PPI Reclaiming discussion Part II

Johnfosteruk

Hi all, we have a PPI which we were sort of 'forced' into - total cost of PPI without any interest is just over $7500. Its on a loan with Paragon Finance

After we heard Martin on the Vine show we called them asking to cancel it about 6 months on (in January this year I think) and they replied with a yes. Quoting an amount for a rebate of just over £2000. I wrote them a letter based on the template here, requesting the full amount minus what we'd already paid. plus interest. They wrote back saying get stuffed. So we did the second letter and they wrote back saying get stuffed again.

We have since taken it to the FOS and after about 6 weeks received a response saying someone has been allocated to our case and we'll hear from them as soon as possible.

Yesterday I had a letter and a message on my phone from a compliance controller at Paragon Finance asking me to call him.
So I called him today and he said:
"The FOS have contacted us asking us to review this case, & although we don't feel we missold the ppi, in order to save money and time with this dragging on, I'd like to offer a compromise. So we're offering a rebate of £5200"

So, Is he doing this because he knows that if we refuse the offer the FOS will not enforce any more than that plus interest etc etc and he can say you had your chance and refused, get stuffed. Or is he doing it because he knows the FOS will enforce a full rebate plus interest etc

Bit of a dilema really and not sure wether to accept or not. If we do refuse the offer are we shooting ourselves in the foot or not? Bearing in mind there's nothing on paper yet and we've not heard anything concrete from the FOS.

eddieps

Hi All first time user of site so be gentle.
I am just coming to end of Loan agreement with Sainsburys £16000 over 6 years with £5032 credit care added up front which was obviously added to the loan as total of credit now £ £21032 then charge for credit added another £5212. The point being that although it appears I have said yes to the credit on the original document at the time I took the policy I was regitered disabled with a green card (didnt actually need it but I was registered)

This leads me to second question I have got several cards which I have had for years does the fact you tick the PPI box in the application forms and then get the sheet of paper/book mean you cant recalim?

tiggrae

Johnfosteruk wrote: »

Hi all, we have a PPI which we were sort of 'forced' into - total cost of PPI without any interest is just over $7500. Its on a loan with Paragon Finance

After we heard Martin on the Vine show we called them asking to cancel it about 6 months on (in January this year I think) and they replied with a yes. Quoting an amount for a rebate of just over £2000. I wrote them a letter based on the template here, requesting the full amount minus what we'd already paid. plus interest. They wrote back saying get stuffed. So we did the second letter and they wrote back saying get stuffed again.

We have since taken it to the FOS and after about 6 weeks received a response saying someone has been allocated to our case and we'll hear from them as soon as possible.

Yesterday I had a letter and a message on my phone from a compliance controller at Paragon Finance asking me to call him.
So I called him today and he said:
"The FOS have contacted us asking us to review this case, & although we don't feel we missold the ppi, in order to save money and time with this dragging on, I'd like to offer a compromise. So we're offering a rebate of £5200"

So, Is he doing this because he knows that if we refuse the offer the FOS will not enforce any more than that plus interest etc etc and he can say you had your chance and refused, get stuffed. Or is he doing it because he knows the FOS will enforce a full rebate plus interest etc

Bit of a dilema really and not sure wether to accept or not. If we do refuse the offer are we shooting ourselves in the foot or not? Bearing in mind there's nothing on paper yet and we've not heard anything concrete from the FOS.

Hi Don't let them fool you, they NEVER pay up until they have to, they know the FOS is bound to come down on your side - I'd ring them back and say they only amount you'de be willing to accept is the full ppi premiums paid, plus interest + 8% statutory interest. Good luck

tiggrae

eddieps wrote: »

Hi All first time user of site so be gentle.
I am just coming to end of Loan agreement with Sainsburys £16000 over 6 years with £5032 credit care added up front which was obviously added to the loan as total of credit now £ £21032 then charge for credit added another £5212. The point being that although it appears I have said yes to the credit on the original document at the time I took the policy I was regitered disabled with a green card (didnt actually need it but I was registered)

This leads me to second question I have got several cards which I have had for years does the fact you tick the PPI box in the application forms and then get the sheet of paper/book mean you cant recalim?

