PPI Reclaiming discussion Part II

Kaia_2

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

tiggrae....
Are you saying there are some important fators that make it "easier" to win your case.......ie..

1.If the premium was a single sum front loaded.:mad:
2.The premium was then added to total charge for credit.:mad:
3.The loan was for 16 yrs but premium only covered the first named person for first five years only:mad:

......interested as ALL of the above apply to me.

And there were no fees or commissions shown at all.

marshallka

Kaia wrote: »

tiggrae....
Are you saying there are some important fators that make it "easier" to win your case.......ie..

1.If the premium was a single sum front loaded.:mad:
2.The premium was then added to total charge for credit.:mad:
3.The loan was for 16 yrs but premium only covered the first named person for first five years only:mad:

......interested as ALL of the above apply to me.

And there were no fees or commissions shown at all.

Me too Kaia.

Kaia_2

These seem to be very important factors dont they Karen, so I'm wondering will it be easier to take them on.
You know what I mean, if these factors are that strong a case ...it doesnt seem likely that we could lose does it?

homer_j_3

marshallka wrote: »

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.

I know for a fact that these companies will not lose sleep over fraudulently altering documentation to suit their argument.

It is one of the advantages of getting someone to do a forensic audit on the paperwork that they send. Due to other dealings with these lenders historically and having audited their loans previously, it becomes quite easy to see what they should have on file and what they may have altered if they have at all. This is one downside of doing this yourself - you do not know what you are getting is accurate and a full picture,as such.

m.colak

wildanna wrote: »

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

Have you requested a settlement figure or a monthly payment figure if you happen to cancel the PPI. You will probably find that your payments don't decrease by much (having paid the PPI plus interest off to start with). If this is the case then what is the point of cancelling until you get the full PPI amount back. That means that you can continue to be covered (if possible) and then reclaim the money as soon as applicable benefiting from both systems.

m.colak

marshallka wrote: »

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.

Information Commisioner (ICO) gives the company a well deserved boot up the !!!! including reading them the riot act. Write a letter/phone them explaining your current problems with the documentation sent and the inconsistances and let them get involved (a letter from the information commisioner is worth a hundred from yourself sometimes). Don't worry about them modifying with the documentation you can request computer records to show when the file was last editted on its original copy.

m.colak

angelwillow wrote: »

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.

Ok from that information you shouldn't have a problem claiming at all, you meet all the global criteria for a reclaim ie you haven't reclaimed and the loan was recent (paperwork easier as recent acts assist better). Now get you SAR sent off and then when it gets back we can trawl through the info and find whats is relavant or pertainent,

m.colak

Kaia wrote: »

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.

A couple of scenarios here:

You get the whole PPI back and the payments stay the same.

You get the whole PPI back and is creditted against the loan. Payments reduce significantly and length of time is reduced.

You get the PPI back and although the PPI was paid upfront the interest was still an element of the monthly payments. Therefore you get the PPI back plus interest to that date. Your monthly payments go down slightly or the length decreases a little.

m.colak

Kaia wrote: »

tiggrae....
Are you saying there are some important fators that make it "easier" to win your case.......ie..

1.If the premium was a single sum front loaded.:mad:
2.The premium was then added to total charge for credit.:mad:
3.The loan was for 16 yrs but premium only covered the first named person for first five years only:mad:

......interested as ALL of the above apply to me.

And there were no fees or commissions shown at all.

Yes its easier to claim back because of these points:

legislation has changed recently due to the 1st and 2nd point and you can definently prove that point 3 means that it wasn't in your best interest to have such a policy ergo against the consumer credit act 2000.

cflarry

wildanna wrote: »

hi am sending my sar off to FIRSTNATIONAL/LOANS.CO.UK keep me updated how you go on and i will

Yes I will do havent received anything from First National Yet! Did you take out your First National loan through Loans.co.uk?