PPI Reclaiming discussion Part II

di3004

marshallka wrote: »

Di, what do you think is wrong here . You were not charged the PPI in the first place only the £850 that you are claiming back.. Why do you think these are wrong here.. Its doing my nut in here . You borrowed 51492 and paid them £43.5K back if you look at it like that. I am going to post my unfair rebate on here from Barclays Firstplus, take a look....

I just wanted to check on what the FOS said on his paperwork hun, to make sure its not the rebate he actually meant.....or that of the mis selling....:D , but as it was mis sold I just have to think serious here now that I am doing the right thing.;)

I was satisfied with everything sorted here today and noticed that this had been brought up again over the last hour or so lol......:D , so it made me think then if I was going for the right complaint, but yes its only going to be that of the £850 odd to reclaim back and am satisfied to add that figure now onto my claim form.;)
Thanks hun, now chill hunni.;) :A .
Di.
xx

marshallka

tiggrae wrote: »

Ok the 78% tends to be FP's norm (after taking into account administration costs etc)

The pro-rata figure is worked out on 78% of the remainder of the premiums (ie they are ignoring what you've paid todate as they don't believe it was mis sold!!)

They've worked it out on on a 5 year basis (ie 60 months) of cover - not the length of time you'll be paying for it - the 16 months is just to prove they are complete morons and can't work out the number of months since August 2004

Write back - tell them to stick it - you want all your money back, plus interest, plus 8% statutory interest - if they're not prepared to offer that ask them to put it in writing and say it's there final response (they should come back very quickly and say it is there final response) then send all three letters onto the FOS refer to your case number

Just dragging this up from here Tiggrae. If I win with this unfair rebate with Barclays FIrstplus then what am i looking at from the figures posted above. (My previous post). Am i looking at the 78% of the unfair rebate or will they work it like this and am i allowed to argue this with the FOS and also are the FOS going to back me.!!!

If first plus work on 78% of the remainder of my premiums its 21 months to 60 months and not 121 as they charged me. That means they would only offer 78% of 1177.05 being £918.09.:eek: . No way would i accept this. Its doing me out of £5772.32.:mad: plus stat interest.

di3004

marshallka wrote: »

Loan £17000
PPI £4163
Total loan with PPI £21163

PPI element was 19.67%
repayments 285.00 over 160 months
PPI of the repayments = 56.05
56.05 x 160 = 8968
made 39 repayments so 56.05 x 39 = 8968.00
Rebate 91.94

8968 (total PPI) - repaid 2185.95 - rebate 91.94 = 6690.41 unfair rebated. If we win then they will probably offer 79% of it.

Our PPI was included in the settlement figure.

Yes I see your point here Marshallka hun, crikey you call that a rebate ?:eek:
You defo should have had more than that in rebate !!!!!That is real bad !!!

You see I am satisfied with what I have to reclaim and am not knocking Nemo for this one, because hardly anything/amounts was actually involved with this within the nine months of that amount of the ppi, its twopart/eloan liquidators that need a figure to work on for this although I know if they did end up paying any of this it will not even be that amount, its unlikely they will pay any of it, so then as its also with the FSCS, it will be down to them in the end.

I did enclose copies of what I had of the first loan in agreements, terms & conditions etc the breakdown so with a bit of luck these will not require for any further information and work this out themselves, I'm not sure in this case.

marshallka

di3004 wrote: »

Yes I see your point here Marshallka hun, crikey you call that a rebate ?:eek:
You defo should have had more than that in rebate !!!!!That is real bad !!!

You see I am satisfied with what I have to reclaim and am not knocking Nemo for this one, because hardly anything/amounts was actually involved with this within the nine months of that amount of the ppi, its twopart/eloan liquidators that need a figure to work on for this although I know if they did end up paying any of this it will not even be that amount, its unlikely they will pay any of it, so then as its also with the FSCS, it will be down to them in the end.

I did enclose copies of what I had of the first loan in agreements, terms & conditions etc the breakdown so with a bit of luck these will not require for any further information and work this out themselves, I'm not sure in this case.

Di, i know you certainly would have been robbed if they had not rebated what they had and then calculated the settlement to include the interest of the PPI but as they did not you cannot go to them stating that you would have been charged this £18K job and only got back £7.5K odd. This does look like you were unfair rebated but the figures actually show that you were not. I would ask again with Tiggrae and I am glad she eventually saw where i was coming from in that you did not go guns ablazing demanding something back that you in fact did not pay.

marshallka

di3004 wrote: »

Okay then........so the mis selling to go for then hun yes or the rebate ??:D

I am going to dig out the FOS paperwork I have here, and see what he said in his findings, of when he was dealing with the 2nd one, but mentioned something about the first one as he also mentioned something about this if we wanted to pursue on this.;)

He has also added some calculations in his findings, and I'm sure they sent us a copy of what they sent the FOS too but I remember it looks different again, not unless its the way they done the calculations..... .

FOS probably looked at the figure of 18K odd and then looked at what your rebate figure was and thought you were actually rebated on the £18k instead of the £8K. It did look like that at first to me and obviously tiggrae too but looking closer it was not.

