PPI Reclaiming discussion Part II

di3004

Calling it a night now folks....:D .

I will catch up with the posts tomorrow if I miss them tonight, night all.;)

Di.
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servalan

Hi

I have received a letter back from GE Money saying that they didnt sell me the insurance and that it was conducted by a independent credit broker. As we were not presnt at the point of sale and they ask to take it up with the brokers. is this a standard letter back ? They have provided me with the address of the company in question do i now take it up with the broker or do i send the next letter to GE Money . Any advice greatfully accepted

di3004

servalan wrote: »

Hi

I have received a letter back from GE Money saying that they didnt sell me the insurance and that it was conducted by a independent credit broker. As we were not presnt at the point of sale and they ask to take it up with the brokers. is this a standard letter back ? They have provided me with the address of the company in question do i now take it up with the broker or do i send the next letter to GE Money . Any advice greatfully accepted

Hi there.

I would then write to the brokers and enclose copy of the letter sent from GE Money.
Hopefully they will sort this out for you.;)

Di.
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marshallka

servalan wrote: »

Hi

I have received a letter back from GE Money saying that they didnt sell me the insurance and that it was conducted by a independent credit broker. As we were not presnt at the point of sale and they ask to take it up with the brokers. is this a standard letter back ? They have provided me with the address of the company in question do i now take it up with the broker or do i send the next letter to GE Money . Any advice greatfully accepted

As Di says you always go to the person that actually sold you the insurance. Write to them giving them 8 weeks to look into this.

Who were the brokers and what was the date of this actual sale of PPI.???
Maybe you could go to FOS (if they don't accept missold) if they were GISC members or if it was after 2005 when the FSA took over.

tiggrae

marshallka wrote: »

Just a quick question for Tiggrae (or whoever else may know???)

If you make a claim through FOS to the same company for front loaded PPI can you also make a claim on the same form for another loan whereby it was unfair rebate (as the actual sale of the ppi falls outside jurisdiction due to dates).???

I have made my co-op claim through FOS now about two loans, one for misselling (this was within the jurisdiction) and one for unfair rebate as this was sold before Co-op were members of GISC.

no because basically you would be asking the company to pay you back twice (ie in full for the mis selling and then again for an unfair rebate )

tiggrae

Absolut_Wench wrote: »

Right, I've got the figures for my loans together. This is a long post with a lot of figures, and I hope it makes sense

I'd be grateful if some of our experts here could cast their eyes over it and suggest whether Halifax are making a fair offer? Many thanks

(ps if I don't reply straight away, I promise I'm not being rude - my sis-in-law is currently in labour and will need rushing to the hospital soon, so I may disappear without warning )


The loans were as follows:

Nov 2002 - Loan 1

Cash loan £8000
Interest on cash loan £1653.40
Insurance £1295.05
Interest on insurance £238.55
Total cost of insurance £1533.60


Total loan £9295.05
Total interest £1891.95
Total amount you pay £11,187.00

APR 11.9%
36 monthly payments of £310.75

12 payments of £310.75 made (total £3729), then loan consolidated with loan 2. £7458 remaining.

Feb 2004 - Loan 2

Consolidated loan 1, never had a breakdown of the settlement, there probably was a PPI rebate, as a payment of £6355.17 was made off the old loan (leaving a shortfall of £1102.83 i.e. £7458 - £6355.17 = £1102.83 - I'm wondering if this would be considered an unfair rebate?)


Cash loan £8660
Interest on cash loan £1126.60
Insurance £1378.28
Interest on insurance £179.44
Total cost of insurance £1557.72

Total loan £10,038.28
Total interest £1306.04
Total amount you pay £11,344.32

APR 7.5%
36 monthly payments of £315.12

Made 18 payments of £315.12 (total £5672.16) before starting to struggle and making reduced payments via DMP.

Offer from Halifax:

Refund of premiums to date £1028.07
Refund of interest at 7.5% APR £ 159.18
Interest for compensation at 8% £ 1.74

Total redress £1188.98

ok 1st loan

£1533.60 for ppi / by 36 repayments is £42.60 x 12 repayments = £511.20
leaving £1022.40 - loan amount outstanding £6435.60

Not sure whether any of the £1022.40 was transfered to 2nd loan as you only had to pay £6355.17 from 2nd loan to pay off first.

2nd loan PPI - £1557.72 / 36 = £43.27 per month x 18 = £778.86

Don't know how much you've paid for PPI as part of payments through DMP but on the above £511.20 + £778.86 is £1290.06 and that's without the 8% interest on top, which won't be insubstantial bearing in mind the age of the loans / ppi (to work out the 8% feed the amount of the monthly premium as worked out above, paid for the ppi into the bank charges calculator on the bank charges forum and it'll work out the total of the 8% owed).

Go back to HBOS with your calculation and ask them for a detailed breakdown of how they've worked out the £1188.98

tiggrae

servalan wrote: »

Hi

I have received a letter back from GE Money saying that they didnt sell me the insurance and that it was conducted by a independent credit broker. As we were not presnt at the point of sale and they ask to take it up with the brokers. is this a standard letter back ? They have provided me with the address of the company in question do i now take it up with the broker or do i send the next letter to GE Money . Any advice greatfully accepted

Servalan - wasn't that a character off blake 7 ????

marshallka

tiggrae wrote: »

no because basically you would be asking the company to pay you back twice (ie in full for the mis selling and then again for an unfair rebate )

No, Tiggrae, I think i have confused you here. Its two separate loans with them and as i said the first loan is within the jurisdiction for the sale of the ppi and the second loan just falls outside the jurisdiction but is within jurisdiction for the unfair rebate. Thats what i meant.:D

Am i allowed (as i already have done) to make the claims to FOS on the same form.

di3004

Just read this now, did anyone or is anyone else aware of this ?:eek:

http://www.citywire.co.uk/Adviser/-/news/property-and-mortgages/content.aspx?ID=305861

I have just recently wrote to Endeavour Personal Finance too, so maybe its back to the HFC, any thoughts please folks, because I know the HFC were regulated I think 2001 or earlier ?

Cheers.

marshallka

di3004 wrote: »

Just read this now, did anyone or is anyone else aware of this ?:eek:

http://www.citywire.co.uk/Adviser/-/news/property-and-mortgages/content.aspx?ID=305861

I have just recently wrote to Endeavour Personal Finance too, so maybe its back to the HFC, any thoughts please folks, because I know the HFC were regulated I think 2001 or earlier ?

Cheers.

Wow Di, things are happening to your claims everyday:eek:

Its just the same as Firstplus closing. I don't think these companies can survive without the PPI sales. Maybe tiggrae could advise here.