Thread: FOS agreed that PPI was mis sold! Now what????

Hi all. After a year the fos have agreed that Loans.co.uk did indeed mis sell my PPI for a secured loan. Loans .co.uk were not giving up easily as they had disagreed with one adjudicator so it had to go before an ombudsman. They still agreed that loans were very much wrong. YIPEE.

So If we agree with the ombudsman then loans.co.uk have to pay us £250 compensation as well as this little paragraph that i am kind of strugling with

On the Understanding Me and Hubby have cancelled the PPI policy, and where the consumers agree to the restructuring of the loan, the financial business should:

(A) arrange for the loan to be restructured(without charge to the consumer)so that :
- any amounts outstanding in respect of the PPI(including any interest and charges)are cancelled and
-the number and amounts of any future repayments(including any interest and charges)are the same as would have applied if the consumers had the the loan without PPI:

(B) calculate, and pay the consumers, the amount of the net payments the consumerswill make up to the time of settlement in respect of the PPI(including any interest and charges)by comapring
-the payments actually made
-the payments which would have applied if the consumer had taken the loan without PPI; and
-add interest on each of these net payments at the rate of 8% per year simple from the date of each payment to the date compensation is paid;
-less any premium refund actually paid to the consumers on cancellation of the policy; and
(c) set out in writing for the consumers the amount outstanding, and the number and amount of future paymnets, under(A); and the details of the calculation under(B)

So to assist Me and Hubby the business should set out clearly an account of how it has made the calculations set out above and provide a statement of the new instalmnts to be paid on the loan and the amount outstanding. It should pay the duly calculated amount to Me and Nubby and make the required changes without delay.

Can anybody please put this into my language. I think I know what it is saying but I dint want to get too excited. Also is there a way I can work this out so I know they are calculating what I am owed correctly.

Thanx guys

olives xxx

Hello Olives family,

Hi all. After a year the fos have agreed that Loans.co.uk did indeed mis sell my PPI for a secured loan. Loans .co.uk were not giving up easily as they had disagreed with one adjudicator so it had to go before an ombudsman. They still agreed that loans were very much wrong. YIPEE. Yes you won

So If we agree with the ombudsman then loans.co.uk have to pay us £250 compensation as well as this little paragraph that i am kind of strugling with The £250.00 is a nice bonus for the involvment of the Ombudsman


On the Understanding Me and Hubby have cancelled the PPI policy, and where the consumers agree to the restructuring of the loan, the financial business should:

(A) arrange for the loan to be restructured(without charge to the consumer)so that :
- any amounts outstanding in respect of the PPI(including any interest and charges)are cancelled and
-the number and amounts of any future repayments(including any interest and charges)are the same as would have applied if the consumers had the the loan without PPI: This is good and basically what has happened to me.PPI refunded with interest and 8% Statutory simple interest added on. Existing loan has been reassessed to take into account the cancellation of the PPI.

(B) calculate, and pay the consumers, the amount of the net payments the consumerswill make up to the time of settlement in respect of the PPI(including any interest and charges)by comapring
-the payments actually made
-the payments which would have applied if the consumer had taken the loan without PPI; and
-add interest on each of these net payments at the rate of 8% per year simple from the date of each payment to the date compensation is paid;
-less any premium refund actually paid to the consumers on cancellation of the policy; and
(c) set out in writing for the consumers the amount outstanding, and the number and amount of future paymnets, under(A); and the details of the calculation under(B)

So to assist Me and Hubby the business should set out clearly an account of how it has made the calculations set out above and provide a statement of the new instalmnts to be paid on the loan and the amount outstanding. It should pay the duly calculated amount to Me and Nubby and make the required changes without delay. Always ask the FOS for confirmation of the actions they are taking to ensure you get the full amount of refund that you are entitled to.

Can anybody please put this into my language. I think I know what it is saying but I dint want to get too excited. Also is there a way I can work this out so I know they are calculating what I am owed correctly.

Thanx guys

olives xxx

I think simply put you will get a refund of you PPI premium payments made plus the interest on those payments plus a statutory 8% payment from the time the accounts started to the time the settlement was accepted through the FOS.

They will undoubtedly delay further as the longer your money is in their bank the more they make in profits. My settlement was in fact 8 weeks before they paid up by credits to my account and or cheque to me directly.

keep a close eye on them they want your money for as long as possible

aa

Thankyou. Is there anyway I can cheque that they are working it out correctly or do I just take there word for it ??

olives xx

Hello,

Thankyou. Is there anyway I can cheque that they are working it out correctly or do I just take there word for it ??

olives xx

If your case has gone to the Financial Ombudsman then I believe you have a win. My cases were agreed by an adjudicator and I was not obliged to accept their ruling and could have opted for the Ombudsman.

But I accepted the adjudicators written word plus the fact the case could be extended another 6 to 9 months and my fight had already taken 7-8 months so I accepted the Adjudicators decision as he advise that was the best result I could expect. Please see my thread on the massive fight I had..........

***Long fight but, WON***

I still have one outcome for a complaint to the ICO outstanding but the fact is the RBS had some difficult questions to answer and were in breach of one of the protocols of the Data Protection Act 1998.

aa

Yes it was an ombudsmans decision Alanalana as Loans .co.uk asked for it to go before an Ombudsman as they didnt like the adjuducators decision. What I was meant to ask(I am sorry for not being clearer) can I calcualte what loans.co.uk should be paying me in way of premiums I have already paid. I know that there are spreadsheets on here, can they be used for this ??? sorry about the questions. I am still kind of reeling from this

olives xxx