PPI Reclaiming discussion Part II

Laini

Leighmcl wrote: »

Hi all

Right apologies in advance for lengthy post but a bit complicated.

My husband and I took out a secured loan with Barclays in Dec 2005 for £72,000!
(yes I know, but we were desperate and had to consoplidate after paying out my ex-husband).
We were offered PPI and this was added to the loan in one lump sum. Upon researching things we think we were definitely mis-sold this.

Recently I have become extremely ill, and am currently awaiting life-threatening surgery. We were strugglng to pay the bills and upon trying to claim on our policy we were told that I was not covered as the second party on the policy. News to us, why are we both held responsible for it then? We were also advised when taking the policy out that it would help us a) get teh loan,b) be a great savings plan as you get back £17,632.80 after 5 years if you have had no claims c) I'm self-employed and already had other life insurance d) I had pre-existing medical illnesses which we discussed with them

We sent the 1st template letter to BArlcays a few weeks ago and have received a phone call since, they were very pleasant but say that they feel the policy was not mis-sold, however they are willing to pay £7000 towards the loan.

At first we thought this was great and then upon looking into things we feel that it should be alot more, what I need is someone on here to look at our loan info and calculate what we are entitled to.

Am I right in thinknig the following;

Loan: £72,000 (629.86 per month, although variable)
PPI :(added to loan when we took it out) £17,632.80 (£154.26 per month)
Total: £89,632.80 ( monthly £784.12 on 9.9% variable so now £896.00 per month)
number of payments: 300
number of payment made to date: 30

We have currently paid £4627 in ppi payments over the 30 months -
so we are due this back

However shouldn't the PPI (£17,632.80 - £4627) = £13005 by taken off the loan which will bring it back to £72,000 (as if we hadn't taken the ppi)
and then the payments we have made to the loan over the last 30 months be recalculated to reduce the interest and hence the loan further?

This means that their £7000 offer of knocking it off the loan is appauling, plus we want the $4627 in our pocket.

Please help - they are calling us today and then I need to send them the 2nd template letter with a figure that we would be happy with.

If I am wrong let me know and I'll bit their hand off re: £7K offer but something smells fishy!!

Many thanks

Leighmcl

Hi
dont know if you have followed my claim with FP
BUT i have won against them through FOS
You need to be put back into the position of having the loan without PPI.
M.Colak is your man he is eally good he can work it out to give you a ball park
as there is interest to add to figures
Also Tiggrae should be able to help with a letter to reply to FP
If this is their final offer you need to contact the FOS by email and print off a complaint form and send to FOS the completed form ,letter from Doctor and FP s final response and request to be fast tracked due to your present illness/medical condition.
hope this helps

Leighmcl

HI Laini

Thanks for you response, its so nice to know you are not alone!

Welldone you for winning - do you still have the loan nd if so did you receive any monies back as a cheque to you?

Or had you already paid it off?(in which case you would have received any reunded money back to you direct)

I know I need to go down the FOS route, however this is the first offer from Barclays, they are still denying misselling though. I am going to ask them for a final offer and then go down the next letter route. I could really do with MColak or Tiggrae helping me calculate what I could get back and doing a letter - are you out there?

Thanks again and I'll keep you posted. Just out of interest how long did it take you to sort and receive money, and if you are still paying the loan, did you continue to pay in the meantime or was it put on hold?

leighmcl
x

Niceface

Morning,

This is my first forum I think i've ever been on so will give it a go. I'm writing on behalf of my Mum & her Partner. They have a secured loan tied to there house. They missed a couple of payments and the lender didn't make communications with them for six months. In the meantime, my Mum realised that they have been misold the insurance on the loan, in which time she has contacted a third party to try and claim back that insurance, (who has since gone very quiet with her when she told them about their finacial difficulties!)...

They have just recently been issued with a 'Possession of Property' letter, for them to go to court...So my Mum is obviously thinking the worst and losing their home and to start renting again. In a way it would be a huge relief just to get the problems out the way and start enjoying life again really..

Has anybody been (or knows anybody) who has been in this situation, and did they deal with this?

