PPI Reclaiming discussion Part II

sue149

marshallka wrote: »

I am investigating now in PM's trying to help two with similar complaints to my OLD one if you know what i mean. Thats where i have been. I really need to help them but can't keep up on the forum. I have got to go back over lots of things here so if i keep disappearing you know i am still doing my job but in pm's. Bespoke and Freedom :mad:

i will be the cleaner lol:p

marshallka

sue149 wrote: »

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

Some policies like those at Barlcays Firstplus say that after 5 years if you do not claim on it you get it all back but they forget to tell you in the beginning that the PPI is actually another loan and that interest is charged on the full term of the loan and not just spread over the 5 years.

sue149

marshallka wrote: »

Some policies like those at Barlcays Firstplus say that after 5 years if you do not claim on it you get it all back but they forget to tell you in the beginning that the PPI is actually another loan and that interest is charged on the full term of the loan and not just spread over the 5 years.

wow it is all scary this how can they get away with it

di3004

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

With pleasure and sorry I missed half of these postings, I was stuffing my face......:o lol:D , but I do know you have a strong case here and that money will be back in your pocket where it should be.;)

We will fight this but if for some reason they do not give you a favourable response on this let us know then its time to go to step 2, but not to worry we will eventually get there, and will keep at it until that money is all yours again.:D
Di.
xx

brand_no_7

marshallka wrote: »

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.

There must be a stronger term than 'rip off' to describe it!! I found out about a year into the policy and they offered a minimal amount rebate. If it is another loan over 25 years at the apr then that must be nearly £36K worth of interest paid. Can that be right?? I don't know whether to laugh or cry! as i say rip off doesn't seem a strong enough description!

marshallka

sue149 wrote: »

i will be the cleaner lol:p

I am the investigator - i will agree with that as i have to find out anything i can about these companies that rip people off and I will not settle until i have. Ask Di on that one, it does my head in to think of them sitting pretty leaving us to rot in hell. They will pay....

di3004

marshallka wrote: »

Some policies like those at Barlcays Firstplus say that after 5 years if you do not claim on it you get it all back but they forget to tell you in the beginning that the PPI is actually another loan and that interest is charged on the full term of the loan and not just spread over the 5 years.

Yep so really we're all paying or paid for 2 loans in one huge sum.....:mad: , honestly these should be stopped !!!

sue149

poor barclays firstplus bet they are sick of opening letters lol lol

di3004

brand_no_7 wrote: »

There must be a stronger term than 'rip off' to describe it!! I found out about a year into the policy and they offered a minimal amount rebate. If it is another loan over 25 years at the apr then that must be nearly £36K worth of interest paid. Can that be right?? I don't know whether to laugh or cry! as i say rip off doesn't seem a strong enough description!

Its shocking isn't it hun?........:eek: , I know when I learnt of this I DID CRY.....:mad:

marshallka

brand_no_7 wrote: »

There must be a stronger term than 'rip off' to describe it!! I found out about a year into the policy and they offered a minimal amount rebate. If it is another loan over 25 years at the apr then that must be nearly £36K worth of interest paid. Can that be right?? I don't know whether to laugh or cry! as i say rip off doesn't seem a strong enough description!

I don't know if your figures are correct here but yes, they are robbers and theives and scumbags as they knew what they were doing most of these companies and now its payback.:mad: