PPI Reclaiming discussion Part II

kazc_2

It doesn't mention anything about that. All that the letter said was :
Total amount payable under the agreement £31144.58
Plus security release fee £175.00
Total amount payable by you to settle £31319.58
thanks

di3004

bunnysgirl wrote: »

Hi i am a new comer and i wonder if anyone can help me. I had an overdraft with lloyds tsb and had insurance cover on it with cardiff pinnacle, this was done through the bank.
Last year my husband was terminally ill and i was off work with stress. I rang cardiff pinnacle and explained my situation and was told that i could not claim with stress unless i was under a psychaitrist. I cancelled the insurance and i want to know if i have grounds to claim the money back.

Hi there hun
We have that problem too at the moment with these, and if you have not already made a claim before I am sure a complaint should be sent about this, if this was not explained to you when you had taken out this policy then I would add that in your complaint about the medical exclusions were not explained to you, although they will possibly argue that it states this in the policy document.

Write to them and tell them that you wish to reclaim on this, as you believe you were mis-sold due to the above reasons, and if you want to check this out here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

There is a list of mis selling reasons and a template to help guide you through this, they have 8 weeks to respond to you.;)

I am unable to do this with ours, my hubby is sick from work at the moment with a stress related condition but we had already made a claim on if when the company he worked for went under just before Christmas, so I would say if you have never made a claim then go for it and the best of luck.

Di.
x

marshallka

kazc wrote: »

It doesn't mention anything about that. All that the letter said was :
Total amount payable under the agreement £31144.58
Plus security release fee £175.00
Total amount payable by you to settle £31319.58
thanks

so if you received nothing at all as a rebate then you paid the whole amount of £7975.80 by the looks of it. NIL refunds for settling early are not acceptable. If you find anything else about rebate at settlement let us know otherwise go for the whole amount back.

mlucyminx

marshallka wrote: »

I will have a go for you now. Give me a min..How many months over?

edit 36 months

PPI element is 15.59%
So 27.49 is correct. 27.49 x 8 payments is what you paid 219.92
total ppi 989.64 - 219.92 - rebate??? =
then 219.92 +

Did you get any rebate of the PPI for settling early..we need to know this figure before anything can be worked out??

Where you say you worked out the difference between the two figures and then came up with £912.84, that is the difference between what you should have paid originally and what you settled at as this was early settlement and this was in your favour. What we need to do to work out your PPI if you got this back for misselling is find the rebate applied at settlement.

Ok. gone through figures and had a rebate of £418.42 so i think that makes it about right doesn't it?

marshallka

marshallka wrote: »

I will have a go for you now. Give me a min..How many months over?

edit 36 months

PPI element is 15.59%
So 27.49 is correct. 27.49 x 8 payments is what you paid 219.92
total ppi 989.64 total ppi including interest - 219.92 payments - 418.52 Rebate = 351.20
then 219.92 + 351.20 = 571.12

Did you get any rebate of the PPI for settling early..we need to know this figure before anything can be worked out??

Where you say you worked out the difference between the two figures and then came up with £912.84, that is the difference between what you should have paid originally and what you settled at as this was early settlement and this was in your favour. What we need to do to work out your PPI if you got this back for misselling is find the rebate applied at settlement.

finshed them off and you have been shorted by the looks of it.

marshallka

mlucyminx wrote: »

Hi there,

Marshallka or di, I was wondering if you could give me some advice as you both look like you are good with figures.

I took out a loan with barclays for £4,000 premium loan was £738.86 = £4,738.86
Total amount payable was Cash loan £5357.88 and premium loan 989.64 = £6,347.52

Monthly payments were cash loan £148.83 + £27.49 = £176.32

I made one payment of £176.00 and then 7 payments of £176.32 and paid the loan off in full with the figure of £4,024.44 making total payments of £5,434.68

I have worked out the difference at £912.84 but barclays have made an offer of £475.65 this includes the 8% interest and this has also come through FOS.

Does this figure seem correct to you?

Hope you can help

The figure i gave above is without stat interest so you look to be have been done here.

tiggrae

simone83 wrote: »

Hi!

It took me a bit longer than I thought, had some bad news, but am on track now. Please can you look at the below and give any advice / comments you can think of. All advice is greatly appreciated! Simone

Here it is:

[FONT=Tahoma, sans-serif]I am in receipt to your letter dated 14.08.2008, received by myself on 06.10.2008.[/FONT]

[FONT=Tahoma, sans-serif]I feel that your company misrepresented their position to me and are therefore in breach of the misrepresentation act 1967 as Freedom Finance acted as a broker when, in fact,you are now saying Freedom Finance was only the processor.[/FONT]

[FONT=Tahoma, sans-serif]As the sale of the Payment Protection Insurance was commenced here in the UK and the processor acted as an advisor, therefore this was an unfair contract.[/FONT]

[FONT=Tahoma, sans-serif]As a processor cannot be a broker and sell insurance. Freedom Finance are responsible for the sale of the Payment Protection Insurance as it was done here in the UK. Non advised sales of PPI did not start here in the UK until Jan 2005 and were introduced much later in Gibraltar. [/FONT]

[FONT=Tahoma, sans-serif]Therefore, I feel that Freedom Finance are responsible for the sale of the Payment Protection Insurance.[/FONT]

[FONT=Tahoma, sans-serif]As per the OFT register I have noted that Bespoke finance has listed that all correspondence is to be sent to Freedoms Finance address (as above). I will therefore be issuing any future correspondence, legal notices or documentation to the above address. [/FONT]

[FONT=Tahoma, sans-serif]I will be contacting the OFT about your fitness to hold a Consumer credit licence as I feel that you intentionally misrepresented your interests in regards to the payment protection insurance aspect of my loan. [/FONT]

hi just been reading your letter (which is good by the way) but there is just one bit I don't understand this -

[FONT=Tahoma, sans-serif]As the sale of the Payment Protection Insurance was commenced here in the UK and the processor acted as an advisor, therefore this was an unfair contract.[/FONT]

what do you mean by this was an unfair contract ?

marshallka

tiggrae wrote: »

hi just been reading your letter (which is good by the way) but there is just one bit I don't understand this -

[FONT=Tahoma, sans-serif]As the sale of the Payment Protection Insurance was commenced here in the UK and the processor acted as an advisor, therefore this was an unfair contract.[/FONT]

what was an unfair contract ?

I presume she means that whole loan and with the PPI included. The contract of the loan??

If the PPI was sold wrong then the PPI is on the loan contract and this in turn makes the whole contract unfair. I presume this but do not know. I think she perhaps meant unfair terms in contracts.

mlucyminx

I now have another query for you.

This is for my favorite company - Ocean Finance.

Took out loan in april 2006 for £15,000 over 10 years. payment protection loan was for 2,314.00. then further down it says ppl interest £1,881.51

Then took another loan out in august 2005 for £5,000 over 10 years. ppl £812.00 and interest charge for £659.94

Further down the page it gives examples of rebate. It says:-
The borrower has the right to pay early. The amount payable per £100 of the amount of credit if the borrower chooses to pay early is
main loan ppl total loan
After 30 months 101.27 86.70 99.24
After 60 months 79.24 66.66 77.48
After 90 months 48.57 38.77 47.20

Now that is all double dutch to me but I paid both off in August 2007.

How much could I expect to get back if FOS says they are wrong to have sold this to me?

Sorry I'm being such a pain but I have been claiming for things with out really knowing what to expect.

Thanks in advance

kazc_2

okay, thanks very much. I'm going to ring them when i get back from the school run and see what they say.