PPI Reclaiming discussion Part II

singlep

Pixie983 wrote: »

Good News! I received an initial letter from First Plus about 10 pages long fobbing me off, we have reviewd all the phone calls, we sent you all the documentation blah blah blah! So I used the Letter 2 template and have just had another reply offering me an enhanced rebate of 78% (22% being held back for the provision of claims and administration costs).

"I would like to offer oyu an enhanced rebate of £1465.76 in addition to the £590.91 that will be applied to my loan account on cancellation of the policy.

I would point out that this additional refund is made with no admission of liability by either the insures or FIRSTPLUS and is purely a gesture of Goodwill. I would be grateful if you would confirm acceptance of this offer in writing at your earliest convenience."

I'm not sure whether to accept this offer or write to them again asking for more? 22% seems a lot to me for administration costs or have I got it wrong - are they being fair here? Also another question - will this amount be deducted from my loan or will I receive a cheque for this amount (which is what would have happened if I kept the PPI for the 5 years). Not sure I'm happy with the amount coming off my loan as I still have 11 years left to pay (don't intend to keep it this long) so would not make much of a difference - would be better use to me as a cheque so I could pay some off my credit card.

FSA is demanding pro rata rebates from lenders but there is no rule, so 22% is probably OK. Your real problem now is how the loan is rescheduled and FPlus tend to refund the premium in such a way that the term of the loan is reduced. This means they reduce the total you owe but it can be expensive. FPlus usually advances a 5 yr single prem over the full loan term, say 20 yrs which is also a breach unless you knew about it and agreed to pay interest for 20 yrs. The maths is not my expertise and I suspect we are meant to be confused but someone else here should be able to help. Or just go to FOS and they will sort it.

marshallka

Pixie983 wrote: »

Hi there,

I took out a secured loan of £20,000 with First Plus 2 years ago. I didn't want the PPI (as I wanted my payments to be as low as possible) and told them that I had other means of making repayments if I ended up in that situation. However they sold it to me as a kind of 'Savings Plan' where after 5 years if I hadn't made a claim I would get the money back. I wish I hadn't taken it as it's only now I've realised that the interest is calculated on the PPI seperately to the interest calculated on my loan amount so I'm guessing I'm paying way over the odds! They didn't force me into taking it by saying I couldn't have the loan without it but they were very clever in glamourising it as a way of saving money and made me feel like I'd be a fool not to take them up on their offer.

It's only now I've realised how stupid I've been - if I wanted to save money I should have put it in a savings account earning interest - not paying interest!! I've gone through my PPI documentation and can't find anything on there about getting a refund after 5 years however they are still advertising this offer on their website?

Does anyone thing I've got a claim here as I'm not sure what to do?? :mad:

I thought you were going for the misselling here. I would not take their offer up and it was only two years ago you had the policy so within the jurisdiction of the FOS. Go for the whole amount. They are trying to fob you off here.

marshallka

lesdew wrote: »

:j I have received all my ppi insurance back with £400 interest - it took me 18 months through the ombudsman, but I got there. £1200 in my bank account YIPPEE!!!:beer:

Well done lesdew. Hope you have posted on the success thread now:beer:

alleybabes

marshallka wrote: »

I thought HFC were fined by the FSA and now it seems that the judge is on their side. I really feel for you:mad:

thanks hun really means a lot thank god for this site:beer:

alleybabes

singlep wrote: »

I know nothing of your case but have you considered joining the class action against HFC by Clyde and Co, solicitors? Key Clyde+ppi and remember HFC has already been fined by FSA.

thanks for that:beer:

marshallka

Just drafted another letter to the cop-op bank after receiving their copies of agreements and added a second loan ppi onto my claim. It was taken out in April 2001 but settled in June 2002. The other one in question was taken out December 2002 and settled in July 2004. I have telephoned FOS who have informed me that the Co-op became members of GISC on 30th November, 2001 so although the first loan here is outside that date for the sale i will put that complaint as unfair rebate and the other as missold.

To the co-op i have asked for both to be looked at as missold and that i want to be refunded with interest for this. Have to wait and see. Originally i was only after one of them but looking at it all we have paid them from 1999 nearly 9K plus interest on these policies and did not know anything about this single premium thing.

Just have to wait and see

I have noticed with these companies that when you settle loans with them and do not realise that the premiums paid are single premiums and you query them, the companies always use the fact that the settlement is in accordance with 1983 regs. You then assume that its rule 78 (which no-one knows how to calculate and was an unfair way to calculate settlements anyway) thats the problem here and not the fact that you have to pay all your insurance to them plus interest and very little back on settling early.

fifikav

help please!!

I have had an update from my adjudicant explaining that paperwork had been requested and they had explained they had difficulty locating it and they were taking more time in meeting the request for this...

What happens if they cannot find the paperwork??or does this sound like a stalling tactic ??

this case has been with fos since November and I had asked for paperwork from them and they only provided me with 1 lot...( 2cases for the same provider as 1 loan paid off another)

Any idea's...the company is m and s

marshallka

fifikav wrote: »

help please!!

I have had an update from my adjudicant explaining that paperwork had been requested and they had explained they had difficulty locating it and they were taking more time in meeting the request for this...

What happens if they cannot find the paperwork??or does this sound like a stalling tactic ??

this case has been with fos since November and I had asked for paperwork from them and they only provided me with 1 lot...( 2cases for the same provider as 1 loan paid off another)

Any idea's...the company is m and s

How long ago were the loans with them. They should hold records for six years....

tiggrae

alleybabes wrote: »

Hi all went to a hearing today to see if hfc bank could have judgement put aside and the judge said they can, so a new date is being set for it,just goes to show that even when you win a judgement by default it means nothing:mad: i have got to start all over again,im just the little person against the big companies:mad:

I really don't think it's a case of little guy against a big company, but more that the courts will always come down on the side of the defendant in this type of procedure to ensure justice is done (ie innocent until proved etc)

fifikav

Hi marshalka
thanks for your reply

the loans were both in the opened within 6 years...
1st loan paid off via contra in 2005 , both had ppi....

copy of paperwork for loan opened in 2005 and closed early 2006 has been received by myself and copies were given to ombudsman. original paperwork from 1st loan never received from them even after letters sent requesting this

any thoughts ?? I know on 10july ombudsman gave company 14 days to reply...we are past this now ?? seems they are allowed extra time ?? is it possible to lose the paperwork, surely the data is stored centrally