PPI Reclaiming discussion Part II

marshallka

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

If you win with them they should award you the PPI and the interest on the PPI as well and then redo the loan and it should not be at a higher apr than originally.

di3004

marshallka wrote: »

If you win with them they should award you the PPI and the interest on the PPI as well and then redo the loan and it should not be at a higher apr than originally.

Hun think it may be similar to yours..... , not certain, that's why I mentioned about you explaining about these to them.;)

The first one was mis sold then consolidated into a new 2nd loan, ppi mis sold on that one too, wasn't that also the case with yours ?
(a bit like mine then I suppose) ??:rolleyes:

marshallka

taylor72 wrote: »

does anyone happen to know what the success rates are for getting fos to upheld ppi complaints with lloyds ( just being curious here!)

If this was sold after 2005 and a single premium policy then the success is high from the FOS for most complaints from any company.

TheClarks

marshallka wrote: »

If you win with them they should award you the PPI and the interest on the PPI as well and then redo the loan and it should not be at a higher apr than originally.

is that the PPI I paid for the last two years (current loan) and then recalculate without PPI sum on the loan total meaning I need to go and find new insurance policy?

Sorry, just trying to get it clear in my head before I finish the letter.

marshallka

di3004 wrote: »

Hun think it may be similar to yours..... , not certain, that's why I mentioned about you explaining about these to them.;)

The first one was mis sold then consolidated into a new 2nd loan, wasn't that also the case with yours ?
(a bit like mine then I suppose) ??:rolleyes:

No i only had the one loan and still no call from the FOS as promised again:mad: :mad:

marshallka

TheClarks wrote: »

is that the PPI I paid for the last two years (current loan) and then recalculate without PPI sum on the loan total meaning I need to go and find new insurance policy?

Sorry, just trying to get it clear in my head before I finish the letter.

You would be better getting an income protection policy that you can cancel at any time and there is no interest to pay on it.

If you had two loans and one was to pay the other off then you need the PPI back from both. Have you sent letters out for both??

They would probably get you to pay off the loan to cancel the PPI and then you would be charged the interest as well. You can cancel it but if you are going for misselling and they offer you a sum then make sure you get this interest that is included in both of the actual loans back as well.

di3004

Just thought I would post this, a link from this site.;)

http://www.moneysavingexpert.com/insurance/cheap-loan-insurance

There are links on that actual link which takes you into stand alone cheaper cover options, a lot damn cheaper the these finance companies own recommended single covers......:rolleyes:

TheClarks

marshallka wrote: »

You would be better getting an income protection policy that you can cancel at any time and there is no interest to pay on it.

I am lucky that life cover is well sorted, if made redundant work give me 12 months salary and recieve sick pay for 6 months, so think I need to fill the sick pay gap.

di3004

marshallka wrote: »

No i only had the one loan and still no call from the FOS as promised again:mad: :mad:

OMG.......:eek: again........:mad:

di3004

marshallka wrote: »

You would be better getting an income protection policy that you can cancel at any time and there is no interest to pay on it.

If you had two loans and one was to pay the other off then you need the PPI back from both. Have you sent letters out for both??

They would probably get you to pay off the loan to cancel the PPI and then you would be charged the interest as well. You can cancel it but if you are going for misselling and they offer you a sum then make sure you get this interest that is included in the actual loan back as well.

Arh I see, its me getting all confused again lol....:o , thought you had a loan advance with these.....:rolleyes: , silly me.....:p .

Then in that case like mine then their first ppi would have been rebated to settle the first loan to start the new one, so calculations are needed here just to be sure ??
(on "TheClarks" case now).