PPI Reclaiming successes and failures

adj_2

Darth_chaffinch wrote: »

Well done adj! Can I ask for what reasons you claimed please?

Basically, when applying for the loan, we were told by the salesperson that we had to take out the PPI in order to be accepted for the loan and they told us that taking it would also improve our credit rating.

crashedquattro

Hi all,
My saga has been going on for a year now. Had a loan from First Plus, brokered by YES, was told that if I did not take out PPI then loan would not be offered. Had loan for about a year then paid it off (Armed forces draft forced house move). Realised that I had been done out of a lot of money. Initial letters all pretty much ignored, so took my complaint to the FOS. Although the company has refused to accept my complaint, they have offered a goodwill gesture.

Initial PPI - £7,174.00

PPI refund on loan redemption £1,873.09
Goodwill gesture £3,750.00
Total £5,623.09

It has now been 18 months since the loan was paid up, the figures fall £1,550.91 short of the initial PPI figure, before any interest has been added. The company are now threatening that if I do not accept this 'goodwill gesture' it will be withdrawn and I will be offered nothing. The FOS are now asking me what I intend to do. The way I see it is that YES know that they are in the wrong as the could not refute my initial complaint, and are trying to bully me into accepting a lower figure. What is the best way to proceed, and what are my options. Anybody got any ideas??

Regards,

Crashedquattro

marshallka

crashedquattro wrote: »

Hi all,
My saga has been going on for a year now. Had a loan from First Plus, brokered by YES, was told that if I did not take out PPI then loan would not be offered. Had loan for about a year then paid it off (Armed forces draft forced house move). Realised that I had been done out of a lot of money. Initial letters all pretty much ignored, so took my complaint to the FOS. Although the company has refused to accept my complaint, they have offered a goodwill gesture.

Initial PPI - £7,174.00

PPI refund on loan redemption £1,873.09
Goodwill gesture £3,750.00
Total £5,623.09

It has now been 18 months since the loan was paid up, the figures fall £1,550.91 short of the initial PPI figure, before any interest has been added. The company are now threatening that if I do not accept this 'goodwill gesture' it will be withdrawn and I will be offered nothing. The FOS are now asking me what I intend to do. The way I see it is that YES know that they are in the wrong as the could not refute my initial complaint, and are trying to bully me into accepting a lower figure. What is the best way to proceed, and what are my options. Anybody got any ideas??

Regards,

Crashedquattro

Has FOS investigated this complaint and this is the figure that FOS and YES have come up with?? If it is then FOS obviously cannot do anymore and unless you are prepared to take it to court then i would accept. If this is just a gesture that they have come up with without the FOS getting involved yet then i would let the FOS try to get the rest back. You don't want to come away with nothing but then again you want back what you have been done out of. Its a hard decision ....

crashedquattro

Hi, thanks for the reply,

Just to clarify my situation, the FOS have upheld my complaint of being mis-sold the PPI, and are currently acting as mediators to achieve a quick settlement for both parties. However the company still maintains that they have done nothing wrong, but are offering this 'goodwill gesture' and keep going on about my own accountability in this situation (ie: I had the right to not take out the PPI ). This is despite the fact that they cannot refute my claim, and it has been upheld by the FOS.

The figures quoted amount to 65% of the initial PPI added.

The FOS have indicated to me that should an agreement not be reached then they will pass this issue on (to an independent adjudicator I believe), for resolution.

My main concern is that if I went to this further stage could the initial decision by the FOS be overturned in favour of the company?

Yours in frustration :mad:

Crashedquattro

helenapple68

Cahoot Loan
received £558

Wrote first letter. Reply came from Abbey as they own Cahoot.

As we had applied online they felt that we had not been given sufficient information to make an informed discision and therefore refunded £80 more than I had originally requested.

Took 6 weeks in all.
:beer:

marshallka

crashedquattro wrote: »

Hi, thanks for the reply,

Just to clarify my situation, the FOS have upheld my complaint of being mis-sold the PPI, and are currently acting as mediators to achieve a quick settlement for both parties. However the company still maintains that they have done nothing wrong, but are offering this 'goodwill gesture' and keep going on about my own accountability in this situation (ie: I had the right to not take out the PPI ). This is despite the fact that they cannot refute my claim, and it has been upheld by the FOS.

The figures quoted amount to 65% of the initial PPI added.

The FOS have indicated to me that should an agreement not be reached then they will pass this issue on (to an independent adjudicator I believe), for resolution.

My main concern is that if I went to this further stage could the initial decision by the FOS be overturned in favour of the company?

Yours in frustration :mad:



If you are not going to be happy about the "Goodwill gesture" then perhaps it would be a risk, but let the adjudicator pass it over to the ombudsman for a decision. I know quite a few on here in the same boat as yourself where the adjudicator has found it in your favour but the company has objected. It is a slight risk but unless they have found lots of "new" evidence against you most of time the ombudsman agrees with adjudicator. Its up to you but myself, i would hold out if i truely believed in what i was doing.

snupys

Can anyone help with wellcome finance . wrote letter 4/7/08 recorded wellcome say didnt receive mail

angelwillow

Might be better to post in the thread below as this one is really for successes/failures.
http://forums.moneysavingexpert.com/showthread.html?t=862067&page=271

mrandmrskelly

• What were you reclaiming: PPI
  
• Who was the provider: HSBC
• How much did you get back: £6724
• Did you get it back after a letter or did you go to the Financial Ombudsman: After 1 letter
• And then write your brief reclaim tale

I read this site and knew I had been miss sold a policy 4 years ago on a loan which I have not got anymore...I worte to HSBC stating I was miss sold and 7 weeks later I had a letter stating they would repay £3513 for the 48 payments, £2237 for the early repayment charge and £974 for the interest...was well pleased...

marshallka

mrandmrskelly wrote: »

• What were you reclaiming: PPI
• Who was the provider: HSBC
• How much did you get back: £6724
• Did you get it back after a letter or did you go to the Financial Ombudsman: After 1 letter
• And then write your brief reclaim tale

I read this site and knew I had been miss sold a policy 4 years ago on a loan which I have not got anymore...I worte to HSBC stating I was miss sold and 7 weeks later I had a letter stating they would repay £3513 for the 48 payments, £2237 for the early repayment charge and £974 for the interest...was well pleased...

Well done Mr and Mrs Kelly.:j