PPI Reclaiming discussion Part II

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...

Spoll just had a thought here. When you settled the loan and got the 3K back you also would have paid interest on this single premium for the full term of the loan so in the settlement would be this interest as well. You are going to have to post the details of the loan if you are wanting to know the true cost of the PPI. We need the loan amount, ppi amount, dates etc. If you want any more help just shout.

It will not just be a straight forward payment like you have done. Its the £7000 plus interest on settlement plus statutory interest as well.

maxdp

spoll wrote: »

Thanks - no matter how confident any of us are it's a gamble if we go to the FOS; we just hope that the FOS end up reaching the same conclusion as us Even if our claim is turned down I wouldn't hold anybody on here even partially responsible as without everyones help we wouldn't even be in with a chance.

If you go to FOS you do not have to accept their decision you can still take it to the courts if you are not happy. You have to be very careful how things are worded if you go down that route.:D

spoll_2

maxdp wrote: »

Hi spoll

Thank you for explaining but Mental Capacity does not just mean people are old it means they may not be able to make informed choices. That could be anything as in PND Post Natal Depression, Bi Polar Disorder Schizophrenia or mental health breakdown perhaps even stress. It is about being able to make choices which are beneficial for you. Know this has not been bought forward before but am wondering if this may make a difference. It may also be somebody who has a low IQ so then not able to make practical choices.

Not wanting to label your dad but just putting it in to the pot.:D

Thanks maxdp - I appreicate your help and suggestions here and this angle is certainly not something I've even thought of up until now. I do think though we may be pushing it a bit in our case but certainly I think it's a very important point that others should consider.

spoll_2

marshallka wrote: »

Spoll just had a thought here. When you settled the loan and got the 3K back you also would have paid interest on this single premium for the full term of the loan so in the settlement would be this interest as well. You are going to have to post the details of the loan if you are wanting to know the true cost of the PPI. We need the loan amount, ppi amount, dates etc. If you want any more help just shout.

It will not just be a straight forward payment like you have done. Its the £7000 plus interest on settlement plus statutory interest as well.

Marhsallka I don't have the exact details and maybe this is something I post if we win I think the total cost of the ppi was something like 18k over the term.

Especially if as you say the amount owed would be signifantly more than the 7k, I wouldn't want to get my dads hopes up even more (or mine come to that!).

marshallka

spoll wrote: »

Marhsallka I don't have the exact details and maybe this is something I post if we win I think the total cost of the ppi was something like 18k over the term.

Especially if as you say the amount owed would be signifantly more than the 7k, I wouldn't want to get my dads hopes up even more (or mine come to that!).

Spoll this was taken in Feb 2006 and you have every chance of winning this as most complaints of single premium policies are being upheld here since the FSA took over. Also i have looked back and it was Firstplus that the loan was with and you will definately have paid a fair wack of interest on settlement. I now have complete faith in you winning and I will jump for joy already.:j

http://www.insurancedaily.co.uk/2008/01/18/fos-upholds-80-of-single-premium-ppi-complaints/

If you don't win we will all hold a protest for you.

spoll_2

marshallka wrote: »

Spoll this was taken in Feb 2006 and you have every chance of winning this as most complaints of single premium policies are being upheld here since the FSA took over. Also i have looked back and it was Firstplus that the loan was with and you will definately have paid a fair wack of interest on settlement. I now have complete faith in you winning and I will jump for joy already.:j

Thanks guys - I've got to go out now but will keep you informed of how things go!! Keep jumping marshallka !!

tiggrae

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...

they never make an offer unless they know they're in the wrong - mainly they reject - they must know they're going to have to pay up on this one or an offer wouldn't have been made - go back to them in no uncertain terms and say NO your dad want's the full amount !!!

tiggrae

maxdp wrote: »

All you people on here trying to claim for an "elderly" person. Surely the Mental Capacity Act 2005 may come into play.

Its about people being able to make informed choices. This is not just for Elderly it can be for any age taking in dementia and mental disability into making informed choices.

OMG what with the FOS make of that one.:eek:

if someone is retired or nearly retired that alone would be a case for mis selling -

maxdp

maxdp wrote: »

Hi spoll

Thank you for explaining but Mental Capacity does not just mean people are old it means they may not be able to make informed choices. That could be anything as in PND Post Natal Depression, Bi Polar Disorder Schizophrenia or mental health breakdown perhaps even stress. It is about being able to make choices which are beneficial for you. Know this has not been bought forward before but am wondering if this may make a difference. It may also be somebody who has a low IQ so then not able to make practical choices.

Not wanting to label your dad but just putting it in to the pot.:D

Hi Spoll am same age well 50. But it does not matter about age just being able to make informed choices.

I have times I make informed choices but other not.:rotfl::rotfl:

maxdp

tiggrae wrote: »

if someone is retired or nearly retired that alone would be a case for mis selling -

Thank you Tiggrae understand what you were saying. I just wonder how many people on here have made decisions when they are not mentally able to do so. Eg. OCD Obsessive Compulisve Disorder where people are obsessed in spending money or have spent money and needing to pay it back. Stress, Depression etc etc. Just talking as Mental Health Nurse and was just another thing to thind about.