PPI Reclaiming discussion Part II

di3004

marshallka wrote: »

Your case was unusual like tiggrae says. They actually did rebate you. Most don't even when taking a new loan.

Yep that's right.;)

I have added that £800 odd now to that claim form, and I will also add the explanation that were given to me by Nemo as above.

I had forgotten all about that information until hubby had a look through and come across it.;)

marshallka

di3004 wrote: »

HOW EARLY SETTLEMENTS ARE CALCULATED:

If you wish to settle your loan early, as you did when you were considering a further advance, Nemo will do the following:

1. Look at the balance on the account and work to an assumed settlement date.

2. Add the interest in accordance with clause 4.2 of your credit agreement (6 months Interest in this instance).

3. The balance on your account is the balance on the TOTAL LOAN, not just the cash loan as your Insurance premium has also been borrowed from us.

If you are cancelling your insurance at the same time then the rebate from Norwich Union will be deducted from the loan balance before arriving at a settlement figure, leaving an amount which has to be settled either from your own resources or through whatever refinancing arrangement you are putting in its place.

The insurance rebate is not proportionate.

In your case (1st loan)
The settlement figure based on your loan balance plus accrued interest was £51,203.68.
Normally, if the insurance is being cancelled, that would be paid in 2 parts; firstly there would be an insurance rebate from Norwich Union (based on their normal rebate formula) which in your case would have been £1,258.26, leaving a balance to be settled in CASH (or via a refinance arrangement) of £49,945.42.

However, because Nemo enhanced the insurance rebate to which you would normally have been entitled to £7,644.43, this left a balance (£51,203.68 - £7,644.43) of £43,559.25.

In short to avoid being in a position of "churning" your insurance policy Nemo gave you a monetary benefit, in form of a reduced figure, of
£6,386.17 (£7, 644.43 - £1, 258.26).

If you have opted not to purchase insurance with your new loan and to cancel your existing insurance of your own accord, consequently Nemo would not offer the enhanced rebate.
That is why the correct settlement figure on your original loan was qupted as £51,203.68 before taking any value for the insurance rebate into account..
..............................................................................................................................
Just thought i would clarify this after finding this paperwork which is what we requested in an explanation for from Nemo of how they worked this out.;)

What they were saying here is if you did not take another loan with them then they would have rebated only the £1258.26 but instead they enhanced it to £7644.43.

di3004

marshallka wrote: »

What they were saying here is if you did not take another loan with them then they would have rebated only the £1258.26 but instead they enhanced it to £7644.43.

Yep I gathered that;) , so basically because we stayed with them they given a large amount in rebate then ?

I do also remember them saying that if we did move to another lender that we would be paying off a larger sum to them too, which we obviously would but think this did not help us really and then at the time felt we were better off staying put, although we did not want to have the ppi on the 2nd one when then learning of the mis selling but they insisted that if we did not take the ppi we would have to borrow more to cover for the existing loan cover, something like that, and even the FOS declared he heard that on the telephone recording disc.

bathgatebuyer

catinthehat1 wrote: »

My initial complaint to FOS was sent on the 5th August 2008, FP offered us a silly amount and letter sent back to FP and FOS declining offer on 15th September 2008, have emailed FOS several times, but just standard email, saying that my complaint was awaiting an adjudicator - so from start of complaint to FOS - 2 months, which doesnt seem that bad, but I expect this bit will take longer, going on everyone else's posts!!!:o

Wow! That's really quick by comparison with some. I'll maybe give them a quick chase on my case.

Interestingly, I notice that I had a missed call today from an 01224 number which when I re-dialled suggested that it was an 'out of use Bank of Scotland telephone number'. I'm assuming this has something to do with Sainsburys as some of their Customer Relations people (when they write as BoS) use an 01224 number. Wonder if they're starting to take me seriously?

di3004

Have a headache.......:mad: !!

Just had to have another shower too.....hoping this would help ease the head.....:rolleyes: .

What's happening now Marshallka about your complaint you was on about earlier on that one that worried you as this is now with the FOS, didn't Tiggrae confirm its okay ?;)

tiggrae

marshallka wrote: »

Tiggrae, I need your help quick:eek: :eek: :eek:

When i have sent in my complaint for unfair rebate of the PPI i have just looked back over my letters to Barclays Firstplus and to start with they were about misselling which was then directed to Bespoke.

I then asked them about the settlement and who i complained to about that. They told me them. I then wrote about unfair settlement and they wrote back and said it was in accordance to the settlements and rebates etc. I then went on about rule 78 used in the settlement and they gave me a final response about the settlement.At the time of the actual settlement I complained to them over the phone and have the calls recorded and they told me it was high because of rule 78 used.

Now I have sent in this final response to the FOS for my complaint about unfair rebate settlement. Will they say that I actually needed to make a complaint to FIrstplus about this in the words of "unfair rebate of PPI" and not unfair settlement??:eek: .

