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  • FIRST POST
    • NewcastlePaul
    • By NewcastlePaul 8th Jan 14, 5:18 PM
    • 144Posts
    • 330Thanks
    NewcastlePaul
    My First Post - Hello , Debt, DMP & PPI claim be taken seriously
    • #1
    • 8th Jan 14, 5:18 PM
    My First Post - Hello , Debt, DMP & PPI claim be taken seriously 8th Jan 14 at 5:18 PM
    Hello everyone. My first time so bare with me.

    Got into horrendous debt 9 years ago through a mixture of a break up after taking a loan out for a partner and then a pretty shocking gambling addiction.

    Hit the lowest of the low but have turned the corner.
    I rang Stepchange (CCCS back then) and made the first step towards getting my life on track.

    I started my DMP and to date have paid nearly 50k off. (Still 60k to go - estimated to be clear in another 11 years).
    Despite having no assets and living in a council flat I have no intention of going Bankrupt. I manage ok enough on my DMP and ok I cant afford a car or to go out regularly but to be fair who can these days. My mistake so I want to put it right.

    I told a relative about my financial situation and she suggested PPI claim to see if I could reduce my debt in any way.

    Majority of debts were taken out between 2002 and 2005 and then I started my DMP January 2006 after finally losing the juggling battle of minimum payments.
    I had my head in the sand and binned applications and paperwork and have no exact dates. All I have is account or reference numbers thanks to my Online DMP and verbal confirmations that PPI was paid by 9 of my Creditors.

    I have today received the first 2 forms (1 from Lloyds and 1 from HSBC , the latter being from an old HFC loan) and dont know what to do.
    I didn't even realise I had taken out PPI as i have always worked full time and even though I have rarely needed it I get full sick pay and benefits.

    Reason for borrowing was debt consolodation. At various dates depending on when sold I have no idea who at that time I owed and how much. I want to be honest but I don't want to leave a blank form.

    Am pretty much going to accept any offer made from any of them, I don't have any aims or aspirations or figures. Anything I get goes to reduce my debt and length of DMP.
    Last edited by NewcastlePaul; 09-11-2014 at 11:39 AM. Reason: To put an up to date situation regularly on first post
Page 1
    • amersall
    • By amersall 8th Jan 14, 8:34 PM
    • 16,832 Posts
    • 18,918 Thanks
    amersall
    • #2
    • 8th Jan 14, 8:34 PM
    • #2
    • 8th Jan 14, 8:34 PM
    Put the truth, if you had a good sick package from work and perhaps life insurance, put this, show you had no need of this insurance.

    • NewcastlePaul
    • By NewcastlePaul 10th Jan 14, 4:36 PM
    • 144 Posts
    • 330 Thanks
    NewcastlePaul
    • #3
    • 10th Jan 14, 4:36 PM
    • #3
    • 10th Jan 14, 4:36 PM
    Thanks for your reply. Looks like the plan of action.
    Received a letter from biggest creditor as well as a copy of the agreement from 2004. Computer generated X in the yes column dated 2004 and I signed it so that one is done :/

    But onwards and upwards
    • Insider101
    • By Insider101 10th Jan 14, 8:45 PM
    • 1,044 Posts
    • 594 Thanks
    Insider101
    • #4
    • 10th Jan 14, 8:45 PM
    • #4
    • 10th Jan 14, 8:45 PM
    Put the truth, if you had a good sick package from work and perhaps life insurance, put this, show you had no need of this insurance.
    Originally posted by amersall
    Buyer remorse isn't grounds for a complaint of Mis-sale.
    • NewcastlePaul
    • By NewcastlePaul 13th Jan 14, 11:42 PM
    • 144 Posts
    • 330 Thanks
    NewcastlePaul
    • #5
    • 13th Jan 14, 11:42 PM
    • #5
    • 13th Jan 14, 11:42 PM
    Had my first positive letter back.
    Monument offering a final response figure.

    They say 562.45 was paid and are without admission, etc
    prepared to refund those fees plus compound interest (26.48%)

    Yet further down on statement it says..

    Charges 562.45
    Acc Rate Interest 1.29

    Total Refund 563.74


    from June 2004 - 2.77 a month
    from 2005 - 4.62 a month
    from 2006 - 5.39 a month
    from 2007 - 6.99 a month
    from 2008 - 7.27 a month
    from 2009 - 7.52 a month
    from 2010 - 7.81 a month
    from 2011 - 8.26 a month
    to June 2011

    Am i missing something with the compound interest.
    Why say they are going to pay a % and then not.
    They going to credit account (Which nearly pays it off)
    and say i have 6 months to contact FOS
    • Moneyineptitude
    • By Moneyineptitude 14th Jan 14, 11:07 AM
    • 23,603 Posts
    • 12,937 Thanks
    Moneyineptitude
    • #6
    • 14th Jan 14, 11:07 AM
    • #6
    • 14th Jan 14, 11:07 AM

