PPI Reclaiming discussion Part II

di3004

marshallka wrote: »

I have now covered myself with a letter to Barlcays First Plus sent recorded delivery today



We are writing in regards to my complaints about the settlement figure on our loan in 2003. We wrote and received lots of replies with regards to the settlement and in a letter to you of the 9th June we mentioned we were complaining about the” unfair rebate” we received on the PPI policy with yourselves.

This was unfair and we believe we were deprived of the sums below.

My loan was £17000 with a PPI of £4163
The PPI element of the loan was 19.67%
19.67 of my repayments of £285 per month = £56.05 per month PPI
160 x 56.05 = £8968.00 PPI including all the interest I would have paid
Repayments of 39 x 56.05 = 2185.95
8968.00 - 2185.95 = 6782.05 - the rebate i got of £91.64 = £6690.41(THIS IS THE AMOUNT THAT I WAS UNFAIR REBATED ON) so I was actually charged this entire amount when settling the loan early and it was very unfair. I would like this amount refunded and all the statutory interest too.

We have now resubmitted the complaint to the FOS and just as a courtesy as you never picked up on this complaint if you reread the letter of the 9th June 2008 to yourselves then I would like just to reiterate it here with the actual sums above.
We received an a very unfair rebate of this policy and we thought we could give you a chance to relook into the complaint again. This is not about the selling of the PPI policy, its about the rebate we received at settlement which in turn put our actual settlement up by the amount above. We did not realise that this was the reason for our settlement being so high and you always tried to make out this was because of the rule of 78 being applied at settlement.


I know its a crappy letter but i had to do in two minutes as the post office closed at 12.00. Just sent it recorded delivery so at least they cannot say that i have not actually complained about the unfair rebate. I did in fact incorporate it into a letter that i sent to them on 9th June but other than that i always complained about the settlement.

This is a very good letter hun and you have made your point.
Hope this helps your case now.;)

They should receive this on Monday with a bit of luck and you have covered yourself well. Good luck!

marshallka

Bluemoon wrote: »

I have this morning recived my first letter of rejection from First Plus saying that i was not missold a policy, they are saying it was all explained to me so whats my next step?

Bluemoon

Get another one sent in and then wait for their final response if this first one does not state final. This is very usual for Barclays First plus but don't give up. Let us know if you need any more help here.

You give them 8 weeks from the first letter and not another 8 weeks to give you a full and final response.

marshallka

di3004 wrote: »

Good morning.:D

Hubby received 2 letters from the FOS in this mornings post.
Does not look like they have looked into the fast track request yet or even if this request has been passed on.

Both of his 2 letters (Lloyds TSB) state that a colleague had wrote to him recently to explain that they will be contacting Lloyds TSB for further information about his complaint.
Their next step is to hand his complaint to one of their Adjudicators, who will consider carefully what he and Lloyds TSB have said before setting out their view on how the complaint should be settled.

Unfortuntately, because of the large number of complaints that they are currently dealing with, it may be a while before one of their Adjudicators is able to look at his complaint, but will write to him ASAP - and certainly within 2 months to keep in touch with him.

Then it states in the meantime they would be grateful if he could let them know of any important changes in personal circumstances that he have not already told them, for example:

Experiencing exceptional financial hardship because of circumstances connected to his complaint.

If suffering serious health problems or ill health which makes it extremely important that this complaint is resolved quickly.

Or have had an offer from Lloyds TSB since they last wrote, and accepted this offer to settle the complaint, (or are considering accepting it).

And the usual, if you need to contact them, with the phone number and email address or write.
.....................................................................................................

We will contact them on Monday just to make sure on the fast tracking thing.
And the last letter he did have was that it was waiting to be passed on to the adjudicator, nothing about them contacting LLoyds for further information as stated in this recent letter.

This is perhaps standard and it will be fast tracked as you have sent them details of your income etc. Its just not gone to fadt track team yet.

marshallka

carolineo55 wrote: »

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.

Were debt buster just processing it for Central perhaps. If they were then there is a fiddle going on here as Central are based abroad and the laws and regulation is different. What does your letter say to you???

It is 8 weeks for a full and final response on this.. lets see what Central say then first.

pinknico

di3004 wrote: »

Good morning.:D

Hubby received 2 letters from the FOS in this mornings post.
Does not look like they have looked into the fast track request yet or even if this request has been passed on.

Both of his 2 letters (Lloyds TSB) state that a colleague had wrote to him recently to explain that they will be contacting Lloyds TSB for further information about his complaint.
Their next step is to hand his complaint to one of their Adjudicators, who will consider carefully what he and Lloyds TSB have said before setting out their view on how the complaint should be settled.

