PPI Reclaiming discussion Part II

fanofmartin_2

marshallka wrote: »

When was yours again? Is this the citifinancial

Current status:AuthorisedEffective Date:01/12/2001Tied Agent:Undertakes Insurance Mediation:YRegistered under Money Laundering Regulations:Address:Citigroup Centre
Canada Square
London
E14 5LB
Phone:
Fax:
Email:
Website:
44 020 7508 7706
44 020 8636 3926

By the way, i did not put them angels there. I copied and pasted from the FSA register and they are there. They were registered by the FSA on 1st December 2001. Your loan was 2002 as i have just looked back at your posts and i would say there is something wrong somewhere. You are lucky though as they are someone that the FOS will be able to help with as they were regulated.

Thats good news, thanks for that. There is something not right about the whole loan TBH, 48x £329 and we owe £1000 more. The PPI was front loaded and if we settled now wouldn't get any rebate apparently. July 04 we would have.

At the moment I'm just working out what is the best way to aproach this.

sahra

tiggrae wrote: »

were you told you had to have the PPI or was it just added on, if so then it was mis sold - write to them and tell them so, if you never received any documentation saying you could cancel at any time tell them this as well - you don't need a settlement figure to start a claim for mis selling - nor does the policy have to be an upfront single policy premium.

It was done online, so wasn't told anything.

sarahc5388

m.colak wrote: »

Ok you've overpaid by £2103.02 even allowing for the 22% commision charge which they supposedly allowed to take you still could in theory claim back £1640.54 as a disproportional rebate.

If you are claiming back the PPI then you could in theory claim back £1444.50 as this is the amount you should never have paid in the first place if mis sold. Therefore if you put in a claim for both you are looking at £3084.84. Hope this helps.

I have composed the following e-mail to Barclays (via my online banking):

I took out a loan with you in Apr 04 (ref 3209579659/1603)I paid 20 payments, I settled the loan in Dec 2005, I had paid £8082.80 and the settlement figure was £10269.29, I was given a rebate on 22 Dec of £750.72. Could you please explain your calculations as I believe them to be in serious error. I look forward to a prompt response, or I will have no alternative but to take my complaint to the FOS. Many thanks.

Is this enough? hopefully they will see the error of their ways, I am holding off on pressing send until you experts on here give me the go ahead, do I need to include anything else. All comments greatly appreciated. I have sent a separate letter regarding the PPI and am waiting for a response, keep up the good work everyone!

ANY_CHANCE

I am currently trying to reclaim PPI due to mis-selling and unfair rebate

Norton finance sold us the loan and PPI on behalf of First plus

I have sent a letter of complaint to norton who have replied they do not uphold the complaint



We settled the loan with first plus and have also sent them a letter regarding unfair rebate - we paid off the loan and recieved a very small rebate.

They have offered us a rebate of 4,200 as a gesture of good will

My query is do i go to the FOS to push for more money back re unfair rebate or accept their amount and chase up the mis-selling from norton finance????

Has anyone had any luck with gaining a higher amount of unfair rebate???

SUFC

m.colak wrote: »

I can normally run the sums if you let me know the following information:

first payment date
settlement date
number of payments made
loan amount (and interest if know otherwise interest rate is just as good)
PPi added (and interest if know)
final settlement figure
number of payments original loan taken over

Hi m.colak, please could you do me a calculation, my details are as follows -
first payment date - 03/09/05
settlement date- 18/11/05
number of payments made - 2
loan amount (and interest if know otherwise interest rate is just as good) -£3097.80. 2.776% per month
PPi added (and interest if known) - £2251.20. 2.776% per month
final settlement figure - £2106.00
number of payments original loan taken over - 60
Thanks, SUFC

tiggrae

san77 wrote: »

hi,
I'm a newbie and unsure if sending messages to the right place
We have a secured loan with Welcome and i want to claim back ppi as it def was mis-sold but am a bit reluctant . Am worried that if they do give us the money back they might want all the loan repaid and i couldn' afford that. Thay always seem a bit 'rough and uncaring' to me. Any help and advice appreciated.

thanks

no they cannot ask for the whole of the loan to be repaid, the only time they could do this is if you were in arrears

Laini

ANY_CHANCE wrote: »

I am currently trying to reclaim PPI due to mis-selling and unfair rebate

Norton finance sold us the loan and PPI on behalf of First plus

I have sent a letter of complaint to norton who have replied they do not uphold the complaint



We settled the loan with first plus and have also sent them a letter regarding unfair rebate - we paid off the loan and recieved a very small rebate.

