PPI Reclaiming discussion Part II

TwinsMum_2

m.colak wrote: »

Have you spoken to FOS about an enforcement order??. Or what they do to enforce payment.

No I havn't might give that a go, I am also concerened about the amount they are giving me back almost £9000 is coming off the loan, all the payments towards PPI that I have made are coming back to me plus the 8% but all the interest that I have paid on the PPI payments is coming off the loan is that right I thought that should come to me also.

petermb_2

sampainter wrote: »

Can anyone help please?????

Originally Posted by sampainter
Hi there, sorry this is a long one.
Was looking for some help from an expert or 2.
I have been trying to claim mis-selling on a loan from Halifax that was taken out in Nov 2002

Original loan was £5000 @14.9% over 84 months
Interest on loan £3056.44
PPI £1622.53
PPI interest £991.55
Grand total £10670.52

I had a letter at the end of last year saying they agreed that I had been mis-sold and were working out suitable redress.
They then sent me 3 different new loan agreements for different amounts and all with different term lengths.
I refused them all as none of them addressed the money already paid over the last 2 years.( now 2 and a half)
I went to the FOS in December and have heard from them today by phone. They have had an offer from HBOS of the following.

HBOS will pay off they outstanding amount on the loan £5267.03????
They will send me a refund of
PPI payments £332.14 (is that all!! over 2 and a half years?)
Interest £508.20
8% interest £78.43
Grand total £918.77

Then I will have a new loan for £3976.00 over 5 years at 14.9%, which comes to £5662.81

I have already paid out £3556.84

This will mean a total of £9219.65 minus the £918.77 they will give me back.

My maths isn’t great but IF they had got the loan right in the first place I would have paid £8056.44 over the 7 years …..So I make it that I will be £244.44 worse off!!!!!

What do I do next????
Do my figures add up right?
Can’t I just ask for my full payments back and for them to start again with a loan for the correct amount over the original term?

Please help me as I have 14 days to come up with an answer.

Hi Sampainter,
I would say that there is a major issue that the FOS and anyone else who has advised you so far has missed. I beleive that you could challenge this entire loan because the ppi has been added into the amount of credit on a regulated agreement. As the ppi can be challenged then so can the loan itself.

As for the FOS, are you aware that this organisation is funded by the institutions themselves?

m.colak

marshallka wrote: »

what do i tell the FOS i am complaining about. When people are mentioning unregulated companies and ppi they are being told that the FOS won't deal with them. I have read this back in this thread. So what you are saying is i should still complain about the ppi and settlement figure. ?

Ok look at it from another way was the loan settled after freedom finance became a member of the FOS. If so and you are complaining about a disproportional rebate then the FOS can act as it relates to the end of the loan not the set-up agreements etc and also the companies policies regarding refunds must have been bought in line with that of the FOS. As for the PPI am still thinking about that one and will have to get back too you.

m.colak

TwinsMum wrote: »

No I havn't might give that a go, I am also concerened about the amount they are giving me back almost £9000 is coming off the loan, all the payments towards PPI that I have made are coming back to me plus the 8% but all the interest that I have paid on the PPI payments is coming off the loan is that right I thought that should come to me also.

Hi one other thing to consider. How long has it been since the agreement was reached and you received confirmation of the refund. If it has been over two weeks send them a letter threatening court action and costs as it has been an unreasonable time lasped since an agreement has been made.

As for the interest off the loan i don't know what to say really. I think i would prefer that myself because then i wouldn't be paying interest upon interest. Its up to you what you want and if the settlement is satisfactory, but really you should have highlighted that at the time the settlement was offered. Sorry devil advocate again. I would (not necessarily what you should do) keep with the offer on the table at the moment as it seems its reasonable as the longer it goes without dispute over the length of time the more its in your favour. If you bring a dispute about the type of settlement then it could delay the process longer.

TwinsMum_2

m.colak wrote: »

Hi one other thing to consider. How long has it been since the agreement was reached and you received confirmation of the refund. If it has been over two weeks send them a letter threatening court action and costs as it has been an unreasonable time lasped since an agreement has been made.