And also - does my Mum have rights to claim back the insurance, now she has to go to court?

If anybody has any thoughts on this I would be so grateful..

Many thanks,

:rolleyes:

Laini

Leighmcl wrote: »

HI Laini

Thanks for you response, its so nice to know you are not alone!

Welldone you for winning - do you still have the loan nd if so did you receive any monies back as a cheque to you?

Or had you already paid it off?(in which case you would have received any reunded money back to you direct)

I know I need to go down the FOS route, however this is the first offer from Barclays, they are still denying misselling though. I am going to ask them for a final offer and then go down the next letter route. I could really do with MColak or Tiggrae helping me calculate what I could get back and doing a letter - are you out there?

Thanks again and I'll keep you posted. Just out of interest how long did it take you to sort and receive money, and if you are still paying the loan, did you continue to pay in the meantime or was it put on hold?

leighmcl
x

we only had the loan a year and started cmplaining when we got the settlement figure that I realised what we had signed for that was sept2007
paid settlement figure they asked for in Jan 2008 to get shot of them but said we were going to the FOS
so with FOS jan 2008
then won case june 2008
received cheque end of June 2008


I would PM MCOLAK and TIGGRAE
please please please
dont give up!!

mlucyminx

hi I was wondering if anyone can give me some advice.

I have unsuccessfully tried to claim back 3 lots of ppi on seperate loans brokered by ocean finance.

Have been down the fos route with one of them but got a reply saying they cant help as ocean werent regulated by fos til 2007. (loans were:- 1st one 2004, 2nd one 2006 3rd one (top up) 2006. all three have been paid back in full.

I have contacted a company called brunel franklin as to be honest, its money gone and is now just a principle. fight the good fight and all that. They will charge me 25% + 17.5% interest which will make them a good chunk of money but me also. I was just wondering if anyone else has used a company like this and if they had any success?

Many thanks to you all

marshallka

mlucyminx wrote: »

hi I was wondering if anyone can give me some advice.

I have unsuccessfully tried to claim back 3 lots of ppi on seperate loans brokered by ocean finance.

Have been down the fos route with one of them but got a reply saying they cant help as ocean werent regulated by fos til 2007. (loans were:- 1st one 2004, 2nd one 2006 3rd one (top up) 2006. all three have been paid back in full.

I have contacted a company called brunel franklin as to be honest, its money gone and is now just a principle. fight the good fight and all that. They will charge me 25% + 17.5% interest which will make them a good chunk of money but me also. I was just wondering if anyone else has used a company like this and if they had any success?

Many thanks to you all

So from 10k you would only receive about 7k. I would fight myself with the help of this site. Was it for a large claim then too large for the small claims courts???

Tiggrae on here does take claims on but she also helps out for free.

marshallka

Just been looking up non advised sales of ppi. That is what mine was, i was not advised that it was going to appear (as if by magic) on my credit agreement. These things ought to be banned from sale. Also i was "non advised" of who the seller was either. Freedom Finance or Bespoke Finance.

mlucyminx

marshallka wrote: »

So from 10k you would only receive about 7k. I would fight myself with the help of this site. Was it for a large claim then too large for the small claims courts???

Tiggrae on here does take claims on but she also helps out for free.

No they arent large amounts (I think total for all three ppi comes to about £5,000) but as I have a son with special needs and I work as a childminder I just dont really have the time to dedicate to this to take it to court (or the money). Just thought something would be better than nothing.

marshallka

mlucyminx wrote: »

No they arent large amounts (I think total for all three ppi comes to about £5,000) but as I have a son with special needs and I work as a childminder I just dont really have the time to dedicate to this to take it to court (or the money). Just thought something would be better than nothing.

I totally understand that one. I have spent so much time on my claim its unbelievable. It can take over your life:eek:

di3004

marshallka wrote: »

I totally understand that one. I have spent so much time on my claim its unbelievable. It can take over your life:eek:

Me too hunni.......:D , I can understand that, first thing in the morning til bed time, then back to it again the following morning lol.......:D .