PPI Reclaiming discussion Part II

Dicky2K

m.colak wrote: »

ok am guessing here:

225*12
190.55*7
total = 4033.85

so i total you have paid £4033.85 so far and they say that you still owe £7000. Hmmm chances are you are being ripped off but as i said unless you get the quote for the settlement figure written down you won't see how much is left on the loan and how much they add to it. Plus you can't see if they refunded you for the PPI you had already paid.

Sorry, im a Bit slow... took the loan out Nov 2005, so thats Decemeber, all of 2006, and then up to september 2007 with a "225" payment, then from after then to now with 190

so thats ... (excuse my maths - correct me please if im wrong)
22x225 = 4950
and
8x190? = 1520
Would mean i payed £6470 off the original loan of £8700 plus.. approx 8.9% i believe i got = major ripped off..? bearing in mind i stopped paying the PPI sept 2007 (ish)

Sorry for being confusing.. :S

m.colak

Dicky2K wrote: »

Sorry, im a Bit slow... took the loan out Nov 2005, so thats Decemeber, all of 2006, and then up to september 2007 with a "225" payment, then from after then to now with 190

so thats ... (excuse my maths - correct me please if im wrong)
22x225 = 4950
and
8x190? = 1520
Would mean i payed £6470 off the original loan of £8700 plus.. approx 8.9% i believe i got = major ripped off..? bearing in mind i stopped paying the PPI sept 2007 (ish)

Sorry for being confusing.. :S

yes that would make a difference and yes you were very ripped off i still would get their calculations for the settlement figure written down as its more evidence for you to go to the FOS with.

Dicky2K

Yeah, Ill go down the bank at the weekend and get the figures.. but in the mean time I've downloaded one of Martins template letters... Any suggestions?

I purchased the above policy from you on 23rd November 2005 but now believe that I was mis-sold this policy for the following reasons:


This is due to the fact that I paid a single premium for my policy but did not see it through to the end of it’s initial term after cancelling the insurance before the end of my loan agreement in september/october 2007 and a change in my circumstances meant I was no longer eligible for the insurance and I informed you of this at the time. When I became unemployed and realised that the insurance did not cover me I cancelled it to find that the majority of the payments I had already made were taken directly from the sum for the insurance and not for the actual loan amount, therefore paying too much on the insurance which no longer covered me when I cancelled it.
Also I believe that I was not given the correct information when the policy was sold to me, as your salesperson did not give me full information on what the policy would and would not cover, I.E – Terms of unemployment.

Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made. [/font]

I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.

Yours faithfully,


Sound any good or should i include figures in it too?

angelwillow

I understand that the FO are taking around 6-9 months to deal with cases,but does this actually mean it will take this long to even tell me if they can help or not then they get in contact with the company for info after that?

angelwillow

Can anyone take GE to task? They have told FLA that they weren't regulated when I 'took out' ppi and that I signed the form and they sent me paperwork so tough basically.
FLA have said in the absence of any other proof except my signature on the paperwork then I don't have a case.
I signed the paperwork in a shop after being told where to sign,the assistant did not explain things to me and because I wasn't told it was optional I didn't query why I didn't get paperwork sent to me. GE have done nothing but muck me about and even lied to FLA about dates and facts on my account like when it was cancelled etc so am loathe to let it go.
Is there anything that I can do?

One other thing,this was part of the 'no letter' from FLA.
Lloyds TSB Asset Finance Division has confirmed that it provided you with the information about your policies. As well as giving you details about the policy, this information also gave you full cancellation rights.

If GE are connected to Lloyds then surely with Lloyds being a big bank then there must of been some sort of regulatory body?
Another confusing thing is the FSA said the FO should be able to deal with it as despite it being a store card query which FO didn't deal with at the time, insurance on them is different so they should but FO say no.

homer_j_3

Yes GE can be taken to task if they have done wrong. It would involve litigation but are a huge spot on the radar as far as flawed contracts are concerned.

m.colak

angelwillow wrote: »

Can anyone take GE to task? They have told FLA that they weren't regulated when I 'took out' ppi and that I signed the form and they sent me paperwork so tough basically.
FLA have said in the absence of any other proof except my signature on the paperwork then I don't have a case.
I signed the paperwork in a shop after being told where to sign,the assistant did not explain things to me and because I wasn't told it was optional I didn't query why I didn't get paperwork sent to me. GE have done nothing but muck me about and even lied to FLA about dates and facts on my account like when it was cancelled etc so am loathe to let it go.
Is there anything that I can do?

One other thing,this was part of the 'no letter' from FLA.
Lloyds TSB Asset Finance Division has confirmed that it provided you with the information about your policies. As well as giving you details about the policy, this information also gave you full cancellation rights.

If GE are connected to Lloyds then surely with Lloyds being a big bank then there must of been some sort of regulatory body?
Another confusing thing is the FSA said the FO should be able to deal with it as despite it being a store card query which FO didn't deal with at the time, insurance on them is different so they should but FO say no.

It definently sounding like the FLA don't want to get involved on this one. If the FOS don't want to get involved then you might look at claiming via the small claims route at court. Personally i would raise it with the OFT that the FLA seem to be not carrying out full investigations and not acting like a regulatory body should. This might actually cause the case to be re opened and investigated properly.

Dicky2K

M.Colak, Was wondering if you could help now.. you seem to be the main man around here.. Want to get these figures right before i send anything off.. I've got all the figures off the original paperwork.


Total Loan Amount: £8300
Total Insurance: £2200
= £10500
@ a rate of 8.56%int
total inc int = £12940.80

These are the payments i made up until September 2007:

170.48 x 22 = 3750.56 (LOAN)
45.20 x 22 = 990 (Insurance)

And this is what i've paid since then:

190.55 x 8 = 1524.40 (LOAN)


£5472.96 (paid from loan NOT inc insurance)
£6264.96 (includin insurance paid)

And now my settlement figure is £5290.15

I know this seems like im just passing the buck but im really not good with figures..

Many Thanks in advance
Regards, Richard

Robbed?

Thanks for your reply- I have been through all the paperwork and NEVER received any rebates :eek: :eek: :eek: hence me signing in under the username 'Robbed?'.

I know that as a bare minimum I should be entitled to a rebate on the PPI and interest since each time they were ended early and at most I am entitled to the whole of it back based on mis-selling. If you look at my figures I do believe the amount owing to me would go quite some way to clearing the loan.

My circumstances are that I am in the process of saving up a deposit for a house and have been advised that whatever mortgage amount I can have minus this 15k debt which to be honest doesn't really leave enough for a garden shed never mind a house. So you see I need this sorting and clearing ASAP.

Thank you to all who replied- fingers crossed eh x

m.colak wrote: »

:eek: :eek: :eek: :eek: only joking

Ok from this information its a bit hard to determine on what rebates you received when you refinanced each time. I mean worse case is that you have been charged another lot of PPI each time you refinanced. I would send all the relevant information pertaining to case including all the information relating to the refinancing to the FOS letting them know that you are in deep financial straights and believe that you have been disproportionally rebated from the start (Providing your situation is very bad (I sorry i don't know so don't want to judge) they should fast track your case and in some case's it can be sorted faster than a court case).

JillN

Hi, I am new to this site but am feeling totally frustrated in trying to claim back missold PPI from GE Money. Obviously GE Money have refused to accept that I was missold the insurance so wrote to the FOS. Just received a letter from them this morning advising that as I got the loan out in 2003 GE Money was not a member of the General Insurance Standards Council at that time so they are unable to help me. Has anyone else come across this? Anyone got any suggestions?
Jill