    Am i missing something with the compound interest.
    Originally posted by NewcastlePaul
    It's not compound interest.
    • NewcastlePaul
    • By NewcastlePaul 14th Jan 14, 11:02 PM
    • 144 Posts
    • 330 Thanks
    NewcastlePaul
    • #7
    • 14th Jan 14, 11:02 PM
    • #7
    • 14th Jan 14, 11:02 PM
    "Without admission of liability, we are prepared to refund you these fees plus compound interest (at today's account interest rate of 26.48%) from the date of the fee, as shown below


    Charges 562.45
    Account Rate Interest 1.29
    Total Refund 563.74 (Charges plus interest)"
    • Moneyineptitude
    • By Moneyineptitude 14th Jan 14, 11:20 PM
    • 23,603 Posts
    • 12,937 Thanks
    Moneyineptitude
    • #8
    • 14th Jan 14, 11:20 PM
    • #8
    • 14th Jan 14, 11:20 PM
    "Without admission of liability"
    Originally posted by NewcastlePaul
    These words indicate that the Bank are offering a "Goodwill" payment. I'd simply accept if I were you..they can withdraw it completely if you contest it.
    • NewcastlePaul
    • By NewcastlePaul 15th Jan 14, 12:12 AM
    • 144 Posts
    • 330 Thanks
    NewcastlePaul
    • #9
    • 15th Jan 14, 12:12 AM
    • #9
    • 15th Jan 14, 12:12 AM
    they confirm that I subscribed to the Payment Break Plan Product and list payments (starting June 2004) made to the payment break plan
    and over 7 years they add up exactly to 562.45

    They say this will be taken off any balance and if that results in a credit balance then a cheque will be sent within 10 days and this is their final response.

    They finish it off with "You may be able to refer this complaint to the FOS...address and contact details which are...etc..etc
    Please note you have 6 months from the date of this letter to refer to the FOS.

    There is no accept or refuse this offer. They automatically going to pay it. Am 563.74 better off than when I started this post so I will leave sleeping dogs lie....With this creditor.

    I have received forms this morning from 3 others and having rang them are getting copies of most agreements sent out within 7-10 days. Only Barclaycard said write in (paying 10) and request a SAR
    • NewcastlePaul
    • By NewcastlePaul 28th Jan 14, 12:26 PM
    • 144 Posts
    • 330 Thanks
    NewcastlePaul
    Quick update.
    Had the paperwork from Lloyds and its 3 consolidation loans.
    Each one about 12-18 months after the other.

    They were all done over the phone but the second one doesnt actually have my name, signature or date on it

    The 3 policies will have overlapped and whilst I dont have proof of having the branch manager ringing me saying I wouldnt get the loan thats why I was reluctant to sign and seems he put the loan through without me doing it !!!


    Northern Rock have also been in touch. They are going to refund 200. Standard payments + 8% interest.
    They are also going to reduce balance from 5.9k to 4.2k
    My only problem with that is it is now Marlin who have that account so even though NRAM saying it will Marlin honour that decision.

    Want to find out before signing paperwork but finding it impossible to get anyone from Nram on the phone. 8 different numbers today and the 9th I have been given that is the proper PPI number (0844 892 2645) just rings out for 3 mins and then disconnects !!
    • NewcastlePaul
    • By NewcastlePaul 1st Feb 14, 4:19 PM
    • 144 Posts
    • 330 Thanks
    NewcastlePaul
    Had a phone call off Lloyds yesterday.
    Lady wanted to go through the form yesterday.
    Said I was in the process of filling it in and sending it back
    but she said she would still have to talk through it so would be ringing back Monday. Are they running scared or getting ready to shoot me down ?
    • amersall
    • By amersall 1st Feb 14, 8:29 PM
    • 16,832 Posts
    • 18,918 Thanks
    amersall
    Buyer remorse isn't grounds for a complaint of Mis-sale.
    Originally posted by Insider101
    No, but if you did not need the insurance, that is a reason for mis sale.

    And so is this.
    Quick update.
    Had the paperwork from Lloyds and its 3 consolidation loans.
    Each one about 12-18 months after the other.
    As the remaining PPI, after the rebate would have gone onto the next loan, this is not explained at the point of sale.

