PPI Reclaiming discussion Part II

di3004

marshallka wrote: »

X factor is the highlight of my weekend . going to get my jim jams on early and settle I think. Had a mad do on me again last night about unfair rebates.:eek: . I needed to know how you work them for definate but tried and then after found tiggraes post to me some weeks ago which said there is not definate answer when they go to the FOS. If you win with them then they ask for a fairer rebate and you either decline or accept.

Sorry I missed you earlier Marshallka, the in-laws called in, and it was soooo sloooooooow on here earlier, I expect you noticed that yourself....:rolleyes: , you have a good chill hun and will catch you later or tomorrow. I expect it will be tomorrow now because its gone 11pm lol;) xxx

subes1

Hi,
i wonder whether someone can help me. i have sent a letter to my cc company about the PPI charges, saying that i believe that they were misold. i have received a letter back saying that i ticked the box on the application form and that i had signed it so they are not prepared to give me any money back.
what should i do now? Can anyone advise, the company is Goldfish. Any replies would be greatly appreciated, thanks

mac666_2

ok as you guys may remember i'm just about to sent a claim off to halifax, but reading some posts on here i'v remembered that this loan helped to play off another halifax loan. this is the letter i was going to send off, could i add the address and date where i took out the old loan ( don't have old paper work) to the letter? or do i need to send two letters? thanks mac






Re: Account number:
Dear Sir,

I purchased the above policy from you in June 2007 but now believe that I was mis-sold this policy for the reasons detailed below. As such I wish to inform you of my decision to cancel the Credit Protection Insurance sold with the above loan.

At the time it was taken out I consider the policy was not fully explained to me, in that

It is a single premium policy, i.e. it is in effect a loan on top of the original loan. If this had been properly explained to me at the time I would not have taken the policy.

It was not properly explained to me that there were (and remain) alternative policies available - at much less cost


Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.

I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.


Yours faithfully,

mac666_2

mac666 wrote: »

ok as you guys may remember i'm just about to sent a claim off to halifax, but reading some posts on here i'v remembered that this loan helped to play off another halifax loan. this is the letter i was going to send off, could i add the address and date where i took out the old loan ( don't have old paper work) to the letter? or do i need to send two letters? thanks mac






Re: Account number:
Dear Sir,

I purchased the above policy from you in June 2007 but now believe that I was mis-sold this policy for the reasons detailed below. As such I wish to inform you of my decision to cancel the Credit Protection Insurance sold with the above loan.

At the time it was taken out I consider the policy was not fully explained to me, in that

It is a single premium policy, i.e. it is in effect a loan on top of the original loan. If this had been properly explained to me at the time I would not have taken the policy.

It was not properly explained to me that there were (and remain) alternative policies available - at much less cost


Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.

I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.


Yours faithfully,

ok i'v just been on my Credit Report there could be another halifax loan to claim on!:eek: plus a halifax Second mortgage (secured loan):eek: plus a nothern rock unsecured loan. all are payed off but one. i'v got no paper work as thay go back to 27/07/2001. do you think i could start writeing letters or get copys of the paper first? if so how can i get copys?

thanks again mac

marshallka

Bluemoon wrote: »

Is this a good offer from first plus:

"We are concerned that you are unhappy with the remaining cover provided by the insurance policy and should you wish to cancel the policy we would like to offer an enhanced rebate of the insurance policy. The enhanced rebate that we are prepared to offer you is calculated on a pro-rata basis of 78% of the insurance premium. Our offer takes into account the time the policy has provided cover (13 Months) and the rebate is calculated on the unexpired term remaining(48 Months). This would mean an amount of 1968.07 would be applied to your acount in addition to the normal rebate of 1152.45 payable on cancellation of the policy."

My loan is 25100 + 5000 insurance

Questions

Will receive any money back or will it be paid into my loan account

Will my term/payments go down

Thanks
Bluemoon

AHHHHHHHHHHHHHHH,

Bluemoon, have you accepted this amount yet!!! This is the Firstplus rip off here. They offer you 78 pro rata and its NOT good. They do not take into account that the insurance is in fact a loan and has cost you lots more than that in the long run. Probably about £10K actually. Did you go for the misselling here on this one??

