PPI Reclaiming discussion Part II

marshallka

di3004 wrote: »

Well done and good for you.:beer:

My hubby has his car insurance with direct line, and had been with them for a good few years now, yet he does have a Subaru Impreza, and they have been pretty good, we have just in case tried elsewhere for quotes but none of them beat direct line.

So meanings as we are with these for the car insurance we may as well get a quote online for these for the house insurance, because they do give a bit of a discount don't they if you already have another product with them ?;)
Crafty though I think, the prices are a lot lower online and yet when you phone they suddenly shoot up......:eek: .

My House insurance works out £412.59 a year on this new one, stuff them, I know I can get the same covered for cheaper than that, and I think they are just punishing us for all the complaints we have made on the PPI's lol.......:D .

We did the same with the car insurance too and cancelled and took out again online with Direct LIne. You do get double discounts if you have contents etc as well.

cot1198

Hi all

thanks to marshallka's advice I have sent a request letter to ocean finance today concerning the PPI they arranged for my loan with Nemo, not that I don't trust nemo to pass thecomplaint on as they said they would but better safe than sorry. I have enclosed copies of the loan agreement the letter from nemo saying the complaint lies with ocean and other bits and bobs. Sent recorded delivery at lunch time so lets wait and see.

tiggrae

lonely2 wrote: »

Quote:
Originally Posted by lonely2
Hi. Wondering if anyone can help.

In 2006 I took out a loan Northern Rock and they advised me at the time that taking the PPI would increase my chances of the loan request being accepted so I took it even though my job pays 6 months full then 6 months half pay and has a "no redundancies" policy.

I am now on a Debt Management Plan and Northern Rock have been one of the easier ones to deal with - accepting my reduced payments and not giving me too much hassle.

The only thing is, before I started my DMP I asked for a settlement figure and then when I started making the reduced payments they frontloaded all the interest AND PPI which increased the outstanding balance by over £5,000.

My questions are:

1) Do you think I was mis-sold the PPI in the first place
2) Can they really add all the PPI to the outstanding balance even though
by defaulting on my loan it would not pay out anyway
3) If eligible, is it worth trying to reclaim or will I just upset them and make
them more difficult to deal with re my DMP - I'm scared in case they
get tough and put a charging order on my house or something

Any help appreciated

Thanks

Hi if they told you you had to have the PPI then that is mis selling

yes, they can if it is a contract term (not saying it's right, but yes they can do it)

It shouldn't upset them, but what may happen is that they'll knock the PPI you've paid off the outstanding balance

marshallka

tiggrae wrote: »

by the looks of it I would say yes, but looking at it there is a 12 month limit of making a claim against the 'old' ombudsman schemes but the 'new' ombudsman has the discretion to overturn this 12 month limit

Do I have to do anything then now with my claim or will they (the FOS) know this already and apply the relevant codes etc.???

marshallka

cot1198 wrote: »

Hi all

thanks to marshallka's advice I have sent a request letter to ocean finance today concerning the PPI they arranged for my loan with Nemo, not that I don't trust nemo to pass thecomplaint on as they said they would but better safe than sorry. I have enclosed copies of the loan agreement the letter from nemo saying the complaint lies with ocean and other bits and bobs. Sent recorded delivery at lunch time so lets wait and see.

Good for you:D . Hope you get a result . Let us know.

di3004

cot1198 wrote: »

Hi all

thanks to marshallka's advice I have sent a request letter to ocean finance today concerning the PPI they arranged for my loan with Nemo, not that I don't trust nemo to pass thecomplaint on as they said they would but better safe than sorry. I have enclosed copies of the loan agreement the letter from nemo saying the complaint lies with ocean and other bits and bobs. Sent recorded delivery at lunch time so lets wait and see.

Hi hun
Yes you have done the right thing here and not only that you don't know when they would do this and at least you can keep an eye on the timescales.
Good luck!

Di.
x

tiggrae

di3004 wrote: »

I have a question to ask here before I forget......:o

Right then:
A loan arranged through a broker to a lender where the following year you have a loan advance (new loan advance) with that same lender, now here they should then recalculate the loan rebate before going into a new advance loan agreement.
Even though you don't really see this money they knock off in rebate what you have not used, so if you use something like 8 months of that first cover they rebate the rest, plus interest etc.

(If I am incorrect in any way please let me know because this is for a mate but a favour for me too) cheers.;)

Now from here you realise you were mis sold on the first Loan ppi, is it only that of the amount of the remainder of the rebate you can claim back to put you back in the position as if you did not have the ppi in the first place ?

For example a cover for £10K, a rebate of £3K were given when ending the first loan for a new loan advance, but you don't actually see it but it just comes off the amount of the loan itself ???
So if you were to reclaim would it be that of the £7K plus interest, minus charges etc etc ?

I would like to be certain of this myself too for one of my reclaims.;)
Because if it was mis sold there is always those that interest is added on top that would not have been there either. And the loan itself would have been obviously recalculated on its own if ppi were not taken out in the first place.

What are your thoughts folks ?
Tiggrae are you still here hun ?
Cheers so much.

Di
x

yes, if it's mis selling then it's £10k - £3k rebate = £7k

if you were going for unfair rebate only and not mis selling it would by the amount you'd paid (say £2k) so that would be £10k - £2k - £3k = £5k

tiggrae

marshallka wrote: »

Do I have to do anything then now with my claim or will they (the FOS) know this already and apply the relevant codes etc.???

if the guy you spoke to the other day says they can look at it then I don't think you need to do anything but you might want to ring back and check with him - remember it's at their discretion as it's past the 12 month limit, but if he asked you why it had taken so long to complain then I think they will be using there discretion on this one (ie because you didn't know you could!!)

di3004

tiggrae wrote: »

yes, if it's mis selling then it's £10k - £3k rebate = £7k

if you were going for unfair rebate only and not mis selling it would by the amount you'd paid (say £2k) so that would be £10k - £2k - £3k = £5k

Marvellous thanks hun, just wanted to double check on this.:D
Cheers.;)

di3004

Just received an email back from the FOS about requesting "fast tracking":

Dear Mrs XXXXX

Thank you for your e mail.

Taking into account your comments below, I have passed your case file to a manager to see if your case can be fast tracked. Please forward to [EMAIL="casework.support@financial-ombudsman.org.uk"]casework.support@financial-ombudsman.org.uk[/EMAIL] the other complaints that Mr (hubby) has lodged with us and we will arrange for them to be passed to a manager to see if they can be fast tracked. Also please attach to your e mail a copy of your comments below.

We will be in contact with you as soon as we can.

Kind Regards