PPI Reclaiming discussion Part II

Absolut_Wench

DeepintheRed wrote: »

The guys on the Wannabe Debt Free threads suggested I look here for some advice on PPI. We currently have 4 credit cards, 2 unsecured loans and 1 secured loan each of which include some form of PPI. I'm looking to go on a DMP as we can't afford to pay back all the debt so if I do, can I claim any PPI back?
I'm new here and pretty thick when it comes to money (obviously or maybe I wouldn't be in this mess! :-)

It all depends upon how the PPI was applied.

For example, if it was added on to your loans as a lump sum, that makes it possible to claim mis-selling. If it was applied to your credit cards without your knowledge - ditto. If you were told that PPI was compulsory or you wouldn't get the credit - ditto again.

There are many examples of mis-selling, so I suggest you read Martin's guide to get your head around it, then follow the steps he recommends. The template letters are very good, and there are a lot of people on this board who can help - so don't be afraid to ask questions.

Above all, don't be discouraged if the first reply from the banks is 'get lost' - its all part of their plan to avoid giving you back YOUR MONEY.

Good luck!

ps getting into debt doesn't mean you are thick - chin up

m.colak

Many people are receiving offers in settlement. These need to be looked at closer as in some case's it may be:

1.Not to your advantage
2.Grossly under proportion.

Leighmcl i think what is happening in your case is possibly the new way that they will try and get out of paying any actual money back to you. For example say you take the 7k payout, you might actually find that this becomes a bridging loan and then this would be added to the original figure (after the PPI has been removed). The long and short of it is that your payments never change and in fact you haven't received anything money wise in the long run. The only way to ensure that you get your money back is to carry out the calculation of what the difference would be if you never paid PPI and this is the amount that should be taken off the loan (don't settle for anything else). It is at that point where you decide to either accept it off the loan or as a cheque. WARNING: if you don't take it off the loan then your payments will not reduce back to the rate-ppi they will stay the same.

In summary the companies are now looking at increasing the size of the loan in order to offset the payout and therefore you should not get suckered into this.

dazzer26

hi m.colak contacted fp regarding my rebate but they won't budge the reason they say is the funds were loaned to me for an insurance premium and not as a capital advance , have now sent forms to the fos ,but need advice on another matter when my first loan was settled with them there was a rebate of 11k which i was not told about and this was automatically put back into the second loan without my knowledge and then promptly lent back to me , can they do this?

m.colak

dazzer26 wrote: »

hi m.colak contacted fp regarding my rebate but they won't budge the reason they say is the funds were loaned to me for an insurance premium and not as a capital advance , have now sent forms to the fos ,but need advice on another matter when my first loan was settled with them there was a rebate of 11k which i was not told about and this was automatically put back into the second loan without my knowledge and then promptly lent back to me , can they do this?

Well first of I would query the payment with them and if you can get them to admit in writing it was a rebate and what it was for you can then force them to remove the said amount and pay it to you in the form of a cheque as is your right according to the FSA and FOS and also i believe it is in the consumer credit act.

What they have done by putting it into your newer loan and then paying it too you is actually increasing your loan amount on your original loan and therefore are now charging you interest and therefore already reclaiming parts of the 11k back from you. If the loan is over a long enough term effectively them have saved themselves 11k. It would be worth fighting them over this as they should ask your permission before altering the loan and secondly this is not in your best interests at all.

Effectively in this case you will only lose out if your interest rate was higher on your second loan then it was on the original. Also there is the matter of interest to consider as this would have affected all your original payments as i guess the second loan was in fact a consolidation of the original.

dazzer26

thanks m.colak i do have this in writing it was included on my first go away letter from them it states that i received an insurance rebate of 11k that was included within my loan settlement figure, this 11k does not appear on the paperwork and is not mentioned on the recordings of the phone applications.

dazzer26

thank you agin for you help the second loan included a further advance to settle some other debt so am i right in thinking they have withheld the rebate information in order to lend it back to me as part of the further advance if i had got the rebate as a cheque then the second loan would have been 11k less than it was.

Laini

Just got letter from our adjudicator at FOS
Stating Nemo has rejected his assessment and in accordance with normal procedure he is arranging for our complaint to be passed to the Ombudsman for a final decision.
we can submit anything we think is relevant to our case before 24th July.
I have read his findings and conclusions and he has everything in a nut shell.
I am satisfied with his assessment so I am not going to send letter to Nemo as advised by Tiggrae as I dont want to give Nemo the chance to drag it out.
I would only be repeating what is already on file.
I will email our adjudicator on monday to confirm we have no further evidence and are happy with his assessment to be sent to the ombudsman for a final decision.:cool:

tiggrae

Laini wrote: »

Just got letter from our adjudicator at FOS
Stating Nemo has rejected his assessment and in accordance with normal procedure he is arranging for our complaint to be passed to the Ombudsman for a final decision.
we can submit anything we think is relevant to our case before 24th July.
I have read his findings and conclusions and he has everything in a nut shell.
I am satisfied with his assessment so I am not going to send letter to Nemo as advised by Tiggrae as I dont want to give Nemo the chance to drag it out.
I would only be repeating what is already on file.
I will email our adjudicator on monday to confirm we have no further evidence and are happy with his assessment to be sent to the ombudsman for a final decision.:cool:

honestly Laini I think that's the right decision, if there's nothing new then nemo will use it as an excuse to delay !!! Really hope it goes well !!!

di3004

Laini wrote: »

Just got letter from our adjudicator at FOS
Stating Nemo has rejected his assessment and in accordance with normal procedure he is arranging for our complaint to be passed to the Ombudsman for a final decision.
we can submit anything we think is relevant to our case before 24th July.
I have read his findings and conclusions and he has everything in a nut shell.
I am satisfied with his assessment so I am not going to send letter to Nemo as advised by Tiggrae as I dont want to give Nemo the chance to drag it out.
I would only be repeating what is already on file.
I will email our adjudicator on monday to confirm we have no further evidence and are happy with his assessment to be sent to the ombudsman for a final decision.:cool:

Like I said earlier hunni, you will get through this, Nemo denied with mine too at first, and it was so damn obvious it was mis sold, your information the FOS already have hun will prove this too, and don't forget it has not been rejected by the case-worker, they believe its something in it to pass it on.;)
It will just take a little longer that's all and just think of all the interest they will have to pay......:D , its their own fault lol.
We all back you hun and me for one who went through the same here as you with these, I know how they work, so don't worry hun, you will have the last laugh.:D

Di.
xxx

di3004

tiggrae wrote: »

honestly Laini I think that's the right decision, if there's nothing new then nemo will use it as an excuse to delay !!! Really hope it goes well !!!

Tiggrae I agree, as Nemo were like that with me.;) They always requested for extra time from the FOS, if I remember they requested this on 3 or maybe 4 occasions !
I know Laini has a disc and going through that, with mine that proved the mis-selling which helped win my case, but again not all recordings help, mine proved where they forced us not to cancel or we would have to borrow more etc, this jumped out at the ombudsman.:eek:

Di.
xx