It is the onus upon the 'seller' to ensure that the financial product being sold is fit for your purpose, if you are registered disabled I suggest you have a very good claim for mis selling as it is very unlikely these policies would pay out.

angelwillow

Tried reclaiming from lloyds on he fact that the ppi box was pre-ticked so didn't give me the option to say yes or no - they say it was my responsibility to do something about it at the time.
Are they just trying it on? Next step FO?

tiggrae

angelwillow wrote: »

Tried reclaiming from lloyds on he fact that the ppi box was pre-ticked so didn't give me the option to say yes or no - they say it was my responsibility to do something about it at the time.
Are they just trying it on? Next step FO?

Go for it !!!!

asmaarfan

:mad: Hi there, after reading on the mse forums i can tell you all seem to know alot about reclaiming i have a few questions and hope some one will be able to help me.

i had a personal loan with natwest taken out on 01 april 2003 and closed september 2005.

below are the figures natwest sent me
Original sum borrowed: £10,0000
Personal loan protector £2458.00
charge for credit:£3238.00
monthly payment:£261.61
Term 60 months
total amount payable:£15,696.00
interest rate: 9.49%

Now i worked out that Natwest owed me :
£2458.00 ppi premium
£583.16 interest at 9.49%
total:£3041.16
PLUS 8% statuary court interest: £588.00
Giving me a total of £4212.32
After following numerous letters and templates they have written back to me and have paid into my account a payment of £2,360.89 which they have broken down as
£1873.72 premiums paid since inception of policy
£487.17 interest refund
then have a week later paid in a further £487.17 stating this is in settlement of the interest paid on my premium: Which means they have in TOTAL REFUNDED me £2848.06

Now my main question is were my figures incorrect? Or are they only paying me a partial refund?
because the difference between my reclaiming amount and the total refunded is:£1364.26,What i do not understand is, is the figure lower because i settled the loan earlier than 6o months or because they have not paid me the 8% statuary court interest OR have i been paid correctly according to how much i paid and am bad at maths?

I am very very confused!!! Please advise asap! if they have made a partial refund is there a template to get the rest back or have i been paid correctly and am just being greedy!!! Any help is appreciated greatly.

Thankyou for your time in advance!

Johnfosteruk

tiggrae wrote: »

Hi Don't let them fool you, they NEVER pay up until they have to, they know the FOS is bound to come down on your side - I'd ring them back and say they only amount you'de be willing to accept is the full ppi premiums paid, plus interest + 8% statutory interest. Good luck

Cheers for the input mate, I'll do that.
Is there anyway of chasing up the FOS about this and is it worth updating them on what I was offered?

kinikki

Any advice would be grateful,basically have claim in against FP for miselling
that is logged with FOS,was allocated adjudicator end Feb and emailed about 2 weeks ago to ask for update.Adjudicator told me that FP have asked for initial extentio of 1 month but could need longer.FOS senior management are still having discussions with FP regarding this according to adjudicator today. Any suggestions to what FP are upto or do you think i would be better going court route as not just applying to my case but others like it.Thanks inadvance

tiggrae

kinikki wrote: »

Any advice would be grateful,basically have claim in against FP for miselling
that is logged with FOS,was allocated adjudicator end Feb and emailed about 2 weeks ago to ask for update.Adjudicator told me that FP have asked for initial extentio of 1 month but could need longer.FOS senior management are still having discussions with FP regarding this according to adjudicator today. Any suggestions to what FP are upto or do you think i would be better going court route as not just applying to my case but others like it.Thanks inadvance

delaying tactics probably, wouldn't advocate the Court route unless you really have to - if you get anything wrong in the court papers or responses you could lose your case even though you are basically in the right !!