PPI Reclaiming discussion

katiekittykat

I am just drafting my letter to natwest - which address do i sent the letter to?

Doozie

Stillsmiling wrote: »

Can someone advise on First Plus and PPI please? We've had a refund on a loan from several years ago that First Plus notified us about. Apparently an audit revealed an incorrect payment and they contacted us to pay us the money back (nice surprise). We now have a new loan with them (taken out in 2005) and it has PPI on it that cost £14000 over the life of the loan - though it is only valid for 5 years. After 5 years we can claim the full cost back if we haven't claimed. If we cancel now they've said that the refund would be minimal.

I hadn't realised that the PPI was only for 5 years yet I'll be paying interest on the amount for substantially longer than that. Do I have a case and should I claim or do I leave it, wait another 2.5 years without a claim and get the £14K back?

HELP!?

Hi Still Smiling,

It would depend on whether you wanted to cancel the loan before the 5 year period was up at all? You must remember that at that 5 year point your premiums to not go down at all and you will continue paying that same with interest on top. There should be a figure on your agreement that tells you how much the PPI (PPP) element is, I would times that by the remainder of the loan after the 5 year point and see if it is greater than the £14,000, if it is then I would go for a mis-selling option and get it taken off now. Also after the 5 year period you are not covered by PPI (PPP) even though you will continue paying for it until the end of the loan.

Cheers,
Doozie

kfer_kaz

it's about having knowledge also. I took out a loan with a ppi, only by reading this article did I think about my ppi. I rang the providers and was absolutely astounded to find that I was only covered for 3 years. The initial ppi was lumped onto our loan which will run for 25 years, so by the time we have finished paying we would have paid over 13k for protection that only lasted 3 years:eek: and cost 5k initially. The thing I am most angry about is, what if we had needed to claim after the 3 years was up, we wouldn't have known that we wasn't covered.

I have my letter in the envelope ready to be posted.

At least now thousands of people know what questions to ask when taking out a new ppi, the more people that know about this the better, as I said not just so they can claim for money.

laineysayers

hi all
I finally plucked up the courage to write to 2 loan providers who have charged me lump sum PPI's, one was GE money and still waiting their response after 3 weeks and the other is First Plus. After writing to Frist Plus I was advised to contact Norton Finance as they were the initial contact. Having received a letter last week from them requesting details of the loan, they have told me they cannot proceed without a copy of the loan agreement which First Plus will not let them have............ahhhhhhhhh. As it happens I do have a copy, but should I be sending it to them, it seems rather strange or do you think it is a delaying tactic. Anyone else had to deal with Norton before?
Hope someone can help with this dilemma, as I want to take both claims to the bitter end.

gt568

katiekittykat wrote: »

I am just drafting my letter to natwest - which address do i sent the letter to?

I sent mine to the branch I took the loan out from. Had responces and my complaint is ongoing.

TigerTiger26

Bluerover wrote: »

Can I ask how long it appears to take for people to get back either an acceptance or denial reply. I have sent the first template letter to LTSB a fortnight ago and received a letter saying they are looking into it last weekend.

I sent my first letters on 1st October. Got a reply to both that they were looking into it around a week later. Got second letters from both about 3 weeks later. Received first payment by Internet transfer only 29 days after first letter Received second payment today - one month after initial letter. Overall, two letters, two stamps, nearly £3K in my pocket!!!

It really is so easy. Two down, now to tackle the sister-in-laws PPI. Will keep you posted with progress

Bumbles2

Couple of questions:

*Is there a spreadsheet that will calculate the interest you add to the total claim (8%)?

*Do you claim 8% total or 8% from the date of each PPI payment made, just like the bank charges?

Thank you

Debbie2K7

Just received a letter from lloyds regarding my credit card payment protection cover as they call it!!
basically they've fobbed me off saying ...

• i've had the card over 9 years & i've left it too late to raise the matter as a complaint
• i was sent the policy document and the chance to cancel it
• they even enclosed a copy of the original application form with the insurance ticked

They will not be refunding any payments i have paid..........what's my next course of action????? HELP!!! :mad:

JimGlover44

Should I cancel my PPI now then reclaim or reclaim then cancel does anyone know???

leanne7lee

Hi I sent the first letter template to Endeavour Personal Finance last week and received a reply today saying that they were not upholding my complaint:( The reasons they gave were that I used a broker called Capital One homeowner loans and Hamilton insurance. I have no paperwork and absolutley no memory of using this broker!! They said they have finished investigating my complaint but if I want to take it further contact them. I am really not happy with the response as they are basically being slopey shouldered - I am unsure what to do - do I write back to them?