PPI Reclaiming discussion Part II

tiggrae

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 there, you should be entitled to the premiums you've paid over the last 30 months £4627.80, plus interest, plus Statutory Interest at 8% calcuable against each individual premium paid. Also, the remaining £13005 + interest knocked off the loan amount. Go back to them with those figures and tell them if they don't put you back into the position you were without the PPI you'll take your complaint to the Financial Ombudsman

mlucyminx

di3004 wrote: »

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 .

Have spent 3 months sending letters back and forth with ocean finance and then another month witing for f.o. to say they couldnt help. If this company can get some back for me then I would be happy with the few thousand it would make me. would clear the few outstanding balances I have left with one credit card and one catalogue and the rest would go towards that dreaded expense called christmas.

Thanks for your advice though

tiggrae

Niceface wrote: »

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:

your mum & her partner need URGENTLY to go the the Citizens Advice Bureau !!! and get the repossession order sorted !! You can have your home repossessed and still end up owing a balance amount.

When was the loan/ppi taken out and who with ??

tiggrae

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

Hi there, Ocean Finance hav been telling you porkies, they were authorised by the FSA on 31/10/2004 - which means the FOS can certainly look at loans 2 & 3 - if the fos have said they can't look at the mis selling it's probably because the mis selling took place against the 1st loan - was this prior to 31/10/04 and your complaint form would have said that date - you can still complain against loans 2 & 3, just amend your form to the dates these were 'sold' to you - they shouldn't have just added it on without your say so !!! the FOS might then recommend that Ocean as a gesture of goodwill refund on loan 1 as well

tiggrae

di3004 wrote: »

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 .

you want to try doing it for a living :eek:

di3004

tiggrae wrote: »

you want to try doing it for a living :eek:

Lol........:D , I'm almost there I think lol.....:D :eek:

marshallka

tiggrae wrote: »

you want to try doing it for a living :eek:

I would love to but have not got the time as my complaint involves me learning morning, noon and night. Can i work for you tiggrae:D

tiggrae

marshallka wrote: »

I would love to but have not got the time as my complaint involves me learning morning, noon and night. Can i work for you tiggrae:D

if you like - you get a lot of job satisfaction - I had a great one the other day, the lender had employed the courtries top solicitors firm and this solicitor was SOOOOOO snotty - sent her one letter in which I called her rude and unprofessional and if she continued in that light I'd complain to the Solicitors Association - got a grovelling apology and got a 100% out of court settlement + costs !!!

marshallka

tiggrae wrote: »

if you like - you get a lot of job satisfaction - I had a great one the other day, the lender had employed the courtries top solicitors firm and this solicitor was SOOOOOO snotty - sent her one letter in which I called her rude and unprofessional and if she continued in that light I'd complain to the Solicitors Association - got a grovelling apology and got a 100% out of court settlement + costs !!!

well done tiggrae, what have you done with all your Bespoke claims??? Do you want me to take them on (LOL). No, really how many have you had?? I would be interested to find out.

tiggrae

marshallka wrote: »

well done tiggrae, what have you done with all your Bespoke claims??? Do you want me to take them on (LOL). No, really how many have you had?? I would be interested to find out.

one was for mis selling, the other for early redemption so in both held First Plus responsible - they don't like it though and are fighting me all the way