PPI Reclaiming discussion Part II

pinknico

Hello helpful people!
Could anyone tell me that if you win a mis selling claim is the insurance then taken off the loan and new monthly payments worked out or do you just get the rebate the company offer you when you ask to cancel the loan?
I am asking this as before I started my claims I asked what I would get if I cancelled the PPI and from £19000 insurance (not including interest) I would only get £2500 ish and only reduce the monthly payments by £20 a month so would like a better outcome with my claim.

Busta_3

so wait there, ive been reading a few post about what year you can claim from, are we saying you can claim anything from2001, and what if you have paid off the loans in full from 2001?

well today i rang halifax to cancel the PPI, and they said that i might have to take out a different loan for it, or they were going to try some other way, but this needed to be dealt with by the 'Redress team' or some name like that, the fact is i have 2 loans, both which finsih in 2010, i would love to see what they will attempt to offer, consdering they know my case is with the FOS, and know it has been since jan 08.

Also sending my letter and eveidnce of my financial hardship off, planning on doing it tmorro.

any comments or thoughts?

marshallka

pinknico wrote: »

Hello helpful people!
Could anyone tell me that if you win a mis selling claim is the insurance then taken off the loan and new monthly payments worked out or do you just get the rebate the company offer you when you ask to cancel the loan?
I am asking this as before I started my claims I asked what I would get if I cancelled the PPI and from £19000 insurance (not including interest) I would only get £2500 ish and only reduce the monthly payments by £20 a month so would like a better outcome with my claim.

Usually if you do win you get the money back as a cheque. Has your claim gone to FOS.

pinknico

marshallka wrote: »

Usually if you do win you get the money back as a cheque. Has your claim gone to FOS.

No still in the first letter stage on both loans.But ever hopeful:rotfl:

Laini

Hi everyone

hang on -grrrrr just burnt my toast
no news from NEMO
but barclaycard will only give me 120 for my charges not the 588- not putting up with that so they will be getting a letter.
they havent replied about the PPI yet so will update when I get some news.
its been busy on here today will take me a while to catch up and read your posts

Laini xxx

pinknico

Me again! ( sorry )

I am trying to work out if I got a rebate for my insurance when I paid up my loan in full ,this was a single premium 5 year policy taken out in 2003.

LOAN £17000

INSUANCE £4420

TOTAL £21420

180 PAYMENTS AT £222.18

SETTLEMENT FIGURES 2006

BALANCE £35133 :eek:

ADDITIONAL CHARGES £20

TOTAL PAYABLE £35153

INTEREST REFUND £13659.84

SETTLEMENT FIGURE £21493


so i am assuming no insurance rebate?

di3004

Laini wrote: »

Hi everyone

hang on -grrrrr just burnt my toast
no news from NEMO
but barclaycard will only give me 120 for my charges not the 588- not putting up with that so they will be getting a letter.
they havent replied about the PPI yet so will update when I get some news.
its been busy on here today will take me a while to catch up and read your posts


Laini xxx

Laini hunni, there's a post over the road for you in case you missed it...:D .xx

marshallka

Busta wrote: »

so wait there, ive been reading a few post about what year you can claim from, are we saying you can claim anything from2001, and what if you have paid off the loans in full from 2001?

well today i rang halifax to cancel the PPI, and they said that i might have to take out a different loan for it, or they were going to try some other way, but this needed to be dealt with by the 'Redress team' or some name like that, the fact is i have 2 loans, both which finsih in 2010, i would love to see what they will attempt to offer, consdering they know my case is with the FOS, and know it has been since jan 08.

Also sending my letter and eveidnce of my financial hardship off, planning on doing it tmorro.

any comments or thoughts?

You may have an offer from them, who knows but singlep posted on here earlier where companies are now offering people lower refunds knowing that FOS has a long waiting list and then they are using this thing about whether people are desperate enough to accept it. Don't let them rip you off.

Do remember though that your loan is probably statute barred now (over 6 years since the actual sale of the ppi) and you could only realistically go for an unfair rebate i think. Let us know what they offer though and i am sure tiggrae will let you know if it should be acceptable.

di3004

pinknico wrote: »

Me again! ( sorry )

I am trying to work out if I got a rebate for my insurance when I paid up my loan in full ,this was a single premium 5 year policy taken out in 2003.

LOAN £17000

INSUANCE £4420

TOTAL £21420

180 PAYMENTS AT £222.18

SETTLEMENT FIGURES 2006

BALANCE £35133 :eek:

ADDITIONAL CHARGES £20

TOTAL PAYABLE £35153

INTEREST REFUND £13659.84

SETTLEMENT FIGURE £21493


so i am assuming no insurance rebate?

Hi there hunni.
I expect there will be a rebate due to you hun, I think perhaps Tiggrae, or M Colak could maybe check this for you and let you know.;)

Good luck !
Di.
x

Busta_3

marshallka wrote: »

You may have an offer from them, who knows but singlep posted on here earlier where companies are now offering people lower refunds knowing that FOS has a long waiting list and then they are using this thing about whether people are desperate enough to accept it. Don't let them rip you off.

Do remember though that your loan is probably statute barred now (over 6 years since the actual sale of the ppi) and you could only realistically go for an unfair rebate i think. Let us know what they offer though and i am sure tiggrae will let you know if it should be acceptable.

thanks for getting back to Marshallka, well i only rang them to take the PPI off cos honestly i am financially struggerling, but he said he was reffering it to the redress team, i did see on one of my loans that the PPI i would pay was like in the region of £3000, never mind the smaller loan, plus the ones i paid off early, so we'll see i guess, but thanks for that imnot prepared to get ripped off though, why should, i will keep fighting the course!!!!!