PPI Reclaiming discussion Part II

Anne.Jade

:xmassmile

Laini wrote: »

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

Thank you, be a good Christmas for me if I win then! :xmassmile

fanofmartin_2

marshallka wrote: »

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.

Crikey, I hope not!! I'm about to try and start proceedings to show that my loan should be voided and get the PPI. We were mis-sold both.

moo_cow

hi all, am currently looking at a loan with lloyds tsb I took out in 2006 for £6400. I cancelled the ppi exactly 12 months later which reduced my payments by £40 per month from £216 to £176. However, this involved them refinancing the loan which totally confused me. On checking this through I find that despite 12 months worth of payments at £216 per month, the new loan was refinanced at £6446. which effectively means that I paid nothing at all off and owed them an extra £46 on top for the privelage. Is this right or do you think I should challenge this?
I'd be grateful for any help.

marshallka

fanofmartin wrote: »

Crikey, I hope not!! I'm about to try and start proceedings to show that my loan should be voided and get the PPI. We were mis-sold both.

On consumer direct website it states that certain loans are exempt from the CCA being

Consumer Credit Act 1974



If you enter into a credit agreement which is regulated under the Consumer Credit Act, you must be given a written copy of the agreement when you take out the loan. This must set out:

• what type of credit agreement it is, for example, credit sale, hire purchase or conditional sale
• the true cost of the credit, worked out according to a special formula (APR)
• the amount of each payment, when it is due to be paid, and how it is made up (loan, interest, administration charge)
• your cancellation rights and whether you can pay off the debt early (see under heading Paying the loan off early).

Exempt agreements



Agreements which are exempt from the Consumer Credit Act include:

• loans secured on land, for example, mortgages

There is so much confusion here. Please someone try to help with this one. I have just been on hold for 1 hours and 45 mins to consumer direct and then i ended up putting the phone down. They close at 1pm on saturday and i rang at 11.45 and was put on hold until 1.30 when i gave up.

I have also found this so too



1974 Act apply to regulated agreement debts under £25,000 (£15,000 if the loan was taken out before 1 May 1998). Typical debts covered will include: (a) hire purchase (b) unsecured credit and (c) certain forms of secured credit (second loans etc., secured over heritable property). There are certain exemptions, but if in doubt take advice from a law centre solicitor, private firm of solicitors or your local advice agency.

moo_cow

have just been on the phone to lloyds tsb who tell me that I was actually credited back to my bank account the grand sum of £58.35 which I had forgotten about. so that means that in 12 months I paid £2592 in payments and paid just £8.78 from the actual balance. also she informed me that my interest rate on both of these was quite high at 15.9 %. I already knew it was 15.9 % on this loan. what I didn't know was that it was 15.9 % on the other as I had lost the original paperwork and when they refinanced it the lady had great delight in telling me that she was able to get me a much better rate than the one I was on and I was now down to ..................... 15.9 %.
so obviously she lied as i was on that rate all along. anyway, they now claim that a closing statement is on it's way to me. I will look forward to this with interest.

grizzlycat

Hello,

Hoping some of you lovely people will be able to provide some advice regarding my LPI situation.

I took out a £10,000 loan with Lloyds TSB last year via telephone. During stages I was asked whether I wished to take out a PPI policy, I declined.

I was then told that they could only offer the loan if I took out LPI as I had "insufficient insurance protection" to meet payments. I do not have life insurance nor any other form of illness insurance, etc. I've been baking with Lloyd's for over 10 years, and had a smaller loan (£5,000) with them prior to this agreement - repayments were met every month over a 3 year period.

I am self employed alltough the policy seems to state that I would be eligible for the same cover as an employed person. However, it's the way in which the loan and LPI policy were sold as an "all or nothing" - that the LPI was mandatory given my circumstances.

I have downloaded the relevant template letter but wanted to check whether a lender has the right to to demand a LPI on a loan they are offering if there is no life, health insurance, etc in place?

Any advice would be greatly appreciated!

Cheers
Mark

marluc

Kaia wrote: »

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

:j Hi, really pleased about your dad and the offer from FF. Well done
The solicitors were certainly busy on Friday. He offered me £2000 and then had to ring FF to see if they would up their offer. When he rang back literally, 10 mins later he said that there is a strong possibility of me losing and to save Freedom Finance incurring any more costs, with getting witness statements???? they were offering me 70% of my claim as that is what most court claims award, according to the solicitor? Is that true? I was under the impression that if you won, you received the full amount and court costs plus interest at 8%?
Anyway, the new offer from Freedom Finance is £3200 which he was desperate for me to accept. I said I would think about it.
However, Monday 9th June is the deadline for both parties to give to the court the evidence etc that they will be relying on in Court. The court date is July 1st. So I am going to wait till 9th June to see what comes through the post from the solicitors.
With me it is a matter of principal, that these companies are getting away with ripping people off.
I hope I don't lose, otherwise I'll have to take out another loan to pay the costs! he! He!:rotfl:
We'll see what happens.

Horace

Sort of pleased sort of not.

I wrote to Amex a little while ago about the RPI that I have had to pay since I took out the card in 2003. Their insurance people have written to me today to tell me that they just applied the policy to my card as it was considered to be part of the card and advised me that I had had 28 days to cancel it and I didn't - I remember being given 28 days to cancel the card but I needed it at the time so didnt cancel it - no mention was made of the RPI which I was unaware of at the time.

Stupidly, I did try and see if I could reclaim some of it when I was made redundant last year, however, although I wrote to them and they sent me a form I never bothered with it and so never made the claim.

They are now saying that they will not give me a refund but they have cancelled the policy so I don't need to keep paying out for it, They were also keen for me to approach the Financial Ombudsman - which I will do, because I think it is extremely unfair that not only was it applied to my card in the first place but the fact that they refuse to refund me even part of the money that I have paid.:mad:

Be very wary of Amex because they don't keep records, they have been able to tell me that I took my card out in 2003 and admitted to me that they do not keep records longer than 4 years.

Question, do you think it worth me taking the case to the Financial Ombudsman despite asking for information about claiming and not following through with the claim?

Advice would be gratefully received.

jadest

I have had another letter back today from Loans.co.uk saying that they are not going to pay anything back as I ask for the PPi and didn't cancell within the period of time they gave me to cancel. they also said that they were fined pre 2006 and they had been making sure since the fine that there methods of selling PPi were above board and within the rules stated by the FOS so I would not be able to get anything back even by going through FOS.
I have sent my second letter but not holding my breath. lol

jadest

After hearing all the hyp and bad press PPI's are getting you would think the company's that sell it would either stop selling it or just not fight this, and give people there money back if they are unhappy with the service they have recieved. I just think the games they play hanging on till last minute to pay doesn't put the company's in a good liight

Jadest