PPI Reclaiming discussion Part II

di3004

Check this out here
The 10 biggest insurance rip offs.


http://money.aol.co.uk/insurance/the-10-biggest-insurance-rip-offs/article/20060912090309990063

di3004

marshallka wrote: »

I suppose when credit is sold to anyone not working as these "door to door" people do then it is legal but mostly the APR is wicked as they are in the sub prime end of the market. You were perhaps lucky then Di to have the credit offered from the bank when you actually owed them money anyway as if they had not offered this facility to you then you would have probably not been able to to pay this off and got yourselves into more trouble and HAD to take another loan at a very large APR like people do. I would think of that loan as a lesson and also a godsend as you have not got a CCJ due to this that you already owed and also not had to go to another unscroupolous lender to pay off the overdraft.

Yes exactly, and it was a gods-send at the time, the more annoying thing about it then was the money was due out by Nemo anytime, but they stalled and stalled until I asked the FOS if it were okay to send them a LBA (letter before action), they agreed and it was paid out then 14 days after (Jan 08).

I remember we had the letter to say the overdraft was coming to the end of the arrangement, okay we did not go over that amount and there were still quite a bit of overhang left of the overdraft, we never used to go into the overdraft, only over the last year, and yet after we had the loan, about 2 weeks after we received a letter from the bank to say the overdraft limit was given on the amount we did normally have just before christmas ??:rolleyes:

marshallka

"""unemployed folk are finding it hard to get loans now, so really you have very little chance unless you pay extortionate interest (along the lines of a loan shark) or fall for some scam"""

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This is very true here... found it on another site about finance sold to the unemployed.

Someone posted this so maybe you were lucky with the bank selling you the loans when you had no income as most have to go to the sharks.

marshallka

di3004 wrote: »

Check this out here
The 10 biggest insurance rip offs.


http://money.aol.co.uk/insurance/the-10-biggest-insurance-rip-offs/article/20060912090309990063

We pay Income protection insurance and have done for years and years. Its about £40 per month and wonder now if this is worth it but then again I do know that my hubby was out of work then we would not get any help with the mortgage through the social security so we have no choice. They do not help with mortgage payments now until you have made no payments for nine months or more. After that time they usually start repossession anyway... its probably best left alone. We have ommissions on this as to my hubbies arthritis and that is knees and shoulders. I know there is a chance that if he is unable to work anytime its most probably going to be problems with them too. He is an electician. :eek: . Also he had MRSA and that leaves traces of everything we are now lead to believe. Can't win really.

Just found this


If you took out your mortgage before 2nd October 1995, you will get no help for eight weeks, half of the allowable interest for the next 18 weeks and then all the allowable interest after that. If you took out your mortgage after 1st October 1995, you will get no help for 39 weeks and then all the allowable interest from the 40th week of your claim. If you claim benefit because of the death of your partner or because your partner has left you and you have at least one child under 16, you are treated as if you took out your mortgage before 2nd October 1995.

We would need to have savings of near on £8 to £9K then if we cancelled this.

di3004

marshallka wrote: »

We pay Income protection insurance and have done for years and years. Its about £40 per month and wonder now if this is worth it but then again I do know that my hubby was out of work then we would not get any help with the mortgage through the social security so we have no choice. They do not help with mortgage payments now until you have made no payments for nine months or more. After that time they usually start repossession anyway... its probably best left alone. We have ommissions on this as to my hubbies arthritis and that is knees and shoulders. I know there is a chance that if he is unable to work anytime its most probably going to be problems with them too. He is an electician. :eek: . Also he had MRSA and that leaves traces of everything we are now lead to believe. Can't win really.

Just found this


If you took out your mortgage before 2nd October 1995, you will get no help for eight weeks, half of the allowable interest for the next 18 weeks and then all the allowable interest after that. If you took out your mortgage after 1st October 1995, you will get no help for 39 weeks and then all the allowable interest from the 40th week of your claim. If you claim benefit because of the death of your partner or because your partner has left you and you have at least one child under 16, you are treated as if you took out your mortgage before 2nd October 1995.

I know its a tough one isn't it ?
We claimed for the mortgage insurance when hubby came out of work christmas, but now on the sick from work its a 6 month wait to claim again, this is our problem here and why we have gone into the overdraft yet again, so unfair isn't it ?

And yes its a long wait !

marshallka

di3004 wrote: »

I know its a tough one isn't it ?
We claimed for the mortgage insurance when hubby came out of work christmas, but now on the sick from work its a 6 month wait to claim again, this is our problem here and why we have gone into the overdraft yet again, so unfair isn't it ?

And yes its a long wait !

I don't understand you here Di. Did you make a claim for redundancy... was this a mortgage payment protection then??
How do you pay this then now as mortgage payment protection only pays for this for 12 months...

marshallka

I think tiggrae must be on her jollies!!!!

di3004

marshallka wrote: »

I don't understand you here Di. Did you make a claim for redundancy... was this a mortgage payment protection then??
How do you pay this then now as mortgage payment protection only pays for this for 12 months...

When hubby came out of work we put in a claim for redundancy this was paid monthly then until he returned to work, we did not renew the repayments on this as the mortgage was higher because we forgot to update this beforehand, so half the mortgage was paid every month, then he returned to work, that was when we renewed this but because it was renewed it takes 6 months before you can apply again.

We did not use the full 12 months (due to returning to work which lost a contract after 2 months), then he found another job this recent one but now sick, its not quite 6 months yet, so we have had to manage with what we do have coming in.

We did not realise this but then I read the policy over again and yep its right.
Pinnacle, not unless I have read this wrong somehow.

marshallka

di3004 wrote: »

When hubby came out of work we put in a claim for redundancy this was paid monthly then until he returned to work, we did not renew the repayments on this as the mortgage was higher because we forgot to update this beforehand, so half the mortgage was paid every month, then he returned to work, that was when we renewed this but because it was renewed it takes 6 months before you can apply again.

We did not realise this but then I read the policy over again and yep its right.
Pinnacle, not unless I have read this wrong somehow.

So what are you doing now to pay the mortgage. Does this get paid by the social for you now... If you need to claim again in 6 months your hubby will more than most likely be back in work then anyway...

How do you pay for it now..

di3004

marshallka wrote: »

I think tiggrae must be on her jollies!!!!

Yep not seen her in a little while..... , hope she's okay though.:rolleyes:

Tiggrae we look forward to seeing you back here again......:D .