PPI Reclaiming discussion Part II

tomglentanar

Just a quick question.

With regard to SAR's, is the 40 day response time 40 calendar days, i.e. just under 6 weeks, or is it 40 working days, i.e. 8 weeks?

Cheers

Plugling

I wrote to my loan company (AA Loans) 4 weeks ago, bringing up the issue of PPI and reclaiming it, but I still haven't heard anything back from them. Should I sit tight and wait for them to respond, or should I just go ahead and send them the second letter, saying that I am going to go to the FOS? Any advice would be much appreciated, I feel a bit out of my depth! Thank you!

tiggrae

tomglentanar wrote: »

Just a quick question.

With regard to SAR's, is the 40 day response time 40 calendar days, i.e. just under 6 weeks, or is it 40 working days, i.e. 8 weeks?

Cheers

it's 40 calendar days

tiggrae

Plugling wrote: »

I wrote to my loan company (AA Loans) 4 weeks ago, bringing up the issue of PPI and reclaiming it, but I still haven't heard anything back from them. Should I sit tight and wait for them to respond, or should I just go ahead and send them the second letter, saying that I am going to go to the FOS? Any advice would be much appreciated, I feel a bit out of my depth! Thank you!

by law they have 8 weeks in which to make a final response to a claim - they should have acknowledged your claim by now though so you might be as well sending them a copy - send it by recorded delivery

symikins

hi there

after contacting the fos :money: :money: the halifax have agreed to cancel the ppi on my loan and refund all payments made by me :j:p :j

thing is i dont know what im expecting financially from them [dont trust them an inch !!]
can anyone give me any idea??? [i hated maths at school + nothings changed in 40 years !!! ....lol ] i can still remember having to stand on the chair in class cos i got my times tables wrong...... oh the shame!!!:o

loan was £14,582.40

the ppi cost £3,934.56

total cost of loan £18.516.96
monthly re-payment was £ 210.00 pm over7 yrs

loan taken out nov 2005
full payments made till nov 06

then on reduced payments with dca
from dec06 to date of £ 31.31

to add insult to injury, they refused to pay out after a major operation in aug 2006 !!!!


was adv by fos that a full refund of premiums paid by me +interest charged on premiums during the term of loan additional interest on premiums ive paid at 8% for loss of interest + ccl all outstanding payments + interest on remaining ppi

thanks if u can help

symikins

MaxedOutKev

Hi all, after a little info.

I requested copies of CC statements along with a cheque for £10. The cheque was duly banked but all I received was a spreadsheet with the monthly amounts of PPI, finishing back in Jun 02. I thought I had it a lot longer and only ended it within the past 2 years, so I wrote back and requested copies of actual statements. The reply I've just received was:-

'we would advise that the Data Protection Act 1998 does not cover statements and there is a cost of £5.00 per sheet for copy statements as stated in the terms and conditions of your account'

I've worked this out that it'll cost approx £540 to get my statements.

Are they allowed to do this? Is this even legal? Not sure what to do now!

Any help would be greatly appreciated.

tiggrae

MaxedOutKev wrote: »

Hi all, after a little info.

I requested copies of CC statements along with a cheque for £10. The cheque was duly banked but all I received was a spreadsheet with the monthly amounts of PPI, finishing back in Jun 02. I thought I had it a lot longer and only ended it within the past 2 years, so I wrote back and requested copies of actual statements. The reply I've just received was:-

'we would advise that the Data Protection Act 1998 does not cover statements and there is a cost of £5.00 per sheet for copy statements as stated in the terms and conditions of your account'

I've worked this out that it'll cost approx £540 to get my statements.

Are they allowed to do this? Is this even legal? Not sure what to do now!

Any help would be greatly appreciated.

no they are quite correct - the production of statements is not covered by the data protection act - therefore, what you have to ask for is
Iwould like to request a fully comprehensive list of all the Payment Protection Insurance amounts paid by the myself over the last six years.

I enclose a cheque for the maximum statutory charge allowed of £10. If you are unable to provide this data, I will accept a copy of the my statements going back six years; I understand Statements on their own are not covered by the Data Protection Act 1998, however, I am not requesting the statements per se, but the PPI amounts, which I am entitled to by law.

