PPI Reclaiming discussion Part II

shelleyma

marshallka wrote: »

shelleyma wrote: »

If the policy cost you £1050 and they are paying you £1050 back what about the interest on the policy that you have paid and also how did you pay back the loan.?? Was it to the end of the term or early etc. If you are happy with the figure of £1050 have you got this in writing from them or just in this phone call??

I would try to post all details of the loan on here and someone can help you. If you put the amount of loan amount of PPI, repayment term, how many payments you made if you settled before the due date. Date of the loan, APR etc.

The compensation is really up to you. The Ombudsman puts around £200 on for this type of thing reading by other threads but like i say its up to you. You really need this in writing that they are paying you back though also.

Thanks for advice, think I need to dig out more paperwork!

cot1198

Di

I took out the loan with nemo in may 2006 and paid it off in july 2007 the ppi was single premium and was almost £10,000 added on top of the loan I only found out about mis-selling on this site the other week, to make matters worse the settlement figure was £2,000 more than borrowed even though I had made payments for 14 months

Cot

marshallka

cot1198 wrote: »

Di

I took out the loan with nemo in may 2006 and paid it off in july 2007 the ppi was single premium and was almost £10,000 added on top of the loan I only found out about mis-selling on this site the other week, to make matters worse the settlement figure was £2,000 more than borrowed even though I had made payments for 14 months

Cot

Was this settlement figure more than you borrowed on the loan or the loan with the PPI together. This is strange if you only took it out in May 2006. If you mean £2000 more than just the loan then ok but can you confirm.

cot1198

Hi marshallka

The settlement figure was £2000 more than the total cash advance for the loan plus the single premium PPI even though I had paid 14 months payments

di3004

cot1198 wrote: »

Di

I took out the loan with nemo in may 2006 and paid it off in july 2007 the ppi was single premium and was almost £10,000 added on top of the loan I only found out about mis-selling on this site the other week, to make matters worse the settlement figure was £2,000 more than borrowed even though I had made payments for 14 months

Cot

Our ending settlement was that of just over £66K for a loan of altogether £55K, even though we had cancelled the insurance after the cooling period they still included this amount in with the calculations.

It all started like this in November 2005 we had a loan of £43K, this was arranged by Eloan (Twopart) the brokers who had arranged this for us to have Nemo personal finance, well anyway me and hubby requested for a further advance in 2006 of £12K, we had learnt then from the media that we did not have to take the loans recommended cover but was forced into this without an option no matter what we said to them.
So in July we had taken out that loan and was trying to cancel within the 30 days of the ppi, they would not do this, so in September we had some advice from sites like these where we had put a letter together and told them of our rights of this but it was a very strong letter more or less.

Anyway, since then we had tried to pursue them for mis selling on the loan advance ppi (where I am now currently also working on the broker Twopart/Eloan), Nemo sent their final response and would not back down.

So Nov 2006 this went in to the FOS.

Then at the end of Aug 2007, our mortgage deal had ended prior to that but we have no choice but to remortgage where we had to also include paying Nemo off but also pay that extortionate amount back to them (66K).

The annoying part about it is if you cancel the ppi outside of the cooling period, when settling they still include the ppi amount in the loan amount, I was tamping but soon laughing when we beat them.:D .

The FOS will sort this out for you hun, it seems to be they suddenly have a lot of complaints against Nemo recently.;)

Who was your broker who arranged this for you hun, it may be that you have to go through them ?

Di.
x

corinne28

marshallka wrote: »

Then get the complaint sent off to the company that actually sold the PPI to you (if different to the lender) and then you have to give them 8 weeks for a full and final conclusion. Who was the company??

thanks Marshallka it was loan.co.uk I understand they have already been fined. In the template letter there is a couple of sections I could use. single premium policy section and already fined section which shall I use or shall I leave both in there?

marshallka

cot1198 wrote: »

Hi marshallka

The settlement figure was £2000 more than the total cash advance for the loan plus the single premium PPI even though I had paid 14 months payments

Right looks strange here. If you add the loan and PPI together, make 14 payments and then settle the loan and its more than you actually borrowed then it seems like rule 78 has been applied on your settlement and this was abolished in 2005.

this is an extract from the independant newspaper dated 29th May 2005

Tuesday, the Rule of 78 will be abolished on all new loans. Providers will now only be able to charge a maximum of two months' interest - as opposed to sums that have sometimes been much higher.
The reform will apply immediately for new borrowers. Existing ones who have loans for terms of 10 years or less, and want to settle early, will not benefit until 2007. Those with loans for longer than 10 years will not be covered until 2010.


http://www.independent.co.uk/money/loans-credit/punishment-eases-for-early-payers-of-debt-492393.html
It looks like they could have used this in your settlement when they should not. Can you find your t and c's and see what the settlement is in accordance to.

ie yours should be like this one

Early settlement penalty



This applies to fixed-sum loans taken on or after 31 May 2005 and that are regulated by the Consumer Credit Act 1974.
If the loan is paid off early, the lender may charge a penalty (subject to a set formula) of 30 days or 1 calendar month. This applies when the original loan term is more than 1 year and the advance is £25,000 or less. For terms of 1 year or less, no redemption penalty is payable.
This penalty is set out in the rules governing repaying loans early and is covered by the Consumer Credit (Early Settlement) Regulations 2004.

______________________________________________________________________




I take it your original loan was over £25K here?????It can still apply in unregulated agreements. Sorry looking now at the cost of your PPI it seems that yours was unregulated. Over 25K.

Can still be challenged though..

marshallka

corinne28 wrote: »

thanks Marshallka it was loan.co.uk I understand they have already been fined. In the template letter there is a couple of sections I could use. single premium policy section and already fined section which shall I use or shall I leave both in there?

State all your reasons for the misselling and try and adapt your own version and also note to them that you are aware they have already been fined by the FSA for this reason of misselling.

cot1198

Thanks Di

that gives me hope as my case looks like a simple one compared to yours
I delt direct with nemo, I still get calls from them now asking if I want another loan ha ha ha

cot

cot1198

do not have the T&C's but do have loan agreement and settlement figure supplied by nemo. Do you think the FOS would pick up on this if it is a mistake or would I need to draw their attention to it?