PPI Reclaiming discussion Part II

di3004

sarahc5388 wrote: »

right, you had a loan, then got a top up - then claimed for the PPI on the first loan, you won - did they pay you?

you now wish to claim the PPI on the top up loan?

both loans were from the same company?

Hi Sarah and what a star you are.;)

It was the loan advance we had won with the FOS and now trying to pursue with the brokers of e-loan of the first loan.;)

We did not know nothing about this mis selling issue until we learnt about this through the media, this was when we had the loan advance.

It's back to front really and not trying to pursue the 2st one.

Would you like me to add the amounts of each loan hunnin ?
Thanks.

sarahc5388

di3004 wrote: »

Hi Sarah and what a star you are.;)

It was the loan advance we had won with the FOS and now trying to pursue with the brokers of e-loan of the first loan.;)

We did not know nothing about this mis selling issue until we learnt about this through the media, this was when we had the loan advance.

It's back to front really and not trying to pursue the 2st one.

Would you like me to add the amounts of each loan hunnin ?
Thanks.

that helps i had it the other way round. did you get paid for th 2nd loan? who are you actually writing to? nemo has gone bust? e-loan was the broker that arranged the loan?

di3004

First loan Nov 2005, secured over 25 years.
Arranged by eloan brokers - lenders Nemo personal finance.

£43,000 loan
£8.492.50 ppi (single cover for hubby only although we both had to sign for this)

Total loan £51,492.5
.....................................................................................................
July 2006 loan advance: Nemo personal finance

£55,000 loan
£10,862.50 ppi (As above single)

Total loan £65,862.50.

Cancelled the insurance after learning of the mis selling of these in the media in Sept 2006, we also remortgaged and settled, the complaint went to FOS on this advance complaint and won.

It is the actual broker e-loan as confirmed in this mornings post that were placed into voluntary liquidation in May 2008.

Nemo are still running but have nothing to do with the sale of the first loan arranged and sold by eloan.

marshallka

di3004 wrote: »

lol, yes we do.......:D .

I feel rather silly now lol, I gave the impression in that letter that I was trying to reclaim on the same ppi policy.......:o , I should have made it more clear, but I know I did mention about this a few pages back, and I feel like I'm a parrot going on......:o .

What I will do to make this clear is add what loan we had when eloan arranged the loan, even though it was to the lenders Nemo, but its eloan I am now trying to pursue for the mis selling of this loan.

I will explain this in another thread post.......:D

Then the following year it was a loan advance with Nemo,who mis sold this during the loan advance, it was a start again loan, so a separate policy,different account number and a brand new loan & ppi amount which this one has been resolved by the FOS.;)

Di, you know it all but putting it into words is another thing when you have all the questions running around your head and lets face it, we are not professionals at it. You should not feel silly. You did your best and you posted it for tweaking anyway.;)

marshallka

sarahc5388 wrote: »

answers on a postcard please

Can i ask a friend

Use my 50/50

di3004

di3004 wrote: »

First loan Nov 2005, secured over 25 years.
Arranged by eloan brokers - lenders Nemo personal finance.

£43,000 loan
£8.492.50 ppi (single cover for hubby only although we both had to sign for this)

Total loan £51,492.5
.....................................................................................................
July 2006 loan advance: Nemo personal finance

£55,000 loan
£10,862.50 ppi (As above single)

Total loan £65,862.50.

Cancelled the insurance after learning of the mis selling of these in the media in Sept 2006, we also remortgaged and settled, the complaint went to FOS on this advance complaint and won.

It is the actual broker e-loan as confirmed in this mornings post that were placed into voluntary liquidation in May 2008.

Nemo are still running but have nothing to do with the sale of the first loan arranged and sold by eloan.

I would also like to add some of the calculations that were given when the eloan was settled for the new advance loan to start, but have so many of them its unbelieveable and like all this here confusing.

...............................................................................................
Here is some information about the PPI without the loan.
SINGLE PPI

Date of inception: 21/11/2005
Date of cancellation/when settled for new loan to take place (7th july 2007)
Age in months 9

Cashback premium: £1,697.15
Cashback commission: £43.00
Cashback IPT: £86.00

LASU premium: £1,650.34
LASU commission: £4,951.45
LASU IPT: £82.56

Cancelled after 30 days: £1,258.26
Further advance with claims/arrears £6,271.65
Further advance pre Feb 2006 £7,633.28
Further advance: £7,644.43

factor: 75.50%

Calculations after 30 days:
Cashback premium rebate £0.00
cashback commission rebate: £0.00
LASU premium rebate £1,650.34
LASU IPT: £0.00

The rebate for this off the amount of £8,492.50 is that of £1,258.26
......................................................................................................

angelflower_2

tiggrae wrote: »

it's ALWAYS the person who 'sold' you the PPI you go after for MIS SELLING - not the company the loan is with

