PPI Reclaiming discussion Part II

nothingwitty

I opened a Burton account in January 1997 and closed it in late 2002. When I opened the account I made it clear that I was a student and not working. Having read the PPI thread, I checked back and discovered that GE Money had added PPI to my aco!!!! and I had paid for it every month for 5 years! I wrote to GE Money about a month ago asking that my PPI payments be refunded. They wrote back saying I had to provide evidence that I was a student at the time (even though the box is clearly ticked in the application form!). I contacted my Uni and got a letter confirming this and sent it off to them and followed it up with a phone call during which i was told I should expect a refund within a week. On Saturday I got a further letter from GE Money, saying I now had to provide evidence that I was not making National Insurance contributions when I took out the account, even though my application form showed clearly that I was not working at the time! I'm furious! It feels like they are doing all they can to draw out the process and keep requiring ME to prove this and that...

Any advice??

Many thanks

tiggrae

Melmoneysaver wrote: »

Hi there, I just wanted some advice realy as I tried to cancel my loan insurance last year and was told my loan would have to be reworked if I did and a new amount was sent to me, the figures just don't add up here have a look, I called up today and got all the exact figures as well as my account number so that I can have a go at reclaiming them

Loan 10k
insurance £2115.64 - they advised me that the insuance was added to the loan and interest was added which is included in the figure to the left but totals £466.16

I was told today that my Ins is £43.03 a month

My current repayments are £246 a month and when I asked to cancel the Ins they said it would only come down to £233 which is clearly £13 pm diffrence but they STATE over the phone that I pay £43.03, when I challenged them they said this is how they work it???

I've printed out the reclaim letter to go Monday morning and I'm livid to find out i've been well and truly scammed, when I took the loan out I thought it may help my application if I took out loan Ins and the agent that sold me my loan agreed it would, I've since learnt that this is not the case.

MSE DFW CONVERT

Hi this is unfortunately all too common, when you take a loan with ppi - you think your monthly repayments are paying a percentage off the loan (say 80%) with the other 20% paying the ppi - oh no!!! What they do is called front end loading where almost all the monthly premiums go to paying off the insurance - I bet if you asked for a settlement figure on your loan you'll find you've hardly paid anything off !!!

tiggrae

nothingwitty wrote: »

I opened a Burton account in January 1997 and closed it in late 2002. When I opened the account I made it clear that I was a student and not working. Having read the PPI thread, I checked back and discovered that GE Money had added PPI to my aco!!!! and I had paid for it every month for 5 years! I wrote to GE Money about a month ago asking that my PPI payments be refunded. They wrote back saying I had to provide evidence that I was a student at the time (even though the box is clearly ticked in the application form!). I contacted my Uni and got a letter confirming this and sent it off to them and followed it up with a phone call during which i was told I should expect a refund within a week. On Saturday I got a further letter from GE Money, saying I now had to provide evidence that I was not making National Insurance contributions when I took out the account, even though my application form showed clearly that I was not working at the time! I'm furious! It feels like they are doing all they can to draw out the process and keep requiring ME to prove this and that...

Any advice??

Many thanks

it's fairly standard to request this type of information, I'd send as much evidence in as you can find regarding your employment status - don't give them the opportunity not to pay you your money back

nothingwitty

tiggrae wrote: »

it's fairly standard to request this type of information, I'd send as much evidence in as you can find regarding your employment status - don't give them the opportunity not to pay you your money back

Tiggrae,

Thanks as always. I just don't understand whyI have to do all the work when my applciation form, of which I have a copy provided by GE money, clearly shows that I was a student at the time. Getting the evidence they require is a pain in the *ss... I have sent of an SAR and am thinking of taking it straight to court...

di3004

Regarding my letter to e-loan to reclaim the amount of PPi etc, I have found the letter of the calculations, we had a loan advance with the brokers of Nemo so we had to settle the first one that eloan arranged, so I will add this and if anyone would be kind enough to go through this for me that will be a great help, I can then add on the reclaim letter, which I thought the rebate was £1.998 but this was the amount rebated of when it was cancelled totally when having the loan advance.

So here goes folks:

Written explanation of settling original agreement:

The value of the original agreement settled by new loan outstanding balance (on the day the further advance settles it) plus any interest that has accrued on the account since the last montly instalment was paid.

In your individual case:
Balance = £51022.52 + Accrued Interest @ £181.16 = £51203.68

When the Payment Protection Policy is taken, the TOTAL outstanding balance of the account is the loan amount + the payment protection premium.

In your individual case:
Loan amount @ £43,000 + Payment Protection Premium @ £8492.50 = £51,492.50.

However, upon settling of the original agreement we give a rebate for the above mentioned protection (ie: for the remainder of the 60 month term that has not been needed).

In your individual case:
Payment Protection insurance Premium = £8492.50

Number of months cover ran for (ie: length of time the original agreement ran) = 9 months
Rebate applied to account (for 51 months of unused cover) = £7644.43

(Therefore the 9 months of cover cost £848.07)

The above rebate (£7644.43) was then applied to the earlier figure (ie: the balance of the account + accrued interest), and the result was the amount that was used to settle the original agreement.

In your individual case:
Balance + Accrued Interest: £51203 - £7644.43 (the rebate of the payment protection).

Figure used to settle the original Nemo agreement = £43559.25.
.................................................................................................
Okay, now how would I actually work out the figure to reclaim back from the brokers of e-loan ?
Just need to be sure before sendng the letter off.:o
Thanks folks.;)

Di.

chartreuse_2

Hi all.
To recap, I had 3 loans with RBS, all paid off, all with PPI - in each case, I was led to believe that if I didn't take the PPI I wouldn't get the loan. I wrote to complain last year, kept getting holding letters. After threatening FoS, I finally got a reply last month.

