PPI Reclaiming discussion Part II

Laini

marshallka wrote: »

Laini ours was missold too but also it was unfair rebate on the settlement. I am going for missold but i thought m colak had done my workings for missold. Its look like he did them for unfair rebate. Its so confusing.

I bet you are dying to hear from FP about the amount of the settlement they are going to give you aren't you. I would be on the phone all the time.:D

I complained about the settlement figure as we didnt realise that the ppi was added to the loan so I said I was going to fight it but paid the settlement figure in jan 08 of approx 83500 our original loan was 70000 + ppi of 17145 and told them I was taking it to FOS
we only had the loan for 11 months
I am giving her until the end of today as she sent the email last week at 5.15 couldnt wait so just sent a reminder to her at 4.25pm
I think she hit the send button on the email and flew out of the door on friday :eek::eek::eek:bet she got hammered over the weekend cos she knew she was dealing with me this week -haha
I wont ring them as I do not want to give them the chance to be snotty or upset me.
everything in writing as evidence

marshallka

Just read the terms on the ppi policy that they sent me a copy of and they read

TERMINATION OF COVER AND BENEFIT

If you cancel Your policy before its normal expiry date You will receive a rebate of Your premium provided You have not made a successful claim. Your insurers will not calculate Your rebate proportionally, rather under the Rule of 78 set out in CCA 1974.

Is this allowed to say that they will NOT (the not is not highlighted or anything as the "you" and "your" is )calculate this proportionally.

(oops sorry this is a FIRSTPLUS policy.....they can do as they want)

Unfair terms or what...................................

Laini

marshallka wrote: »

Just read the terms on the ppi policy that they sent me a copy of and they read

TERMINATION OF COVER AND BENEFIT

If you cancel Your policy before its normal expiry date You will receive a rebate of Your premium provided You have not made a successful claim. Your insurers will not calculate Your rebate proportionally, rather under the Rule of 78 set out in CCA 1974.

Is this allowed to say that they will NOT calculate this proportionally.

(oops sorry this is a FIRSTPLUS policy.....they can do as they want)

Unfair terms or what...................................

I KNOW its crazy you would think it isnt allowed or a misprint!!

Pixie983

marshallka wrote: »

Go for the misselling. You can cancel now and still go for the misselling as well i think. I got £90 back off £4163 when i settled the loan and then the settlement was on the whole amount too. They are robbers. I presume if i had cancelled like i wanted to do at lots of points in the loan (it was sold as a condition) then i would of only had rule 78 applied to the actual loan and not the loan and ppi saving thousands. No-one informed me that i would only receive a rebate of £90 and if i cancelled then my settlement would only be on the loan. I feel so annoyed at this company. I did not want it either but they added it to ours as a condition.

This company (or Freedom Finance or Bespoke Finance or whoever else was involved) have taken thousands of pounds from me and i will do whatever i can to get it back. These policies from FIrstplus should be banned now and made illegal to sell them.

Thanks for this - I have sent a letter to First Plus this afternoon (recorded delivery) claiming they mis-sold me the policy as a savings plan even after I stated to the salesperson (over the phone) that I would be able to make the repayments in the case if unemployment or long-term sickness. Basically, after I'd told them this they said I may aswell take out the policy as I would get the refund after 5 years as long as I didn't claim on it therefore I had nothing to lose and everything to gain! YEAH RIGHT. How about telling me I'd pay interest on it ON TOP of the interest I was already paying on my loan! It makes my skin crawl thinking about how they can get away with doing this. Just gotta wait now to see if they respond to my letter.....:p

LAINEY7571

Hi,

Hi,

I have just entered into a DMP with payplan. Part of my debt is two loans with the Alliance and Leicester.

I wrote to them asking to them to cancel the PPI on the loans as it is no longer valid and they have said no because now my accounts are in arrears.

Does anyone know where I stand on this please.

Thanks in advance for any help,

Elaine.

HomeJames_3

marshallka wrote: »

What reason are they giving for it to go back to the FO? Are they objecting? If they are then does it still have to go into the queue as i read that it then goes to an ombudsman and his decision is then final and not back to the adjudicator. Have you been told this by the FOS that its going to be another 6 to 9 months. I would ask Fos and not MBNA.

MBNA are objecting to the claim and it is now going to the ombudsman for a final decision. I read on the FOS website it would take 6-9 months but not sure if thats from the start of the process or from when its sent to the ombudsman for the final decision. Any ideas?

marshallka

HomeJames wrote: »

MBNA are objecting to the claim and it is now going to the ombudsman for a final decision. I read on the FOS website it would take 6-9 months but not sure if thats from the start of the process or from when its sent to the ombudsman for the final decision. Any ideas?

From when you send in your complaint to when its finalised is what i am lead to believe.

Darth_chaffinch

LAINEY7571 wrote: »

Hi,

Hi,

I have just entered into a DMP with payplan. Part of my debt is two loans with the Alliance and Leicester.

I wrote to them asking to them to cancel the PPI on the loans as it is no longer valid and they have said no because now my accounts are in arrears.

Does anyone know where I stand on this please.

Thanks in advance for any help,

Elaine.

I'm kinda in a similar boat to you; Egg were still charging me PPI on a credit card and a loan during the last 3 yrs (in a DMP with the CCCS), THEY said that PPI was NOT valid when in arrears (is in the T&C's I think??). They repaid the last 3 yrs PPI payments for the credit card within a week or so. I'm no expert (hopefully someone will reply???), but saying you cannot cancel PPI because you in arrears smells very fishy to me, it makes no sense and doesn't sound legal?? (Anyone??) Make a complaint further up the A&L food chain, and escalte it to the FOS if no joy.
Paying PPI whilst on a DMP is illogical and will only prolong your debt!

Let us know what happens please Elaine, and good luck!

D.Chaffinch

P.S. Are there only 3 regular contributers on this thread or what?!?

Nathan_Spleen

The FSA have launched a comprehensive PPI comparison table.


http://www.fsa.gov.uk/pages/Library/Communication/PR/2008/059.shtml

http://www.fsa.gov.uk/tables/model/model_ppi_unsecured_loan.jsp?product=ppi_unsecured_loan&route=fasttrack&trail_position=2

HomeJames_3

marshallka wrote: »

From when you send in your complaint to when its finalised is what i am lead to believe.

Thanks i sent the complaint in Sept/Oct 2007 so that would be about June/July this year its nice that they send you monthly letters to let you know your in the system but it would be better if they just sorted it out one way or another. If the ombudsman upholds my claim do MBNA have to pay up there and then or can they string that out for a while too?