PPI Reclaiming discussion Part II

marshallka

mlucyminx wrote: »

I have had this happen with 2 secured loans through Ocean finance.

Apparently if you dont actually ring the insurance company and cancel the loan you dont get any kind of rebate. Both of mine were from blemain finance but they use a different insurance broker. When I contacted them about the second smaller laon which was still running they offered me £120 back (Original amount £812 oplus interest) told them no not enough and they upped offer to £400 but said if I claim for mis selling through fo will withdraw offer. Already with FO so will see what they say about it all

Are you doing a letter about your one that you posted yesterday about misselling here. Even if they do rebate/refund you some it still will only be peanuts compared to what it cost you and also I would make a complaint to the OFT about the fact that they expected you to cancel the insurance. Does it actually state it in your terms and conditions.

marshallka

Cheaptrick wrote: »

No the second loan was not under the same account number I had to pay off the first account from money i was borrowing on the second loan. This time I did cancel the ppi when the application for the second loan came.

Done a post above about this. I would check again with Tiggrae but I would think its definately still worth mentioning the first loan even if the account numbers are different as this loan was consolidated in your second loan.

mlucyminx

marshallka wrote: »

Are you doing a letter about your one that you posted yesterday about misselling here. Even if they do rebate/refund you some it still will only be peanuts compared to what it cost you and also I would make a complaint to the OFT about the fact that they expected you to cancel the insurance. Does it actually state it in your terms and conditions.

No it doesn't just tells you what you will be charged for if you pay up early.

My complaint with FO and all relevant paperwork sent to them.

Incidently, first loan was for 15,000 2nd loan for 5,000. remortgaged and out of 60,000 after paying mortgage of 28,000 off, only came out with about 5000 after paying these two loans off.

cant believe how stupid i was in the first place.

Thank god for Martin Lewis bringing this to our attention. I just hope I get something back at the end of all this. Been corresponding with Ocean Finance since April this year and dont seem any nearer a conclusion

di3004

Hi there folks.

I am about, so please bear with me, just had to give my printer/3-in-one a good kick:mad: , and have the FSA letter to do yet......... .

Marshallka, my letter for the FSA any suggestions hun or shall I just send a copy of the one sent to OFT ? Cheers hun.:D

marshallka

mlucyminx wrote: »

No it doesn't just tells you what you will be charged for if you pay up early.

My complaint with FO and all relevant paperwork sent to them.

Incidently, first loan was for 15,000 2nd loan for 5,000. remortgaged and out of 60,000 after paying mortgage of 28,000 off, only came out with about 5000 after paying these two loans off.

cant believe how stupid i was in the first place.

Thank god for Martin Lewis bringing this to our attention. I just hope I get something back at the end of all this. Been corresponding with Ocean Finance since April this year and dont seem any nearer a conclusion

Oh I am sorry here, thought it was about a nemo loan where there was not rebate. I got mixed up here:o

Forget what i wrote in that post as it was about something else.

mlucyminx

marshallka wrote: »

Oh I am sorry here, thought it was about a nemo loan where there was not rebate. I got mixed up here:o

Forget what i wrote in that post as it was about something else.

Not a problem. i was just saying it was the same thing. Insurance wasnt cancelled when I paid loans up and didnt receive a rebate.

Wasnt till I complained about mis selling that they wrote and told me I could cancel policies if i wish and might be entitled to a rebate.

marshallka

mlucyminx wrote: »

I have had this happen with 2 secured loans through Ocean finance.

Apparently if you dont actually ring the insurance company and cancel the loan you dont get any kind of rebate. Both of mine were from blemain finance but they use a different insurance broker. When I contacted them about the second smaller laon which was still running they offered me £120 back (Original amount £812 oplus interest) told them no not enough and they upped offer to £400 but said if I claim for mis selling through fo will withdraw offer. Already with FO so will see what they say about it all

I see now that you were replying to my reply here to Kaz. I had not ever heard of this happen before but tiggrae knew a couple. Its so wrong to do this.What are you protecting? If you had it happen to you then i would get a complaint to the OFT just to let them know of this. It should state it in the terms and conditions if they want you to cancel.

marshallka

di3004 wrote: »

Hi there folks.

I am about, so please bear with me, just had to give my printer/3-in-one a good kick:mad: , and have the FSA letter to do yet......... .

Marshallka, my letter for the FSA any suggestions hun or shall I just send a copy of the one sent to OFT ? Cheers hun.:D

I would imagine the same as the OFT one really. It mentions everything but perhaps you could mention that between them advertising in the Gazette in April 2005 and the actual liquidation in 2006 were they authorised to sell insurance with the FSA.(you can't find them on the FSA register???) And also did they actually make sales then. Perhaps tiggrae can advise you of the laws here.

marshallka

mlucyminx wrote: »

Not a problem. i was just saying it was the same thing. Insurance wasnt cancelled when I paid loans up and didnt receive a rebate.

Wasnt till I complained about mis selling that they wrote and told me I could cancel policies if i wish and might be entitled to a rebate.

Where you stated here

"""Apparently if you dont actually ring the insurance company and cancel the loan you dont get any kind of rebate."""


I wonder if they actually repay people afte the 5 years on the cashback ones if you don't cancel yourselves. I think not....

di3004

marshallka wrote: »

I would imagine the same as the OFT one really. It mentions everything but perhaps you could mention that between them advertising in the Gazette in April 2005 and the actual liquidation in 2006 were they authorised to sell insurance with the FSA.(you can't find them on the FSA register???) And also did they actually make sales then. Perhaps tiggrae can advise you of the laws here.

Yeah great idea thanks hun, I will leave this one till later then and see what Tiggrae says then, thanks.;)
Both will be sent by email & hard copy, will get hubby to nip to the post office shortly to post the OFT one.:D
Thanks for all your help and support hun and Tiggrae too, I appreciate this very much.:beer:
Di.
xx