Reclaim PPI from GE Money[ loans.co.uk] ****WON Loans.co.uk coughed*****

[Poor-Credit Borrower]

Hello dx100 (or anyone),

Sorry for my delay to you.

 

I have been sent a Letter of Engagement from [edit]

but your colleague on CAG, ims, has said that it is better to do it myself,

especially as the claims company will invoice me for 33.33% of any compensation PPI received, *inclusive* of any taxes where applicable.

 

In answer to your question,

the credit was a mortgage taken out in Jan 2005 and fully redeemed in May 2006.

 

I have received a lot of paper work from my DSAR,

but only a very small percentage of it lists the actual PPI.

 

From what I can remember the PPI was with a company called Westingshouse, or something, for about £9136

then what I think GE Money did was to add the PPI to the loan and called it a Gross Loan of £183,161.31.

I guess I *must* find the separate piece of paper listing the PPI otherwise I cannot proceed?

 

By the way, when this CMC contacted me they said they would apply for interest of 8% etc on top of the main loan/mortgage,

but this does not warrant paying them 33%?

 

Also,

do you think the Claims company can do it any quicker than I would do myself?

 

Grateful for any advice...

PCB

[dx100uk]

dump them!!

 

dx

[Poor-Credit Borrower]

Many thanks dx. I will dump this claims co, but I called another one for information and that one charges 14% + VAT for claims over £2k (which mine is) and no upfront or admin fees. Website is

[EDIT] Would they be any better, or should I still do it myself?

If I do start claiming myself, shall I use the FOS questionnaire of which you sent me the website in previous post, or claim directly to the creditor first? I have now found the relevant sheets of paper, detailing the PPI. Think GE added the PPI to the main loan and my subsequent account statements just referred to the "gross" loan.

Finally, do CAG have template letters for such claims? Ta, pcb

Edited December 21, 2011 by ims21
No Links To Commercial Sites......Please Read Site Rules

[ims21]

Many thanks dx. I will dump this claims co, but I called another one for information and that one charges 14% + VAT for claims over £2k (which mine is) and no upfront or admin fees. Website is

[EDIT] Would they be any better, or should I still do it myself?

If I do start claiming myself, shall I use the FOS questionnaire of which you sent me the website in previous post, or claim directly to the creditor first? I have now found the relevant sheets of paper, detailing the PPI. Think GE added the PPI to the main loan and my subsequent account statements just referred to the "gross" loan.

Finally, do CAG have template letters for such claims? Ta, pcb

 

 

There is no reason to use a claims company at all....do it yourself

 

Have a read of No.1 in my or dx's signatures and use the spreadsheets at the end to work out your claim.

 

Send a copy of the spreadsheet, the completed fos questionnaire and a simple letter requesting refund to the lender.

 

ims

[Poor-Credit Borrower]

Glad that you are in Excellent Spirits at the mo, ims Thanks for advice. I assume the spreadsheet is contained in the article by citizenB in http://www.consumeractiongroup.co.uk/forum/showthread.php?318646-PPI-Single-Premium-Your-questions-answered(1-Viewing)-nbsp ? Does SOC mean statement of charges?

I can see the fos questionnaire in the earlier post by dx in this thread. Can I claim interest of 8% in my initial letter to the creditor?

The loan started over 6 years ago, but was redeemed within 6 years and I didn't know I could reasonably claim PPI on this until about 6 months ago.

PCB

[ims21]

Here you go...this is the spreadsheet you'll need

 

StatIntSheet v101.xls

 

Yes...spreadsheet is your SOC...Statement of Charges/Schedule of Claim.

 

The spreadsheet will calculate your 8% interest for you....just follow the instructions on the spreadsheet

 

ims

[dx100uk]

go get 'em!!

 

dx

[charli22]

dx

 

how do i dump the reclaims company... without them trying to 'charge' me for any fees (just in case they might try to) for 'work' which they say they have done on my behalf????

 

im also going to take yours and ims advice too and reclaim ppi myself through help you have provided and 1st thing i want to do is to dump the reclaim company and word up a letter... i am not very good with putting these points to paper. i am just worried they may try and charge me for work they say they have done..... they have not reclaimed a penny for me.

