PPI Reclaiming discussion Part II

marshallka

m colak, when you mention "commission" in your posts do you mean commission for selling the loan or commission paid at settlement. I did not know that the seller had more commission as well.

Commission should be disclosed at the start of loan/ppi should it not. If not it is classed as "secret commission" isn't it.

tiggrae

di3004 wrote: »

Please could I have your suggestions folks, thank you.:D .

Okay now this loan/ppi is when the brokers of e-loan sold the loan to us and provided us with Nemo.

Will try not to confuse you but we had won the loan advance PPI a few months back with the FOS.
But now going to try to pursue the first loan of when we first had the loan which was sold by e-loan.

The first loan with e-loan was Nov 2005 so were regulated by the FSA, it was a joint loan but hubby was sold the single PPI for a secured loan of 25 years for 5 of those years.
Nothing was explained, only the fact that you get back so much percentage of this if you do not claim within the 5 years.
No other information was given, so we assumed it all part of the agreement itself.
So it was Nemo they found to provide us with a loan.

Anyway a few months on we requested for a loan advance with Nemo, as we were already with them we thought it was just as easy to do that, so they gave a quote, and for curiosity we requested for a quote without the PPI as we had just then learnt we could have a cheaper stand alone option elsewhere, they would not supply it, but were told even though its a new loan we would have to continue with the PPI or we would have to borrow more which we would not be eligible for anyway, so what choice did that give us ?

We had taken the advance in July 2006 but was angry with the fact of my hubby being pressurised into accepting the cover !:mad:

I looked into this further and thought right stuff it ! I'm going to request cancelling this but we missed the 30 day deadline to do this and hardly anything in rebate, (same here in rebate when closing down the first loan to start a new loan with these). But then only then was aware this could go further.

This case did drag on a bit but then I recieved some information including a disc etc which I played back during the advance sale - this proved it was mis sold and the FOS agreed which it went in our favour. We recieved over £12K for the mis sold loan ppi advance.

The FOS also added on his paperwork that even though we had the advance ppi upheld the first loan is separate to these where I can pursue on these separately.

But now to pursue on the first one, so here I need your suggestions if this is possible folks ?

I am in the middle of writing a draft letter to reclaim the PPI to the brokers (e-loan) who sold this from the start, because it should have been advised, the loan then was £41,000 they added almost £9K for the PPI on top.
We never knew anything about these products and how they worked and nothing was explained, we were not informed it was optional, my hubby has a life time back problem and did then years before taking this, but again nothing mentioned.

Do you think I should mention on the draft letter that we have already pursued and reclaimed from the loan advance that was dealt with by the FOS themselves ?
But as this is a separate policy we wish to reclaim here etc etc ?

Any suggestions will be a great help thank you.

(also just to say before we received the last mis sold payments we had paid Nemo off out of the way by remortgaging).

Thx again folks, you have been most helpful and am open to your suggestions/advice.;)

Di.
xx

hi there definately - go back to e-loan for the first loan, state your claim in respect to the circumstances of the mis selling - put in any communication you received from the FOS if they have put it in writing about the mis selling of the first loan - tell them they were under the FOS jurisdiction and if they don't uphold your complaint you've absolutely no doubt the FOS will !!!

pumpkinpatch

Sent 1st letter to lloyds, regarding ppi on 2 loans. Have received there reply of the usual "rejecting my complaint". So need to send template 2, BUT they inclosed copys of the signed loan agreements which i have obviously signed, but i am claiming under the mis selling route. However they have also enclosed "your personal summery & our recommendations" letter, which has a written explaination of why the advisor recommended this product (ppi) to me, at the end of the letter is a space for advisor to add their name and sign, this is blank no signature on the copy they have sent me, does that make it not valid or will thay have removed signature before sending me a copy????? this reclaiming is sooooo confusing. Please help someone.
Thank you

marshallka

pumpkinpatch wrote: »

Sent 1st letter to lloyds, regarding ppi on 2 loans. Have received there reply of the usual "rejecting my complaint". So need to send template 2, BUT they inclosed copys of the signed loan agreements which i have obviously signed, but i am claiming under the mis selling route. However they have also enclosed "your personal summery & our recommendations" letter, which has a written explaination of why the advisor recommended this product (ppi) to me, at the end of the letter is a space for advisor to add their name and sign, this is blank no signature on the copy they have sent me, does that make it not valid or will thay have removed signature before sending me a copy????? this reclaiming is sooooo confusing. Please help someone.
Thank you

Was this personal summary given to you at the time of sale????
Also was it a front loaded policy and for the full term of the loan?
What were your reasons for misselling?

marshallka

I think that people selling these policies (ie agents/brokers/lenders) should all sign THEIR OWN name (and disclose the commission) at the time of sale and they should be registered that they have had "certain training" in this thing then these companies would perhaps think twice before encouraging these sales people to sell them.

marshallka

Laini, any news on your other claim with NEMO.

Laini

marshallka wrote: »

Laini, any news on your other claim with NEMO.

nothing yet
I am going to give it this week then ask the FOS again
thanks for asking
cant wait for your letter from Gib!!

marshallka

Laini wrote: »

nothing yet
I am going to give it this week then ask the FOS again
thanks for asking
cant wait for your letter from Gib!!

Me too. Its going to be a lonnngggg weeeeeeek:eek:

Absolut_Wench

**AquariausAngel** wrote: »

Hello

I have finally got copies of my Barclaycard statements through and have just finished going through my PPI charges which total £242.09 - do I add the 8% statutory interest on top of the total amount or each PPI payment? Sorry if I sound a bit thick here - I've nevber been good at maths!! :rotfl:

Thanks!

Hi there. Use the charges calculator on the 'reclaiming credit card charges' guide - I think a few people have already pointed you in that direction, so sorry for the repetition.

My experience with Barclaycard is that they add 8% to the total, rather than to each individual PPI charge.

chipbeck

As GE are being complete plonkers and insist that a phantom phone call carries more weight than a signed CCA I need to take them to court. Can someone tell me where I start?

Cheers