PPI Reclaiming discussion Part II

marshallka

tawecdl wrote: »

Can someone advise me on something.

I was a bit thick and believed welcome finance when they said I need PPI. I took a loan out with them about 2 weeks ago, I am paying £90ish a month but I checked the breakdown and a lot of that is PPI payments. The box to include insurance was already ticked before I received it and I thought that was normal practise?

Is there any way I can cancel the PPI on my loan to reduce the payments or am I stuck with it?

Thanks in advance

Yes as you are within 30 days you need to get a letter together NOW and send it recorded delivery and you should be allowed to cancel with no penalty at all but like I say send the letter immediately and via recorded delivery too so you have proof.

marshallka

di3004 wrote: »

Well done I am soooooooo happy.........:D :T :j :j :j :beer: , I feel like this is my complaint lol.......:D :T .

No Di, it is only me that is disputing this. Not them. In fact I was told last week that the settlement was correct so I told them perhaps the rebate would be too.She just said that that is very different. I do know that I have been unfair rebated and yes, I will take to the courts if nothing happens here. I took out a PPI that cost with the interest they charged £9K and they gave me £90 rebate after 3 years. Something wrong there...

di3004

Feebs wrote: »

Hello All

Dunno if I am just being dim, but is there an easier way of searching through posts ? At the moment I click Last Page and just work my way back - takes me ages sometimes to find a post I'm looking for (especially as my pc works on snail speed) !!

Feebs xx

Hi there feebs,
What I normally do is when I first sign in, is just click on to loans, if the reclaiming section of this is not shown, then go towards the top end of the page after clicking on loans, its mainly just the reclaiming or success there, and to check for any posts after I just refresh the page, not sure if all puters are the same but you should have a refresh button towards the top of your page next to an arrow pointing up, that is what I have on mine, but yet they may all be different, not sure......:rolleyes: .

I think its the site that is running slow which does not help.

Hope this helps hun - other than that I do not know any other way.....

marshallka

jasonc08 wrote: »

thanks so far
letter went today - lets see if i get a reply before xmas?!?!?
now that would be handy if succesfull!
ill keep you posted and good luck everyone else.

Let us know, You may be lucky and have no need to go to FOS but please keep us informed on here.

di3004

sallyh81 wrote: »

Sorry, Di - just one more quick question if you don't mind...?

Until this is all resolved, should I still keep making the payments to Creation Consumer Finance? Should I inform them I have contacted Carcraft about misselling me the policy? I don't want to make a mess of my credit status if they default me for not paying or something, but on the other hand it would be nice if I didn't have to!

Cheers,
Sal x

Hi there Sal, sorry for the delay for getting back to you, puter went down......:mad: .

Anyway, I do think that is a choice hun, maybe check out the terms and conditions first and see what they say on them.

But I am sure you should have the right to cancel and they would still have to pay back every penny of this either way.;)

Hope this answers your question hun, and maybe someone else could respond to this one too to give their opinion.;)

Di.
xx

marshallka

maxdp wrote: »

Yes I remember:D its all becoming bright and clear again now. Sorry Marshallka was feeling like I had treacle running around in my head. Up early back late and tiring work then coming home and doing business stuff:eek:

Am on the case now and will try to keep up:rotfl:

And now my Barclays FIrstplus one is with an adjudicator too and they have reopened the other complaint that was sent in in May. They told me it was outside jurisdiction but I told them it was not. I originally put two complaints on one form, one for unfair rebate and one for unfair settlement and rule 78 but they looked at it as a banking complaint. I have argued that in my complaint that I sent to them there was a part whereby I mentioned unfair rebate and after being knocked back by them I resent them in seperate and that was first week of august. I have now had a letter today to say that the first one of May 2008 has been coupled with the unfair rebate one and the one about unfair settlement scrapped. I rang to clarify this and was told it has now been assigned an adjudicator today....:j . The same one as the co-op but that does not mean they will be in my favour. I will just have to wait and see.

di3004

milliemonster wrote: »

Hi again

They have sent me a full breakdown of the transactions we made

Briefly, the amount of advance was £22,000
they then immediately added on £4384.60 (so why is there a different figure on the CCA?) taking the total to £26,384.60
then monthly payments of initially £215.01 and monthly interest of approx £182
this then left a balance to pay on 18.3.08 which was £25,319.31

I know which letter to send next about disputing the PPI policy, but I am not sure how much I should ask for? should I deduct the £1054.04 that was given as a rebate on settlement? (the balance of £25,319.31 was excluding this rebate but including an admin charge of £150 also), should I add on any interest? I've seen something about 8% somewhere

Also the formula they use for refunds of PPI on settlement says 25% if 12 months have passed, this is on the policy that they have sent today (which I have never had a copy of before now!!!)

On the CCA the only formula it gives for rebate on early settlement are examples if a quarter of the term has passed, half, and 3/4 but the term of the full loan was for 264 months and we were only 12 months in!

Okay thanks for confirming this hun.

No not all of us put an amount in, they should know what to pay you back and when they do and if they do admit to this, they then send you another breakdown of what they will pay you, because normally you would be put back in the position as if you did not have ppi, I would add on the letter that you would appreciate if if they could repay you the full amounts, plus 8% interest of what a court would award, this can then be checked, as you will have to sign to accept it first anyway.;)

It can be checked on here, as it may vary due to charges etc they add within the above figures.
They do generally give 14 days to my knowledge to accept the amount and of course once checked on here and your happy they will have to pay that amount stated.

Hope this explains your question on this hunni.

Di.
x

di3004

milliemonster wrote: »

Just realised, the different figure on the CCA for the PPI is not the PPI policy amount, it is the charge for credit which is £5048.12

Right okay, I am not the one for calculations myself lol, but maybe someone else could confirm this for you. Good luck.;)

marshallka

milliemonster wrote: »

Hi guys

Following on from your fantastic advice last week I have today received a copy of my CCA for the secured loan we had with First Plus which we settled in Marach this year when we moved.

What perplexes me though is the CCA shows the PPI to be £5048.12, but the accompanying letter states it to be £4384.60 of which we were given a rebate of £1054.04 when we settled on 14/3/08. This loan was taken out for £22,000 on 17.2.07. The balance we had to pay to settle on 14.3.08 was £25,993.19.

Strangely they have also attached a copy of the PPI policy which we never did receive at the time of taking out the loan.

The CCA looks fine, both me and my husband signed it and also both signed for PPI (although underneath it does state PPI is only for single life not joint and valid for 5 years even though we both had to sign it???

So what do I do now?, I am not sure how much to try to claim or even if I have a valid claim?, both me and my hubby have sick pay with work for a full year anyway.

Any advice on my next step?

Were you aware of this being a single premium and that interest would be added for the full term of the loan and were you given the choice of the PPI??

di3004

marshallka wrote: »

No Di, it is only me that is disputing this. Not them. In fact I was told last week that the settlement was correct so I told them perhaps the rebate would be too.She just said that that is very different. I do know that I have been unfair rebated and yes, I will take to the courts if nothing happens here. I took out a PPI that cost with the interest they charged £9K and they gave me £90 rebate after 3 years. Something wrong there...

Surely they should see that £90 is nothing in rebate compared to the full amount.
I hope they work this one out and realise that this is very unfair, I'm sure they will because that small amount was pathetic!!!