PPI Reclaiming discussion Part II

marshallka

TreeHugger wrote: »

Hey all,

Just wandering if anyone out there had the same problem...

Applied to NatWest for a loan a few years back and received it. I was however, mis-sold the Payment Protection. I'm now in the process of trying to reclaim this and have already sent a letter out from this website. Yesterday I recieved a questionnaire from the Royal Bank of Scotland regarding the PP claim but have not heard anything from NatWest! I'm very confused!

Do I respond to Royal Bank of Scotland's questionnaire regarding this or contact Natwest again?

Did you write to the Natwest or Royal bank of Scotland? Is the letter about your letter that you sent? If it is then i would respond to it to whoever the questionaire is headed by. They are all the same group aren't they?

Just send it back to whoever has responded but make sure that you head it with your natwest details.

di3004

Hi Marshallka

Its good to see you back here.:D

Did you have a good few days away hun ?;)

Its been weird with you not here.

I will not hear anything from Click until early August, what about you hun, any news from any of your claims yet ?;)

Di.
xxx

m.colak

catinthehat1 wrote: »

Have sent second letter to First Plus, after they have said that we were told about PPI - we were not, we had no idea that it was on our second mortgage with them - I can see that we will have to go to FOS - Can anyone give me an idea of how to work out claim???
We took out loan £25500.00 in July 04 PPI on top £5068 over 300 months!!! Paying £319 per month

any help would be appreciated

Based on:
Payments of £319.69
Apr of 11.9%
Loan is Secured Loan

PPI Element of Payments £53.00278
Total PPI Paid to Date £2597.136
48 Payments Made
Total 8% Stat Interest £415.542
Total PPI Reclaim £3012.68
Settlement Amount on Loan £29503.00

However:
Settled Amount without PPI Included on Loan £21202.32
Difference to bring loan into position of never having PPI £8300.68
Payments reduced to £229.75 from this point on

These figures are based on a full rebate from the company. From the figures you can see you can either ask for the PPI Rebate in which case you would receive £3012.68 and your payments would reduce to £266.69. Or if you are claiming mis selling of the PPI ...then the total of £8300.68 must be refunded to eliminate fully the PPI element off the loan and then your payments should reduce to £229.75.

Hope this helps.

Ps i hoped you notice there was a difference in figures. If you ask for a rebate then there is no guarentee that you will get the full amount however if you claim you have been mis sold then they are oblidged to return you too your original financial position. In the case of the PPI reclaim you remaining figure would go down as would your payments however their calculations on how much can't really be predicted (as the will probably still charged for the interest on the product or commision on it). I would however recommend that if you can afford it to have the rebate/refund taken straight off the loan if you can afford it otherwise your payments WILL NOT go down at all.

Simon_Milne

Hi,
Many thanks for the great info, I have now printed, filled out, and downloaded the fos complaint form, and its going in the post today
Its good to know there are people out there willing to help, especially when the banks have been getting away with mis-selling things for years pocketing huge sums of money people cant afford in the process.
Just a quick thing does anyway know how long it is currently taking to go through the FOS, I think they website said 6 to 9 months is this correct?
Many thanks again

Simon

singlep

supergrand wrote: »

hii singlep, this gets more confusing by the minute, i applied to capital one homeowner loans for the loan, i have copy of completed application form and i have NOT requested p.p.i, but the lender is blemain finance and it looks like they sold me p.p.i, as its on the loan agreement from them, however on the letter i got from blemain they mention phone-a-loan re the ppi. on looking through my paper work i find aletter fromcapital one saying they have passed my application to phone-a-loan who have th exact same address as blemain finance would they be part of the same company do youthink? confused yet?? so am i!!!! please help x x x

The problem is that some broker/lender firms have several names and others "introduce" customers to lenders or masterbrokers. You should have been sent an IDD, Initial Disclosure Doc, which states the name of the broker/adviser. BUT as Blemain have accepted the responsibility of responding to your complaint it would not be unreasonable to proceed with FOS against them. They will ceratinly tell FOS who was responsible, so I suggest you go straight to FOS and advise Blemain accordingly.

singlep

tiggrae wrote: »

Hi Simon, Di is right - that's why I was asking about the date - basically take your complaint to the Financial Ombudsman - you can download a complaint form from their website - good luck !!

I was surprised to read the comments about these dates. The FSMA 2000 required FSA authorisation of firms for investment bsusiness, so HSBC/HFC would have registered in 2001. General Insurance authorisation was not until 14 .01 05 and this regulation only applies to them from then. Therefore the fact that a firm was FSA auth in 2004 is of no help for GI/PPI complaints to FOS. But there is a good chance they were members of GISC, the trade body which will allow a complaint to FOS.

di3004

Received a letter from Click here goes:

25th July 2008

Dear Mr & Mrs XXXXX

Your letter dated 15th July 2008 addressed to Mr Teague & Mr Flannery has been passed to me for attention.

I have noted your comments but must once again confirm that Click Finance has been dissolved and I can only to refer you to the liquidator as indicated in my letter dated 30th May 2008.

As a point of general information, the sale of Payment Protection only became regulated by the FSA in January 2005 and any sales made before that date are not covered by the latest rules.

With regard to your recent SAR request we have searched our systems and do not hold any of your personal details.

I am sorry that we unable to help you any further in this matter.

Your sincerely

Ted Colegate
Compliance Manager.
....................................................................................................
What Mr Colegate does not know is that last week I also sent an attachment of the letter to Mr Teague who told me that he would investigate this when he arrives back from his holidays in early August, because at the time I did not realise he was abroard where he sent email replies back from away.

Now what do you think I should do folks ?
Do you have any ideas from here Singlep ? Thank you.;)

Di

marshallka

di3004 wrote: »

Hi Marshallka

Its good to see you back here.:D

Did you have a good few days away hun ?;)

Its been weird with you not here.

I will not hear anything from Click until early August, what about you hun, any news from any of your claims yet ?;)

Di.
xxx

Awww, thanks for that Di, i have come back really refreshed thanks. Its been a hard few months with the Freedom/Bespoke thing. Still ongoing but will keep you posted. I need a good read now to get on top of trying to help peeps on here. August is nearly here Di, i will take a look at your posts and get back later. Glad its moving for you. xx

tiggrae

marshallka wrote: »

Did you write to the Natwest or Royal bank of Scotland? Is the letter about your letter that you sent? If it is then i would respond to it to whoever the questionaire is headed by. They are all the same group aren't they?

Just send it back to whoever has responded but make sure that you head it with your natwest details.

Royal bank of scotland own NatWest, all NatWest complaints are dealt with by RBoS staff in Edinburgh

tiggrae

Simon_Milne wrote: »

Hi,
Many thanks for the great info, I have now printed, filled out, and downloaded the fos complaint form, and its going in the post today
Its good to know there are people out there willing to help, especially when the banks have been getting away with mis-selling things for years pocketing huge sums of money people cant afford in the process.
Just a quick thing does anyway know how long it is currently taking to go through the FOS, I think they website said 6 to 9 months is this correct?
Many thanks again

Simon

hi yes it is - but it's a lot less stressful then trying the court route