PPI Reclaiming discussion Part II

spoll_2

maxdp wrote: »

Hi Spoll

Would be very cautious if they are upping offer think they may be teasing you. Do not know the figures you were meant to be getting back. If you have not pasted them on here then do so and somebody will be able to give you some idea. If you have done that already I apologise cause I must have missed it. Its like getting blood out of a stone with lots of these. Think they rely on everyone being desperate.:eek:

These are rough figures from memory but are close enough:

Single premium PPI: £10,000
Loan settle early after 6months
PPI rebate of £3,000

But bear in mind my Dad paid 6 payments, £90 of which was PPI.

So best case scenario for my parents would be to get £7000 back plus 8% plus the payments paid which is approx £500. So not knowing what the final calculation is I reckon somewhere between £7.5k and £10k to put them back in the position where they would be if they never had the PPI.

Also, in order to settle the loan early my dad is now further in debt as he had to borrow more to pay it off due to the PPI.

Thanks everyone for the quick responses - you are amazing...

marshallka

spoll wrote: »

These are rough figures from memory but are close enough:

Single premium PPI: £10,000
Loan settle early after 6months
PPI rebate of £3,000

But bear in mind my Dad paid 6 payments, £90 of which was PPI.

So best case scenario for my parents would be to get £7000 back plus 8% plus the payments paid which is approx £500. So not knowing what the final calculation is I reckon somewhere between £7.5k and £10k to put them back in the position where they would be if they never had the PPI.

Also, in order to settle the loan early my dad is now further in debt as he had to borrow more to pay it off due to the PPI.

Thanks everyone for the quick responses - you are amazing...

I really would not accept their offer here. Its up to you but I personally think thats a joke:eek:

maxdp

di3004 wrote: »

Good luck here hunni I hope you come out a winner here and I know you will.

If you don't mind me asking you hun, when you consolidated your first loan, did they rebate much from your first loan ?
As I assume even though these were mis sold is it just that of the remainder of the rebate that they did not give in a rebate your complaining on here ?
Cheers hun as I am in the same situation as you with one of my current reclaims.;)

(sorry if I have missed this along the line here hun).;)

Hi Di

Will e mail you letter from FOS and letter from Tiggrae and that should explain it. If not will be glad to explain as much as I can

maxdp

marshallka wrote: »

I really would not accept their offer here. Its up to you but I personally think thats a joke:eek:

Agree with Marshallka here.:mad:

di3004

This consolidation business can be quite confusing for some.

Now if consolidating for a new loan with the same lender, they rebate you, but where does that money really go ?
We do not see this as a cash sum but deducted from the loan itself.

Now if mis sold you would expect to be put back in the position of not taking the ppi.

So for example: ppi alone £8K, a rebate of £6K, your fighting for the remainder of the rebate of £2K, so what about the rest of it then that was used to rebate this off the loan ?
Because the full figure of ppi is used to calculate in with the loan, if there was not ppi in the first place then is it then this would not have been the case.

The way I see it, the ppi was in with the loan, mis sold and to be put back right they should refund the full figure on this.

Sorry for the confusion here folks but I have recently been asked by others over the road about these issues.

maxdp

di3004 wrote: »

This consolidation business can be quite confusing for some.

Now if consolidating for a new loan with the same lender, they rebate you, but where does that money really go ?
We do not see this as a cash sum but deducted from the loan itself.

Now if mis sold you would expect to be put back in the position of not taking the ppi.

So for example: ppi alone £8K, a rebate of £6K, your fighting for the remainder of the rebate of £2K, so what about the rest of it then that was used to rebate this off the loan ?
Because the full figure of ppi is used to calculate in with the loan, if there was not ppi in the first place then is it then this would not have been the case.

The way I see it, the ppi was in with the loan, mis sold and to be put back right they should refund the full figure on this.

Sorry for the confusion here folks but I have recently been asked by others over the road about these issues.

Hi Di

Have e mailed you.

On this case when loans are consolidated to new loan when the FOS or banks sort them out they seem to treat them as separate loans. They are not because the PPI from the first loan which they are then rebating they are not taking into consideration as to how it is affecting the 2nd Loan. Beware all on here make sure if consolidation loans that figures are correct.:eek:

spoll_2

marshallka wrote: »

I really would not accept their offer here. Its up to you but I personally think thats a joke:eek:

Thanks guys - I think we'll go with the FOS, should we send this latest letter to the FOS as part of our case? I would have thought that it all adds to our case and also do you think worth mentinoing to the FOS that as a result of the mis-selling my Dad is now in even further debt?

Also, included in the last letter Norton sent to my dad there was loads of information sheets about the PPI with all the conditions etc; my Dad said this is the first time he has seen them so again probably worth mentining to the FOS incase Norton say they provided all the info before he signed up to it? It will be our word against theirs but again may help us.

di3004

maxdp wrote: »

Hi Di

Have e mailed you.

On this case when loans are consolidated to new loan when the FOS or banks sort them out they seem to treat them as separate loans. They are not because the PPI from the first loan which they are then rebating they are not taking into consideration as to how it is affecting the 2nd Loan. Beware all on here make sure if consolidation loans that figures are correct.:eek:

Aww thanks sweetie, and thanks for your email too - much appreciated.

I will have to add mine on here again, yet the rebate I received was not a bad one but it was mis sold....... .

When we won our case from our loan advance through the FOS, I did note on his statement/findings etc that he adds these as separate loans where he stated that both me and hubby were then free to pursue the broker of this for the first sale of the loan/ppi, so that is when we decided to do this one now, but confusing issue this.

This one though is actually in with the FSCS now though due to the broker firm dissolving in May of this year, but also registered with the liquidators, so the FOS are unable to take this case on due to them not trading anymore.

So I thought they will require the figures for this.

maxdp

spoll wrote: »

Thanks guys - I think we'll go with the FOS, should we send this latest letter to the FOS as part of our case? I would have thought that it all adds to our case and also do you think worth mentinoing to the FOS that as a result of the mis-selling my Dad is now in even further debt?

Also, included in the last letter Norton sent to my dad there was loads of information sheets about the PPI with all the conditions etc; my Dad said this is the first time he has seen them so again probably worth mentining to the FOS incase Norton say they provided all the info before he signed up to it? It will be our word against theirs but again may help us.

Hi Spoll

I would send all information that you have to FOS. How old is you dad do you think he was treated fairly? Is he able to make decisions or do you think he was forced into taking these PPI out when he was perhaps not able to make correct decisions.

Sorry not being rude but do not know how old dad is etc and trying to get whole picture.

maxdp

di3004 wrote: »

Aww thanks sweetie, and thanks for your email too - much appreciated.

I will have to add mine on here again, yet the rebate I received was not a bad one but it was mis sold....... .

When we won our case from our loan advance through the FOS, I did note on his statement/findings etc that he adds these as separate loans where he stated that both me and hubby were then free to pursue the broker of this for the first sale of the loan/ppi, so that is when we decided to do this one now, but confusing issue this.

This one though is actually in with the FSCS now though due to the broker firm dissolving in May of this year, but also registered with the liquidators, so the FOS are unable to take this case on due to them not trading anymore.

So I thought they will require the figures for this.

Get figures on here Di. Or see how Tiggrae sorted figures out on my e mail. Take care:j