    • -taff
    • By -taff 2nd Feb 14, 1:06 AM
    • 10,069 Posts
    • 13,337 Thanks
    -taff
    As amerall says. you can complain about single premium attached to a consolidated chain of loans.
    • NewcastlePaul
    • By NewcastlePaul 3rd Feb 14, 2:38 AM
    • 144 Posts
    • 330 Thanks
    NewcastlePaul
    Have tonight went through paperwork received and filled in

    1 x Lloyds TSB form covering 3 loans
    PPI was bundled up front and included in the loan.
    They were each 4 year agreements and dated
    July 2001
    October 2002
    April 2004 so do clearly overlap

    I have wrote that they overlap and that on the 2nd one i was wary over the phone about taking PPI and was told that I wouldnt get the loan without it. I was then called back by the branch manager who invited me to call into branch within the hour and he would see what he could do. Thats the one where I didnt actually sign the agreement.


    1 x Barclays form

    1 x Barclaycard form


    I will fill in the other 3 forms tomorrow (HSBC / HFC , MBNA and Bank Of Scotland)

    Anything I get back obviously comes off my Debt and reduces the length of my DMP. I have done DMP for 9 years and still have 11 to go. I don't want to or intend to go bankrupt despite having no assets and renting a council flat. Way I see it is its my mess and I should pay it back but if I can reduce my sentence by a year or 2 then its a boost.
    • NewcastlePaul
    • By NewcastlePaul 3rd Feb 14, 2:42 AM
    • 144 Posts
    • 330 Thanks
    NewcastlePaul
    I also got proof from work that I got 12 months sick pay and in the unlikely event of redundancy would get 24 months pay.

    Death in service is the same as have been there over 25 years.
    At time of credit application i had been there 16 years so sickpay would have been the same but not sure if Redundancy would have been.
    • NewcastlePaul
    • By NewcastlePaul 4th Feb 14, 4:42 PM
    • 144 Posts
    • 330 Thanks
    NewcastlePaul
    Forms sent off.

    Did have a phone call of both Lloyds & Bank Of Scotland who talked through questionaire. Was as honest as I could be.
    Said that I didnt want or need PPI but had been advised that it might affect the application.

    This is why I actually stalled on the 2nd Lloyds loan and the Branch Manager rang me up to invite me down personally to complete the loan that day.

    Said that I received full benefits at work and was just trying to complete my DMP and pay my debt off but if I can reduce that period by successfully reclaim then I would be very happy.

    Both Lloyds and BoS said they would be letting me know their decision in the next couple of weeks. So now its fingers crossed and wait.

    I think if I do get turned down by Lloyds then I will go down the FOS route as if nothing else the 3 upfront loans for PPI ran concurrently. But for now we'll see.

    Thank you to everyone who has read and commented on the thread. I am glad that

    a) I decided to claim back
    b) I decided (with a bit of forum research) to claim myself rather than use a company. Now that I know which firms are happy to send copies of documents when asked over the phone and which automatically make an offer immediately there and then Im half tempted to freelance as a claims company myself !!
    • NewcastlePaul
    • By NewcastlePaul 8th Feb 14, 12:26 AM
    • 144 Posts
    • 330 Thanks
    NewcastlePaul
    Received a letter from Bank Of Scotland today saying complaint upheld. Have agreed to optional insurance on the application form and that is that for them.

    2 offers
    1 rejection

    4 decisions still to come
    • NewcastlePaul
    • By NewcastlePaul 15th Feb 14, 5:13 PM
    • 144 Posts
    • 330 Thanks
    NewcastlePaul
    Wow
    Offer of over 6k today from HSBC (HFC loan)
    less settlement figure 2.476.62

    Refund due 3,231.38 (after tax)

    So far...


    Monument - 563 (All against Balance)
    Northern Rock - 1,900 (1,700 against Balance - 200 Comp)
    HSBC - 6,028 (2,400 against balance - 3231 comp)
    Bank of Scot - Computer said no


    Still waiting on Lloyds and Barclays

    But these mean I am going to finish my DMP 18 months earlier that I was before i put these claims in..
    • sorryitsme
    • By sorryitsme 15th Feb 14, 9:37 PM
    • 412 Posts
    • 186 Thanks
    sorryitsme
    Offer of over 6k today from HSBC (HFC loan)
    less settlement figure 2.476.62

    Refund due 3,231.38 (after tax)

    So far...


    Monument - 563 (All against Balance)
    Northern Rock - 1,900 (1,700 against Balance - 200 Comp)
    HSBC - 6,028 (2,400 against balance - 3231 comp)
    Bank of Scot - Computer said no


    Still waiting on Lloyds and Barclays

    But these mean I am going to finish my DMP 18 months earlier that I was before i put these claims in..
    Originally posted by NewcastlePaul
    Congrats on your refund, your diary is inspiring to others just beginning their PPI refund journey.

    By any chance do you have Monuments contact details as I am trying to help my dad with a claim with them.
    • NewcastlePaul
    • By NewcastlePaul 16th Feb 14, 12:00 AM
    • 144 Posts
    • 330 Thanks
    NewcastlePaul
    Monument aka CompuCredit - 0800 279 4783
    Good luck
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