They need to calculate this on the actual amount of the PPI plus the interest and they have NOT here this is the reason why everyone is going to FOS with these offers. Tiggrae posted about it some weeks ago and catinthehat has been offered the same and is taking it to the FOS.

I will post up the replies from tiggrae to these offers and please hang fire.

marshallka

Bluemoon

Just found Tiggraes post here to catinthehat

Just found catinthehats post about the pro rata that FP work by and here is tiggraes response to it


Ok the 78% tends to be FP's norm (after taking into account administration costs etc)

The pro-rata figure is worked out on 78% of the remainder of the premiums (ie they are ignoring what you've paid todate as they don't believe it was mis sold!!)

They've worked it out on on a 5 year basis (ie 60 months) of cover - not the length of time you'll be paying for it - the 16 months is just to prove they are complete morons and can't work out the number of months since August 2004

Write back - tell them to stick it - you want all your money back, plus interest, plus 8% statutory interest - if they're not prepared to offer that ask them to put it in writing and say it's there final response (they should come back very quickly and say it is there final response) then send all three letters onto the FOS refer to your case number


I think the FOS gets it all back for you if you win.

marshallka

Bluemoon wrote: »

Is this a good offer from first plus:

"We are concerned that you are unhappy with the remaining cover provided by the insurance policy and should you wish to cancel the policy we would like to offer an enhanced rebate of the insurance policy. The enhanced rebate that we are prepared to offer you is calculated on a pro-rata basis of 78% of the insurance premium. Our offer takes into account the time the policy has provided cover (13 Months) and the rebate is calculated on the unexpired term remaining(48 Months). This would mean an amount of 1968.07 would be applied to your acount in addition to the normal rebate of 1152.45 payable on cancellation of the policy."

My loan is 25100 + 5000 insurance

Questions

Will receive any money back or will it be paid into my loan account

Will my term/payments go down

Thanks
Bluemoon

BLuemoon, your repayments will hardly be affected here with what they have offered you.

marshallka

di3004 wrote: »

Hi there Bluemoon

Its good they have given you an offer. So well done there.:beer: .

Who was this loan taken out with if you don't mind me asking ?

Are you happy to receive this amount ?

And yes your repayments should now be reduced.

If you want this repaid directly to you, I would request for this.;)

If they had admitted to mis selling, then you would have received the full amount, so depending if you want to accept this or go take it to the FOS hun, is up to you.

Good luck and I am sure Marshallka will read on this at some point soon.
Well done !:D :T

Di.
x

Left Tiggraes response above for Bluemoon. This was in response to catinthehats and there are plenty of other ones she has replied the same to.

marshallka

Bluemoon wrote: »

The loan is with First Plus

I am happy to get anything and i will not be paying interest for the next 9 years so i will take it unless i am advised otherwise

Bluemoon

Are you sure you will not be paying interest on this for the next 9 years????????

You loaned the money to pay the PPI and the loan still stands for the FULL term of whatever your loan was and all they are paying you back is the refund they have offered. Hence the interest on this is STILL payable.

Bluemoon

marshallka wrote: »

AHHHHHHHHHHHHHHH,

Bluemoon, have you accepted this amount yet!!! This is the Firstplus rip off here. They offer you 78 pro rata and its NOT good. They do not take into account that the insurance is in fact a loan and has cost you lots more than that in the long run. Probably about £10K actually. Did you go for the misselling here on this one??

They need to calculate this on the actual amount of the PPI plus the interest and they have NOT here this is the reason why everyone is going to FOS with these offers. Tiggrae posted about it some weeks ago and catinthehat has been offered the same and is taking it to the FOS.

I will post up the replies from tiggrae to these offers and please hang fire.

Hi Marshallka

No i have not accepted this offer i was going to speak to them in the morning to say i am not happy and see if i can get a better offer.

Bluemoon