PPI Reclaiming discussion Part II

tiggrae

nothingwitty wrote: »

Please, please can someone explain what happens when judgement by default is obtained? I too have obtained judgement by default, though no application to set it aside has yet been received. Thing is, as much as I have searched this site I cannot find info anywhere on what happens when a default judgement is granted - only that one can be awarded where a bank (in this case) fails to acknowledge or defend (the latter in my case). I'm sure there are many users obtaining judgement by default but it's abit of a black hole as to what happens next...

How long should I wait for them to pay, allowing for reasonable time? What happens when they apply for the judgement to be set aside? If judgement has already been entered, why are they allowed to change it, especially if they didn't bother defending it in the first place? How long to I wait before obtaining a warrant? Have I actually won when I receive a judgement by default? Lots of questions I know... hoping for lots of answers... I know loads of people will appreciate it...

Thanks folks!!!:o

Don't know if this has been answered, but the best thing is to write with a copy of the judgement and give them 5 working days to pay or you'll request the bailiffs enter the premises and seize goods to the value of whatever you've been awarded - you only have to wait 5 days before requesting a bailiff, but it does cost £55. also, the defendant can make an application for the judgement to be set aside - I'd check with the court to make sure they haven't made an application before you pay for the bailiffs

tiggrae

nothingwitty wrote: »

Thanks. Kinda new some of that but very grateful nonetheless. Am more trying to figure out what it actually means in practice i.e. where it leaves me after I have been awarded it. Can bank just not pay? How long do they have to pay? What constitutes a proper excuse on the part of the bank not filing a defence?

Very grateful for your help. Much appreciated. Hope others can also help as I have a feeling many people will have the same questions!

Thanks again

You have to write with a copy of the judgement, give them 5 days to pay or you'll send in the bailiffs !!

All the bank has to do is say they didn't receive the original paperwork to have the judgement set aside!

tiggrae

marshallka wrote: »

What did you pay £300 for marluc. I too am going to fight FF for my ppi of jan 2000 (settled apil 2003) the same as kaia. I had my loan with Firstplus and apparently FF sold us the ppi. I have sent a complaint in to the FOS about FIrstplus as i think they actually sold the ppi. I had my SAR from Firstplus and it seemed it was added on the actual agreement and we did not ask for it on the application. We wanted 17k over 120 months and we got 17k, ppi of 4163 and then 160 months. My complaint is about the rule of 78 and that i wanted to know who actually sold the policy to us and if it was firstplus then could the FOS help. We have not heard anything back since. Freedom Finance have yet to send us a SAR and then they have told they were not regulated by anyone and that we need to deal with Bespoke Finance who are based in Gibraltar.... long story but we have never heard of these cowboys.

How did you start by taking them to court and what reasons etc. I have been told at the time we applied for our loan FF were working for Bespoke Finance (in Gibraltar). I may have to start mine soon when i get the response from the FOS of "sorry cannot help with this one" I don't know who to address my claim to though yet.

I have now read through your posts and realised what your £300 is for. I hope you win with these barstewards. They think they are above the law.

These 3 firms together are quite interesting - most people think they were sold their policy by Freedom, but low and behold they say NO it was Bespoke - who are based in Gibralter - with no licence to operate within financial services in Gibralter - I've spoken to their Financial Services Commission. You can use your local county court for proceedings in Gibralter, but you can't instruct bailiffs as UK bailiffs have no jurisdiction in Gibralter - it is a total Mare and obviously this has been set up deliberately to avoid people being able to reclaim for mis sold insurance !!! Best thing to do is contact the Financial Services Commission in Gibralter and made a complaint !!! Also, write back to Freedom asking how a firm work for them which is not licenced in Gibralter to do so !!!!

tiggrae

bailey169 wrote: »

i am confused about repayment cover on credit cards, i got a credit card in sept 2004 and wasnt sure about cover and so presumably took it out without knowing too much about it.i am self employed and looking through the policy and if i was employed they would pay out from 30 days but being self employed have got to cease trading and not be in work for 6 months.i am still working but now paying about £35 per month on this cover.what should i do?

