PPI Reclaiming discussion

techspec

LeighBamforth wrote: »

I am now quite dispondent and would like advice as to whether to continue with my claim to the Ombudsman, or whether to just to give up and cancel my policy (saving £110 month on the brighter side of things). Could there be any negative comeback from a continued pursiut of this PPI refund?

Any advice much appreciated.

All policies should include your right to cancel.

What have you got to lose by going the FOS? Its free.

Have you sent a letter before action, threatening court action? If not, do that, then file with the FOS.

I would not be speaking to them on the phone on this matter. It is recorded, and no doubt the questions will have been designed to get you to drop yourself in it.

kate81_2

Hi,
Can anyone tell me how I can work out how much the 8% interest would be on reclaiming PPI (as asked for in the template letter I sent to bank).
Is it 8% of the amount they've offered me times each year since I took out the loan or since I cancelled it?
The bank has offered me £1425.20 but they do not accept the 8% is appropriate so I can take this money and run or fight for a bit more. Just wanted to know how much more I could get before I decide! If it's not much then I'll probably take what they've offered me.
Thanks to anyone that can help!

~mike~_5

Hi all,
I took out a massive 40k secured loan out with Picture Finance to pay off existing loans, credit card, ect. I foolishly took out the PPI due to pressure and me being niave, anyway, this added another 10k to the loan. So in total 50k, which was a single premium policy as they had added the 10k to the 40k and charged interest for the full amount (crafty !!!!!!s!). This policy was for 5 years. Well, circumstances changed 10 months later, and decided i could re-mortgage the house and pay off this dept, as the amount i was paying was going up almost every month (due to interest rate increases), basically this would be a cheaper way of owing the money i had borrowed from Picture Finance. I rang for a settlement figure and to my horror they quoted nearly 53k, now i knew there would be some early redemtion fee`s, but 53K !!!. I told them they had made a mistake and they had forgot to take the 10k (minus redemtion fee`s) off the settltment figure. But they said, and i quote, "you signed the documents, you had 30 days to cancel".
Anyway, i took my mortgage advisers advice, and re-mortgaged and payed off all monies outstanding with Picture Finance, and make a claim offically. Well this is what i am currently trying to do, i worked it out that Picture Finance had gave me a rebate of £1350 out of the £10k PPI policy leaving a whopping £8,650 for 11 months cover. It clearly states in the FSA website, that when a PPI and simular policies are cancelled, the company have to give you a refund (or rebate as they put it) minus any "reasonable incurred costs" which probably included comission fee`s, admin fee`s and the 11 months of cover, but this would not come to £8,650. I reckon they owe me £4-£5k minimun.
Anyone in the same or simular situation?? I will keep all updated but i reckon this will drag on.

Lindyhop

letter today from Lloyds TSB insurance company. I must say a very speedy response to the second letter i faxed last Thurdays.

response
'unfortunately, as i have previously advised i am unable to make any further offer due to the time that has lapsed form the date you signed your loan agreement'

biggest surprise, i wasnt offered anything but a big ' no chance, go away' in their first response. are they now acknowledging that there was a strong possibility that i was indeed mis sold the PPI

their letter goes further in stating that because my loan and insurance contract was made in January 2000, it is their opinion that any complaint made to the FOS would be 'time barred'. the letter concludes with information about an enclosed booklet and that i should refer to page 8. i only wish i could, no booklet was enclosed with their letter so eager were they to have their second refusal letter sent off to me!

is there anyone out there that has had a simular situaiton and can advise how they managed to work things out. is the next stage small claims court?

would love to hear from you. if i know which stage to go to next i will take it and feedback to the forum on the results. Anyone know a good solicitor familiar with this area of law?

scoobywoobywoo

Hi,
Newbie here,
Just reading all the threads on PPI reclaiming. I have had a next Directory account for years, where each month if you have an outstanding balance- they charge you a payment protection fee.
I can honestly say I have never had any information on this and as niave as I may sound I thought it was compulsory.
Do you think I should try and claim this money back? Has anyone else got experience of this and dealing with the next directory?
thanks:money:

fartyfairy

That will be a headache for them. (Northenr Rock!)
My bank looked at me like..."oh no...here comes another one!"

Good enough!

Just going to check my old Crapital one statements too. Pretty sure they nabbed me on that.

Neale_Francis

I have had a Capital One card for a few years now and recently noticed an amount for PPI. I have necer really noticed it before but looking back over all ther statements I have there is a considerable amount of money. I'm not the sort if person who takes this sort of insurance out so I'm convinced that it was just added because I either did or didn't check or uncheck a box at some point during my application.
which letter do I use to start my claim off.

I am self employed and have been since 1992.

Look forward to any help anyone can give.

freds_dad

Hi Everyone, hope I am doing this in the correct place!!

I have written an initial letter to my credit card provider claiming that the PPI supplied with the card was mis-sold on the basis that I was self employed at the time and indeed still am.
They have just written back, asking me to phone them to "discuss issues raised in my letter" Should I call them or are they trying to get me to say something that I shouldn't???

Any advice would be very much appreciated

regularsaver1

self-employed - check T&C's as some ppi policies do cover self-employed

Lindyhop

found details of this on another forum. my queries answered at last as my bank refused my reclaim on time barrred grounds. there is a way around it. my gut feeling told me there was.

website to try. limitation act 1980(-), [EMAIL="acts@swarb.co.uk"]acts@swarb.co.uk[/EMAIL], david swarbrick, solicitor, wrigley claydon. chec under sec 32 1.a & 1.c

not sure whether or not im allowed to mention this other forum on this site, as this other forum has sample letter that can be used in this type of circumstance. it has taken me over 4 hours to read through all the stuff and copy/paste the bits relevant to me. thought it ok to mention about the limitations act though as this in itself is not a rival forum(?)

armed with all this im going to contact my bank 1 last time giving them 14days then straight to court. in my case the FOS are unlikely to be interested, no wonder Lloyds were so quick to get back to me to tell me to get lost, they knew i was barking up the wrong tree threatening them with the FOS!

will update again should i have anything further to report.