PPI Reclaiming discussion Part II

di3004

marshallka wrote: »

Di, of that original £18K plus ppi with interest did you only have to pay the £800 and the rest was rebated?? I am totally lost here.

""Therefore the 9 months of cover cost £848.07""

I think you need to post details of the new loan as well.

Was your settlement of the first loan that was in total £43000 (With PPI £51492 )settled at 43559.25 after repaying 9 months??

9 x 370.53 = 3334.77

Yes it was hun going by the breakdown of this.;)

di3004

marshallka wrote: »

The commission is 5% of your total loan like mine was to the broker with Firstplus. I don't know how they worked this 3025.00 for the PPI . Its more than the loan advance for that commission and obviously a nice little earner for the broker.

Goodness knows but I only knew about this when I received the SAR ......

Julimk

The sale of general insurance has been regulated by FSA (and therefore within FOS compulsory jurisdiction - if UK company) since 14 January 2005.

The FOS can look at complaints about sales before this if the business was a member of a predecessor scheme such as GISC.

AND the FOS can consider complaints that are about an activity that is anciliary to a banking activity before Jan 2005, such as bank or building society sold a loan and the PPI is related to that loan.

It is not correct that FOS cannot consider a complaint about a sale more than 6 years ago. The relevant rule says that the event must have occurred less than 6 years ago OR were aware of a problem less than 3 years ago, whichever is later. So if only aware of a problem within last 3 years even if sale was more than 6 years ago FOS may be able to deal. And this rule only applies if the business raises a specific objection to the complaint being considered by FOS.

Full rules at:

http://www.fsa.gov.uk/Pages/handbook/

DISP rules are the ones that apply to FOS.

I posted this on the thread about cases not covered by FOS as there seemed to be some confussion about what FOS could look at, but was suggested that I put it here too (I think).

BTW Picture do not have sufficient funds to honour their commitments so will need to be dealt with by Financial Compensation Scheme (FOS can't deal, as any ruling will not be met). And FOS has currently put First Plus cases on hold as First Plus are in correspondence with lead ombudsman about the approach they should be taking etc.

Should still persue a First Plus complaint as this is practically a 100% uphold, just might be a bit delayed.

di3004

This is the first loan going into the 2nd loan below

The first loan was that of:

£43,000 loan
£8,492.50 ppi
Total £51,492.50

Settlement/calculations in my long post a few posts away.

Figure used to settle the first loan= £43,559.25.

Loan advance of £12K requested.

So new loan was that of £11440.75, using the settlement figure of that figure used on the first loan £43,559.25

Total £55,000
PPI £10862.50

Opening balance of: £65862.50.
.................................................. ...............................................
As you will see even though it was classed a a £12K loan advance, we did not receive this amount but that of £11440.75 because of the settlement figure on the first loan.
.................................................. ......................................

The paperwork then shows something about Commission due:
ADVANCE 2750.00
PPP PREMIUM 3025.00
ADDITIONAL 00
TOTAL = 5775.00

This total in this section is the underwriters paperwork.

marshallka

Julimk wrote: »

The sale of general insurance has been regulated by FSA (and therefore within FOS compulsory jurisdiction - if UK company) since 14 January 2005.

The FOS can look at complaints about sales before this if the business was a member of a predecessor scheme such as GISC.

AND the FOS can consider complaints that are about an activity that is anciliary to a banking activity before Jan 2005, such as bank or building society sold a loan and the PPI is related to that loan.

It is not correct that FOS cannot consider a complaint about a sale more than 6 years ago. The relevant rule says that the event must have occurred less than 6 years ago OR were aware of a problem less than 3 years ago, whichever is later. So if only aware of a problem within last 3 years even if sale was more than 6 years ago FOS may be able to deal. And this rule only applies if the business raises a specific objection to the complaint being considered by FOS.

Full rules at:

http://www.fsa.gov.uk/Pages/handbook/

DISP rules are the ones that apply to FOS.

I posted this on the thread about cases not covered by FOS as there seemed to be some confussion about what FOS could look at, but was suggested that I put it here too (I think).

BTW Picture do not have sufficient funds to honour their commitments so will need to be dealt with by Financial Compensation Scheme (FOS can't deal, as any ruling will not be met). And FOS has currently put First Plus cases on hold as First Plus are in correspondence with lead ombudsman about the approach they should be taking etc.

Should still persue a First Plus complaint as this is practically a 100% uphold, just might be a bit delayed.

Is this inside info or what???

di3004

marshallka wrote: »

Di, of that original £18K plus ppi with interest did you only have to pay the £800 and the rest was rebated?? I am totally lost here.

""Therefore the 9 months of cover cost £848.07""

I think you need to post details of the new loan as well.

Was your settlement of the first loan that was in total £43000 (With PPI £51492 )settled at 43559.25 after repaying 9 months?? and then carried over to the next loan and then the extra 12K put onto it plus another PPI??

9 x 370.53 = 3334.77

If the actual PPI of the first loan cost you £848.07 then you require this back plus any stat interest and then the new loan as well. (so it actually cost £94.23 per month to cover the loan for 9 months?? but this was missold anyway?)

why did you only receive the £11,440.75 of the £12K loan?? Was this a fee of some sort?

I asked the adviser about this on the new loan which was then sold by nemo on why did they not pay the full amount of £12K she said this was something to do with the calculations of the first loan carried over.....

marshallka

Di did you notice this about Picture and FIrstplus posted above



BTW Picture do not have sufficient funds to honour their commitments so will need to be dealt with by Financial Compensation Scheme (FOS can't deal, as any ruling will not be met). And FOS has currently put First Plus cases on hold as First Plus are in correspondence with lead ombudsman about the approach they should be taking etc.

Should still persue a First Plus complaint as this is practically a 100% uphold, just might be a bit delayed.

di3004

marshallka wrote: »

Di did you notice this about Picture and FIrstplus posted above



BTW Picture do not have sufficient funds to honour their commitments so will need to be dealt with by Financial Compensation Scheme (FOS can't deal, as any ruling will not be met). And FOS has currently put First Plus cases on hold as First Plus are in correspondence with lead ombudsman about the approach they should be taking etc.

Should still persue a First Plus complaint as this is practically a 100% uphold, just might be a bit delayed.

Yep just had a read now.
And I did read something about this First plus issue a few weeks back but thought this was known and resolved now.....
Yes defo pursue the FP hun, you still have every chance to win this back.;)

marshallka

di3004 wrote: »

Yep just had a read now.
And I did read something about this First plus issue a few weeks back but thought this was known and resolved now.....
Yes defo pursue the FP hun, you still have every chance to win this back.;)

Me too but so funny as I have not heard anything about my claim back from the Ombudsman now. I was told someone would be in touch and they have not. Mine is against Barclays trading as Firstplus but its still FIrstplus really. I read on the consumer forums that it has been resolved too. Must go back and find the thread as there is probably more on there now.

marshallka

di3004 wrote: »

I asked the adviser about this on the new loan which was then sold by nemo on why did they not pay the full amount of £12K she said this was something to do with the calculations of the first loan carried over.....

Seems like a fee to me. I would want this confirming?? Seems like the first ppi was not a lot in cost really but still with stat int you need to make a claim for this if it was missold then it needs to be in your pocket and not theirs.

As regards the other loan then you need to post the details for tiggrae to take a look at too.