Thanks...now am officially confused. So, if I have to claim against the dealership, should I be going for the independent store or Ford as a brand...ie their main office. Also, does that mean that it is unlikely to be successful as they are not a finance company and how will they be willing/able to pay out when they havent received any of the money as they were only acting as the broker essentially? Do you know of anyone who has successfully claimed in similar situation. (Loan taken out in 2004)

sarahc5388

Di,

have a look at this, I hope I have included eveything you wanted to! and that it makes sense,

Dear Sir/Madam

I obtained a Loan and was sold Payment Protection Policy from you the Third Party Brokers at e-loan in November 2005, I now believe I was mis-sold this policy for the following reasons:

Your member of staff did not ask me about any existing medical conditions - having now read the terms of the policy, my medical condition was not covered making the cover pointless.

Your member of staff did not advise me of any exclusions or explain the product in any detail whatsover, they did however, emphasis to me that if I did not claim in the first five years, I would be refunded a percentage of the cost of the PPI. This is untrue!

I was not told the product was optional, nor was I asked if I had cover elsewhere.

I was not provided with a quote without the product, therefore I was under the impression that it was compulsory.

The cost of the product was added to the loan, this was not explained to me, resulting in additional interest.

The loan and the PPI were bundles together as one agreement. With effect May 2005, these products should have had separate agreements.

The term of the PPI was for 5 years, the secured loans term was 25 years, therefore as the PPI was added to the loan this resulted in me paying the additional interest for 25 years. This was not explained to me.

I know believe that your salesperson had received no training and was inadequately positioned to sell or offer advice on this product.

I am now aware Brokers/Advisers selling PPI are obliged to inform their customers about the specific criteria of the policy to ensure it is the correct product to suit their circumstances.

I would like to add that this loan was renewed in Jul 2006 and part of it used to pay off in full, including ALL of the PPI, the loan taken in question. Your salesperson stated that because I had PPI on the first loan, I must also have it on the renewal loan.

Please find enclosed a copy of the Subject Access Request containing further detail, please note the comment made when I tried to cancel the PPI over the telephone, “The Evans’s wanted to cancel the PPI, but I managed to talk them out of it".

I later discovered the subject of PPI mis-selling in the Media and subsequently tried to cancel the PPI, however I was informed that I could not cancel. I then submitted a claim against NEMO for the loan taken out in Jul 2006 , to which they denied any wrong-doing, I submitted my complaint to the Financial Ombudsman, who upheld my complaint resulting in a refund of all PPI premiums and interest, plus monetary compensation for stress and inconvenience.

As you arranged the loan taken out by myself in November 2005, I am holding you wholly responsible for the mis-selling of the PPI for the reasons stated above, and therefore request that you investigate my complaints thoroughly. Unless you can justify to me that the policy was fair and sold in my best interests, I expect a full refund of all premiums, and subsequent interest, that I paid until the loan was paid in full. I also expect 8% statutory interest to also be awarded, to each payment made and subsequent interest.

I look forward to a full and prompt response to this letter and for the matter to be concluded within 8 weeks. If you feel that this is not possible, then I will have no option but to take my complaint, once again, to the Financial Ombudsman.

Yours Faithfully,


excuse the text it has gone wobble

marshallka

angelflower wrote: »

Thanks...now am officially confused. So, if I have to claim against the dealership, should I be going for the independent store or Ford as a brand...ie their main office. Also, does that mean that it is unlikely to be successful as they are not a finance company and how will they be willing/able to pay out when they havent received any of the money as they were only acting as the broker essentially? Do you know of anyone who has successfully claimed in similar situation. (Loan taken out in 2004)

Did ford themselves sell you the PPI

Was it not a finance company that you had the PPI with.???

What Tiggrae meant was say you took out a loan with Firstplus and the loan was sold by a broker called Freedom then you take your complaint to the broker that sold the PPI and not the loan company.

I have been sold a loan with PPI from Co-op bank but both the loan and ppi were sold by the same company so my complaint is with the Co-op.

Hope this helps

sarahc5388

angelflower wrote: »

Thanks...now am officially confused. So, if I have to claim against the dealership, should I be going for the independent store or Ford as a brand...ie their main office. Also, does that mean that it is unlikely to be successful as they are not a finance company and how will they be willing/able to pay out when they havent received any of the money as they were only acting as the broker essentially? Do you know of anyone who has successfully claimed in similar situation. (Loan taken out in 2004)

I'd say the dealership, the twit probably had no training and received a commission for every policy sold! they will pass it on to the correct department, and they should then write to you saying they are investigating, they will then send you a standard fob off letter saying they have done nothing wrong! don't give up and don't be put off, you'll get loys of advise and help off the guys on here, we're all after the same thing!