PPI Reclaiming discussion Part II

m.colak

Mrs_G_to_be wrote: »

Thanks for this.

He actually only has 2 months left on the loan, so would benefit more if he could reclaim the whole of the PPI payment across the life of the loan rather than them just paying out the final two payments. I've advised him not to put an unemployment claim in yet, so that I could find out first whether he has a case for claiming the whole lot back, based on the fact that they told him he had to have it to qualify for the loan, and then wouldn't cancel it when he asked.

Regardless of the fact he's now out of work, would you say he has a case? Even if he hadn't been laid off last week and was still in employment now, I think he was mis-sold the insurance in the first place, and should have been allowed by law to cancel when he asked. Would you agree?

There is nothing stopping you claim the PPI back as missold even after you have completed the loan. However you must do the process step by step follow the letter templates and make sure you register them. That way you are covered in all eventuallities and the company will have to explain their actions.

m.colak

katiekittykat wrote: »

so what is the next step?xxx

Katie the next step is either go via the FOS (long winded, guarenteed to get the best offer plus compo, maybe fast tracked in special cases) or via the courts (fast, have to work out how much you want to claim by yourself). I would suggest if you are talking about a substantial amount of PPI use the FOS everytime. If you tell them your financial situation (if bad) they may be inclined to send you the fast track method.

marshallka

thanks for reply

Mrs_G_to_be_2

m.colak wrote: »

There is nothing stopping you claim the PPI back as missold even after you have completed the loan. However you must do the process step by step follow the letter templates and make sure you register them. That way you are covered in all eventuallities and the company will have to explain their actions.

Could he still complain and try to claim the payments back if he'd claimed on the insurance though? If he uses the PPI now to pay the last two payments, surely he can't then claim it wasn't of benefit to him?

m.colak

Mrs_G_to_be wrote: »

Could he still complain and try to claim the payments back if he'd claimed on the insurance though? If he uses the PPI now to pay the last two payments, surely he can't then claim it wasn't of benefit to him?

Correct either use the PPI to pay the remainder off (You'll be out of pocket) or reclaim the PPI as mis sold. One or the other you can't do both.

marshallka

marshallka wrote: »

Can i now join the "claim gang" and if anyone is working for the "claim gang" please could you help. Also something else i remember when settling my loan with Firstplus. They said my husbands wages were down as about £10k more than they were. We had sent P60's and wage slips in too but i never pursued it as we were wanting to settle. Could the broker do this.

Can someone answer the edit bit of my original question that was submitted after a nice person answered my first.(above)

Mrs_G_to_be_2

m.colak wrote: »

Correct either use the PPI to pay the remainder off (You'll be out of pocket) or reclaim the PPI as mis sold. One or the other you can't do both.

That was my original point.

Many thanks for your help and advice, it's much appreciated.

sparky0107

Hi,
I first approached Paragon about PPI, they fobbed me off saying that the broker (Freedom Finance)set everything up. So I wrote to freedom finance, they said that I had received all the paperwork including details of the PPI, which they deemed I had read & understood, before passing me to Paragon, so as far as they are concerned, that is the end of the matter, any advice on my next steps?

Thanks again in advance for any response.

katiekittykat

m.colak wrote: »

Katie the next step is either go via the FOS (long winded, guarenteed to get the best offer plus compo, maybe fast tracked in special cases) or via the courts (fast, have to work out how much you want to claim by yourself). I would suggest if you are talking about a substantial amount of PPI use the FOS everytime. If you tell them your financial situation (if bad) they may be inclined to send you the fast track method.

no i have no idea how much i need to claim - so would the FOS be better?

xxx

m.colak

katiekittykat wrote: »

no i have no idea how much i need to claim - so would the FOS be better?

xxx

i would just put yes but i have to put more than 10 characters:D