PPI Reclaiming discussion Part II

wildanna

rosemahairy wrote: »

I too have a loan with HFC bank and got into financial difficulty so canceled my direct debit and rang them to arrange a reduced payment (a debt management pro gramme) Hfc actually totally re wrote the loan for me upon doing this my interest rate went from 35% to about 19% think it was my payments were over 100 month to now 23. I put to them that i wanted the ppi back as it was no use to me (self employed etc) and was not optional. After weeks of letters back and forth their final response was they would not refund the ppi. My ppi claim off HFC is now with the ombudsman. I am very hopeful because they have been fined by the FSA for miss selling and also when i did my request for all my documentation think its called a SAR they sent me someone else's loan agreement and bank details. Good job i am an honest lass eh. When i told them of their mistake they said it was human error lol. I hope this will go in my favour when the ombudsman looks at it. I would defo recommend trying to claim from HFC as they have been fined and investigated and proved to be crap

I STARTED MINE LAST NOVEMBER SENT TO FO IN JAN HAVENT GOT CASE WORKER YET THEY ASKED ME ON PHONE TODAY IF I WANTED ANOTHER LOAN CANT PAY THE ONE I ALREADY GOT

rosemahairy

wildanna wrote: »

IT IS A SINGLE PREMIUM SHALL I NOT CANCEL IT:eek:

Yeah put it in writing though send recorded. With a single premium they should automatically give you a refund and you should see the monthly pyt come down. But then write to them for a refund of all premiums paid, with interest paid and statutory interest 8% what a court would award. Be prepared to get fobbed off but be persistent

marshallka

m.colak wrote: »

Its the difference between lying to you and lying to a governement body

What does the ICO do. Do they request it for you if you say you are missing things and do they have to have solid proof that things are missing. Surely the numbered things that start off ok and then certain ones are missing are enough. They are to do with the application bit. Also i note that the commission one that states the 5% of my loan is headed as source Freedom Finance PLC and they were Ltd in that year. Can they just alter things on the computer to suit. It certainly looks like they can from the look of the print outs. Its all the little things that i am getting at.

wildanna

rosemahairy wrote: »

Yeah put it in writing though send recorded. With a single premium they should automatically give you a refund and you should see the monthly pyt come down. But then write to them for a refund of all premiums paid, with interest paid and statutory interest 8% what a court would award. Be prepared to get fobbed off but be persistent

I DONT UNDERSTAND THAT PROPERLY ALREADY TRIED SENT THE 2 LETTERS LAST NOVEMBER ITS WITH FO SO SHALL I CARRY ON PAYING THE PPI UNTILL FO SORTS IT OUT THX

rosemahairy

wildanna wrote: »

I DONT UNDERSTAND THAT PROPERLY ALREADY TRIED SENT THE 2 LETTERS LAST NOVEMBER ITS WITH FO SO SHALL I CARRY ON PAYING THE PPI UNTILL FO SORTS IT OUT THX

The FO has a waiting list as long as your arm. There should be no problem cancelling the PPI if you dont want it its getting it back thats the problem. I would give them a call telling them what you wish to do, "cancel the insurances". Then follow it up in writing stating clearly you want to cancel all insurances with immediate effect, send it recorded delivery. If possible include a copy of your previous letters and say you want it back dated as they have ignored previous correspondance. Tell them you are taking a copy of the letter and forwarding a copy to the FOS they cant stop you cancelling the insurances. A quick answer once you have tried this and f you get no response is go into trading standards (the ombudsman are busy may take a while). Trasing stadards will be able to assist you in cancelling the insurances you are entitled to cancel them they cant stop you. On a single premium ppi they should calculate fairly (very important) the amount you are owed and refund it to the account thus reducing your monthly payments. Then you look at claiming back what you already paid.

wildanna

rosemahairy wrote: »

The FO has a waiting list as long as your arm. There should be no problem cancelling the PPI if you dont want it its getting it back thats the problem. I would give them a call telling them what you wish to do, "cancel the insurances". Then follow it up in writing stating clearly you want to cancel all insurances with immediate effect, send it recorded delivery. If possible include a copy of your previous letters and say you want it back dated as they have ignored previous correspondance. Tell them you are taking a copy of the letter and forwarding a copy to the FOS they cant stop you cancelling the insurances. A quick answer once you have tried this and f you get no response is go into trading standards (the ombudsman are busy may take a while). Trasing stadards will be able to assist you in cancelling the insurances you are entitled to cancel them they cant stop you. On a single premium ppi they should calculate fairly (very important) the amount you are owed and refund it to the account thus reducing your monthly payments. Then you look at claiming back what you already paid.

UNDERSTAND YOU NOW OH MY GOD IS WORTH ALL THE HASSLE IT GETS YOU DOWN FED UP WITH IT ALL

angelwillow

m.colak wrote: »

Ok Angelwillow you need to get the SAR together and from that point then we can start working towards getting your money back. At the moment it sounds that you have a case for mis selling. However can you clarify several points:

1. Is the loan still active?
2. Have you utilised or claimed the PPI?
3. When did you take the loan out?

If you start the SAR paperwork and answer those few questions i'm sure we can start giving you some more precise and meaningful advice

OK will use Laini's template to ask for SAR - wasn't sure if I needed it before as they had said they didn't have the phone records.
To answer the questions;

1. Yes I am still paying a reduced amount every month.
2. No I haven't claimed the ppi.
3. I took the loan out in January 2005.

rdm2007

tiggrae wrote: »

the excuse given by policy providers for low rebate figures is that they pay for the policy up front - so what that's their problem !!! I think you've got an excellent reason for mis selling as the policy doesn't cover the full period of supposed cover

Their excuse is that people are more likely to claim in the first few years and therefore charge more in the beginning to cover costs.

rosemahairy

wildanna wrote: »

UNDERSTAND YOU NOW OH MY GOD IS WORTH ALL THE HASSLE IT GETS YOU DOWN FED UP WITH IT ALL

Tell me about it iv been on anti depressants twice with it all. It will be worth it in the end i keep telling my self iv got about 9k in ppi plus interest to claim back in total its a lot of cash to little me. you have to just be persistent. this site has helped me loads with advise. You will realise its worth while when you get your first payout i was claiming from 4 companies ppi back. I got my first lot of refund few weeks ago from aqua card that gave me the greatest buzz and has encoured me to continue. Unfortunately the other 3companies (HFC, welcome finance and Direct auto finance aka yes car crapit) were not giving up so easy and i have the FO wait now. Citizens advise were rerally helpful and trading standards if you need any quick help or clarifications. They helped me write my letters and prepare my forms for the FOS. Hang in there

Kaia_2

m.colak wrote: »

Yes you can cancel the PPI and still reclaim the amount that had be sold to you previously. Make sure however that when you cancel your PPI that the payments decrease as if they don't then you have been on the end of a single premium PPI scam. Meaning you paid the PPI & Interest first of all on your loan.

Mcolak,
You know in my case I am reclaiming PPI on a "still active" loan, which was a single premium front loaded......does that mean that once I claim back all the PPI + interest my future payments will go down?...for definate?
Once I get it all sorted though, I do intend to look elsewhere for a better deal.