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PPI Reclaiming discussion Part II

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Comments

  • m.colak
    m.colak Posts: 1,087 Forumite
    missljm wrote: »
    Thanks very much for this. I'll fire a letter off asap to the cheeky monkeys, I assume this is a standard tactic they use to avoid paying out?

    No it gets them out re structuring the loan. Remember check the refund/rebate and ask for a full breakdown and that you don't see any reference to rule 78 else come back and tell us. Ps make sure they restructure the loan or you'll have to go down the complaints procedure again.
  • Anne.Jade
    Anne.Jade Posts: 127 Forumite
    Laini wrote: »
    thanks for the info
    I am waiting for SAR from them as I cant find all the paperwork so not sure if the ppi was signed on separate sheet.

    good luck with yours too!!
    lol
    Laini xxx:j


    Hi Laini

    If it helps, I've got copies of my two Agreements with them, one Oct 05 and the other in July 06 and the PPI is not on a separate Agreement but it is in a separate box on the Agreement where you have to tick and it states a little bit about the terms ie that you understand that you are purchasing the ppi on credit and that the cover only lasts for five years.
  • missljm
    missljm Posts: 27 Forumite
    m.colak wrote: »
    No it gets them out re structuring the loan. Remember check the refund/rebate and ask for a full breakdown and that you don't see any reference to rule 78 else come back and tell us. Ps make sure they restructure the loan or you'll have to go down the complaints procedure again.

    Sorry I don't think I fully understand your reply. A full breakdown of what? also what is rule 78?

    Ta.
  • m.colak
    m.colak Posts: 1,087 Forumite
    missljm wrote: »
    Sorry I don't think I fully understand your reply. A full breakdown of what? also what is rule 78?

    Ta.

    Ok is your rebate/refund for your PPI? Does it reflect the amount you have already paid and is the amount you have left to pay significantly reduced due to the original PPI being removed with all the payments - PPI taken into consideration? Did you get a breakdown of the calculations relating to the Rebate? Rule 78 was the method they utilised before but has been illegal for the last 3 years and they mights still be using it.
  • missljm
    missljm Posts: 27 Forumite
    Ah...I understand now. The reclaim was for PPI, and no there was no breakdown, just an amount and no reference to loan reductions or new date of final payments. I think the PPI was front loaded and this is the amount I have paid already plus some interest.
  • m.colak
    m.colak Posts: 1,087 Forumite
    missljm wrote: »
    Ah...I understand now. The reclaim was for PPI, and no there was no breakdown, just an amount and no reference to loan reductions or new date of final payments. I think the PPI was front loaded and this is the amount I have paid already plus some interest.

    I which case you should get the full amount back plus interest but there will be no change in the payment scheme's. Providing you already had paid enough to pay for the PPI plus interest originally. I would ask for a breakdown though.
  • Laini
    Laini Posts: 448 Forumite
    Anne.Jade wrote: »
    Hi Laini

    If it helps, I've got copies of my two Agreements with them, one Oct 05 and the other in July 06 and the PPI is not on a separate Agreement but it is in a separate box on the Agreement where you have to tick and it states a little bit about the terms ie that you understand that you are purchasing the ppi on credit and that the cover only lasts for five years.

    Thanks
    where is the box so I know where to look for it on the agreement -we signed nov 2006

    going to have a look


    No there is no tick box it just says other financial information section
    you have applied to purchase pppi the cash price for this is 17,143.00
    this includes insurance premium tax at 5percent


    ????
    still fighting for my money !!!
  • lozyeates
    lozyeates Posts: 7 Forumite
    Hi all

    I'm just starting on the road to reclaim my PPI - I don't intend to let them get away with it!!!!!

    Would appreciate some advice - have looked through a lot of the threads but can't seem to find what I'm looking for.

    Took out a large secured loan 5 years ago (5 years this June) over a 15 year period. Was told had to take out PPI to get the loan, wasn't told it was only for 5 years, it was all done over the telephone and they ticked all the boxes and insisted I get the documents back to them within 24 hours as the 'special rate offer' was due to expire.

    Was made redundant Christmas 2007 and so had to claim - this is when I found out that I would only get 12 months worth of payment cover. My insurers have made 3 payments, and I have now received a letter telling me that my policy expires in June and so my payments will cease then also!!

    I've rang the company and have been given the standard 'not our fault, you should have read your policy documents and as we wern't registered at the time....yada yada yada. I'm going to get my papers together and write to them again - but I have a claim on the policy. So, my question is this...if I reimburse them the 3 payments they have made can I then claim back my PPI in full as though there is no claim? My premiums (full up front policy added to the overall total of the loan) amount to £12,221, this amont of money would help me more than the insurers paying my loan payaments for 12 months - this is also another bone of contention as I was never told it would only cover 12 months of loan payments either.


    Thanks

    Lorraine

    PS: have successfully recovered over £3k from my bank/credit cards thanks to Martin and his site - what a champion!!

    I originally posted the above 3 April, since then I've had a 'final response' from the company - Central Trust. They've told me that they were not under the realm of any regulatory body and so they reject my claim. Does this mean that I need to look at using the Consumer Credit Act? They've said to go to the FO, but what's the point if they have no duristiction (S?) as I took out the loan 5 years ago.

    Please - any advice would be greatly appreciated.

    Lorraine
  • sparky0107
    sparky0107 Posts: 3,496 Forumite
    Debt-free and Proud!
    Morning everyone,
    Could you take a look at the wording of this letter to Halifax, and see if it reads OK or if I need to alter anything?

    Dear Sir or Madam,

    Thank you for your remittance of £378.24 in regards to my claim for mis-selling of Payment Protection Insurance (PPI). I accept this sum, as a gesture of goodwill. Not full and final settlement. You have not added the 8% statutory interest of £30.26, which would have been added had I taken my complaint to the County Court.

    Unless I receive this 8% statutory Interest I will be taking this matter to the Financial Ombudsman Service (FOS).

    Yours Sincerely
    Sparky0107 - Sealed pot challenge member #002. Total for SPC3 £1,030.57 Total For SPC 4 £2247.00 Total for SPC 5 £2574.62 :T Total for SPC 6 £4552.91:T
    :rotfl:LC2 & Jakes-Mum are off their heads :rotfl
    :j DEBT FREE AS OF 20/01/2012 :j
  • m.colak
    m.colak Posts: 1,087 Forumite
    sparky0107 wrote: »
    Morning everyone,
    Could you take a look at the wording of this letter to Halifax, and see if it reads OK or if I need to alter anything?

    Dear Sir or Madam,

    Thank you for your remittance of £378.24 in regards to my claim for mis-selling of Payment Protection Insurance (PPI). I accept this sum, as a gesture of goodwill. Not full and final settlement. You have not added the 8% statutory interest of £30.26, which would have been added had I taken my complaint to the County Court.

    Unless I receive this 8% statutory Interest I will be taking this matter to the Financial Ombudsman Service (FOS).

    Yours Sincerely

    change i accept this sum, as a geasture of goodwill to:

    I accept this sum without prejudice but not as full and final settlement.
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