PPI Reclaiming successes and failures

latte7770

Just posting to give a massive thanks to everyone on this forum for their advice, especially amersall for the information on front loaded ppi. I received an offer today for just over £3000 on one loan in less than 8 weeks.
Fingers crossed for my other loan with HFC, based on the same reasons.

mootthedog

Hi all

Couple of questions

After following a claim with the Fscs for what seemed like a life time, they came back and advised they cannot help as the company is still trading. First plus advised us that the company was no longer trading and to take it to the Fscs. I believe the company was central capital although I used a company called debt buster loans. FP have offered my ppi back in terms of the agreement bit this was most certainly miss sold and front loaded etc. any ideas on what I should do now? I don't want to accept this as the amount will still be on the loan to term but could do with it to at least reduce the size of loan while I see where else I can force this claim through

Also I have 2 claims against mbna with the FOS, does anyone know how long they are currently taking as it is between 78 months these have been with them.

Thanks

Andrew

helphelphelp

amersall wrote: »

Well done and make sure they reduce the loan balance by the whole PPI amount and reduce the monthly payment by the PPI monthly payment.

Amersall thanks so very much for your advice and help towards my claim for my PPI:A. This site is fantastic and you are too for all you do to help people.

Thank you

amersall

latte7770 wrote: »

Just posting to give a massive thanks to everyone on this forum for their advice, especially amersall for the information on front loaded ppi. I received an offer today for just over £3000 on one loan in less than 8 weeks.
Fingers crossed for my other loan with HFC, based on the same reasons.

:j:j well done :beer::beer: don't thank me too soon :p my bill is in the post :rotfl:0% and no Vat :rotfl:
Glad to help xx. Lorraine x.

amersall

helphelphelp wrote: »

Amersall thanks so very much for your advice and help towards my claim for my PPI:A. This site is fantastic and you are too for all you do to help people.

Thank you

Awww thanks ever so :o you have made me blush
If I can help and put people on the right track, then I am happy to do so :cool::cool: enjoy your win :j Lorraine xx

amersall

After following a claim with the Fscs for what seemed like a life time, they came back and advised they cannot help as the company is still trading. First plus advised us that the company was no longer trading and to take it to the Fscs. I believe the company was central capital although I used a company called debt buster loans. FP have offered my ppi back in terms of the agreement bit this was most certainly miss sold and front loaded etc. any ideas on what I should do now? I don't want to accept this as the amount will still be on the loan to term but could do with it to at least reduce the size of loan while I see where else I can force this claim through

Give the FOS a ring and ask who you put this claim into, CP are still running and paying redress, don't know about DBL though, the FOS will help you.
What have FP offered you, is it the PPI back that you have paid?, ask FOS what you should do as FP have made you an offer, although it is not full redress, ask if they should also reset the loan, as they have agreed to compensate you so why should you go after another company?.

Also I have 2 claims against mbna with the FOS, does anyone know how long they are currently taking as it is between 78 months these have been with them.

6 and a half years? , that is a long time :eek:
I assume you mean 7 to 8 months? I hope so they can take up to or over a year, unless the bank accepts the mis sell and they pay you sooner.

mootthedog

Sorry amersall

It is 7-8 mth

The ppi is the amount I have paid over 5 years

The ppi agreement was to return this at end of 5 years, and this is not an offer from FP for redress, the miss sell was pressured into taken it or would not get loan, front loaded covering first 5 yr but on to term, and it was not required due to benefits I had as part of my employment!

Thanks for your help

Andrew

amersall

So this is the cash back then?.
Give FOS a ring and ask who you put the claim into, hopefully they can tell you, when you know who to put the claim into, send this letter.
We/I believe the PPI on the above loan account was mis sold for the reasons stated below and would like proof to the contrary of my/our reasons for mis sell of the above PPI .


1)We/I were not told that the ppi was in effect another loan that was added to the original loan and was repayable over the trem with interest

2) We/I were told that the ppi was a 5 year policy, but not told the ppi would still be on the loan to term end with interest and would no longer have cover.

3) We/I were told that if we did not make a claim,or go into arrears on the ppi ,after 5 years we would receive the cashback of ppi but were not told this would not include the interest made on these payments that we paid over the 5 years or that the PPI would still be on the loan to term end with interest.

In line with the FOS recommendations it is requested that the overall situation be restored as if PPI had never been included. This will entail:
A refund of the monthly payments that have actually been paid towards the overall loan in excess of those that would have been needed, if the original loan had been sold without the PPI policy.

In addition, interest at the rate of 8% simple per annum to any excess payments made from the time each payment was made to the point that Barclays pays them back to us. We/i believe we were not given enough information on this ppi to make an informed decision. Had we/i known the full cost of this ppi we would not have taken it.

Unless you can prove without doubt that this PPI policy was fair, reasonable and suitable for my/our circumstances we/I will require you to rearrange the loan as if PPI had never been included.

Swap Barclays name in the letter for whoever the company is that sold the loan to you.

Take the cash back from FP as well, you could have this taken off the loan but you will have to get FP to reduce the loan by this amount, if they won't do this then hold on to it until you get it until your mis sell is sorted out.

colld

Hi I thought I would share our success and encourage other to claim.
We took out a loan with First Plus (through a broker) In 2002 and foolishly added more to it in 2005 directly with First Plus. I claimed sickness benefit on the PPI in 2009 for 5 months.
I downloaded the Financial Ombudsman claim form sent it back for both loans.
First they said 2002 loan was not sold by them so they were not responsible for selling this PPI.I then thought I would write back but four days later a letter arrived from First Plus with a total offer including interest for both loans Total payout £21,659 :j

Payments to the loan will now reduced dramatically and awaiting my cheque

Also found loan paperwork for BOS for a loan in 1999 completed Financial Ombudsman claim form and copy of agreement. I've just banked their cheque for £3,586 :T

One very happy couple dig out your paperwork and send it you have nothing to lose!!!

pseudopensioner

One very amicable phone call a few weeks ago and today I have confirmation of a £3.770+ refund.

My thanks to Martin and MSE.