Unfortuntately, because of the large number of complaints that they are currently dealing with, it may be a while before one of their Adjudicators is able to look at his complaint, but will write to him ASAP - and certainly within 2 months to keep in touch with him.

Then it states in the meantime they would be grateful if he could let them know of any important changes in personal circumstances that he have not already told them, for example:

Experiencing exceptional financial hardship because of circumstances connected to his complaint.

If suffering serious health problems or ill health which makes it extremely important that this complaint is resolved quickly.

Or have had an offer from Lloyds TSB since they last wrote, and accepted this offer to settle the complaint, (or are considering accepting it).

And the usual, if you need to contact them, with the phone number and email address or write.
.....................................................................................................

We will contact them on Monday just to make sure on the fast tracking thing.
And the last letter he did have was that it was waiting to be passed on to the adjudicator, nothing about them contacting LLoyds for further information as stated in this recent letter.

The FOS must have been busy, I had a letter relating to a no credit agreement complaint, saying they will contact the business and may take two months to be passed to adjudicator.

di3004

marshallka wrote: »

This is perhaps standard and it will be fast tracked as you have sent them details of your income etc. Its just not gone to fadt track team yet.

Yes I expect your right.

Even though I have never actually had a letter myself like this one before,well not exactly anyway, but as we know the complaints are just getting bigger and they have a job to keep up I suppose.

They DO really need more staff don't they ?

di3004

pinknico wrote: »

The FOS must have been busy, I had a letter relating to a no credit agreement complaint, saying they will contact the business and may take two months to be passed to adjudicator.

Hiya hun.
Yes the complaints are even more so than ever now.

Mind you I was really surprised that I was informed that my complaint (LLoyds) was actually being dealt with, this was last week, I thought I would have been waiting a lot longer to be honest, going by experience of my last complaint they dealt with.
Mine had been with them since June 2008.
Hubby's just a week or 2 after who have requested fast track due to his current circumstances, so he said he will just ring on Monday anyway just to see if his request for fast track will be considered at all, just to double check.

Fingers crossed for you too hun.;)

di3004

Pinknico

Have you heard anything further from the FSCS yet hun?

I do pop over on their web-site now and again to see what is what but they I think they update certain times perhaps.

Do you know of anyone else who have been through a claim with these at all?;)

woodybuzz

I have sat down today to draft a letter recaliming PPI but first some facts...

£15000 loan with HSBC (graduate loan) taken in June 2005. Repayment of £230 a month plus £65 PPI pyt.

PPI of £5472 added as a single premium - all done via secure e-mail / internet.

Now, the policy states I cannot cancel, but I now know this can be done (thanks to MSE et al). However if I cancel and am unsuccessful (possibly as it was a "non advised" sale) this means that they would re-calculate the loan on say the £11k outstanding at the same APR (7.9%) over the remaining period (42 month). This works out as £300 a month meaning I am £5 amonth better of and lose the "insurance" - so in a nutshell is it worth the risk?

I do believe I was mis sold as if I'd known the cost was so exhorbitant I would't have taken it, and the fact it was a loan on top of a loan was never explained to me.

This seems more of a gamble rather than anythng else! Any suggestions?

marshallka

woodybuzz wrote: »

I have sat down today to draft a letter recaliming PPI but first some facts...

£15000 loan with HSBC (graduate loan) taken in June 2005. Repayment of £230 a month plus £65 PPI pyt.

PPI of £5472 added as a single premium - all done via secure e-mail / internet.

Now, the policy states I cannot cancel, but I now know this can be done (thanks to MSE et al). However if I cancel and am unsuccessful (possibly as it was a "non advised" sale) this means that they would re-calculate the loan on say the £11k outstanding at the same APR (7.9%) over the remaining period (42 month). This works out as £300 a month meaning I am £5 amonth better of and lose the "insurance" - so in a nutshell is it worth the risk?

I do believe I was mis sold as if I'd known the cost was so exhorbitant I would't have taken it, and the fact it was a loan on top of a loan was never explained to me.

This seems more of a gamble rather than anythng else! Any suggestions?

woodybuzz, it is worth claiming on this. You took the loan after 2005 and they had rules to follow and clearly did not follow them and explain the policy. I would certainly not give up. Its your money here and you really don't have a lot to lose do you?? Go for it. You will be fine.

Also by saying what you have above are you saying there is nothing wrong with the insurance.????? Just go for the misselling here and perhaps wait to cancel til after. You will only get a small amount back anyway.