PPI Reclaiming discussion Part II

quisait

Hi folks

I've just had a letter today saying that I am going to get a full refund of my PPI plus interest.

Can I ask what am I looking to get back?

I took out a loan over 6 years. Over that 6 years I was going to be charged £2131.20 PPI plus interest of £414.00

I paid off the loan after three years.

Does that mean I can basically divide £2545.20 by 72 months to get £35.35 and then times this by 36 to arrive at my refund?

The wording is basically this "we have decided to pay you an amount which will put you back in the position you would have been in had you not taken the insurance".

I did phone them and ask what I would get but was told that another department deals with that.

When pushed further I was told that it was being classified as a full refund of the premiums that I had paid.

Any advice is greatly and eagerly anticipated!

di3004

quisait wrote: »

Hi folks

I've just had a letter today saying that I am going to get a full refund of my PPI plus interest.

Can I ask what am I looking to get back?

I took out a loan over 6 years. Over that 6 years I was going to be charged £2131.20 PPI plus interest of £414.00

I paid off the loan after three years.

Does that mean I can basically divide £2545.20 by 72 months to get £35.35 and then times this by 36 to arrive at my refund?

The wording is basically this "we have decided to pay you an amount which will put you back in the position you would have been in had you not taken the insurance".

I did phone them and ask what I would get but was told that another department deals with that.

When pushed further I was told that it was being classified as a full refund of the premiums that I had paid.

Any advice is greatly and eagerly anticipated!

Hi there hun and good to see you made it here.;)

Tiggrae should be along later who will confirm this to you, or one of the others who are used to dealing with this actual issue of how this was worked out.

Di.

catinthehat1

marshallka wrote: »

Hiya catinthehat.

So the FLA actually helped with this??

It seems so, as GE only offered me £39 to start with they have offered and extra £70;)

di3004

catinthehat1 wrote: »

It seems so, as GE only offered me £39 to start with they have offered and extra £70;)

This is interesting.;)

Maybe we have some hope yet when it comes to the FLA.:D

Thanks for mentioning this catinthehat1.:beer:

marshallka

catinthehat1 wrote: »

It seems so, as GE only offered me £39 to start with they have offered and extra £70;)

catinthehat, why not start a thread of the FLA as on Martins PPI thingy it says about the FLA but also states that he has had no feedback as yet. Perhaps this may help others.

Good old FLA i say!!!!!

di3004

What a good idea Marshallka.;)

That is another forum I want to get looking at.

Good one Catinthehat1.:beer:

marshallka

di3004 wrote: »

What a good idea Marshallka.;)

That is another forum I want to get looking at.

Good one Catinthehat1.:beer:

Its here on Martins PPI reclaiming guide


What to do if the Ombudsman doesn’t have jurisdiction
This does make things a little more difficult. Generally the FOS will put you in touch with another organisation, either an official one or a trade body that may be able to hear your complaint; someone like the Finance & Leasing Association or Association of British Insurers.
If this happens it makes getting a payout more difficult (though I’m still waiting for feedback on this process as this is so new), though it's still worth following it through. Please report your experiences in the PPI Non-FOS Reclaiming discussion.




Although he states here to pur posts on the PPI Non-FOS Reclaiming I think we need a FLA success's and failures thread. Just to see how many people they do help.

amtrakuk

tiggrae wrote: »

yes you can

Thanks... Already done my draft letter ready for recorded delivery tomorrow. I've paid 236.39 over 39 months. Am I right in thinking PPI is about 15% (Im sure i read that on here somewhere). If the claim is successful, would i get 15% of the £9219.21 paid?

di3004

marshallka wrote: »

Its here on Martins PPI reclaiming guide


What to do if the Ombudsman doesn’t have jurisdiction
This does make things a little more difficult. Generally the FOS will put you in touch with another organisation, either an official one or a trade body that may be able to hear your complaint; someone like the Finance & Leasing Association or Association of British Insurers.
If this happens it makes getting a payout more difficult (though I’m still waiting for feedback on this process as this is so new), though it's still worth following it through. Please report your experiences in the PPI Non-FOS Reclaiming discussion.




Although he states here to pur posts on the PPI Non-FOS Reclaiming I think we need a FLA success's and failures thread. Just to see how many people they do help.

When the FOS could not look at my Endeavour (mis selling) complaint, they added the FLA's details and the name of the person, but the feedback I had from the FLA was that they could not help .
Think was because they were not covered by them, I cannot remember.:rolleyes:

Then I do wonder why the FOS suggested them.

marshallka

di3004 wrote: »

When the FOS could not look at my Endeavour (mis selling) complaint, they added the FLA's details and the name of the person, but the feedback I had from the FLA was that they could not help .
Think was because they were not covered by them, I cannot remember.:rolleyes:

Endeavour Personal Finance Limited is another main supplier of secured loans to consumers and provides its lending via a panel of specialised brokers. It is an active member of Finance Industry Standards Association (FISA), and of the Finance and Leasing Association (FLA).