[dx100uk]

sar was £10

if they want anything else

 

tell em to go away off

prob a nwnf lot anyhow.

 

just write and tell them to cancel, you've changed your mind

 

dx

[alibobsy]

To be safe after you cancel and you send your claims off yourself I would make it clear in my claims letter that you are making the claim yourself and the claims company concerned are no longer acting on your behalf (just in case they have contacted the lenders concerned). But thats just me worrying about things lol.

 

Ali x

[Poor-Credit Borrower]

ims and dx, I have just printed off the StatIntSheet v101.xls . Unlike charli22, I have not yet sent a letter of engagement to any claims company (and am not going to), so I should be ok without having to cancel anything

 

Anyway, just to clarify, should i simply send the PPI Redress Calculation Under FOS Rules - Single Premium Policies to the creditor (in this case GE Money) and not involve the FOS until GE have responded to me. I already have the info received from my DSAR. Do I need to send any docs back to them in the claim? Also, is it better to type in the details on the spreadsheet before printing, or to write by hand on the printed copy. In my case the amount is just over £9k, so I'd better get it right...

 

Thanks, PCB

[dx100uk]

why have printed it off?

fill it in!

 

then print it off!

 

and send it with the fos questionaire to GE money

 

dx

[ims21]

Just send a copy of the spreadie and the fos questionnaire to the lender together with a brief letter.

 

You don't need to write anything else on the spreadie other than stuff given in the instructions.

 

for claims received on or after 1 Jan they will have 8 weeks to investigate the claim and give you a final decision.

 

ims

[ims21]

Why do you always get to it a minute before me dx?

[Poor-Credit Borrower]

Just send a copy of the spreadie and the fos questionnaire to the lender together with a brief letter.

 

You don't need to write anything else on the spreadie other than stuff given in the instructions.

 

for claims received on or after 1 Jan they will have 8 weeks to investigate the claim and give you a final decision.

 

ims

 

Does this mean I may as well wait until the 1 Jan or just after, or is it better to send it to them a.s.a.p? Both of you have given me speedy replies - impressive!

Assume that if I visit the FOS questionnaire website given in dx's post of 25 Nov 11, in this thread, the instructions are self-explanatory?

pcb

[ims21]

If they get it before 1 Jan they will claim they have 12 weeks....after 1 Jan they have 8...up to you really.

 

Fos questionnaire is self explanatory...just answer the questions

 

ims

[Poor-Credit Borrower]

thanks ims

[Poor-Credit Borrower]

I shall get it done tonight or over this weekend at the latest!

PCB

[Poor-Credit Borrower]

Ims or anyone else, I made an attempt just over a week ago to complete the PPI consumer questionnaire, but in question A4 it asks for the policy number of the payment protection insurance I'm complaining about. Unfortunately I don't appear to have a separate policy no. for PPI.

 

What happened is that Loans.co.uk, the broker (to whom a £3,000 fee had been paid), instructed a disbursement of £9136.31 to be paid to Wessex Administration Services, and they quoted a "monthly benefit payable" of £1127.76, and the "term of insurance" was supposed to be 5 years.

 

This amount was just added to the other bits and pieces to make a gross loan of £183k. Inlcuded in the components of the gross loan were the payment to the previous mortgage company, two secured loans I had with the same company (the Halifax) and a secured loan that I'd already had with the Igroup. Also included was the broker fee and, of course, the PPI. It was this gross loan/mortgage which was interest-bearing (0.479% per month). It was this overall balance which I had to pay on redemption when I downsized to a different property, including the entire PPI.

 

Should I try to contact Wessex Admin Services for the policy number, before completing the form? My redemption fee was about £5,500 as I had redeemed the mortgage during year 2. Thanks, pcb

[Poor-Credit Borrower]

Obviously this info has been gathered from the papework in the DSAR that had been sent to me.

[ims21]

Hi

 

I wouldn't bother with getting the policy number.....I didn't have one and mine was sorted (favourably) without it. Just put on the form that "policy details never supplied" or some such

 

ims

[Poor-Credit Borrower]

Thanks for the prompt reply ims. I notice this site is still working to British Summer Time Yes, I'll put that the policy details were never supplied. Better get my skates on!

