PPI Reclaiming successes and failures

di3004

:beer:

Sorry if I have not posted individually, I have had lots to catch up on from this site to others lol, but just to say.....

Congratulations to all you winners, Well done! :beer::beer::beer:

amersall

emm79 wrote: »

Thank u for ur reply..

Yes I am aware of that, thanks..If I get anything back it will be a bonus. I am a full time nursing student so if I get anything back I will be made up, as my NHS bursary doesnt pay much!!! :-) Fingers crossed x

And everything else crossed too xxx.

mangomanc

Hi, this is probably a silly question but here goes. I have a loan with natwest that is now subject of a ccj and has be attached to my property via a Charging Order. Now is this loan still considered "open" when taking into account where a PPI refund would be paid?

Also has anyone had any luck when insisting on a cheque instead of payment towards arrers etc?

Thanks

amersall

bean2011 wrote: »

I called them up as we are in a similar situation with the repayment reward and the lady said that we would receive the 25% when the loan was originally due to finish ie. July 2012, apparently they have a spreadsheet of everyone who this applies to and they will be paid accordingly on their original completion dates. She very clear that we wouldn't be disadvantaged by them paying off the balance.

I also asked about receiving the full amount as cash instead of using some of it to pay off the balance. She said that we were welcome to do that but they would need to restructure the loan to take off the future PPI repayments and were unable to guarantee the same interest rate as we have currently.

Hth

I also asked about receiving the full amount as cash instead of using some of it to pay off the balance. She said that we were welcome to do that but they would need to restructure the loan to take off the future PPI repayments and were unable to guarantee the same interest rate as we have currently.

Hi there,they can restructure the loan without ppi at the same rate and term,they will take the whole ppi off the balance and you get what you paid in ppi back to you.

Because they will be paying you a bonus,that is why the refund is going to the loan and not to you.

You need to work out (our maths whizz on here will help you with this) what is the best option for you.

If the loan is reset,less the total ppi amount (your monthly payment will reduce by this monthly ppi amount,and your balance reduces) you pay the loan to term end.You get the ppi you have paid returned to you with interest

If you take the full refund off the loan and it is settled,what is the 25% worth to you?.
You get nothing now but a bonus when it is due.

You need to find out how much the refund to you will be if you reset the loan without ppi,you wont get the bonus,but is resetting more suited to you money wise or clearing the loan ,and lets face it,why should you pay this back early when you were sold a ppi you did not need.

I would look at my options if i were you,this looks to me like the banks trying it on,just think how many mis sells they have and how many loans are reduced by this method.

amersall

mangomanc wrote: »

Hi, this is probably a silly question but here goes. I have a loan with natwest that is now subject of a ccj and has be attached to my property via a Charging Order. Now is this loan still considered "open" when taking into account where a PPI refund would be paid?

Also has anyone had any luck when insisting on a cheque instead of payment towards arrers etc?

Thanks

Hi there, you can claim mis sell if you have reasons.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step2


There are conflicting views on the payment to you and not the debt,the poster who may know this will help you more,think it was Smitchy?.

If you win and the debt is charged to your property,you may be better off trying to get this down by giving the win to this.
If you do go mis sell,good luck and please keep us posted..

mangomanc

Hi Thanks for replying, I have an offer from Natwest of about £2600 for miss-selling but the acceptance form states it's under the agreement that it will go towards arrears first and foremost.

I'm just not sure if the loan will be considered open now that it's in the form of an final charging order, or if I can successfully argue for it to be paid by cheque. Any ideas?

smitchy73

mangomanc wrote: »

Hi Thanks for replying, I have an offer from Natwest of about £2600 for miss-selling but the acceptance form states it's under the agreement that it will go towards arrears first and foremost.

I'm just not sure if the loan will be considered open now that it's in the form of an final charging order, or if I can successfully argue for it to be paid by cheque. Any ideas?

According to the FSA handbook, any redress can be used towards arrears first, which includes if you have defaulted on it. If there is more than one ppi complaint in, they should only be using the redress from the loan which was defaulted on.

Personally not sure what a final charging order is but i'm sure there are others who will and may be able to help you further.
Hope this helps anyway.:D

mangomanc

Thanks Smitchy, There are three separate offers, the loan which was defaulted on was a consolidation loan for my first, i'm not really sure what the third offer is in regards of (natwest picked up on the chain themselves) So from what you say I should receive some back for the loan which was paid off when I took out the consolidation loan? Am I right?

A Charging order is a unsecured loan that has now been charged/ secured to my house, after gaining a ccj first.

smitchy73

mangomanc wrote: »

Thanks Smitchy, There are three separate offers, the loan which was defaulted on was a consolidation loan for my first, i'm not really sure what the third offer is in regards of (natwest picked up on the chain themselves) So from what you say I should receive some back for the loan which was paid off when I took out the consolidation loan? Am I right?

A Charging order is a unsecured loan that has now been charged/ secured to my house, after gaining a ccj first.

Yeah for loans you should receive back ppi payment you made on the previous two loans, anything you get from the third loan should be used to offset any arrears on that loan and that loan only, if you're happy to do this then fine, but if you wanted to question it, the FSA handbook says if it is contractually agreed to do this, it should be, but sometimes worth checking, but on the plus side your outstanding loan should reduce by the amount of the ppi plus any refund you'd be due from payments made.

Hope this helps, and good luck, if you need quotes from the handbook let me know.:D

mangomanc

smitchy73 wrote: »

Yeah for loans you should receive back ppi payment you made on the previous two loans, anything you get from the third loan should be used to offset any arrears on that loan and that loan only, if you're happy to do this then fine, but if you wanted to question it, the FSA handbook says if it is contractually agreed to do this, it should be, but sometimes worth checking, but on the plus side your outstanding loan should reduce by the amount of the ppi plus any refund you'd be due from payments made.

Hope this helps, and good luck, if you need quotes from the handbook let me know.:D

Thanks for the help, I suppose it's not all doom and gloom then. I was hoping I could get it all and then put it towards making a settlement offer but never mind, back to the drawing board.