PPI Reclaiming discussion Part II

maxdp

marshallka wrote: »

Anyone know how the FOS work out unfair rebates of PPI??????

Morning Laini, hope you have calmed a bit but must say i would still be mad..

Hi Marshallka

Can let you have copy of letter I received from FOS if that would help.

marshallka

maxdp wrote: »

Hi Marshallka

Can let you have copy of letter I received from FOS if that would help.

that would be great maxdp. thanks:D

marshallka

OUr PPI with Firstplus cost us (if my calculations above are correct) £8937.60 of which we got £91.94 back. Therefore for the 39 months we had the loan it actually cost £226.81 per month. What will the FOS think of that do you think?? Do you think he will think its a little unfair??

I would like to know how they then look at what is fair..

maxdp

Have e mailed you.:D

marshallka

maxdp wrote: »

Have e mailed you.:D

thanks maxdp.

tiggrae

quisait wrote: »

Sorry forgot.

If they gave me some kind of refund of money when I settled, do I still get everything back?

no, it would be minus the settlement figure

tiggrae

chriiiiiiiis wrote: »

Hello,

I sent my complaint letter to Barclays in May, and I've just had my response. They are unable to uphold my complaint for the usual reasons - Signed documents etc. I know for a fact that I was mis-sold the policy and will continue to fight.

But, I've just had a look at my loan/PPI agreement and on the section where I sign on the dotted line, it states:

"I wish to purchase Barclayloan Payment Protection ( ) please tick.
I understand that I am purchasing the product ticked above on credit provided by you and that the terms relating to the credit for the products can be found under Key Financial Information and Other Financial Information set out in this agreement.

Signature of Borrower

(x - where the banker has asked me to sign) -My signature-

Please tick and sign in the above box to confirm that you want to proceed with your Barclayloan Payment Protection application."

I have not ticked the box. But I've signed the agreement. There is another statement on the same document which asks me to sign the Credit agreement for the actual loan. Next to both of the signature boxes, are ticks were the person who sold me the policy has obviously asked me to sign. Does this clearly show that I have only ticked the boxes where I have been asked to. Does this mean anything? Is there any hope for me?

Thanks very much in advance.[/quote
take your complaint to the financial ombudsman service - you can download the complaint form from their website

di3004

miffythesmartbunny wrote: »

hi di3004,

he took it out about 3 years ago i think. i doubt very much that he'd have kept the paperwork, he's a man! but maybe my mum put it somewhere safe for him.

what should i look out for in the paperwork?

does he have grounds for claiming the product was missold just because the agent was pushy about it?

thanks

miffy

Hi there Miffy.

Yes if the sales agent was pushy your son still has the chance to reclaim this back.;)

At the end of the day it was a pressurised sale and your son assumed he had to take the product to be able to have the credit, and also mention that this product was not explained to him where he may have not been eligible for this cover.

With your son being so young he was highly likely to have been vulnerable, so yes hun, get a letter in and tell them just that, and tell them if they do not uphold this complaint and refund what is owed on the PPI plus interest, also 8% interest of what a court would award you will not hesitate but complain to the Financial Ombudsman Service.
They have 8 weeks to get back to you on this.

Now paperwork wise, they should be able to provide copies of this for your son, ask your son to contact the company as they should keep all records on data/maybe microfiche for at least 6 years.
Give it a go.;)

Give us a yell if you want more help here hun.

Good luck!

Di.
x

tiggrae

marshallka wrote: »

So is this how i work out this claim then Tiggrae- its an old one (just testing my calculation method?????) but i need to know something

Loan 17000 January 2000
ppi 4163
ppi element was 19.6% (4163 / 21163)
made 39 repayments of £285.00 so 19.6% of 285 is £55.86 (PPI of the repayments x 39 = 2178.54 (PPI paid)

loan total with interest £45600 (160 repayments of £285) with interest x 19.6% = 8937.60 (Total PPI with interest)

8937.60 minus the repayments made on the PPI element 2178.54 minus the insurance rebate of 91.94 = 6667.12

6667.12 + repayments made 2178.54 = 8845.66 total claim plus statutory interest of £3862.68 = £12708.34

Tiggrae, can you confirm the figures please or tell me where i have done wrong or does this look right.

Is this how the FOS work them out????

Really glad i put that Firstplus unfair rebate in if I am right on these.....:mad: Been done out of quite a bit according to this.

done using your method that you did for me here on my co-op one ages ago

looks fine but not sure how you worked out the statutory interest ?

tiggrae

marshallka wrote: »

Anyone know how the FOS work out unfair rebates of PPI??????

Morning Laini, hope you have calmed a bit but must say i would still be mad..

the FOS don't work them out - they tell the business to work them out and it's up to you to check that you think they are correct - if not you can go back to the ombudsman and complain about the calculation