Good News Folks! Ppi Refund Success

[Nightmare4banks]

Hi all!

 

I am writing to tell all forum members my success in obtain a FULL REFUND PLUS INTEREST of my Payment Protection Insurance Premiums due to misselling that was added on two loans that I have - backdated from the day the loans were taken out -that is 5-6 years ago for one loan and 6-7 years ago for the second loan.

 

My advice to anyone seeking to claim should do as follows(By the way,this process only applies to loans and not credit cards mainly to the complexity of the calculations):

 

1.Exhaust the complaints procedure within the company.Make sure you keep copies of all fob you off letters etc in a safe place.

2.DO NOT enter longwinded arguments over the phone.In fact do not use the phone at all!

3.Do a SAR - for your records under the Data Protection Act - send your £10 + proof of ID and address etc.

4.When you get the response to your SAR,highlight the amount of the premium plus the interest.

5.Then go down the LBA route etc.

6.One crucial thing you should mention is that the CAB sought to launch the Super Complaint for the OFT to investigate the misselling of Payment Protection Insurance because so many claims are disqualified and the plans are deemed to utterly useless to the consumer.I will be posting more about this later.

 

FINALLY...

 

If anyone has any figures and if any help is needed for calculating the premium plus interest amount,post the figures here but please state:

 

1.Insurance Premium Amount.

2.Interest Rate - not the APR.

3.Start Date of Loan.

4.Amount of Years/Months Outstanding on Loan.

5.Original Loan Term.

 

In some cases the amounts stated in agreement are clearer so all you do in this case is make a copy of the agreement and extract the figures you need from it.

 

Good luck with your claims and kick more a**!

[Nightmare4banks]

Hi all!

 

Now sandy I need more information if you want me to help you.

 

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Now pampam,this is what I would do:

 

1.Ask the judge to consider the following ruling:

 

(Court of Appeal Ruling[2005]EWCA Civ956) in the case of London Securities Ltd v Mr.& Mrs.Meadows and Another.

 

 

If there are any defects in the agreement it becomes unenforceable under Section 127(3) of The Consumer Credit Act 1974 because:

 

1.The Protection amount was imposed on the borrower.

2.The Protection Amount plus compounded interest was within the total charge of the credit facility.

3.Late payment fees may have been added - if there are any they should be mentioned and highlighted to the judge.

 

By mentioning these points there should be one out of two possible outcomes:

 

a.The full refund of the PPI amounts plus interest backdated and offset against the loan balances.

 

or

 

b.All the loans being unenforceable as mentioned and your son will owe nothing!!

 

PLEASE NOTE....

 

1.Also,do not forget to mention the CAB and the super complaint that the OFT has been asked to carry out regarding THE APPALLING MISSELLING(these words are very important) of PPI and its impact on consumers in our country.

Plus the fact that your son has no desire to deprive any ban/insurance company of its monies but equally any bank/insurance company should act in fair and professional manner when selling its products.

 

 

2.Whatever the outcome it should sway in your son's favour an he will pay much less or maybe nothing!Although,I personally doubt the latter because it did have other complexities which we do not need to get into.As long as your son gets the PPI refunds he will save alot of money and teach the finance company a good lesson!

 

Anyway,I hope you find this information useful.

 

If you have any questions,just ask.

 

Keep us posted.

 

All the best!

[Nightmare4banks]

Hi all!

 

sandy,in reply to your post:

 

1.What you have just stated to dispute the amount owed is the best way forward here.

 

2.Make sure to send the letter by recorded delivery and retain the recorded delivery stub in a safe place just in case you may need it.

 

3.You should also threaten to counter sue for the PPI part included in the loan agreement should the finance company desire to take you to court.

Do not be afraid to tell the finance company this.

 

4.Request that the interest be frozen and offer reduced monthly payments that you can easily afford and stick to them.Do not enter into useless debates over the phone regarding the repayments because they will only stress you out.

It is much better to have everything in writing as evidence should the need arise at a later date.

