PPI Reclaiming discussion

jennyred

well, went into HSBC today to sort out loan.

back ground - complaint upheld by HSBC regarding misselling. says they will refund £2800 but will have to redo loan as they cant just take off PPI.

went in this morning and the lady was very stern, there was no way around it I would have to do a new loan so I showed her some information that I had printed of here (she was not impressed I can tell you!) that says the loan must be same interest and term and cannot be to my detriment. after a bit of tooing and froing i came out with a new loan - BUT the amount now outstanding is £1500 less, its over 4 years instead of 5, monthly payments reduced by £40 and I get the PPI refunded into my current account by friday.
so cant really complain.

ps as I was leaving she told me not to believe everything I read on the internet!!! :rotfl:

m.colak

Anchorage wrote: »

i`M HAVING THE SAME DILEMMA BOUGHT WINDOWS FROM sTAYBRITE but the loan/ppi was from First Plus and it was sold through window co. agent. Who do we claim from????

Hi in all case's where the product was sold on behalf of someone else. Ie a third party such as staybrite then they are directly responsible to ensure that the product that was sold was required for your needs. At the time they sell the loan and PPi for the windows they become the official representative for First Plus and therefore are liable for the mistake. Claim from them as they will only recoup from First Plus in the end. Don't get in a battle between the two as you don't need to.

m.colak

jennyred wrote: »

well, went into HSBC today to sort out loan.

back ground - complaint upheld by HSBC regarding misselling. says they will refund £2800 but will have to redo loan as they cant just take off PPI.

went in this morning and the lady was very stern, there was no way around it I would have to do a new loan so I showed her some information that I had printed of here (she was not impressed I can tell you!) that says the loan must be same interest and term and cannot be to my detriment. after a bit of tooing and froing i came out with a new loan - BUT the amount now outstanding is £1500 less, its over 4 years instead of 5, monthly payments reduced by £40 and I get the PPI refunded into my current account by friday.
so cant really complain.

ps as I was leaving she told me not to believe everything I read on the internet!!! :rotfl:

Good for you it just goes to show at the end of the day if you fight your case and don't back down they will have too as you have the law on your side.

sc0tsman

Hi guys, me again.

I am getting severely P'd off as GE Money will not even discuss matters now as Creditlink [the broker have ceased trading] have I lost all my cash ?

m.colak

sc0tsman wrote: »

Hi guys, me again.

I am getting severely P'd off as GE Money will not even discuss matters now as Creditlink [the broker have ceased trading] have I lost all my cash ?

At the end of the day the broker was acting on behalf of GE Money so in reality that member of staff must have received some training from GE Money. I would suggest contacting the FSA asking who has taken on the liabilities of creditlink first and contacting them. Failing that i would take the case to the FISA who regulate GE Money and complain to them. Hope this helps.

tufty1964

UPDATE
Took the bull by the horns and rang LTSB this morning, I asked them to cancel my PPI, she said that because of the length of time I had left that my only option was to refinance the loan to remove the PPI.
Anyway there was £3500 ish left on original loan and I was paying £156 a month, I refinaced, got nearly £200 paid off my loan from the PPI and my new loan over 60 months is £82.50 which has got my monthly payments down £75 a month.
Don't know for sure if I've done right thing but the lower payments will help me out a lot.

Doogle_2

petermb wrote: »

Hi,

Yes of course there are things you can do to these vultures.
Put in a claim for the full amount of the ppi premium plus interest. If you have any difficulties come back to me and I will gladly take them on for you.

Hi Guys,

I too took a loan with Picture..i sent the first letter and got fobbed off . . i even had the loan rep calling me on my mobile so he couldnt be recorded...also i never recd any policy docs aswell....i have sent the second letter asking for a full transcript, explaination re the loan rep and this single premium rubbish!!!

Question for PeterMB....i read that 2 agreements needed to be signed after May 05 however i only completed one with all the info on it ......

any help would be great..and happymummy i will let you know how i get on.....doesnt help that Picture seem to be going under...

my details are i look a loan for 88,000 with PPI for 22000!!!! i cancelled it and got a refund of 2000 after 12 months......i know it was stupid...believe me my wife reminds me every day!!! i just want some fairness...

phoenixchick

Hi, I have decided to take the first step and reclaim the ppi on my existing loan, and also the loan that it replaced both from Welcome Finance. When I was sold the original loan I am pretty certain that the box for PPI was pre-ticked, in any case, I was told that if I didn't take it I was unlikely to get the loan. When I took out the new loan, which consolidated the old one, again it was suggested that it would be quicker if I had it, and as I had it on the previous loan the salesman was very insistant that I have it.

I have a couple of quick questions before I pop the letter in the post:

• Should I include a line in the letter cancelling the insurance, or is it already implied in the fact that I believe I was mis-sold?
• I have a car loan with the same company - they are not likely to cancel this and my personal loan are they? If they demanded repayment I could not do it.

Thanks in advance for your help.

nova

Hi Everyone, Well l've done it, sent the letter off to nw giving them 7 days to get back to me or court, really nervous now!! m.colak l cant remember did you actually have to go to court or did they back down before hand? l know you were going to send the bailiffs in, my husband would love to do that!! and he says we should start charging admin fees of £25.00 a time like they do!!

Triggles

m colak - here's the details - thank you for the assistance!

Ok work it out as two loans then

loan 1

loan start date = July 2004 (sorry don't have actual day, but I believe payments started 3 mos later in October 2004?)
loan amount = 7000
repayments = 165.44
settled first loan date = Feb 2007 (again, don't have date but it was paid up by dropping balance into new loan)
loan length = 60 monthly payments
settlement figure = 4475.83
loan charge = 1664.40

loan 2

loan start date = Feb 2007 (again, sorry, no day on paperwork)
loan amount = 7166.17
repayments = 279.55
number of payments made = monthly, from May 2007 until present (11?)
loan length = 60 monthly payments
loan charge = 2655

if you fill out the details i can work out a rough figure for you based on the mis sold PPI.

Sorry so sketchy. Honestly I've scoured the paperwork and find no dates, just month and year, and even that was hard to pinpoint. Good grief! Thanks again!