In short, RBS is saying that for the last two I signed the paperwork so I knew the score and their staff are trained not to mis-sell. Therefore they're denying my claim. However, since they can't find the paperwork for the first one, they'll make me a goodwill offer of the premiums plus interest paid (though not interest to date) - for that one only.

As I see it, my options are:
1. Accept the money and refer the other two to FoS.
2. Refer all three to FoS.
3. Write back saying I don't agree with their decision on the second two, their reasoning is weak and I want to give them an opportunity to reconsider before going to the FoS. I could say I was accepting their offer on the first one without prejudice to the other two.
4. Take the offer and pack in now.
5. Something else I haven't thought of.

Any advice or opinions very gratefully received. Thanks.

sarahc5388

nothingwitty wrote: »

Tiggrae,

Thanks as always. I just don't understand whyI have to do all the work when my applciation form, of which I have a copy provided by GE money, clearly shows that I was a student at the time. Getting the evidence they require is a pain in the *ss... I have sent of an SAR and am thinking of taking it straight to court...

I know it's a pain, but you have to do it, you ticked a box to say you were a student but you will have to prove it to them, they make you do the work to try and put you off claiming! don't give up, just give them what they ask for and then they can't fob you off

di3004

di3004 wrote: »

Regarding my letter to e-loan to reclaim the amount of PPi etc, I have found the letter of the calculations, we had a loan advance with the brokers of Nemo so we had to settle the first one that eloan arranged, so I will add this and if anyone would be kind enough to go through this for me that will be a great help, I can then add on the reclaim letter, which I thought the rebate was £1.998 but this was the amount rebated of when it was cancelled totally when having the loan advance.

So here goes folks:

Written explanation of settling original agreement:

The value of the original agreement settled by new loan outstanding balance (on the day the further advance settles it) plus any interest that has accrued on the account since the last montly instalment was paid.

In your individual case:
Balance = £51022.52 + Accrued Interest @ £181.16 = £51203.68

When the Payment Protection Policy is taken, the TOTAL outstanding balance of the account is the loan amount + the payment protection premium.

In your individual case:
Loan amount @ £43,000 + Payment Protection Premium @ £8492.50 = £51,492.50.

However, upon settling of the original agreement we give a rebate for the above mentioned protection (ie: for the remainder of the 60 month term that has not been needed).

In your individual case:
Payment Protection insurance Premium = £8492.50

Number of months cover ran for (ie: length of time the original agreement ran) = 9 months
Rebate applied to account (for 51 months of unused cover) = £7644.43

(Therefore the 9 months of cover cost £848.07)

The above rebate (£7644.43) was then applied to the earlier figure (ie: the balance of the account + accrued interest), and the result was the amount that was used to settle the original agreement.

In your individual case:
Balance + Accrued Interest: £51203 - £7644.43 (the rebate of the payment protection).

Figure used to settle the original Nemo agreement = £43559.25.
.................................................................................................
Okay, now how would I actually work out the figure to reclaim back from the brokers of e-loan ?
Just need to be sure before sendng the letter off.:o
Thanks folks.;)

Di.

Just looking back at this now, I assume the reclaim would be that of £7644.43, as they deducted the £848.07 off the amount for having this for a period of 9 months ?:rolleyes: , but not certain, then of course an 8% interest would be requested ???:rolleyes: Any thoughts on this, thanks folks.:D

(this loan was taken in Nov 2005 - over 25 yrs - settled 9 months later for a loan advance).

Di.
xx

tiggrae

nothingwitty wrote: »

Tiggrae,

Thanks as always. I just don't understand whyI have to do all the work when my applciation form, of which I have a copy provided by GE money, clearly shows that I was a student at the time. Getting the evidence they require is a pain in the *ss... I have sent of an SAR and am thinking of taking it straight to court...

just be careful - as you took the credit card out in 1997 you could find the court rejects your claim as being outside the 6 year statutory limitation - I know it's a real pain but I'd persevere - have you contact the tax office or the DSS - they should be able to give you this information.

tiggrae

chartreuse wrote: »

Hi all.
To recap, I had 3 loans with RBS, all paid off, all with PPI - in each case, I was led to believe that if I didn't take the PPI I wouldn't get the loan. I wrote to complain last year, kept getting holding letters. After threatening FoS, I finally got a reply last month.

In short, RBS is saying that for the last two I signed the paperwork so I knew the score and their staff are trained not to mis-sell. Therefore they're denying my claim. However, since they can't find the paperwork for the first one, they'll make me a goodwill offer of the premiums plus interest paid (though not interest to date) - for that one only.

As I see it, my options are:
1. Accept the money and refer the other two to FoS.
2. Refer all three to FoS.
3. Write back saying I don't agree with their decision on the second two, their reasoning is weak and I want to give them an opportunity to reconsider before going to the FoS. I could say I was accepting their offer on the first one without prejudice to the other two.
4. Take the offer and pack in now.
5. Something else I haven't thought of.

Any advice or opinions very gratefully received. Thanks.

I take it the offer is against the first account only and is worded as a full and final settlement - what that means is if you accept you won't be able to take that first claim to the FOS - so really does depend how much you need the money now as to whether you accept what they've offered without interest. As for the other two, when were they taken out as the date of these will determine whether you can take your complaint to the FOS