PPI Reclaiming discussion Part II

brand_no_7

marshallka wrote: »

Right, now you need to send off the first template letter from here. I would try to make this your own as they do note if it is a template as i found out.

GIve them 8 weeks to respond to your complaint. I take it this was taken out in 2003... Was it actually Barclays FIrstplus that sold you the policy or did you go through a broker??

This is important as if it was a broker then its the broker you need to claim from.

sorry, forgot to say it was taken out in 2003 and direct from Barclays FirstPlus

marshallka

brand_no_7 wrote: »

okay - should i not include the calculations and quote the amount i expect to receive back in that initial letter?

also i was thinking of bringing an additional claim for the cost of further PPI insurance. I am now not covered for the remaining 20 years and when i took the policy out i was under the impression it would last for the total term of the loan. I know its only about £10 per month but at 240 further months it soon adds up

Don't give any calculations at this stage. Just state you were missold on this and want to complain. Complain about the fact that you did not realise it was a front loaded policy and that you would be paying interest on this for the full term of the loan. Complain about it only covering 5 years of 25 year loan. Complain about the fact they were pushy etc.

I would imagine they will reply to this with their usual of not guilty but then its another letter. After 8 weeks or if they send their final response before and its not what you want you can then take your complaint to the FOS as they were covered by the GISC from November 2001.

I want to make sure you were sold this by Barclays Firstplus and not a broker though first.

marshallka

brand_no_7 wrote: »

sorry, forgot to say it was taken out in 2003 and direct from Barclays FirstPlus

OK, get writing then. You can take this to the FOS as they were members of the GISC in November, 2001.

Send everything recorded delivery so you have a proof and copy for FOS just in case.

Also was the policy joint or single or joint life single accident etc. If so mention the fact that only one was covered and yet both would be liable for the loan to pay the PPI.

Very unfair, I could go on forever with these.

di3004

brand_no_7 wrote: »

okay - should i not include the calculations and quote the amount i expect to receive back in that initial letter?

also i was thinking of bringing an additional claim for the cost of further PPI insurance. I am now not covered for the remaining 20 years and when i took the policy out i was under the impression it would last for the total term of the loan. I know its only about £10 per month but at 240 further months it soon adds up

Hi there.
Don't worry about adding the calculations, because if they uphold this and refund you they will then provide the figures to you, then this can be worked out just to be sure.;)

Yep unfortunately that is the case with most of us here hun, a loan for 25 years with only that of a 5 yr cover which was not explained and front loaded onto the loan with added interest.
These companies tried to make a good sale out of this by stating the benefits after 5 yrs, again this is not the case. (to make it sound good) !

marshallka

brand_no_7 wrote: »

okay - should i not include the calculations and quote the amount i expect to receive back in that initial letter?

also i was thinking of bringing an additional claim for the cost of further PPI insurance. I am now not covered for the remaining 20 years and when i took the policy out i was under the impression it would last for the total term of the loan. I know its only about £10 per month but at 240 further months it soon adds up

So now you pay only £10 per month... See just what a rip off it was.

marshallka

di3004 wrote: »

Hi there.
Don't worry about adding the calculations, because if they uphold this and refund you they will then provide the figures to you, then this can be worked out just to be sure.;)

Yep unfortunately that is the case with most of us here hun, a loan for 25 years with only that of a 5 yr cover which was not explained and front loaded onto the loan with added interest.
These companies tried to make a good sale out of this by stating the benefits after 5 yrs, again this is not the case. (to make it sound good) !

Usually the sales pitch here is

"you get it all back after 5 years so think of it as a saving account"

Yeah right:rolleyes: forgot to mention that you then pay us interest on the rest of your loan.

di3004

marshallka wrote: »

Usually the sales pitch here is

"you get it all back after 5 years so think of it as a saving account"

Yeah right:rolleyes: forgot to mention that you then pay us interest on the rest of your loan.

Yes exactly !!!:mad:

brand_no_7

di3004 wrote: »

Yes exactly !!!:mad:

seems a familiar story for a lot of us. I will send the letter and keep you posted.

just one thing am i right in thinking in single premium front load policies that the reclaim is for the interest that i am invariably going to pay over the full term of the loan despite the fact i did get the rebate. In other words am i right in thinkingt that it is not just limited to 5 years

many thanks to both of you

sue149

aorry too butt in but what does all that mean you get something back but you pay interest ?

marshallka

brand_no_7 wrote: »

seems a familiar story for a lot of us. I will send the letter and keep you posted.

just one thing am i right in thinking in single premium front load policies that the reclaim is for the interest that i am invariably going to pay over the full term of the loan despite the fact i did get the rebate. In other words am i right in thinkingt that it is not just limited to 5 years

many thanks to both of you

A single premium policy is one where its really a loan to pay for the PPI. Its just another loan and the interest is then spread out over the full term (yours being 300 months) of the loan. Its just a rip off.

ALso front loaded means that in the beginning of your loan you are not paying anything (or very little) off the capital of the original loan, only the PPI.