PPI Reclaiming discussion Part II

Darth_chaffinch

The template letter starts
"I purchased the above policy from you in [insert date] but now believe that I was mis-sold this policy for the following reason:....."

Is this suitable for cc PPI reclaiming?? I was thinking something along the lines of "PPI was added without my agreement in Nov 2002, please pay me my dosh back etc." Does the wording really matter? Also, I'm pretty sure I didn't ask for it, but they have to prove I did ask don't they??

Thanks in advance.

marshallka

kpwll wrote: »

Hi marshallka,
Yes I did tell them the dates, he went and checked with a supervisor and I have been given a reference number and the forms will be sent out for me to sign and return with copies of all correspondence to and from LTSB.
One interesting thing that was told to me, by the FOS, is that even if they can't look into your case, they will take a complaint against the supplier. Therefore I think it would be worth everyone giving the FOS a call, even if they can't help, the complaints will mount against all the 'Evil Ones' (lol).
Hope that helps and good luck to everyone. x

Regards, Karen.

I first rang them and was told because i thought it was freedom finance that had sold the policy that nothing could be done as they were not regulated but then rang back to complain about the rule of 78 used and they gave me a complaint number and sent out the forms. I have filled them in but also asked if he can look into whether he, like myself, thinks it was firstplus that actually sold the policy and they have something going with Freedom and other companies too to stop us all claiming. I wouldn't put anything past Firstplus.

homer_j_3

Ploddy

Could you provide me with a synopsis of what you have done so far and what you have done etc?

Ploddy

homer_j wrote: »

Ploddy

Could you provide me with a synopsis of what you have done so far and what you have done etc?

7 weeks ago I wrote to HFC asking for the terms and conditions of 4 loans I have had with them in the past.

They have provided me with the terms and conditions for one of the loans, (which is out of the limitations period). They have stated in their letter that the paperwork for the other 3 loans "may" be with the branch where I took out the loans, the letter reads "May we advise you that it is your credit history that remains on file for six years from the closure date of your loan agreement", i took this as an inference of them stating they do not need to keep the documents for this long. This letter was sent to me in April.

Since I rec'd their letter I have telephoned them asking what they actually meant by what they had written, I was told they would call me back - they didn't. I have also wrote them a letter asking them to confirm what was meant by the sentence above and to clarify whether they have actually got the paperwork I requested, this was 4 weeks ago, they have not even replied to this. :mad:

I now want to write them a letter and put some quotes in from legislation showing that they are required to keep the records for the stated 6 years. I can not find firm confirmation that they need to keep the records other than on the HMRC website. I was hoping to find something on the FSA website also, but the handbook is just incredibly difficult to navigate your way around.

Does this clarify what I am trying to do?

I should also point out that the other 3 loans are definitely in the limitation period, but only for about another 6 months. I don't know if this is a delaying tactic by HFC. :rolleyes:

m.colak

Ploddy wrote: »

7 weeks ago I wrote to HFC asking for the terms and conditions of 4 loans I have had with them in the past.

They have provided me with the terms and conditions for one of the loans, (which is out of the limitations period). They have stated in their letter that the paperwork for the other 3 loans "may" be with the branch where I took out the loans, the letter reads "May we advise you that it is your credit history that remains on file for six years from the closure date of your loan agreement", i took this as an inference of them stating they do not need to keep the documents for this long. This letter was sent to me in April.

Since I rec'd their letter I have telephoned them asking what they actually meant by what they had written, I was told they would call me back - they didn't. I have also wrote them a letter asking them to confirm what was meant by the sentence above and to clarify whether they have actually got the paperwork I requested, this was 4 weeks ago, they have not even replied to this. :mad:

I now want to write them a letter and put some quotes in from legislation showing that they are required to keep the records for the stated 6 years. I can not find firm confirmation that they need to keep the records other than on the HMRC website. I was hoping to find something on the FSA website also, but the handbook is just incredibly difficult to navigate your way around.

Does this clarify what I am trying to do?

