PPI Reclaiming successes and failures

Darth_chaffinch

Thanks angelwillow, us ostriches useually bin that kind of thing!

I'm going to call Egg back in the morning to ask for the 8% interest on top, do you think this is fare to ask?

angelwillow

Know what you mean - I only found it out a few weeks ago when I read them as ammo to start my claim for the ppi back!

Yes I would ask for the interest as it is supposed to be cancelled immediately,worth a try!

Good luck.

cornflakegirl

Ok I am scaredas i have been knocked back by Yorkshire Bank. I believ i was missold PPI back in 2003, totalling about 2 grand.They have said they are not taking it any further due to the fact that i signed the paperwork etc..and that basically its my fault. I am now takig it to the FOS and am worried as i havent seen many cases go this far. Can anyone help or advise me please?? Thanks

slaterhome

I have been searching the site for 3hrs now, does anyone know if reclaiming effects your credit rating???

I have got lots of PPI charges to reclaim for my husband, however he is worried about his credit rating.

Please help as I really want our money back

jadest

cornflakegirl wrote: »

Ok I am scaredas i have been knocked back by Yorkshire Bank. I believ i was missold PPI back in 2003, totalling about 2 grand.They have said they are not taking it any further due to the fact that i signed the paperwork etc..and that basically its my fault. I am now takig it to the FOS and am worried as i havent seen many cases go this far. Can anyone help or advise me please?? Thanks

If you look on the descussions part of this site you will see that everyone is either going through court or FOS. there are lots of helpfull tips spreading over 98 pages and thats just on part two of the descussion thread. to enter it on the home page click on discussions insteed of failers and successes

worldwide3rider

Claim against Direct Auto Finanical Services (yes car credit)

I sent the letter that Martin has printed in his guide and got rejected at the first stage, the reply was harsh and to the point, which nearly made me give up.

So I went to the next stage and complained to Finanical Ombudsman, they wrote back to me saying that they could not take the only reply I had from DAFS as the final responce and that they have written to them saying I have logged a complaint.

3 weeks later after starting to lose interest and thinking I was going to get no where, I got a letter from DAFS re-confirming there first letter but at the end a paragraph saying "but on this occassion we are happy to refund you £2076 for the PPI" - well chuffed I was only expecting about £500.

IF YOU ARE THINKING OF GIVING UP....dont do it, these companies are fighting some good talk back but all I had to do was register the complaint with the ombudsman and they notified the company, and without the ombusdman taking ay futher action I got my money back, and with interest its alot more than you may think:beer:

Thanks Martin:T

mlucyminx

slaterhome wrote: »

I have been searching the site for 3hrs now, does anyone know if reclaiming effects your credit rating???

I have got lots of PPI charges to reclaim for my husband, however he is worried about his credit rating.

Please help as I really want our money back

Hi from what I have read its not supposed to effect your credit rating although you may be logged as an awkward customer with the firm you are claiming from

rozzid

I am so annoyed. :mad:

I started a claim against Capital One for mis-sold PPI insuracnce on a secured loan I had in 2004 with the reasons being that (a) it wasn't explained that due to a previous back injury I wouldn't be able to claim (b) it was suggested that Ihad to take it and (c) when working it out I think that even if I had been able to claim, the amount I would have been able to get was probably going to be less than the insurance in the first place.

I initially wrote to Capital One who almost immediately wrote back and said no, so I wrote to the Financial Ombudsman who eventually got back to me saying that my complaint was one they could not investigate futher due to the fact that when the policy was sold "Capital One were not regulated by the Financial Services Authority as an insurance intermediary and was not a member of the General Insurance Standards Council".

To be honest, I'm not entirely sure what this means other than that I am not able to get my £2,520 ppi insurance back. If anyone understands what they've said, please enlighten me as I believe this is really unfair especially as my complaint ticked quite a few of the 'mis-sold reasons' on Martins checklist.

Thanks

munchki

Well, been nearly two weeks since we got the initial above offer letter which stated as follows as an exerpt..

"Howeverm we are always keen to bring complaints to a mutually agreeable conclusion and therefore are willing to write off your remaining balance to close the account. A completion letter will be sent to you in due course"

We still have not received said completion letter and obviously we would not be accepting it as resolution/payment in full. I am now getting ready to write yet another letter to them to have in the post today. This time will only be giving them 7 days to reply as this has gone on long enough. I just want this resolved but will not be taken for a mug!!

Here is my question(s)

1. When they say they will be writing off the remaining balance, I assume this means without the interest amount calculated into the total as the loan would be effectively paid off early? Is this correct?

2. If above is the case then how do I figure out exactly what is still owing by the figures on my contract? We made May's payment and so have 8 payments left. Junes payment will be made on the 28th. Will list them for car....
Cash price - 6134.00
amount financed - 6134.00
Total Charges - 3742.48
made up of
finance charges - 3442.48
Admin fee - 300.00
Balance payable - 9876.48
APR - 28.9%
total number of payments 48
amount of each payment - 205.76

First payment to be made one month after the contract signed so starting in Feb. 2005, contract was signed on Jan 22 2005.

What I am trying to do is work out the exact amount still effectively owing on the car as we will not settle for less the £3000+ they owe us plus interest for the mis-sold PPI. I have to get this letter in the post today and I just cant seem to get the figures to work out.

Here is a copy of the letter I am currently sending to them, well will be and need to send today to them outlining everything. This is my third letter now, just need to figure out what the actual pay off amount would be on the figures above. Please let me know if you think the letter is ok, obviously I still need to put in the section regarding the completion of the loan and the difference in that amount and the amount they owe us/we are demanding be refunded.

We are writing in response to your letter dated 29th May 2008 from Direct Auto Finance, with regards to the PPI insurance sold with our Car loan.
We do not feel your letter, including your offer of settlement which I quote directly from your most recent letter “However, we are always keen to bring complaints to a mutally agreeable conclusion and therefore are willing to write off your remaining balance to close the account. A completion letter will be sent to you in due course” is sufficient and are unable to accept this offer as resolution in full.

If we do not receive a more favorable response and refund within 7 days we shall be taking our complaint further to the Financial Ombudsman to resolve on our behalf. ***will insert the completion calculations here when can figure them out***

We are requesting a full refund of all our insurance payments, plus interest, which now totals £2599.20 (This is comprised now of 40 monthly payments, to date the most recent payment was made 28th May 2008), plus the additional refund of the £200 deposit that was applied to the original amount of insurance bringing the full total to £2,799.20 as set out in section 3.0 of my Credit Agreement.) As we believe we have been deprived of this money we also expect 8% statutory interest of £223.94, the amount a court would award, to be added to the payments made. The total refund we are requesting is £3,023.14.

If however this is not resolved before the 28th June, 2008 when the next payment is due, all above amounts will increase by one month bringing the full amount due to us by refund to £2864.18(including deposit) + £229.13 statutory interest at 8% for a grand total of £3,093.31

If we do not receive a favourable response from you within 7 days, we will pursue this claim through the Financial Ombudsman and the courts whose advice we have already sought.


I would be very grateful for any assistance or if someone knows what the figure would be off the top of thier heads lol. Thank you ever so much!! :T

Darth_chaffinch

angelwillow wrote: »

Know what you mean - I only found it out a few weeks ago when I read them as ammo to start my claim for the ppi back!

Yes I would ask for the interest as it is supposed to be cancelled immediately,worth a try!

Good luck.

Just spoke to Egg, and they say that as I myself didn't pay the PPI, then I'm not entitled to interest. Can anyone confirm this please???