 

pcb

[ims21]

Better get my skates on!

 

pcb

 

Its not that cold outside is it?

[Poor-Credit Borrower]

No, it is a big improvement on last year's weather in Dec/Jan, touchwood :) I'm in the south of England.

 

This is what I have written in Section E about my Complaint. Hope it reads ok... and you think I have a good or at least sporting chance with this:

 

The sale took place in my ownhome where two men (I think from the broker, Loans.co.uk) came to process andcomplete the sale of the mortgage. Atfirst I was a bit dubious about the total amount, but they had a look at billsI needed to pay on my credit cards and some unsecured loans. They said to me with the credit cards I wouldjust be paying them "for ever" especially as I was only making minimumpayments.

I wasn't given much informationspecifically on the insurance, but they said to me that clearly with a loan ofthat magnitude I would need to take out some PPI. Needless to say, they didn'tmention that I could get a separate, and cheaper, stand alone policy elsewhere(although to be fair I didn't ask as, at that stage, it hadn't occurred for meto).

The cost, benefits and termsof the insurance were not explained very clearly to me. I'm sure I would have explained that, at mycurrent, employer I would have got 6 months full and 6 months half pay if Iwere off sick.

I don't remember anyquestions I asked before taking out the insurance, although I did comment thatit was rather a lot and I think I asked why I needed to pay the amount in bulkrather than something per month. Theiranswer didn't seem that convincing, but I think they said that's the way it isdone.

Why I decided to take out theinsurance: well, it was recommended to me and I felt I had little choice.

No changes to my health havetaken place since I took out the insurance.

 

Why I am now unhappy with the insurance: it should be blindingly obvious(!), but I could put that I had been in good health and had already been with the same employer for nine years, and they could have suggested an adapted policy (maybe from a specialist insurance company) and that I am unimpressed with it's being added en bloc to make a 'gross' loan which I had to pay back in its entirety. Does this sound good? Should I put anywhere that I would like to claim 8% compound interest for the inconvenience, or would that be put in a separate document?

 

Thanks again

[ims21]

No, it is a big improvement on last year's weather in Dec/Jan, touchwood :) I'm in the south of England.

 

This is what I have written in Section E about my Complaint. Hope it reads ok... and you think I have a good or at least sporting chance with this:

 

The sale took place in my ownhome where two men >> (I think from the broker, Loans.co.uk) > Atfirst I was a bit dubious about the total amount, but they had a look at billsI needed to pay on my credit cards and some unsecured loans. They said to me with the credit cards I wouldjust be paying them "for ever" especially as I was only making minimumpayments.

I wasn't given much informationspecifically on the insurance, but they said to me that clearly with a loan ofthat magnitude I would need to take out some PPI.>> Needless to say, > (although to be fair I didn't ask as, at that stage, it hadn't occurred for meto)

The cost, benefits and termsof the insurance were not explained >> very > would have

>> I don't remember anyquestions I asked before taking out the insurance, although > think > I think

>> Why I decided to take out theinsurance: well,

No changes to my health havetaken place since I took out the insurance.

 

Why I am now unhappy with the insurance: it should be blindingly obvious(!), but I could put that I had been in good health and had already been with the same employer for nine years, and they could have suggested an adapted policy (maybe from a specialist insurance company) and that I am unimpressed with it's being added en bloc to make a 'gross' loan which I had to pay back in its entirety. Does this sound good? Should I put anywhere that I would like to claim 8% compound interest for the inconvenience, or would that be put in a separate document?

 

Why you are unhappy is that you were clearly mis-sold and not given all of the facts to enable you to make an informed decision. You don't mention 8% interest in this questionnaire. It will be awarded anyway but you do include it by way of the spreadsheet you should complete.

 

Thanks again

 

Hi

 

I'd amend it in accordance with my notes in red. Remove the text that is between >> and

 

The final paragraph in red is the explanation of why you are unhappy and the final bit just advises that you don't mention the 8%

 

Regards

 

ims