PPI Reclaiming discussion Part II

tiggrae

pinknico wrote: »

any idea on them being declared in Default yet Tiggrae?

no sorry not heard anything

marshallka

BuntyB wrote: »

New to this, seeking advise for my 20 yr old daughter who took out a joint loan with her b/f a year ago for £7,000. Can't say offhand how long the loan is for but i think it is for 7 years. The monthly repayment is approx £195 which includeds PPI. She has spoken to a couple of people from the lender about the PPI and has been given conflicting answers. One did advise she could cancel the PPI and the other said she couldnt. Over the term of the loan she will be paying back over £16,000 of which approx £6,000 is for the insurance, or so she has been advised. I did find some PPI paperwork and the insurance only covers herself and not her b/f. I have asked her to either find the original copy of the loan agreement or to request another copy from the lender together with details of PPI as I think she may have a right to cancel the insurance and reclaim any payments made. Would the lender insist that she and her b/f set up independent insurance cover prior to cancellation of her existing cover with the lender? Any tips greatly appreciated

No you don't have to have the insurance or anything else in place. Its a choice and you should have been given that choice when you had the loan. You need to send off the first template letter from this site if it was missold. This has to be sent to the person that sold the loan/PPI if its different from the lender. Send it recorded delivery and then you have a proof. You then give them 8 weeks for a full and final response to it. If you were missold then you are entitled to all the PPI plus interest if it was a single premium policy and also statutory interest too.

tiggrae

marshallka wrote: »

The Ombudsman and the courts would award the 8% statutory interest..:mad:

just a point - only a court can award the 8% - but if you've put on your form for the FOS about how you want the business to 'put things right' that you want the 8% statutory interest the FOS will request the banks to repay it - but you have to ask for it

TheClarks

Hi Guys and girls,

I have finally got round to writing the letter to First Plus requesting resolution to the PPI complaint but have one remaining question as the policy is still active.

By putting the complaint in to have the payments and interest returned for the 2 years I have been paying for the loan will they automatically remove the PPI sum from the agreement and re-issue a new agreement with cheaper monthly payments

OR

do I have to specifically ask them to cancel the policy and therefore due to the complaint, pay me the money back and re-issue the agreement?

Interestingly, i have found I have two life policies as well, one from work for 4 x salary if I die while in service and the other life policy for the term of my mortgage (16 years remaining). Do these help the case?

Thanks in advance.

Micahel and Deb

di3004

TheClarks wrote: »

Hi Guys and girls,

I have finally got round to writing the letter to First Plus requesting resolution to the PPI complaint but have one remaining question as the policy is still active.

By putting the complaint in to have the payments and interest returned for the 2 years I have been paying for the loan will they automatically remove the PPI sum from the agreement and re-issue a new agreement with cheaper monthly payments

OR

do I have to specifically ask them to cancel the policy and therefore due to the complaint, pay me the money back and re-issue the agreement?

Interestingly, i have found I have two life policies as well, one from work for 4 x salary if I die while in service and the other life policy for the term of my mortgage (16 years remaining). Do these help the case?

Thanks in advance.

Micahel and Deb

Hi there both.

Just my opinion really, with the active loan if you have no cover see if you can actually find a stand alone cheap option for this then get cancelling.

Marshallka may be the best one here for this company to advise you but as you seem to have grounds for complaint get a letter sorted out where they have 8 weeks to get back to you deadline , templates are on here if you need this and cannot find it give us a shout, but I expect our Marshallka will be able to tell you a little more of this company due to having dealings with these too.;)

Good luck!
Di.
x

TheClarks

Thanks, we have used the template and then re-worded it for the personal touch.

Any recommendations for a "redundancy/sickness" cover specialist as life is clearly well covered.

di3004

TheClarks wrote: »

Thanks, we have used the template and then re-worded it for the personal touch.

Any recommendations for a "redundancy/sickness" cover specialist as life is clearly well covered.

Good one getting the letter sorted out.
Now regarding the redundancy/sickness cover this is normally inclusive of these polices, but at the end of the day there are many reasons why this could have been mis sold to you, and if they did not explain the cost of this upfront then its mis sold straight away.;)

TheClarks

Indeed, our list is quite long :rotfl:

and the key items are all around the non-disclosure of loading the policy on the loan and the term of the policy only be 5 years.

As mentioned our only concern now is how they handle the loan as we are only a couple of years into it.

di3004

TheClarks wrote: »

Thanks, we have used the template and then re-worded it for the personal touch.

Any recommendations for a "redundancy/sickness" cover specialist as life is clearly well covered.

lol, just re-read this hunni, you mean you want a cheaper stand alone cover as stated in order to cancel the active one right now ?

I will see what I can find out for you ASAP.;)

TheClarks

Yes

Happy to cancel and fight for refund or if they cancel automatically as they don't like me anymore even better