PPI Reclaiming discussion Part II

marshallka

tiggrae wrote: »

I think you've just solved the whole problem of what's wrong with FP they can't tell the difference between a plus and a minus !!!!

tiggrae, from my extract in the letter are they saying this should of been deducted at the time would you say as they added it to my loan settlement amount.

Do i send this to the FOS now to strengthen my claim. I have it in writing (or think i do if all you think the same) that this amount should of been deducted and not added at the settlement.

Should i be jumping for joy yet.....

tiggrae

marshallka wrote: »

tiggrae, from my extract in the letter are they saying this should of been deducted at the time would you say as they added it to my loan settlement amount.

That's how I would read it !!! But remember, you want a fair amount back - not just what they've mistakenly added on - sometimes it's too easy to focus on one element - it's the whole lot (including what appears to be a mistake in their calcuation ) back !!!!

Have a check of your terms & conditions - I'm quite certain it'll tell you you won't get anything back on early redemption - that's clearly an unfair contract term !!!!

Remember - the fOS can only investigate based upon the wording of your complaint - if you get it wrong they may not uphold your complaint !!!!!

marshallka

Just look at this one

I requested a settlement on 30/10/01 and the settlement was
£20,887.68

after repayments for another 18 months of £281.25 i settled at £20,410 so my actual payments of £5062 bought the loan down by £476.97. They have made a mistake here somewhere.

In fact i have found 3 redemption statements in my SAR

one on 14/04/2001 £21220.79

one on 30/10/01 £20887.68

one on 7/04/03 £20410.71

6 months between the first and second and £333.11 difference in money
17 to 18 months between the second and third and £476.97 in money. This is never right.

can anyone please confirm this. I think i have found out what the problem is and tiggrae is right. They don't know a plus from a minus and they have added my settlement rebate on instead of taking it off. I can't do anything on monday as i am going into hospital but can't wait till tuesday. I think i have a case. What does anyone else think here. Am i just tired and thinking toooo positive.

homer_j_3

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:

So you have been asking for the credit agreements for these loans and they are saying that they cannot locate them?

If this is the case then the loan becomes unenforceable until they can provide them. You need to write them a letter stating that you want the credit agreements and enclose £1 for this. If they have not come back with them within the 12+2 rule then the loan becomes uneneforceable. If they do not provide within 30 days after this then you can make complaint to the oft.

Ploddy

homer_j wrote: »

So you have been asking for the credit agreements for these loans and they are saying that they cannot locate them?

If this is the case then the loan becomes unenforceable until they can provide them. You need to write them a letter stating that you want the credit agreements and enclose £1 for this. If they have not come back with them within the 12+2 rule then the loan becomes uneneforceable. If they do not provide within 30 days after this then you can make complaint to the oft.

Thanks homer_j, from what you are saying if they do not have copies then the loan is "unenforcable".

It is my understanding that this means they can not make you pay all the installments, only what you have have borrowed. Is this correct.

So does it matter that all 3 of these loans have now been paid off, (consolidated by Natwest, which is another story). I know you are a Guru for this sort of stuff, so what direction do you think I should go in.
Cheers

Ploddy

homer_j_3

If a loan is unenfirceable, it no longer exists. So if you are being told that you owe money on it, you are within your legal rights to withold payments until they can provide copies.

Now, if you do not make payments, they are likely to put the missed payments on your credit record because they are nice like that. However, you can write to experian and equifax asking them to put a note on there saying that these payments are in dispute.

Ultimately, its not the cleanest of ways but you have the law on your side and you may struggle to get credit/debt again.

If it could be proven that the loans you have now and have paid off were unenforceable then it would be possible to get them to return all repayments back to you that you have made. For this, there are companies that will help you do this. Some charge, some do not. It really depends on what you want to do with all of this though.

Darth_chaffinch

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[/quote]

My Lloyds TSB credit card PPI was (I believe) added without my knowledge, is it best to claim under mis-selling please?? Is it on Lloyds' court to prove I didn't request it??

tiggrae

Darth_chaffinch wrote: »

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

My Lloyds TSB credit card PPI was (I believe) added without my knowledge, is it best to claim under mis-selling please?? Is it on Lloyds' court to prove I didn't request it??[/quote]
If the ppi was added without your asking for it then it's mis selling. Under the Misrepresentation Act 1967 - Negiligent Misprepresentation the onus is upon LLoyds to prove that you asked for it

Laini

marshallka wrote: »

Just look at this one

I requested a settlement on 30/10/01 and the settlement was
£20,887.68

after repayments for another 18 months of £281.25 i settled at £20,410 so my actual payments of £5062 bought the loan down by £476.97. They have made a mistake here somewhere.

In fact i have found 3 redemption statements in my SAR

one on 14/04/2001 £21220.79

one on 30/10/01 £20887.68

one on 7/04/03 £20410.71

6 months between the first and second and £333.11 difference in money
17 to 18 months between the second and third and £476.97 in money. This is never right.

can anyone please confirm this. I think i have found out what the problem is and tiggrae is right. They don't know a plus from a minus and they have added my settlement rebate on instead of taking it off. I can't do anything on monday as i am going into hospital but can't wait till tuesday. I think i have a case. What does anyone else think here. Am i just tired and thinking toooo positive.

why not send a letter to FP pointing out their mistake and state you are sending a copy to FOS as added information to your complaint.
this might gee them up and stop fobbing you off

tiggrae

Laini wrote: »

why not send a letter to FP pointing out their mistake and state you are sending a copy to FOS as added information to your complaint.
this might gee them up and stop fobbing you off

There could be two things happening in respect to the figures quoted, firstly your monthly premium could be paying off interest 1st, also in a lot of cases with a loan which has PPI they could be taking a higher percentage of the repayment to pay off the cost of the PPI first - that's their excuse for low PPI resettlement figures - it's because you've already paid for the insurance first - meaning the amount of capital still to be paid back is high !!!