They have offered us a rebate of 4,200 as a gesture of good will

My query is do i go to the FOS to push for more money back re unfair rebate or accept their amount and chase up the mis-selling from norton finance????

Has anyone had any luck with gaining a higher amount of unfair rebate???

Hi AC
its Me Laini
this is what I put to say we have paid the settlement figure they wanted but would be taking it further

We purchased the above policy from you.

You have now received a payment for the full settlement figure of 83931.52

We wish to close this account and cancel the PPI cover.

We have received your final letter today.

We believe that the single premium policy sold to us essentially induced us as 'a reasonable people' to borrow more money, rather than simply pay a monthly fee for insurance. We also believe that it should have been made clear to us the said policy generated huge profits for First Plus at our expense. You failed to do so and in have failed in your "Duty of Disclosure" to us. As insurance contracts are basically Contracts Uberrimae Fidei (contracts of utmost good faith) which imposes a duty of disclosure of all material facts because one party, First Plus in this case, is in a strong position to know the truth. Your failure to disclose these facts to us is Negligent Misrepresentation under the Misrepresentation Act 1967 and as such under case law, the onus us upon you to prove otherwise.

We are taking this further even though we have settled the loan and PPI.
We would like to request the following
We would be most grateful if you could send a full detailed list of figures justifying/showing how you have arrived at the sum including monies we have paid

ANY_CHANCE

Helloooo Laini

Did you have a broker sell you the first plus loan hun or was it directly with fp? ( i forget !!as usual;) )

m.colak

SUFC wrote: »

m.colak wrote: »

I can normally run the sums if you let me know the following information:

first payment date
settlement date
number of payments made
loan amount (and interest if know otherwise interest rate is just as good)
PPi added (and interest if know)
final settlement figure
number of payments original loan taken over

Hi m.colak, please could you do me a calculation, my details are as follows -
first payment date - 03/09/05
settlement date- 18/11/05
number of payments made - 2
loan amount (and interest if know otherwise interest rate is just as good) -£3097.80. 2.776% per month
PPi added (and interest if known) - £2251.20. 2.776% per month
final settlement figure - £2106.00
number of payments original loan taken over - 60
Thanks, SUFC

Hi can you give me the loan and ppi interest as seperate figures or the original loan and ppi amounts with your monthly payments.
Ok have guessed it now two solutions guessed though:

Finance Calculator V1.1

Solution 1

Loan Amount £2500.00 Loan Interest £3097.50
PPI Amount £1816.95 PPI Interest £2251.20
Interest Rate 23.90%
Number of Payments 60

First Payment Date 03-Sep-05
Loan Settled 15-Nov-05

Total Paid To Date £322.18
Settled Figure £2106.00
Amount Remaining £7237.47

PPI Rebate £1756.39 Loan Interest Rebate £2994.25
PPI Interest Rebate £2176.16
Amount Overpaid £310.67 Well Done No Loss

PPI Reclaim Report

Number of Payments Made 2
Amount of PPI Paid £60.57
Amount of PPI Interest Paid £75.04
8% Interest On PPI £29.38
Total PPI Reclaim £164.99

Finance Calculator V1.1

Solution 2

Loan Amount £2500.00 Loan Interest £697.50
PPI Amount £1816.95 PPI Interest £434.25

Interest Rate 23.9
Number of Payments 60

First Payment Date 03-Sep-05
Loan Settled 15-Nov-05

Total Paid To Date £181.62
Settled Figure £2106.00
Amount Remaining £3161.08

PPI Rebate £1756.39 Loan Interest Rebate £674.25
PPI Interest Rebate £419.78
Amount Overpaid £310.66 Well Done No Loss

PPI Reclaim Report

Number of Payments Made 2
Amount of PPI Paid £60.57
Amount of PPI Interest Paid £14.48
8% Interest On PPI £16.26
Total PPI Reclaim £91.31

In both case's you haven't overpaid at all on the loan unless some of the details are wrong. If they are please let me know and i will re run the figures.

gamekeeperturnedpoacher

Hi, it is 6 years from the date you make your complaint.

marshallka wrote: »

You say 6 years. Is this from point of sale or from point of settlement. ???