PPI Reclaiming successes and failures

di3004

Tayged wrote: »

I took out a loan with Norton finance and stressed to them that it would be reapid in five months. I took out a PPI which was recommeded but didn't realise that when I settled the loan I had to pay the total amount in full. I put in a complaint to the financail ombudsmen who have been fantastic, however I am approach two years of the claim being underway. They have upheld my claim but Norton appealed, Then due to them being so busy a senior adjudicator assessed the claim and again upheld it. Norton have again, appealed. It now has to go to the ombudsmen themselves so god knows how long thats going to take. I am in total about £7,000 out of pocket. Not sure if there is any way to speed things up, but the ombudsmen have been great and if I win my case, it will have been worth the wait purely out of principal. Fingers crossed.

Good luck and fingers crossed for you.;)

happytobehere

Hi,

I've just had a letter from Ocean Finance re a loan with Firstplus. Please could someone check it for me: Will I get the full £15,230 or is there some kind of catch here that I'm missing!!:j


As we do not have access to your account once your loan is completed Firstplus would need to restructure your loan and send you a cheque to put you in the position you would have been in had you not purchased the policy. We have been advised by Firstplus that the amount currently required to do this is £15,230.05. Should you accept our offer in full and final settlement of your claim against our firm we will send Firstplus a cheque for this amount, instruct them to restructure your loan and cancel your policy. Once your loan has been restructured the remainder of the money will be sent to you directly from Firstplus.

I hope that this assists you in understanding the basis of your calculation, however, please do not hesitate to contact me should you have any queries.

If you are prepared to accept our offer of redress in full and final settlement of your claim against our firm then please send confirmation to us in writing in order for us to instruct Firstplus to restructure your loan, cancel your payment protection policy and issue you with a cheque for the remainder of the £15,230.05.

di3004

linda2604 wrote: »

Hi,

I've just had a letter from Ocean Finance re a loan with Firstplus. Please could someone check it for me: Will I get the full £15,230 or is there some kind of catch here that I'm missing!!:j


As we do not have access to your account once your loan is completed Firstplus would need to restructure your loan and send you a cheque to put you in the position you would have been in had you not purchased the policy. We have been advised by Firstplus that the amount currently required to do this is £15,230.05. Should you accept our offer in full and final settlement of your claim against our firm we will send Firstplus a cheque for this amount, instruct them to restructure your loan and cancel your policy. Once your loan has been restructured the remainder of the money will be sent to you directly from Firstplus.

I hope that this assists you in understanding the basis of your calculation, however, please do not hesitate to contact me should you have any queries.

If you are prepared to accept our offer of redress in full and final settlement of your claim against our firm then please send confirmation to us in writing in order for us to instruct Firstplus to restructure your loan, cancel your payment protection policy and issue you with a cheque for the remainder of the £15,230.05.

Wow, well done and Congratulations.;):beer::T
It certainly looks as if this is what they are doing, and have admitted liability, so they must put this right as if you never had the PPI, by refunding you all the PPI paid and interest, well done to you.:T:T

happytobehere

It's thanks to people like you, Di!

I followed the advice given by you and Marshallka. Two letters to Ocean and Firstplus. Firstplus said it was down to Ocean.

I didn't hold out much hope and when I opened the letter this morning, I expected another fob off.

So, do you think I will get the full £15,000, as it says "Remainder of" a couple of times??

di3004

linda2604 wrote: »

It's thanks to people like you, Di!

I followed the advice given by you and Marshallka. Two letters to Ocean and Firstplus. Firstplus said it was down to Ocean.

I didn't hold out much hope and when I opened the letter this morning, I expected another fob off.

So, do you think I will get the full £15,000, as it says "Remainder of" a couple of times??

Your very welcome Linda.:A:T:T.
And I know Marshallka will be over the moon to hear your result as well.

So the £15K is what they owe to you, so they will restructure your loan as if you did not have PPI, I assumed it would be that amount they would be refunding directly to you, but do not quote on me, unless I have mis read on this also, hopefully Marshallka will be along soon to to give her opinion on this for you.;)

SGMM23

Thanks Martin & team

I sent a letter to my local Ford dealer, where I purchased a car 4 years ago on finance and was told I had to have PPI. I had a letter on the deadline day for the second letter of today enclosing a cheque for the PPI payments - this is a bonus as I'm going on maternity leave in 7 weeks and was not expecting them to pay!

I then opened another letter from HSBC in response to my reclaim of loan charges and they've offered me the full amount I'm owned plus gross interest (a total of just under £2k).

Thanks so much, my maternity leave will no longer be fretful with nearly £3k in the bank!!

di3004

SGMM23 wrote: »

Thanks Martin & team

I sent a letter to my local Ford dealer, where I purchased a car 4 years ago on finance and was told I had to have PPI. I had a letter on the deadline day for the second letter of today enclosing a cheque for the PPI payments - this is a bonus as I'm going on maternity leave in 7 weeks and was not expecting them to pay!

I then opened another letter from HSBC in response to my reclaim of loan charges and they've offered me the full amount I'm owned plus gross interest (a total of just under £2k).

Thanks so much, my maternity leave will no longer be fretful with nearly £3k in the bank!!

Fantastic :T:T
Congratulations on both successess!:beer::beer:

amersall

linda2604 wrote: »

It's thanks to people like you, Di!

I followed the advice given by you and Marshallka. Two letters to Ocean and Firstplus. Firstplus said it was down to Ocean.

I didn't hold out much hope and when I opened the letter this morning, I expected another fob off.

So, do you think I will get the full £15,000, as it says "Remainder of" a couple of times??

hi there if you look at your ppi that amount will be taken off your loan, you will get back the ppi payments you have made to date with 8% interest, they will not give you ppi back that you have not paid yet. hope you understand what i am saying. and well done for your win i love it when fp lose out again

amersall

SGMM23 wrote: »

Thanks Martin & team

I sent a letter to my local Ford dealer, where I purchased a car 4 years ago on finance and was told I had to have PPI. I had a letter on the deadline day for the second letter of today enclosing a cheque for the PPI payments - this is a bonus as I'm going on maternity leave in 7 weeks and was not expecting them to pay!

I then opened another letter from HSBC in response to my reclaim of loan charges and they've offered me the full amount I'm owned plus gross interest (a total of just under £2k).

Thanks so much, my maternity leave will no longer be fretful with nearly £3k in the bank!!

:j:jwell done to you:j:j :T:T

happytobehere

Hi Amersall,

I've sat and thought about this this morning and you're right, it makes sense to receive the PPI I've already paid, plus have my monthly repayments go down less what I would have paid.

The way the letter was written by Ocean was a bit confusing!

I'm going to write to both them and Firstplus asking for a breakdown of the figures/settlement before I agree to the full and final settlement though, so I know what to expect. I'm hoping to get just over £4k in a cheque though, for 42 payments plus the interest...

Thanks for your reply!