PPI Reclaiming discussion Part II

di3004

magnum wrote: »

Thanks to you both for that. Keep up the good work.

Your very welcome and anytime.......:D :beer: :A . xx

marshallka

dreamer33 wrote: »

This link is interesting however its confusing it appears to be guidelines but in some of the text appears to say stick to it and do it:

http://www.oft.gov.uk/shared_oft/reports/consumer_credit/oft192v2.pdf

This confused me in the beginning of my complaint. It is aimed at non status lending to non status borrowers...

Firstplus claim that they are not non status lenders and we were not non status borrowers at they had wage details etc and that you can get their loans on the high street which is crap. I tried this one with them but I must admit I got my claim a little confused and was guided by M colak at the time. We both got it mixed up here.

maxdp

marshallka wrote: »

Maxdp, when you were on about the rule of 78 this is a typical example of it in requesting 3 settlement figures from FIRSTPLUS



Using rule 78
Repayments £285 per month x 160

Original loan and PPI £21163 6/01/00

so after repayments of 15 x 285.00 totalling £4275 i repaid £57.00 off the loan

Settlement as at 14/04/2001 £21220 (this was after making repayments of 15x285)

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then I made another 6 repayments totalling 21 in all and this cost £5985 and bought the settlement down by a whopping £276 in total


Settlement as at 30/10/2001 £20887 (this was after making another 6x285 being 21 in all)

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Settlement as at 15/04/2003 £20410 (this was after making another 18 repayments of 285 being 39 in total)

So after repayments of 39 x £285.00 totalling £11115 I had repaid £753.00 off the loan in all.

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How can they justify this to anyone... Making repayments of £11,115 and that reducing the loan by £753.00


I want my money back from these thugs..................:mad: :mad: :mad:

THIS FOLKS IS WHAT A FRONT LOADED POLICY IS...

NOWADAYS IF THAT HAD HAPPENED USING THE NEW SETTLEMENT REBATE IT WOULD BE TWO MONTHS INTEREST MAXIMUM...

The most annoying thing here was having to keep the loan another 18 months between the second settlement figure and what we settled at and after another 18 repayments of £285.00 PER MONTH totalling £5130 i had only paid off another
£477.00....

OMG had this with some of mine but have not gone for unfair settlement think I may look at this

maxdp

maxdp wrote: »

OMG had this with some of mine but have not gone for unfair settlement think I may look at this

Marshallka

Have not looked at this with Barclaycard Loans but may put this into the equation. Have not heard back yet ever after uphelp in april FOS are getting back to me may e mail and ask them to look into this or should I go for separate complaint

di3004

maxdp wrote: »

Marshallka

Have not looked at this with Barclaycard Loans but may put this into the equation. Have not heard back yet ever after uphelp in april FOS are getting back to me may e mail and ask them to look into this or should I go for separate complaint

Hi Maxdp

I think this would be a separate complaint, but see what Marshallka says first hunni.:D

marshallka

maxdp wrote: »

Marshallka

Have not looked at this with Barclaycard Loans but may put this into the equation. Have not heard back yet ever after uphelp in april FOS are getting back to me may e mail and ask them to look into this or should I go for separate complaint

I don't know if Barclaycard Loans do front load the policies and I do know that this complaint falls under a "banking" complaint so could be different to PPI complaint as I was told to send them seperate.. Do you see the difference in loans done this way and loans like the ones I was trying to show people. These are so blummin unfair, it makes my blood boil. We made repayments of £11,115 and then only reduced our loan by £750.00....This should not be allowed and there should be somewhere within the authorities that should look at this type of complaint...

maxdp

maxdp wrote: »

OMG had this with some of mine but have not gone for unfair settlement think I may look at this

Marshallka

Have not looked at this with Barclaycard Loans but may put this into the equation. Have not heard back yet ever after uphelp in april FOS are getting back to me may e mail and ask them to look into this or should I go for separate complaint

maxdp

marshallka wrote: »

I don't know if Barclaycard Loans do front load the policies and I do know that this complaint falls under a "banking" complaint so could be different to PPI complaint as I was told to send them seperate.. Do you see the difference in loans done this way and loans like the ones I was trying to show people. These are so blummin unfair, it makes my blood boil. We made repayments of £11,115 and then only reduced our loan by £750.00....This should not be allowed and there should be somewhere within the authorities that should look at this type of complaint...

Quite agree Marshallka these are ridiculous you pay hugh amounts up front and only pay small amounts off the amount totally ridiculous. Barclaycard Loans do front load and are sharks. :mad::eek::mad::eek:

marshallka

marshallka wrote: »

take a look at this about the loan insurance premium part of the credit or part of the charge for credit..bottom paragraph

I cannot copy and paste this article cause it will not let me but a VERY interesting read

https://www.financialworld.co.uk/Archive/2005/2005_10oct/learning_corner/Law/law_meadows_case_appeal/2634-print.cfm

It says in here

Following a technical analysis of various sections of the Act the Court of Appeal decided that the insurance premium was part of the charge for credit as it was compulsory.

The loan document wrongly included it as part of the amount for credit and the agreement was therefore irredeemably unenforcable. This technical point was sufficent for the Meadows to win their case and illustrates how errors in the way in which components of a loan are categorized can render the entire agreement unenforceable.

In this case the insurance policy had effectively been missold: new rules for the selling of insurance which came into force in January, 2005, will make it less likley that such policies are missold in the future. However, the case is a timely reminder that the misselling of insurances as part of a credit agreement can have the effect of making the agreement unenforceable.

maxdp, have you seen this.... may be of interest:D

marshallka

maxdp wrote: »

Quite agree Marshallka these are ridiculous you pay hugh amounts up front and only pay small amounts off the amount totally ridiculour. Barclaycard Loans do front load and are sharks. :mad::eek::mad::eek:

This is what i was trying to explain the other night...