Hi Bailey, have you read the forum for making a reclaim, it has the template letters etc

doingmybest_3

just about to send back my second letter to egg but wanted to get my figures right so wondered if one of you guys would cast your eye over my calculations to see if i've worked it out right. My loan was for orriginally for £15,000. over 72 months. The interest was 7.66% and APR 7.9%. They added PPI which took it to £16,203.30. I settled it 22 months/payments later. There is a "Rebate Paid Debit" which I assume is the PPI refund of £538.46p and the settlement figure was £11,490.17p I work out that If the PPI had not been added, the loan plus interest would have been £16149. Then minus the 22 payments I made (which were £6,191.90) the balance should have been £9,957.10 which means that I over payed them £1533.07. Have I worked this out correctly? By my reckoning not only did they mis sell the PPI but they gave me a disproportionate and unfair refund of the PPI when I settled.

tiggrae

doingmybest wrote: »

just about to send back my second letter to egg but wanted to get my figures right so wondered if one of you guys would cast your eye over my calculations to see if i've worked it out right. My loan was for orriginally for £15,000. over 72 months. The interest was 7.66% and APR 7.9%. They added PPI which took it to £16,203.30. I settled it 22 months/payments later. There is a "Rebate Paid Debit" which I assume is the PPI refund of £538.46p and the settlement figure was £11,490.17p I work out that If the PPI had not been added, the loan plus interest would have been £16149. Then minus the 22 payments I made (which were £6,191.90) the balance should have been £9,957.10 which means that I over payed them £1533.07. Have I worked this out correctly? By my reckoning not only did they mis sell the PPI but they gave me a disproportionate and unfair refund of the PPI when I settled.

you have to be careful when making your reclaim as you have 2 different issues here covered by different pieces of legislation - the first mis selling is the Misrepresentation Act 1967 - there you are asking for a full refund. On the settlement figure - you'de be asking for the only the rebate back.

How much were you paying back each month and how long was the loan for originally ?

doingmybest_3

tiggrae wrote: »

you have to be careful when making your reclaim as you have 2 different issues here covered by different pieces of legislation - the first mis selling is the Misrepresentation Act 1967 - there you are asking for a full refund. On the settlement figure - you'de be asking for the only the rebate back.

How much were you paying back each month and how long was the loan for originally ?

Hi tiggrae, I was paying back £281.45 and the loan was over 72 months.

tiggrae

doingmybest wrote: »

Hi tiggrae, I was paying back £281.45 and the loan was over 72 months.

ok

72 months x £281.45 = £20264.40
of this about 7.5% was the PPI or £21.10 (£21.10 x 72 = £1519.83)

20264.40 - 1519 = £18744.57 (or £260.35 x 72 = £18745)

so you paid 22 months

22 x 260.35 = £5727.70
22 x 21.10 = £464.20 + £5727.70 = £6191.90

Obviously settling early means you paid less interest, but you need to know how much of the settlement figure was ppi - you paid £464.20 + £538.46 (rebate) - so you've probably had to pay an additional £517.17 when you settled

£464.20 + £538.46 + £517.17 = £1519.83
So if you're going for mis selling you've paid in total for the ppi £981.37

MWH1

Anne.Jade wrote: »

YAY RESULT!!!!!!! Well done xx

Hi Laini. Many congratulations on your win. I'm delighted for you :T . This is a much needed tonic for other members wrestling with FirstPlus to reclaim PPI.

Kaia_2

MWH1 wrote: »

Hi Laini. Many congratulations on your win. I'm delighted for you :T . This is a much needed tonic for other members wrestling with FirstPlus to reclaim PPI.

Same here Laini......have followed your case through since begining of this year, WELL DONE !!!! I AM SOooooo PLEASED FOR YOU x x x x x
:T :T :T :T :T :T :T :T :T :T :T :T :T :T :T