PPI Reclaiming discussion Part II

di3004

Is everyone having a good bank holiday ?:D :j .

bhoywonder

marshallka wrote: »

bhoywonder wrote: »

Right, but what about this 50% refund. Who has said they will pay you that if they have. I am a little confused here???

The 50% refund was part of the PPI package agreed with picture, what they say is if you take out PPI we will refund 50% of your payments over a 5 year period. They hinge their selling on this issue and make it seem like it is costing you very little when in fact it will end up costing a fortune as this is only a small part of what you actually pay.

This is the main point of my argument with them If I am to receive 50% of what I have paid surely this should include interest too.

di3004

bhoywonder wrote: »

marshallka wrote: »

The 50% refund was part of the PPI package agreed with picture, what they say is if you take out PPI we will refund 50% of your payments over a 5 year period. They hinge their selling on this issue and make it seem like it is costing you very little when in fact it will end up costing a fortune as this is only a small part of what you actually pay.

This is the main point of my argument with them If I am to receive 50% of what I have paid surely this should include interest too.

Hi there.
Most of the mis selling in these policies are at least one of those complaints, I have had a few like that where they push in the 5 year single ppi over a 25 year cover.
And then told if you do not make a claim in the first 5 years of taking this they will refund you the 50% ......:rolleyes: , yep the usual stuff !
And yes your right, really its very costly and not worth it, they make it sound so good at the time.......:mad: .

When was the last time you heard from this company hun ?
Sorry if I have missed this bit.;)

Di.
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di3004

Just a quick message to the newbies.....;) .

As some may not be used to how this site works, if your waiting for a response to your question etc, please refresh the page now and again in case a reply is missed.;)

Hope you don't mind me mentioning this folks, when I was a newbie and requesting for some help I used to sit back a bit not thinking to do this.:D

Cheers.
Di.
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marshallka

bhoywonder wrote: »

marshallka wrote: »

The 50% refund was part of the PPI package agreed with picture, what they say is if you take out PPI we will refund 50% of your payments over a 5 year period. They hinge their selling on this issue and make it seem like it is costing you very little when in fact it will end up costing a fortune as this is only a small part of what you actually pay.

This is the main point of my argument with them If I am to receive 50% of what I have paid surely this should include interest too.

So if you have had a final response now then you can make a complaint with the FSCS or FOS whoever is dealing with Picture for the full refund plus interest and they should try to put you back into the position as if you never had the PPI (although claims are slightly different through the FSCS). You seem to be getting nowhere with them but get your claim in now. (You have to have had a final response from them though.. or 8 weeks have passed since you first made your complaint).

As regards your main argument, no they don't tend to pay you the interest on top of the 50%. They also forget to explain to you that you are actually paying interest on the PPI for the full term of the loan and not just the term that you are insured for.

di3004

Nipping off for a little while, back soon.:D :j .
Di.
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snupys

can anyone help with wellcome finance ?

di3004

snupys wrote: »

can anyone help with wellcome finance ?

Hi there snupys

Yes hun we can advise you the best we can, so is yours regarding a mis sold protection cover ?;)

When did you take out the loan ?

On what grounds do you believe you were mis sold ?

Just add here hun and one of us will be back to help.;)

Di.
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snupys

thanx , i ave 3 ppi s with wellcome 1st for car finance i took out in 99 which i think maybe out of date.2nd loan 15k 04 settle 06 3rd 27k 07 sent letter no reply on each occation i was told no ppi no loan i ave being self employed 9yrs

di3004

snupys wrote: »

thanx , i ave 3 ppi s with wellcome 1st for car finance i took out in 99 which i think maybe out of date.2nd loan 15k 04 settle 06 3rd 27k 07 sent letter no reply on each occation i was told no ppi no loan i ave being self employed 9yrs

Hi hun.
Okay if you believe you were mis sold get a complaint letter done, you will need to tell them that you believe you were mis sold on all 3 loans/ppi for your own reasons. (check out the page where it states above Reclaim £1,000's) there is a mis selling list, and letter templates, just delete what does not occur to you.

You may be okay with the last reclaim as they were covered by the FSA, and one before that you may be lucky as I believe they were covered by GISC, yet the first one I am uncertain about, but what this means is that if Welcome deny mis selling is that you can only take further to the financial ombudsman service if they were covered by the above stated, but you may be lucky if you try pursuing this together, because if they mis sold the last 2 then they cannot deny it on the first one either.

So yes, write to them anyway, give them your best shot, hopefully they will refund you all and put you in the position as if you did not have the ppi in the first place.

It seems you were defo mis sold if self employed where this may not have covered you.

Check this template out.
http://www.moneysavingexpert.com/attachment/ppitandc.rtf

Good luck, just yell if you need more help/info where one of us will get back to you.;)

Di.
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