PPI Reclaiming discussion Part II

TwinsMum_2

Going to give the FO a ring in the morning, letter confirming that they are upholding my complaint is in some places little confusing (big words) but it all sounds good to me just want to check. So it now goes back to Central Trust who have to pay First Plus to re-structure the loan (I think) and then I get the PPI payments back along with compensation, always new I was right and to think I very nearly gave up. So please don't give up and thank you for your messages it is all thanks to finding this site and you lovely people that have kept me going and of course a BIG thank you to Martin for this site. I'm running out of things to re-claim on now and I have been lucky that I have been successsful with them all. Will post on success link when it is all sorted. Thank you again and if I can be of any help just YELL!!!!:rotfl: :beer: :money:

Tor82_2

Hi

Ive been offered a part refund in a cheque from first plus (£1800) and £5000 of the ppi will be absorbed in to my loan, any idea if they are allowed to do this? they said its in line with fsa guide lines but im not sure if it is!

TwinsMum_2

Tor82 wrote: »

Hi

Ive been offered a part refund in a cheque from first plus (£1800) and £5000 of the ppi will be absorbed in to my loan, any idea if they are allowed to do this? they said its in line with fsa guide lines but im not sure if it is!

I am guessing that this is what they are doing with me, some for me (what I have paid) and the rest into the loan interest etc, what basis did you re-claim on.

Kaia_2

Laini wrote: »

THANKS

I dont know if the FSA can help but the following information is now on their website concerning single premium PPI

have you tried ringing them to ask for advice?

LOL

Laini xx

---

We have conducted work on the sale of payment protection insurance (PPI), and published reports on this in November 2005 and October 2006. As part of this work, we looked at the refund terms in single premium PPI policies.
We were particularly concerned with terms that prevent consumers from receiving any refund of the premium if they want to cancel the PPI policy for any reason. For example if they repay the associated loan early, are no longer able to claim under the insurance, or simply do not want to have the cover any more ('nil refund terms'). We were also concerned with the fairness and transparency of refund terms.
We have now concluded our work on refund terms. The agreement reached with a number of trade associations means that firms should:

• not include nil refund terms in contracts with new customers;
• not rely on nil refund terms in contracts with existing customers;
• contact existing customers if their contracts contain nil refund terms to tell them how refunds will be dealt with in practice;
• treat their customers fairly if they need to reissue the associated loan in order to cancel the PPI;
• calculate the refund fairly taking into account their reasonably incurred costs, which may or may not result in a pro-rata refund; and
• include in new policies examples or a table to illustrate how refunds will be calculated to improve the transparency of refunds.

This has been achieved through us working with the trade associations to achieve concrete benefits for consumers.
We are monitoring firms' compliance with this agreement carefully. We will raise non-compliance with firms to ensure they take steps immediately to treat their PPI customers fairly. Where we are not satisfied that this is the case we will take further regulatory action as appropriate. We will also be visiting a sample of firms – as part of the next phase of our wider PPI work – to verify that our outcomes for this are being delivered in practice.

---

HOPE THIS IS HELPFUL



XX:rolleyes:

Hi Laini,
Thanks for that x
I did contact the FSA, but they said as FF wasnt regulated at the time they were unable to help
...will read up on the above...thanks, much appreciated

tiggrae

Kaia wrote: »

Sorry tiggrae...I just dont understand how on earth do I work out how much of my monthly payments was paying off PPI, I just dont get it....the loan was for £18,000 and £2021.33 added at the start ( I think they call it front loaded), then an interest amount of £125.84 was added and then payments of £220.43 were made monthly.
How do I work out how much of that £220.43 was for the PPI ?????????
Please could you explain.....sorry to be so blonde ! lol

OK what is the amount of the loan plus the interest and how many months did you take it out over ?

tiggrae

georgie250 wrote: »

Hi, My parents had their house repossesed 13yrs ago, My dad had to have heart surgery and was off work for a year, it was fine untill he claimed on the insurance then they said that they wouldn't pay out as he was self employed, which he wasn't and that he had had a heart problem before, which he didn't know that he had it untill he went for a medical. They then went to court and the judge said that their was nothing he could do as the company had found a loophole and that they could wiggle themselves out of it.
I think that they were miss sold the policy in the first place a he was never asked about previous illness and he didn't know that he was ill when he took the policy with the morgage.
Do you think that they have grounds to claim as through none of their fault they lost their house. Also the company have been taken over by someone else, would that effect it.

Unfortunately, I think that you'll find that under the Statute of Limitations Act 1980 you have 6 years in which to make a claim, as this is 13 years ago a court wouldn't allow a case to be brought.

tiggrae

angelwillow wrote: »

Can you take them to court even if you don't know the exact amount due? Barclaycard,MBNA and GE Money are ignoring my requests for details saying we are not refunding you and will not enter any further discussion on the matter.

under the data protection act you have to right to make a Data Subject Access Request - which costs £10 - write to each enclosing a £10 cheque and they are obliged to send you details of your statements.

Kaia_2

tiggrae wrote: »

OK what is the amount of the loan plus the interest and how many months did you take it out over ?

loan is 18k
with an extra £2021.33 added at the start for PPI

over 16 yrs.....monthly repayments were £220.43 to start with and went up slightly over the years with increasing rates etc, current monthly payment is £254.
Loan is still active, in its 6th year now....so the 5 yr policy would have ended last July 2007, and loan ends in 2018.

I have no idea what total cost of loan is with interest, never been given a figure.....but looking at an old statement I can see that for every £220.43 paid.....£175 of it went in interest.

Thanks for your help

doingmybest_3

TwinsMum wrote: »

Going to give the FO a ring in the morning, letter confirming that they are upholding my complaint is in some places little confusing (big words) but it all sounds good to me just want to check. So it now goes back to Central Trust who have to pay First Plus to re-structure the loan (I think) and then I get the PPI payments back along with compensation, always new I was right and to think I very nearly gave up. So please don't give up and thank you for your messages it is all thanks to finding this site and you lovely people that have kept me going and of course a BIG thank you to Martin for this site. I'm running out of things to re-claim on now and I have been lucky that I have been successsful with them all. Will post on success link when it is all sorted. Thank you again and if I can be of any help just YELL!!!!:rotfl: :beer: :money:

Good news. How long was your case with the FOS?

mishnewclaimer

i am trying to reclaim ppi from natwest,they have sent me a questionaire but say it is not compulsary to fill in.is there a template letter to send telling them why i wont be answering their questionaire.