrote: »

Thanks, what is the rule on holding signed contracts?

Tthats what i thought but LTSB have told me if the FOS refuse to take it on, i cant take them to court cos the reasonably aware thing is an FOS rule and not law, but dont trust what they tell me...

One question have you talked to the FOS or is it LTSB telling you they have?

The_deacon

The_deacon wrote: »

Sorry am back again! The eight weeks have passed since my first letter and i have had no communication back what so ever. I intend therefore to send the second letter along with the copy of the MCOL form as i now intend to go directly to court. Problem is and i have tried all the ways of working out that people on here have suggested, maths is not my strong point and i still don't know what figure i should be claiming for on the MCOL form.
My workings out range from just over £3000 to £9000! depending which way i do it.
I would be so grateful if someone could just tell me an approximate figure i should be looking at so that i don't look silly on the form. I noticed that i never gave the final settlement figure on the figures above which was £53,000. Actually paid the loan for 15 months at £650 per month.

If someone could just give me an idea of the amount i should be claiming i will be so grateful, thanks.

Hi M. Colak, hope the family are doing well. sorry to have to post this again, but noticed you are on line at the moment, could really do with just a guide as to what sort of figure i need to be putting on the claim form, thanks


Didn't realise i hadn't quoted the original post as well! see below.

Loan taken out in June 2002 for the sum of £47,343

Secured loan and so was charged £2116.80 (added to loan)Mortgage Guarantee Insurance, (don't know whether this was a legal requirement or was conned in to this as well?)

PPI £5112.42 (single premium added to loan, was told could not have loan without this)

Total amount of credit £54,972,22 (I know this figure is more than the others added together but honestly don't know why it is £400 more?)

The original interest rate charged was 14% however it does seem to have changed a couple of times to 13.8 and 13.17?

I paid the loan off in August 2003, with a settlement figure which was larger than the original loan by some margin. I was allowed a rebate on the PPI of £2765.82. By my understanding this means i paid £2346.60 for the PPI?

I honestly don't have a clue what people mean by 8% etc, or whether this would be just for when the loan was in force or the time since then?

Will be really grateful for any help, and will repay this to somone when a subject which i do understand! crops up on the forums.

Thanks in Advance

LISAW_2

ne question have you talked to the FOS or is it LTSB telling you they have?

LTSB told me it was an FOS rule and wouldnt stand up in court

( am waiting on jurisdiction team in FOS to decide if they are gonna act for me )

m.colak

LISAW wrote: »

ne question have you talked to the FOS or is it LTSB telling you they have?

LTSB told me it was an FOS rule and wouldnt stand up in court

( am waiting on jurisdiction team in FOS to decide if they are gonna act for me )

Ok the law about the 6 years is in the limitation act 1980 which clearly states 6 years from which the initial complaint is sent:

http://www.swarb.co.uk/acts/1980LimitationAct.shtml

m.colak

The_deacon wrote: »

Hi M. Colak, hope the family are doing well. sorry to have to post this again, but noticed you are on line at the moment, could really do with just a guide as to what sort of figure i need to be putting on the claim form, thanks


Didn't realise i hadn't quoted the original post as well! see below.

Loan taken out in June 2002 for the sum of £47,343

Secured loan and so was charged £2116.80 (added to loan)Mortgage Guarantee Insurance, (don't know whether this was a legal requirement or was conned in to this as well?)

PPI £5112.42 (single premium added to loan, was told could not have loan without this)

Total amount of credit £54,972,22 (I know this figure is more than the others added together but honestly don't know why it is £400 more?)

The original interest rate charged was 14% however it does seem to have changed a couple of times to 13.8 and 13.17?

I paid the loan off in August 2003, with a settlement figure which was larger than the original loan by some margin. I was allowed a rebate on the PPI of £2765.82. By my understanding this means i paid £2346.60 for the PPI?

I honestly don't have a clue what people mean by 8% etc, or whether this would be just for when the loan was in force or the time since then?

Will be really grateful for any help, and will repay this to somone when a subject which i do understand! crops up on the forums.

Thanks in Advance

ok bear with me as its late lol:D . The 8% is the mandatory statuatory interest rate used to calculate any additional interest you would have received on your money. Take your total payments and add it to your settlement figure. Now take the original loan figure and add the interest for the period you had the loan. Divide the loan charge over the full period of the loan and then work out the amount for the length of time you had it. Add this to the loan plus interest and then take away your earlier figure for settlement and payments. This is your deficiet and how much you should look about reclaim approximately. This could be more or less and you could gain compensation via going through the FOS if the rebate was disproportional to the amount paid.

Example:

Settlement figure =
Payments made =
Total paid =

Loan amount =
Interest on loan for period that you had loan =
charge for loan =
total cost =

total paid - total cost = deficit

LISAW_2

m.colak wrote: »

Ok the law about the 6 years is in the limitation act 1980 which clearly states 6 years from which the initial complaint is sent:

http://www.swarb.co.uk/acts/1980LimitationAct.shtml

THANKS!!

Man,

I hope all these calls are recorded, im sure i could take them to court for impersonation of honest people!!! :rotfl:

Appreciate your help with a very new family x