Will they understand that I did not know that the unfair settlement was because of the PPI rebate?? Do i need to start this all over again??? Its not been passed to an adjudicator yet but is awaiting this and they have added PPI in the complaint reference.

Edit.... Just found one letter on 9th June where i mention unfair rebate in it (along with all my other discrepancies) . Will this be Ok. They did reply to it with a final response but they never picked up on it and just kept saying that "we did not sell the PPI" and then mentioning the settlement was in line with the regs of 1983. I hope that this is ok for the FOS. I did mention it but only along with other things.

it should be ok - a case worker will look at the complaint and see if there is a final response - if not it is returned immediately !! What I then think happens is when passed to an adjudicator they look at the wording on the complaint form and go back to FP for their 'side' then they weigh up the both sides of the arguement.

marshallka

tiggrae wrote: »

it should be ok - a case worker will look at the complaint and see if there is a final response - if not it is returned immediately !! What I then think happens is when passed to an adjudicator they look at the wording on the complaint form and go back to FP for their 'side' then they weigh up the both sides of the arguement.

Everytime i mentioned the insurance side of things to Barlcays FirstPLus they shunned it and said "not me". I then asked about the settlement and they said "that is us". I then complained about the settlement and they wrote to me about it saying that this rule 78 was used in accordance etc. etc. I then wrote back with a big list of things wrong and did mention unfair rebate only on one complaint as they had already given me a final response about the settlement but they did write back again about these things but never picked up on my wording of "unfair rebate". Will I get this thrown back by the FOS saying you need to now complain about the unfair rebate and give them 8 weeks to respond again. If they do this by the time it gets to the FOS again it could become statute barred...
As you all know I did not understand that my settlement was so high cause i paid this insurance in full and also interest was added to the full term of the loan. FIrst Plus never explained this and when i complained they used the rule of 78 for their reason.

carolineo55

thanks for getting back
we took the loan out in 2006 and debtbuster loans rings a bell!! have since received a letter from central capital saying they will look into the matter. Is it 8 weeks before i can do any more a week has already passed?

I have been reading a lot of the threads and have realised that this area of reclaiming is a minefield and that patience is needed.

mac666_2

Hi there,

I have a loan with Halifax taken out in June 2007. Like a fool i took out the PPI as avised by the nice lady. I can't say that i was miss sold it . I just didn't know that i could get it cheaper elsewhere.

I understand i haven't got a claim to get a refund on the PPI. I would like some advice on how to cancel it.I understand that they may want me to take out a new loan but read that it should be at the same rates as the last one.

Any advice gratefully recieved. As totally confused

as i understand it is a load with a single premium policy on it.
i can't rememder being told the monthly and total price of the cover or that interest would be added.
looking at the the agreement i'm paying £1624.57 for the cover plus £667.03 interest on cover! wow:eek:

i've only had the loan for 1 year and would love to think if i cancel the ppi i can just repay the new loan.
i don't understand this rebate bussiness ( call me bumb lol )
sorry the more i read the more i'm confused.

i would like to understand what i'm talking about before a talk to halifax
thanks mac

marshallka

tiggrae wrote: »

it should be ok - a case worker will look at the complaint and see if there is a final response - if not it is returned immediately !! What I then think happens is when passed to an adjudicator they look at the wording on the complaint form and go back to FP for their 'side' then they weigh up the both sides of the arguement.

The wording on the complaint form to the FOS is fine but I have got 3 final responses from FIrst Plus. I wrote and complained about so many things. After their first final response I then sent my complaint into the FOS about unfair settlement. They then said they would look into this and led me to believe that they were and I assumed that this complaint would also incorportate the unfair rebate against the PPI. To me they all go together. Settlement and rebate.... I then wrote again about more things I had found wrong with the SAR and they then told me that as my case was now with the FOS and they had had letters requesting information from the FOS that they were now dealing with the FOS. As you know after being passed to an adjudicator I then was told by FOS that they could not look into this as FIrstplus were not under their juridiction until January, 2005 and my complaint related to 2003. I never communicated with FIrst Plus after that time. There is one letter in June whereby i mention that I have sent a complaint into the FOS about unfair rebate but they replied to this one by saying it was now with the FOS and that they would communicate through them. I have looked back over all my letters and I always relate to this in my letters as "settlement" and not unfair rebate. Will this now be thrown back. I don't want to wait and then it become statute barred. Will i have to make a clear complaint about "unfair rebate" or do my original complaints about the settlement count as that.

I am annoyed at the FOS about this one. They are my reason for being messed about just like Barlcays First Plus. They are partly to blame if this is now thrown back again and I shall be complaining about them next. This is a lot of money here.

This all blummin started in April this year and I feel like because of the FOS I have wasted 6 months. Also I keep ringing just to ask this question again and they will not tell me. I feel so frustrated here.