PPI Reclaiming discussion Part II

marshallka

Kaia wrote: »

:j P.S. My Dad is coming home, good news, he is on the mend!:j

So glad for you Kaia, I lost my dad when i was only 19. Take a breather now and get back to it after. You will feel better in doing it and your mind will be refreshed again. ps have one for me.

m.colak

Kaia wrote: »

:j P.S. My Dad is coming home, good news, he is on the mend!:j

Thats really good news am glad he's a lot better:beer:

m.colak

Kaia wrote: »

Right, basically the situation is that they offered the £4853.74 today and would have drafted an appropriate Order for our approval and filing with the Court and then arrange for payment to be made to us immediately.....thats what they said anyway...
The offer was there on the table....so i cant see why they would stall?

I was the one who went back to them and said I had sought advice and believed that my calculations were incorrect and the true figure was £6141.37 (the figure you worked out for me:D thanks) and I said that all i wanted was to be put back into a position as if we had never had PPI....no more , no less.

So in order for them to review my request he said he needed to talk to his clients, he even said it was in their interest to settle as they were going to incurr costs that would exceed my claim, but that he could not do this until Monday as he had tried but with it being gone 5.45 on a friday evening he would not be able to until monday, so said.....with your consent we will apply for a further 7 days under some rule or regulation, he did say but i dont remember...
So i will wait till Monday for an answer, going away Wednesday for a week so will have to sort it out before then anyway.
Do you think I should of just taken the first offer:o have I made a mistake?

Tell them that you will accept the offer on the table under the condition that the remaining balance is settled against the account. Then you win on both counts (ie the amount is under the £5k small claims and you get a nice big cheque and you get money off your loan). Then state that you want this confirmed by email and the paperwork sent immediately for you to sign. No stalling.

Laini

Kaia wrote: »

:j P.S. My Dad is coming home, good news, he is on the mend!:j

you have made my day its given me a reality check
I dont want to sound morbid but I lost my dad 18months ago and I would have given all the money in china to keep him.
I am so happy for you
have a lovely weekend
take care
Laini xxx:beer:

Laini

Heres what a good friend posted tonight on another site
hope it is good news for the future

The Competition Commission has reported that loan customers are being mis-sold and overcharged on payment protection insurance (PPI) to the tune of £1.4bn a year.

The watchdog also said yesterday that its investigation into industry could lead to a cap on exorbitant premiums, and that banks might be barred from selling payment protection as an 'add on' to a loan.

Finance giants tout the insurance as a safety net to cover repayments if a customer falls ill or lose their job. More than 14million policies have been taken out in tandem with loans, mortgages, credit cards, store cards and car finance. Yet the premiums can be six times more costly than deals available from independent firms.

Protection insurance is also being sold without proper eligibility checks. It has been taken out by pensioners, the long-term sick and seasonal workers, all of whom who would be disqualified from making a claim.

Payments on a £7,500 loan repaid over five years can be as high as £2,928. Yet similar cover from a specialist firm can cost as little as £465. The commission found that some banks are offering artificially low loan rates, only to sting customers with massive protection payments.

Laini xxx:j

Anne.Jade

Laini wrote: »

Heres what a good friend posted tonight on another site
hope it is good news for the future

The Competition Commission has reported that loan customers are being mis-sold and overcharged on payment protection insurance (PPI) to the tune of £1.4bn a year.

The watchdog also said yesterday that its investigation into industry could lead to a cap on exorbitant premiums, and that banks might be barred from selling payment protection as an 'add on' to a loan.

Finance giants tout the insurance as a safety net to cover repayments if a customer falls ill or lose their job. More than 14million policies have been taken out in tandem with loans, mortgages, credit cards, store cards and car finance. Yet the premiums can be six times more costly than deals available from independent firms.

Protection insurance is also being sold without proper eligibility checks. It has been taken out by pensioners, the long-term sick and seasonal workers, all of whom who would be disqualified from making a claim.

Payments on a £7,500 loan repaid over five years can be as high as £2,928. Yet similar cover from a specialist firm can cost as little as £465. The commission found that some banks are offering artificially low loan rates, only to sting customers with massive protection payments.

