PPI Reclaiming successes and failures

Laini

bernice wrote: »

i have written to first plus about my ppi and they have said that they have listened to the dated telephone calls to me and my OH and we agreed to the ppi they say we have not any case to answer.what should i do any help!

go to the discussions thread and we will help you there
I have won through FOS against FIRST PLUS and some others too
so dont give up
see you on the discussions thread
catch you later
Laini xxx:j

Laini

ANY_CHANCE wrote: »

WELL DONE LAINI ALL YOUR HARD WORK AND PATIENCE HAS PAID OFF :beer: :beer: :beer: :beer: :beer: HOW THESE COMPANIES ARE EVEN ALLOWED TO SELL SINGLE PREMIUM POLICIES IS BEYOND ME (THE WORM HAS TURNED!!!)

I agree that this site is helping us all to reclaim money that should never have been taken from us;) :rolleyes: :rolleyes:

:beer: :j :j :j :beer:

thanks AC
your turn coming soon- fingers crossed
Laini xxx:j

Laini

munchki wrote: »

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

please put this on the discussions thread you might be more successful in an answer
Laini xxx:j

Laini

just a friendly reminder
please use the discussions thread to ask questions
this is to report successes and failures
this is to make it easier so everyone who is willing to help only needs to look at the one thread and we can reply quicker because of this
hope you understand its for your benefit

Laini xx

handy533

Dear Martin
I have just received a letter from Nationwide I quote "Our total offer is £787.62 plus 8% Statutory interest. This will be calculated from the date the first PPI payment was received to the date we receive your signed acceptance of our offer".
The total cost to me was two first class stamps and 5 A4 sheets of photocopy paper.

Thabk you.

Alison_Ottaway

Just received a letter from Welcome together with a cheque for £675.80 as a 'gesture of goodwill' against a PPI mis-selling claim I made back in April. Shocked! Needless to say the cheque's already banked! However, I originally had 3 mis-selling claims against them and this cheque only settles one of them. They rejected the other two. Strange that they chose to settle one but not the other two when the (lack of) process was exactly the same each time and the details of the mis-selling absolutely identical. I'm extremely happy with the cheque, but am pressing ahead with trying to win the other two too. Many thanks to everyone on this site for their moral support and inspiration

navydiver_2

Just recieved a letter from A&L offering the full PPi premiums back but not the interest, do I hold out for the interest ?

Noodella

What were you reclaiming: Loan
Who was the provider: Egg
How much did you get back: Reduction of balance of £2K plus £589 interest
Did you get it back after a letter or did you go to the Financial Ombudsman: One letter!! 4 weeks later and only the cost of a stamp!!

I heard a friend has successfully claimed using only one letter of a 16K loan so followed Martin's advice. After one week, I received a letter saying Egg were very sorry for my complaint of a mis-sold loan (told me they wouldn't lend without protection! ooops!). 3 weeks on and a final offer was made! Reduce my £5600 balance to £2999 - which included £589 of interest!! They claimed they had "no evidence either way" so as a gesture, had honoured my request (yeah right no evidence!!)

Could hardly believe it at first!! I plan to sell my car and clear the loan...and will actually have something left over!!! Debt free in a matter of months.

Thanks Martin! Your help will have such an impact on my life in the coming year can't begin to tell you!! :beer:

carlih1

Hi,

I am trying to reclaim on a few policies. But my bugbare is with Littlewoods. They have been messing me around with my PPI for ages denying that i ever asked to cancel. Anyway i wrote them the first letter and had the usual 'you had the benefit of this policy for this period' .

I've just worked out that i should have cover for when i was signed off from sept last year to march this year so i have just rung up to claim. i think my claim will be more than my account cover reclaim anyway so i am going to get my money back! x

Lula_Bea

I was given a 'financial review' from Natwest, after living in my overdraft and having charges on my account every month. After totting up all my debts, they offered me a £5000 loan, which I happily accepted to get me out of the awful mess I was in. I did understand at the time, that maybe they were just being overly helpful as it was at the height of the bank charges reclaim storm, but I was just happy at the chance to try and fix my finances.

The advisor I saw never explained that the PPI was an option, and the total that she showed me, before approving the loan, included the PPI. She didn't offer an option without it.

I downloaded the first letter template from the website, and marked down on my calendar when the dealine would be for me to contact the FSO. Two weeks after I sent the letter, I received a letter saying that they were investigating. Two weeks after that I received a letter saying that they were sorry for the delay and they are still investigating. Four weeks after that I received a letter saying they have finished their investigation, and although it came back inconclusive and they had no proof, they would like to offer me a full refund of £622 as a 'goodwill gesture', which I accepted. Since sending off the signed agreement, it's taken 3 and a half weeks for the money to be deposited in my current account (which happened today! Extremely happy! Woop!). I was quite concerned about why it was taking so long. I had called up each week when it hadn't appeared, but the case officer explained that they had a massive backlog to get through, and they weren't doing it on purpose. I was worried that they were trying to pull the wool over my eyes, but at the same time, he was very understanding, helpful and apologetic.

My overall loan amount has now been reduced by about £2000, and the monthly repayments have gone down from £150 to £115.

I'm so happy I actually managed to go through with this. The first step of sending off the letter was the most daunting, and I was convinced they'd reply telling me to naff off, but it's definitely worth it.

Thank you Martin! You're advice and help has made a massive difference. Not only with reclaiming my PPI, and the effect it's had on the remaining loan, but now I feel more confident about my rights with all things financial.