PPI Reclaiming successes and failures

Swindonshot

We took out a loan with Firstplus in 1999 and payment protection insurance was added. We didn’t realise that it was a single premium policy until we came to repay the loan eight months later. We then owed £7000 more than we actually borrowed. We were obviously not very happy at the time but we were told this was the amount we had to repay if we wanted to settle the secured loan.

In October 2007 I was watching GMTV and I saw Martyn being interviewed about PPI which had been mis sold. I felt this applied to us as we had a single premium policy and pre – existing medical conditions. I checked out the website and sent off the first template letter.

I half expected Firstplus to write back saying that they no longer had our details as it was over six years ago but fortunately they wrote saying that they were looking in to our complaint!

A short while later we received a letter from Firstplus saying that as we had taken out the loan through a broker (Ocean Finance) the complaint had been passed on to them.

Ocean Finance provided a quick response stating that it was not regulation at the time to ask any pre – existing medical questions and the amount of rebate received when we settled the loan was down to Firstplus.

After reading through the forums it appeared as though it was easier to claim for an unfair rebate than mis – selling so I wrote to Firstplus again asking them to confirm how much rebate we received when we settled the loan. They stated that we received a rebate of just over £1000 from a £7000 policy that we had for eight months.

We wrote back stating that the rebate was unfair, quoting the FSA guidelines and a few days later we were offered a “Goodwill gesture” of an enhanced rebate of 78% of the cost of the premium (pro rata). They offered us £3534.96.

We rejected the offer at first but Firstplus made it clear that this was their full and final response in the matter. We did not have the backing of the Financial Ombudsman either as it was before January 2005. Received a cheque on Friday and this is money we thought we lost eight years ago if had not been for Martyn so thank you very much!!!!!!!!

shani38

HI could anyone help!
I took out a loan with Nemo Finance last year through Ocean, when I read through the Payment protection plan, I decided I needed to cancel, it was
worthless, my loan is 10 years and it only covered for 5 years. I put the document aside on my desk as my to do pile. I got side track and remember about 4 weeks later I needed to contact them to cancel. When I called,they told me I was 7 days to late (you got 30 days to cancel). I tried to argue this point and they said I could cancel but I would only get a proportion, thats £1600 out of 7,000, so I was stuck with a unless policy! and fogetting cost me dearly!! When, I visited Martin's site, I decided to challenge them again and wrote to them, Nemo has told me they gave me a the option to cancel but never took it and should read the policy, (my agruement is i had no choice but to stay and read the policy) they also told me to go back to my brokers Ocean Finance, I have now written to Ombusdman to complain.H

Hs anyone experience a similar experience!! Any assistance would be much apprieciated.

yeahyea

I was missold policy in 2005 {told wouldnt get loan otherwise
then settled that and topped up with a new one still paying off now just realised i still have ppi. I sent template after investigations i was told no evidence to show i was missold as i signed and did not cancel in 30 days.
Question 1 how do you suggest i proceed?
Question 2 can i ask for a partial refund since loan has been settled
Question 3 what advice on current loan with ppi

pip_rogo

• What were you reclaiming: personal loan
  
• Who was the provider: Egg
• How much did you get back: £1026
• Did you get it back after a letter or did you go to the Financial Ombudsman: letter 2
• And then write your brief reclaim tale

Wrote letter 2 to Egg, who phoned me to then say they had lost it, I gave them a resume of it, saying that I also wanted a copy of the tape and that I fully appreciated it would have to go to the FO. Also asked for the PPI on the remainder of my loan to be cancelled which they mucked up too!

Logged into my bank account on Friday fo find "1026 from Egg and logged into Egg to find that my repayments have now dropped from £291 to £238 a month. No communication from Egg as yet, am guessing they were too embarrassed to admit they mucked up!