 

5.If you do not have all your loan account records,do a SAR as I have explained in a previous post within this thread - the main objective would be to make sure that you have the correct amount to be offset against the loan balance because of the PPI.

 

I hope you find this information useful.

 

If you need any more help,just ask.

 

Keep us posted.

 

All the best!

[Nightmare4banks]

Jackie,in reply to your post:

 

1.You should claim now for the PPI ONLY + Interest on the PPI for the several months that you were repaying the loan.This would be £3276 + Interest at 1.364 per month as per the agreement.The interest on the £3276 is around £120 but do not mention this just in case the company calculates different to the way I calculated it.

 

2.Regarding the claim for redemption penalties/early settlement costs etc for a regulated loan i.e. a loan for £25,000 or less.Simply ask for a revised settlement amount based on the loan without PPI.This amount is to be added to the PPI amount + Interest as outlined in point 1.

 

3.If the company agrees to refund you,post the figures here so I can go over them for you before you agree to accept the offer.

 

4.If you have to issue a summons,don't worry I wil guide you all the way.

 

Anyway,I hope you find this information useful.

 

If you need any more help,just ask.

 

Keep us posted.

 

All the best!

[Nightmare4banks]

Hi all!

 

Maria100 in reply to your post:

 

1.The fact that it is a secured loan does not matter.The main thing is that as long as the loan is for £25,000 or less.

 

2.This is because any loan amount of £25,000 is classed as a regulated loan under The Consumer Credit act 1974.

 

Please read through my posts within this thread in order to succeed.If I have succeeded,so why can't you?

 

Don't worry. I will point you in the right direction if you get stuck.

[Nightmare4banks]

Hi all!

 

Lynn,in reply to your post:

 

I have a few questions to ask you:

 

1.Was the Payment Protection Insurance compulsory in order to obtain the loan?

2.Did you receive advice from a salesperson experienced in Payment Protection Insurance prior to obtaining the loan?

 

The answers to the abovr questions should hopefully enable me to assist you further.

[Nightmare4banks]

nikkiandmidgets,

 

The answer is yes you can.

 

In order to possibly assist you further I need more information about the loan - breakdown of amount and PPI amount together with the term i.e. no of years/months plus whether secured or unsecured.

[Nightmare4banks]

kevinlufflum,in reply to your post:

 

I believe that you have confused two issues here:

 

1.SAR (Subject Access Request) is when you request all your records with a finance company,pay the statutory fee of £10 together with proof of address and proof of ID.All the be sent by recorded delivery to the Data Controller of the company.The company has 40 days to respond.

 

2.CCA request is a request to obtain a copy of the agreement that ou have signed with a loan/credit card company.In this case you send £1.

 

If you need more information,please read the other threads associated with each topic.

[Nightmare4banks]

maria100,in reply to your post:

 

Do a SAR - Subject Access Request under the Data Protection Act 1998 and send the statutory fee of £10 together with proof of your id and address by recorded delivery post to the Data Controller of the company.

The company has 40 days to comply.A template letter can be found inthe library.

As soon as you receive a reply to your SAR,let me know so I can then assist you further.

[Nightmare4banks]

Hi all!,

 

Please note:

 

1.Anybody that wants to persue a claim for PPI should follow the steps I have put in the start of this thread.

 

2.It is absolutely essential that you do a S.A.R - (Subject Access Request) and then when you get your reply either post your figures here plus any notes regarding the PPI selling.All required figures are stated in my first post within the start of this thread or send me a PM.

 

3.So things are not confused,I would suggest that each person who is claiming back PPI to start his/her/their own seperate thread.

 

Anyway,good luck to everyone with kicking more a**es!

[Nightmare4banks]

reidnet,in reply your post:

 

It is about time as well!

 

I came across certain articles linked with PPI mainly to do with the Citizens Advice Bureau and the Super Complaint that was handed down to the OFT which is duty bound by law to investigate the PPI fiasco in this country.

 

So,this must be the response!

 

It will be very interesting to see what this investigation has actually concluded and the way forward by the OFT in dealing with these matters.

 

Hopefully this will enable us to kick more a**!