Central Trust £25 Loan PPP refund

[bobbydog]

hi have passed all of this over to FOS for them to deal with as there seems a lot of conflicting advices on here, and when advice and help asked for there seems to be no one who can take you through the steps

i thought this was an ACTION group not an ADVICE group

advice is always given and i am sure people are thankful in pointing people in the right directions, it is then that people need help, they need the step by step guide and sometimes yes, a helping hand as this helping hand keeps them focused and determined.

it is when people are given all different types of advice that they becoe disallusioned with the forum and either go to these firms which take your money or the FOS or even give up all together .

[dx100uk]

whats that all about..........???

 

this is a voluntary self help site

 

dx

[bobbydog]

As you all know my history with this company, when the court decided in 2011 that ppi recipients who were missold could claim.

Well I recieved the final letter in 2009 from ct capital.. Then I went to the FOS, today I recieved a letter from FOS stating that because I sent my complaint to FOS after the 6 month ruling that my claim is invalid.

That was from the FOS ,

We're do I go.

What do I do.

[ims21]

Threads merged again

 

Please just keep to this one thread for this issue.

[ims21]

If fos are not allowing your claim then I think that your only option is to sue the lender in court

[bobbydog]

Can I not re submit a new claim

[ims21]

If any material facts have come to light since the original claim then yes you could.

 

Are there any?

[bobbydog]

Or could I not refuse any future payments and get them to take me to court.

I ask that as because I have been paying the ppi payment since 2007 at 100.00 a month. So for 5amd a half years I have been paying the ppi payment even though they cancelled it in 2007 (late)

So I am 5500 .00 in advance of my payments

Payments 363.00

Ppi 96.00

[bobbydog]

Well the only material fact would be the court case in 2011wouldnt it.

[ims21]

Just seen that you were self employed when this PPI was taken out.

 

Without me reading the whole thread, why did the lender refuse your PPI reclaim?

 

If you stop paying then your credit file would be affected as they will default you and mark the file (don't now if that is an issue for you?).

 

They rebated you for the PPI when you cancelled the policy and reduced the loan balance so that part of it is taken care of. It is the part before the rebate that you would be looking to get back plus the relevant interest.

 

As regards getting a previously rejected claim re-opened, have a look here.

 

http://www.thisismoney.co.uk/money/cardsloans/article-1720754/Banks-lose-PPI-ruling-Can-you-still-claim.html

 

The chances are very slim unless there are other reasons you have which were not put forward at the time of the original claim.

[bobbydog]

The lender refused saying that they did not miss sell the ppi.

They refunded the initial rebate to the account, but did NOT reduce the monthly payment

So I am paying for the loan AND the ppi payment.

As stated 363.00 for the loan and 96for the ppi this I am still paying

They have not and refuse to lower the payment to the loan payment only

[bobbydog]

In the letter from the FOS

It is stated that. CTCapital have refused the FOS to look into the case as it it out of the six month final response.

[ims21]

So they just said we did not mis-sell it....no reasons or explanation. That is unusual.

 

If they gave you a rebate when the policy was cancelled and reduced the balance on the loan then that means that the repayments stay the same but the loan term will be shorter.

 

It is either rebate the as yet unused amount to the account and leave the repayments the same or give no rebate but restructure the repayment so that they go down. Not both.

[bobbydog]

In a letter from CTCApital my last payment date is jan 2017.

10 years after the loan started so no reduction in loan term there.

And the rebate was for the up front payment of the ppi

 

What I am asking is if they cancelled the up front ppi payment and rebated about 2000 thereabouts i think then by cancelling that, then all future payments for ppi cannot be charged to the account

It's as if I am paying for something I have had cancelled.

[ims21]

If the interest rate stays the same as on the original agreement and the repayments remain the same as on the original agreement but there has been an extra reduction in the balance at some point (in this case a rebate) and all other things being equal then it is mathematically impossible for the loan to run its original term.

[bobbydog]

Can you tell that to CTCAptial. That is what I have been trying to do

To get a reduction in the original payment.

 

I have no problem paying the 363.00

My gripe is the extra 96.00 per that I am paying.

Can I refuse to pay that 96.00

[ims21]

If you do then they are likely to default you.

 

Rather than reduce the repayments they have actually given you the money back by way of a reduction in the loan balance.

[bobbydog]

The original loan was for 25000

So the 363 is the repayment over the 10years approx 36300 that is about right for the interest and loan payment

If I carry on paying the 96.00 for the 10 years then the total paid comes out at over 51000

Now that was the loan+interest+ppi total

[bobbydog]

All they reduced if you looked at it was the ppi payment rebate

Originally 7000 odd and they reduced it to 2000 reduction only

The ppi was cancelled in 2007 so can you please tell me why I am still having to pay that amount

[ims21]

And of course you've received a rebate of PPI to go against that

[bobbydog]

What you are saying is they reduce by 2000 approx and I pay 12000 extra payment

That is wrong isn't it

[bobbydog]

Also if the ppi is cancelled then surely the payment for that ppi should be cancelled

[ims21]

You said that they credited £4,047 to the account. That reduces the balance by £4,047. This was not a refund of PPI paid....this was a rebate on the cancellation of a PPI policy.

 

Given that the balance has reduced by some £4,000 so will the interest charges from that point onwards.

 

So you will not end up paying for PPI that wasn't used and you won't be paying interest on the amount credited t the account because the balance on which interest is calculated from month to month is £4k less.

[bobbydog]

Ok then, so the ppi was cancelled by 4047 and the interest reduced accordingly

Where does the extra 96.00 come into then

If ppi is cancelled then surely ppi future payments are also cancelled

[ims21]

No because they have given you back the future PPI payments in the £4k reduction in the overall loan amount.

 

So by carrying on the with the repayments as they were, your loan should come to an end sooner.

 

The only safe way to reduce the payments is agree with them an amendment to the agreement so that it is restructured to finish at the originally planned point.

 

If you do it off your own back and just reduce the payments they will probably default you so any amendment to payments must be agreed between the two parties.