Laini xxx:j

Morning Laini

It's good news that it's going to be put a stop to. Last year, when I still had my loan with them, FirstPlus offered me yet another refinance and I went through the motions with the sales chat. They tried to sell me PPI again but I said "no, I don't want it" and the guy just said "OK that's fine". It surprised me actually because of the two previous hard sells. They obviously knew their previous practices were underhanded. Can I just ask you how long it took with the FOS, I've sent my complaint off to them this week - did it really take the 6-9 months they say?

Thanks
Anne

k80hav

I've been avidly viewing over the past few weeks after looking at the PPI reclaim article and this is my first post so here goes.

I too have a Firstplus loan for £30k with the PPI cover costing £7,437, I had no idea that this only covered me for 5 years and that we would pay over £14k for this insurance over the life of the loan.

I claimed misselling from Firstplus but they will take no responsibility as the loan and the insurance was sold to me by Personal Loan Express.
Firstplus claimed to have forwarded my complaint to PLE but after no response for 6 weeks, I wrote directly to PLE and had a reply after 2 days from the Adminstrators of PLE (they went into adminstration in April 2008).

Now I am stuck - our loan agreement says Firstplus (with PPI box preticked) and the insurance document says Firstplus and is underwritten by Barclays Dublin.
I am tempted to go to the FOS but I am not sure whether they deal with companies in administration. PLE's website and telephone number still operates.
Would be really grateful for anybodies take on what to do next.

Contgratulations to all who have been successful and good luck to those still fighting.

Laini

Anne.Jade wrote: »

Morning Laini

It's good news that it's going to be put a stop to. Last year, when I still had my loan with them, FirstPlus offered me yet another refinance and I went through the motions with the sales chat. They tried to sell me PPI again but I said "no, I don't want it" and the guy just said "OK that's fine". It surprised me actually because of the two previous hard sells. They obviously knew their previous practices were underhanded. Can I just ask you how long it took with the FOS, I've sent my complaint off to them this week - did it really take the 6-9 months they say?

Thanks
Anne

FOS TIME SCALES
I put in my form to FOS at the beginning of jan 2008 when we received First Plus s final response.
it took until mid april to be assigned an adjudicator then they look at your case and it took 4 weeks for them to say they agreed that we were mis sold and were writing to ask FP to present their side of the story

so FP had until mid june to respond they actually responded by the end of may to say they were agreeing with FOS s recommendation of refunding us.

so we signed a form from FOS to say yes we agree to be refunded and the FOS have said if FP dont contact us by the end of june to contact the FOS to chase it.

so for us the FOS has taken approx 6months on this case.

I would say it really depends on your case and adjudicator cos I know other people have been frustrated with the slow response of their adjudicator.

I must say ours was fab he rang, emailed and wrote to us quite frequently.

however we did put in the same complaint at the same time about Nemo and the same adjudicator is working on the same time frame but has had no response yet from Nemo,
I requested a SAR form Nemo too and they said it would be here before mid june but we are still waiting for that. so this case is still in progress
hope this helps
Laini xxx:j

Laini

k80hav wrote: »

I've been avidly viewing over the past few weeks after looking at the PPI reclaim article and this is my first post so here goes.

I too have a Firstplus loan for £30k with the PPI cover costing £7,437, I had no idea that this only covered me for 5 years and that we would pay over £14k for this insurance over the life of the loan.

I claimed misselling from Firstplus but they will take no responsibility as the loan and the insurance was sold to me by Personal Loan Express.
Firstplus claimed to have forwarded my complaint to PLE but after no response for 6 weeks, I wrote directly to PLE and had a reply after 2 days from the Adminstrators of PLE (they went into adminstration in April 2008).

Now I am stuck - our loan agreement says Firstplus (with PPI box preticked) and the insurance document says Firstplus and is underwritten by Barclays Dublin.
I am tempted to go to the FOS but I am not sure whether they deal with companies in administration. PLE's website and telephone number still operates.
Would be really grateful for anybodies take on what to do next.

Contgratulations to all who have been successful and good luck to those still fighting.

Ring the FOS explain the situation
think like this
you are still paying FP on a monthly basis for the loan and you would have claimed on the insurance through Barclays Dublin
Here I go AGAIN send a SAR it will show all info on the account.
hope this helps

Laini xx:j

marshallka

Can anyone answer me this one correctly. Are secured loans (for consolidation) exempt from the CCA even if they are under £25,000 as they are secured on land. I have spent loads of time looking this one up as i found this information on that secured loan are classed as exempt.