zionhill

hello i am a newbie,

last year we took out a loan for it started at 45,000 and then had to have ppi which brought it up to 50,000 then completed sucked in on teh special intreast rate and payback scheme and ended up with 63,000 then this year when we went to re-mortage found that the redemption fee was 84,000. therfore leaving us with no equity in our home. with help from your forms we got to the stage of waiting for a audicator, we have had our home on the market for the last year . Nemo told us we could port our loan onto a new property, we sold in may, Well what a game ,they have given us two choises 1 they get all our equity and we loose our home , 2 we pay them £30,000 .just as we are about to pull out of the sale which will leave us strugging to survive we recieve a letter from the aduticator .I spoke to the audicator and asked if he could help. he then imformed me that he was writing to imform nemo that we had been mis-sold the ppi.
So I appeald to nemo on their decision hoping they might change there mind and help us .The appeal went to the mangers and underriters ,we have to exchange on the house this week or pull out so I asked nemo to get back to me urgently. it tooks 2 day of stomach churning no sleep and tears only for them to ring this afteroon to say no. We are in a complete mess due to nemo . this company should be stoped from trading . we will have to pay the £30,000 or lose the sale . are only hope is when nemo have had there 2 weeks to reply to f.o.s the ombudsmen goes in are favour ,I Know this could take months . has anybody got any answers please.

the propblem is we have not paid the loan just wanted to transfer to other property and they have seen the money we have created and now want to take this off us.
any information would be grateful as we think we are going the right way and after reading all of your experiences and would like to ask if you feel we will be able to fight them against this . now we have to get 30,000 to be able to move into a new property. as they are asking for 85% loan to value.

zionhill

hello i am a newbie,

last year we took out a loan from nemo starting at 45,000 and then had to have ppi which brought it up to 50,000 then got completed sucked in on thier special intreast rate and payback scheme and ended up with 63,000 this year when we went to re-mortage found that the redemption fee was 84,000. therfore leaving us with no equity in our home. with help from your forms we got to the stage of waiting for a audicator, we have had our home on the market for the last year . Nemo told us we could port our loan onto a new property, we sold in may, Well what a game ,they have given us two choises 1 they get all our equity and we loose our home , 2 we pay them £30,000 .just as we are about to pull out of the sale which will leave us strugging to survive we recieve a letter from the aduticator .I spoke to the audicator and asked if he could help. he then imformed me that he was writing to imform nemo that we had been mis-sold the ppi.
So I appeald to nemo on their decision hoping they might change there mind and help us .The appeal went to the mangers and underriters ,we have to exchange on the house this week or pull out so I asked nemo to get back to me urgently. it tooks 2 day of stomach churning no sleep and tears only for them to ring this afteroon to say no. We are in a complete mess due to nemo . this company should be stoped from trading . we will have to pay the £30,000 or lose the sale . are only hope is when nemo have had there 2 weeks to reply to f.o.s the ombudsmen goes in are favour ,I Know this could take months . has anybody got any answers please.

m.colak

zionhill wrote: »

hello i am a newbie,

last year we took out a loan from nemo starting at 45,000 and then had to have ppi which brought it up to 50,000 then got completed sucked in on thier special intreast rate and payback scheme and ended up with 63,000 this year when we went to re-mortage found that the redemption fee was 84,000. therfore leaving us with no equity in our home. with help from your forms we got to the stage of waiting for a audicator, we have had our home on the market for the last year . Nemo told us we could port our loan onto a new property, we sold in may, Well what a game ,they have given us two choises 1 they get all our equity and we loose our home , 2 we pay them £30,000 .just as we are about to pull out of the sale which will leave us strugging to survive we recieve a letter from the aduticator .I spoke to the audicator and asked if he could help. he then imformed me that he was writing to imform nemo that we had been mis-sold the ppi.
So I appeald to nemo on their decision hoping they might change there mind and help us .The appeal went to the mangers and underriters ,we have to exchange on the house this week or pull out so I asked nemo to get back to me urgently. it tooks 2 day of stomach churning no sleep and tears only for them to ring this afteroon to say no. We are in a complete mess due to nemo . this company should be stoped from trading . we will have to pay the £30,000 or lose the sale . are only hope is when nemo have had there 2 weeks to reply to f.o.s the ombudsmen goes in are favour ,I Know this could take months . has anybody got any answers please.

Hi zionhill,

sounds like you in a binde here. You in reality only have three choices:

1. Forget the sale and wait until your mortgage deal ends and the redemption fee is zero.
2. Give Nemo the equity and await the finding's of the FOS and report the incident to the FSA.
3. Attempt to transfer the current mortgage you have to the new property and therefore finding the shortfall elsewhere with a deed of postponement on the original loan. This means that nemo would get their pound of flesh first over any other company and is a standard method of transferring loans between properties.

I would speak to your lawyer and conveyancer's to attempt the last one as soon as possible as this might be your only hope to divert what sounds like an expensive decision to change house. Sorry i can't be more helpful however the plain facts is that non of the companies are playing fair anymore and will attempt to get their money one way or the other knowing the fact that they have time on their side and you don't.