The PPI was actually taken off the loan completely and then your settlement was worked out without any of it.

I know you are still unsure here Di and cannot settle until you see where i am coming from here.

di3004

marshallka wrote: »

Di, i know you certainly would have been robbed if they had not rebated what they had and then calculated the settlement to include the interest of the PPI but as they did not you cannot go to them stating that you would have been charged this £18K job and only got back £7.5K odd. This does look like you were unfair rebated but the figures actually show that you were not. I would ask again with Tiggrae and I am glad she eventually saw where i was coming from in that you did not go guns ablazing demanding something back that you in fact did not pay.

Thanks hun and yes I agree, I would feel a right idiot trying to reclaim on something that did not actually exist or what they did not work on.......:o.

I just hope with what I have already provided with the FSCS will be enough for them to work out anyway.;) Fingers crossed and then no mistakes would be made by me lol.
Thanks hun, I am more at ease now.:D

di3004

marshallka wrote: »

FOS probably looked at the figure of 18K odd and then looked at what your rebate figure was and thought you were actually rebated on the £18k instead of the £8K. It did look like that at first to me and obviously tiggrae too but looking closer it was not.

The PPI was actually taken off the loan completely and then your settlement was worked out without any of it.

I know you are still unsure here Di and cannot settle until you see where i am coming from here.

Yes you may be right hun.
I know the information he was going by was the information that Nemo had provided them and not ours at the time, as he stated that he received the information which also included documents from the first loan, because he also made a comment that Nemo were trying to pass the buck to twopart/eloan on the 2nd loan, where he then stated that this is a separate loan and if Mr & Mrs XXXXX believe they were mis sold or given an unfair rebate they are free to pursue this through their broker, plus other comments.

(going for a shower - to freshen up lol, bk soon). xx

tiggrae

catinthehat1 wrote: »

As I do most weeks - just checked FOS/FSA re PPI info and I know most of you know about the FSA and their recent findings re PPI - but this was on another feed through FSA and 'Next steps'
ensure that the refunds firms provide are calculated in line with their obligation
to treat customers fairly. We will follow up with those firms where we believe
this is not the case.
Here is a list of companies fined for mis-selling PPI, so far that they have published
Firm Action Date
Hadenglen Fined £133,000 and CEO
fined £49,000 September 2007
Cathedral Public Censure February 2007
Capital One Fined £175,000 February 2007
GE Capital Bank Fines £610,000 January 2007
Redcats Fined £270,000 December 2006
EW Motor Group Public Censure December 2006
Home and Country Mortgages Fine of £52,500 included
PPI failures December 2006
Capital Mortgage Connections Fine of £17,500 included
PPI failures November 2006
Loans.co.uk Fined £455,000 October 2006
Regency Fined £56,000 September 2006
Sorry if this is old news to you, not to me, so I'm ever hopeful!!!:o

here is the link:
http://www.fsa.gov.uk/pubs/other/ppi_thematic_update.pdf

Oh! silly me just looked at date Sept 2007 - oops!!!!

for anyone reading this - you have to remember these companies were fined for sales AFTER they came under the jurisdiction of the FSA / FOS on or around 15/01/2005 and NOT for any sales prior to this date

tiggrae

shopaholicleo wrote: »

Ok sorry if my post was confusing. I remember her getting the card (M&S) when it first came out because she used to have a chargecard and it suddenly got converted to a credit card. This probably wasn't a good idea as she owes 10k on it now, and is paying almost £200 PPI and the minimum payment. When I sneakily looked at the statement I thought 'Hmmm isn't there something on MSE about misselling PPI?' and thought it could perhaps be applicable to her. I obviously need to ask her about it, so am thinking of leaving her a letter including the page on PPI so I don't have to totally confess that I looked through her post.

If this doesn't work, I seriously think she should cancel it as she always seems to find temp work and has a small business on the side. If worse comes to worse, my Dad has some savings and I'm sure we could help her out. PPI is never really recommended, is it?

Thanks for your help. This is such a busy thread!

P.S Can people please quote me if they reply, as I'm finding it hard to keep up!

if when the PPI was taken out (or added onto the card) your mum was temping and still is then the policy was and is absolutely useless to her and she has probably been paying £000's for insurance she'll NEVER be able to claim upon - she HAS to cancel it and make a reclaim !!!!

tiggrae

marshallka wrote: »

Just dragging this up from here Tiggrae. If I win with this unfair rebate with Barclays FIrstplus then what am i looking at from the figures posted above. (My previous post). Am i looking at the 78% of the unfair rebate or will they work it like this and am i allowed to argue this with the FOS and also are the FOS going to back me.!!!

If first plus work on 78% of the remainder of my premiums its 21 months to 60 months and not 121 as they charged me. That means they would only offer 78% of 1177.05 being £918.09.:eek: . No way would i accept this. Its doing me out of £5772.32.:mad: plus stat interest.

no that's just what FP have been offering prior to a complaint being taken to the FOS