As for the interest off the loan i don't know what to say really. I think i would prefer that myself because then i wouldn't be paying interest upon interest. Its up to you what you want and if the settlement is satisfactory, but really you should have highlighted that at the time the settlement was offered. Sorry devil advocate again. I would (not necessarily what you should do) keep with the offer on the table at the moment as it seems its reasonable as the longer it goes without dispute over the length of time the more its in your favour. If you bring a dispute about the type of settlement then it could delay the process longer.

Good point actually I think your right, at least it will lower my payments more so better off in the long run, cheers for that.

marcus79_2

me and my wife just got our reply from the bank acknowledging they have got the letter that we sent in (1st template letter) but these were handed into our branch manager back in april 15th, so do i give another 40 days or do i go from date the letter was originally sent in????

m.colak

marcus79 wrote: »

me and my wife just got our reply from the bank acknowledging they have got the letter that we sent in (1st template letter) but these were handed into our branch manager back in april 15th, so do i give another 40 days or do i go from date the letter was originally sent in????

40 days from the original:D

pinkydinkydo

we've just had a letter from blackhorse saying basically they don't believe we've been mis sold ppi what should we do now?
The fact is we were not asked did we want ppi, they just quoted an amount we had to pay each month which included the ppi.

They reacon they sent us some leaflet and we had 30 days to cancel? We do not recall this. We feel like they've played us for fools. do we go on or will they not look into our complaints any further. Any advice would be great.

PDD

m.colak

pinkydinkydo wrote: »

we've just had a letter from blackhorse saying basically they don't believe we've been mis sold ppi what should we do now?
The fact is we were not asked did we want ppi, they just quoted an amount we had to pay each month which included the ppi.

They reacon they sent us some leaflet and we had 30 days to cancel? We do not recall this. We feel like they've played us for fools. do we go on or will they not look into our complaints any further. Any advice would be great.

PDD

Make sure you have both the copy of your customer credit agreement and their final decision on the matter and then take the matter to the FOS.

doingmybest_3

Hi guys sorry in advance for the length of this but I'm looking for some advice as to how to proceed. I took out a loan with egg in 2003 for £15000 to which they added £1203 PPI. The loan was supposed to run for 6 years. two years later I took out a consolidation loan with them, which should have been for £30K but they had to divide it into two loans as it would have taken me over what I could borrow and what they as responsible lenders should be lending me, ESPECIALLY AS THEY WERE GOING TO ADD PPI TO IT. So two loans of £17564 which included of course £2850 PPI on each loan. So they sold me two lots of PPI running concurrently, I have no idea how that would have worked if it hadn't been misold to me. I consolidated the loans 2 years later with a Barclays loan. I complained to them telling them that I was misold on all 3 policies and that I never received a fair rebate when the loans were consolidated. I also told them that I felt pressured into taking out the PPI. They have now written back and told me to go away and have given me a list of their findings:

• They can't find any of the telephone calls (so how can they be sure it wasn't missold)
• in April 2003 they were only req'd to give customers basic info around PPI because they would be sending the full info in the post to be read before the decision to take on the loan was made by me signing and returning the forms.
• In 2005 they say that I would have ghad a full discussion re: my financies for the loan application to be considered. also discussed what policies were in place through work and privately should I need to make a claim.
• I would have recieved a pack of documents
• A cover letter which i should have read carefully which would have included policy documents and I could have called back if I wasn't sure.
• I signed and returned the loanagreement which indicated that I agreed with everything.
• 30 day cooling of period.

With that they don't accept my complaint. I feel that i have a strong case that all three PPI's were misold as I didn't need them and also when all the loans were settled early I didn't receive a fair rebate. Also as they were misold in my opinion, should they now take of the PPI, and recalculate what I did pay of the loans and refund me, because due to the PPI being attached I might have paid way over the odds. I know that I have to do the second letter, but does anyone have any ideas as to how to argue the points that they raised. Thanks in advance.