I should also point out that the other 3 loans are definitely in the limitation period, but only for about another 6 months. I don't know if this is a delaying tactic by HFC. :rolleyes:

http://www.ncvo-vol.org.uk/askncvo/legal/?id=108

http://www.dca.gov.uk/foi/reference/imprep/codemanrec.htm

statutes such as the Data Protection Act 1998 (DPA) and the Freedom of Information Act 2000
(FOIA) are particularly relevant, as they set out specific requirements on the
creation and management of records.

marshallka

m.colak wrote: »

Rule 78 is used in the calculating of the total amount repayable for early settlement and therefore as such is worked out on the whole figure including a rebate from any insurance premiums. It was out ruled in 1997 by OFT (for unregulated companies) and 2001 the FSA told other companies that they should cease using it.

m colak, i know i keep waffling on but i really want this money back. What i need to know is if Firstplus were unregulated when i settled with them in 2003 then they used the rule of 78 (which apparently they could use) they said they capped it (as the oft advised unregulated lenders to do) but i have found lots of rule 78 calculators and each one pulls a figure out about the same as my settlement so i can't see how they have used a cap.

My loan was
17,000
4163 ppi
repayments over 160 months
repaid after payment of £281 per month for 38 months and then settled with
£21400. Can anyone who knows this cap method see if there was one applied. I apparently had £90 refund for the insurance.

What is a cap method. They said they cap at 120 months.

Also what would a court deem extortinate credit.

I class mine as extortinate but how is this looked at by the oft and fos and any legal bods.

sahra

marshallka wrote: »

I would say yes, was it a single policy and upfront payment. Read the threads and get claiming.

Hi, sorry to sound thick, but what do you mean by upfront payment?
And the loan was just in his name.

marshallka

sahra wrote: »

Hi, sorry to sound thick, but what do you mean by upfront payment?
And the loan was just in his name.

Where you pay the whole of the policy at the beginning of the loan. From your previous post it looks like yours was front loaded so you may be able to get a claim in. You say you borrowed £7,000 over 5 years and it cost £12,000 to settle. Am i right in that. If so you may have a claim.

tiggrae

marshallka wrote: »

m colak, i know i keep waffling on but i really want this money back. What i need to know is if Firstplus were unregulated when i settled with them in 2003 then they used the rule of 78 (which apparently they could use) they said they capped it (as the oft advised unregulated lenders to do) but i have found lots of rule 78 calculators and each one pulls a figure out about the same as my settlement so i can't see how they have used a cap.

My loan was
17,000
4163 ppi
repayments over 160 months
repaid after payment of £286 per month for 38 months and then settled with
£21400. Can anyone who knows this cap method see if there was one applied. I apparently had £90 refund for the insurance.

What is a cap method. They said they cap at 120 months.

Also what would a court deem extortinate credit.

Marshalla, just to clarify are you claiming for mis selling or for an unfair rebate? Basically I think you would be out of time for the mis selling angle, however if you're going for an unfair rebate that is sooooooooo much easier to reclaim against - FP were regulated (make your complaint against Barclays t/a FP) - the fsa have stated the following in respect to early settlement of PPI - your complaint to the FOS should be on this basis and give the date of 2003 as to when it took place - NOT 2000 when it was sold.

If you repay your loan early, the PPI is of no further value to you because the PPI benefits are linked to it. So a firm should not prevent you from receiving a partial refund from the PPI policy if you cancel the policy or repay the loan early. However, you may not be entitled to a refund if you cancel very close to the end of the period covered or if you have already made a successful claim under the policy.

See this document single premium PPI

As for what you paid - as a rough guide your PPI looks like it was about 20% of the
£286 a month you were paying - so 20 of £21400 you paid on early redemption is £4280 - that's just a rough guide though - on the FOS claim form you need to put down you want the full amount you had to pay for the PPI on early redemption, plus any interest + 8% statutory interest

marshallka

marcus79 wrote: »

WOHOOOOO
but still unsure.

Reclaiming: ppi from 3 loans
Provider: HSBC
How much get back: £4,578.08p

sent the first letter of which got a letter back 3 weeks later saying they are looking into the matter, phoned them up after the 40 day periode saying I was on verge of sending 2nd letter but they explainned on phone there is a long backlog of ppi claims and to just wait a week or 2.

Got back from a real crap day at work to find letter from hsbc saying' in order to find this matter has not disadvantaged you in anyway we propose to offer you a total amount of 4,578.08'

so im very pleased, but im slightly concerned also, coz obviously they refunding what we paid so far to date, but if they put the total ppi on top of the loan doe's this mean they have to recalculate the loan also which should bring the cost of my original loan down also?

I would say they have to recalculate the loan now. Also what about the interest etc. Maybe mcolak or homer j or tiggrae could answer better.

Good news for you getting what you did back though. Nice one