Good Luck Everyone
Pip

Laini

shani38 wrote: »

HI could anyone help!
I took out a loan with Nemo Finance last year through Ocean, when I read through the Payment protection plan, I decided I needed to cancel, it was
worthless, my loan is 10 years and it only covered for 5 years. I put the document aside on my desk as my to do pile. I got side track and remember about 4 weeks later I needed to contact them to cancel. When I called,they told me I was 7 days to late (you got 30 days to cancel). I tried to argue this point and they said I could cancel but I would only get a proportion, thats £1600 out of 7,000, so I was stuck with a unless policy! and fogetting cost me dearly!! When, I visited Martin's site, I decided to challenge them again and wrote to them, Nemo has told me they gave me a the option to cancel but never took it and should read the policy, (my agruement is i had no choice but to stay and read the policy) they also told me to go back to my brokers Ocean Finance, I have now written to Ombusdman to complain.H

Hs anyone experience a similar experience!! Any assistance would be much apprieciated.

yes we are in the same positon -unfair rebate so have referred it to the FOS
we had settled our loan jan2007 and we grumbled about the rebate then so reluctantly had to accept it so when we saw we :money:we decided to go further with it still waiting for them to reply to us- sent in complaint JAN 2008

Will keep posting any progress and results as they happen -hope you will too.

hopefully they can resolve this and we get our money back
good luck with your complaint.

Laini x

lemonhead_4

Laini wrote: »

Hi Lemonhead

Have you had any news back from FOS yet about Nemo?
I have already given you the following info on a previous post

We too took a loan out referred by debt buster loans with Nemo in 2006.

we did get a small rebate when we requested a refund/rebate from them

at the time we accepted the really low rebate but grumbled to them about it but they said tough that was all they were going to offer.

that was jan 2007 so when we found out we could go through FOS by Martin Lewis:money:- this site, we sent in the complaint in October 2007 but still waiting for a result.

so would appreciate any info you may have

Laini xx:p

I am just waiting on tape recordings back at the mo, i have not as yet gone to the FOS but that will be my next point of call. Nemo were saying i was not due any rebate even though i paid my loan off early. Will keep you posted

Laini

lemonhead wrote: »

I am just waiting on tape recordings back at the mo, i have not as yet gone to the FOS but that will be my next point of call. Nemo were saying i was not due any rebate even though i paid my loan off early. Will keep you posted

GoodLuck

Have you quoted unfair rebate regulations 1999 by FSA?
and did you ask for a breakdown of your settlement figure.
we had to cancel the policy in writing first before we got the small rebate(hopefully will recieve more)

hope this helps

Laini xx:p

cmac

wychwood27 wrote: »

Having trouble with reclaiming PPI I have 2 loans with Barclays. Sent off template letter to address on loan agreement. It's an address in dublin, have I sent letter to right place or should it have gone to my own bank address or somewhere else, as I have had no reply yet(6wks).

hi i`m quite new to this but have had the same as you wrote to address in dublin and took about 8 weeks to get back to me.
they said to go back to my own bank ??
i wrote to barclays
leicester
LE87 2 BB
same first letter that was 24th february and still waiting
hope this helps.

rf516369

Hi, I've just received the same response from HFC Bank and I was just considering the possiblity of using the FOS. It could be there are other options but I haven't found anything yet. If I find any good links I'll let you know, please could you do the same for me? Good Luck.

tanden

• What were you reclaiming: PPI on 4 HFC Loans and 3 Welcome Finance
  
• Who was the provider: HFC and Welcome Finance
  
• How much did you get back: 442.00
• Did you get it back after a letter or did you go to the Financial Ombudsman: Letter
• I sent letter to HFC and they paid 2 of the 4 instantly and are still investigating the other 2 claim was put forward on 31 Jan 08.....
• Welcome Finance dispute the claim and will proceed to FSO ... I do think I will win....
• HFC paid in 2 payments I thought it was over after HFC disputed the claim but agreed to pay 300 in good will , then the next day another offer for 142 came through the post regarding another account, ....
  

Thanks Martin,