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Hi, I wonder if anyone could help me please. This is my first attempt at PPI reclaiming. I have sent off my S.A.R - (Subject access request) to Norton Finance and requested a copy of credit agreement with £1 fee to First National. Norton have written back saying that they hold infomation of this loan and another that they arranged, both were single payment policies, they tell me that they do not hold copies of credit agreement and to get in touch with First National (which I have done already) They have enclosed the computer records relating to both loans (which is nothing but gibberish) but state that they did not record telephone conversationsin 2003 & 2004 when the loans were taken out. I asked what commission they received which was £1300 from First National but they have not stated what they got from the other loan. What do I do now? Do I send off the first letter or wait to hear from First National? Any advice would be gratefully appreciated!!
Re: PPI reclaiming - Norton Finance & First National
Are these loans now paid up or ongoing do you know the APR used on these loans do you have any statements for these loans as you will need to know on what date the payments where made and the amount to work out the contractual interest owed.
What are your grounds for Mis-selling?
How long have First National taken so far with regards to your agreements
The commission you are not interested in what you want back is the PPI PREMIUM paid and CONTRACTUAL INTEREST CHARGED on these loans.
Re: PPI reclaiming - Norton Finance & First National
The first National loan is paid up. APR 10.9 payment date was 8th of each month. £339 per month loan repayment. Loan was taken out in june 2003 and paid off Dec 2004. The PPI premium was £4843.16 !! We were told that we had to have it to get the loan, my hubby has a pre-existing illness and we did not know that it did not cover the full length of the loan.
First National have not got back to us yet, sent off letter asking for a copy of credit agreement on 21/10/08. Hope this helps. Many thanks
Re: PPI reclaiming - Norton Finance & First National
Hi Leon, yes it was paid off early, it was originally taken out for 120 months(june 2003) and was paid off in Dec 2004. The loan was for £20,000 + £4,843.16(PPI) =£24,843.16. Current loan did settle the first, settlement figure was £24,994.94. Many thanks again
Re: PPI reclaiming - Norton Finance & First National
Hiya Jessie,
Here is the spreadsheet for your loan 1 PPI you will see a date calculated box at the top so each day changed the date in there and it will auto update using your computers clock.
You will notice on the bottom task pane there are two pages and there is a section called: Settlement PPI Rebate i could not fill this bit in as i did not know that bit of data all i had was the total settlement so you will need to find this out.
As you will see the statutory refund is £7,979.56 and contractual it is 9,993.38 because you want back the interest paid each month of £42.14
Re: PPI reclaiming - Norton Finance & First National
Hi. received your email and just about worked out how it works (i am very thick, sorry) What do you mean when you refer to the settlement PPI rebate, this PPI was never cancelled as we totally forgot we had it until recently. Which do we claim for then, is it the statutory or the contractual interest that we apply?
Re: PPI reclaiming - Norton Finance & First National
Also, should I send in my claim now or wait to hear from First National, I am correct in that I send in my claim to Norton as they were the ones to sell me the PPI in the first place?
Re: PPI reclaiming - Norton Finance & First National
When you settled your loan early there would have been a rebate on your PPI which they would of used to bring the loan settlement down.
So this is the figure you need to find out thats if they did give you a PPI rebate by law they should of done.
The yellow box on the speadsheet which i did not fill in is where this goes.
As for the interest its up to you what you go for thats why i gave you two sets of figures but having said that i know what i would go for.
The contractual rate which is what they charged you.
Yes no point in holding on for the agreement from first national as you have the figures so get that claim in with norton finance while you await for the agreement to show up.
Re: PPI reclaiming - Norton Finance & First National
Ok ill give you a link for a letter template golden rule always respond via letter so you have a paper trail of evidence.
There is no harm in sending this letter to both parties at least then they both know at what stage this claim is at and may also be of help to them in settling this claim.
I would also advise using recorded delivery so you have a receipt of posting so they cant deny receiving it.
Just copy and paste this letter into your word program and edit to suit your requirements.
If you do not have a word program you can download open office which is a free office suite that will open all microsoft word programs
I believe I have been mis-sold payment protection insurance policies and would like to request a full refund of my premiums, plus interest paid at the APR I was charged to Date
When I took out the loans, I was not told that it was optional and I could buy my insurance needs elsewhere. I was also never asked any question to find out if the said policies where suitable.
In forcing me to buy these policies, you have also breached paragraph 8.6 of the Banking Code, to which you are a signatory.
I do not believe being forced to buy this policy as part of the loan was a fair and reasonable obligation as I did not need this insurance.
I am requesting a full refund on all my insurance policies I had with your company, plus compounded interest, and statutory interest at 8%.
Please NOTE as my loan account is now in dispute no further payments can be expected to be paid until the matter is resolved.
If I do not receive a favourable response from you I will pursue this claim through the Financial Ombudsman and the Courts if need be.
Re: PPI reclaiming - Norton Finance & First National
You should find that out as you have sent of an S.A.R letter, So they are obliged to give you every thing they hold on you.
But you can add to that letter i sent you: Please also suppy me with the Breakdown of the settlement of my last loan as i am not sure how much paid of the PPI and how much paid of the loan as i only have a total figure for both.
Re: PPI reclaiming - Norton Finance & First National
Its a pleasure to help you Jessie just remember we are still here, So when you get a reply post it up on here removing address and account no then we can guide you on your next step.
PPI reclaiming - Norton Finance & First National
reclaiming. I have sent off my S.A.R - (Subject access request
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