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FSCS PPI Success - further advice please

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(Thought i had posted this but it didn't show)

 

Hi everyone, i have just had a nice big cheque from the FSCS for mis sold PPI plus interest - it is only 90% of the claim but it is a nice place to be after all these years.

 

My question is - Do i still owe the loan company for PPI now it has been declared mis sold?

 

i will be asking them to redress the loan but can i expect them to remove the PPI from it?

 

any advice very much appreciated

 

cheers

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Who is the loan company? Is it Welcome Finance or some other?

 

What is the status of the loan?


If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

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hi the loan is still active and in arrears

 

i don't want to be obstructive but i don't want to name the company as they are known to read posts here.

 

i am going to ask them to re structure the loan, am i able to ask them to remove the ppi element?

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If you are still paying for the PPI through the loan then you need to get it cancelled and the loan restructured.

 

If the FSCS have refunded you what you have paid thus far (their standard 90%) then the balance on the loan needs to have reduced payments for the future so that you do not pay any more for PPI.

 

Matters not whether these outfits read the forums....they should be named and shamed for what they do.

 

Up to you of course but if we don't know who they are then we can't advise as to what else might be wrong with the account.

 

If it is Welcome then I would suggest there is a lot wrong with it.


If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

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my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

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ims21 many thanks for your reply. i fully intend to name and shame but not until i have concluded my business with them - my house is on the line here.

 

so to be clear initial sum loaned was 60k with 11k ppi added.

 

i am going to ask them to restructure the loan as if i only borrowed 60k. i am also going to ask them to write off any interest and charges relating to arrears etc as the ppi didnt pay out and caused the problem in the first place.

 

am i correct in doing this?

 

thanks

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If you can sow that the mis-sold PPI was the cause of the problem then you may have a chance.

 

Don't forget that if there are any late payment fees, telephone call charges, collection charges etc. they can all be reclaimed too.


If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

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many thanks. ill get on with that!

 

it is a nice place to be for a change. i will tell the whole story about these bandits once ive concluded with them.

 

cheers

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Ok so now i have nothing to lose. the sharks involved here are Nemo Personal Finance. they have just sent me a letter for repossession claiming arrears of near enough the exact amount awarded by the FSCS

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So did you not use the PPI refund to pay off the arrears?

 

Have you done any work on the other unlawful charges which may be on the account?


If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

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in addition, although i didn't knowingly deal with anyone else the claim a third party sold the ppi so its not their fault. i am lodging a complaint with the ombudsman will they be able to repossess my house? the main lender is ok

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Can you answer the questions in post #9 please?

 

What exactly does their letter say?


If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

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Hi there, i have actually used most of the arrears to pay the council tax so i didn't go to prison, also some arrears on the main mortgage. They are now claiming £91k when i only borrowed 60 + PPI of 11.

The fact that the PPI didnt pay out is what caused the financial hardship and arrears in the first place. i have complained to them but they rejected everything within a week and sent a solicitors letter. i can send you a copy of my letter to them if you want?

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OK we are going to need more information here.

 

Can you post up the letter they sent you regarding repossession. Follow these instructions by dx100uk.

 

set your default scan page size to A4 less than 300DPI [150 will do]

scan the required letters/agreements/sheets - as a picture[jpg] file

don't forget you can use a mobile phone or a digital camera too!!

'

BUT......

ENSURE: remove all pers info inc. barcodes etc using paint program

but leave all monetary figures and dates.

************************* ************************* *******

{DO NOT USE A BIRO OR PEN OR USE SEE THRU TAPE OR LABELS]

try http://www.pdfescape.com TO BLANK STUFF,

************************* ************************* ***********

or

DO IT IN MSPAINT.EXE or any photo editing program

goto one of the many free online pdf converter websites ...

http://freejpgtopdf.com/

if you have multiple scans/pics

put them in a word doc FIRST and convert that to PDF

or use http://www.pdfmerge.com

convert existing PC files to PDF [office has an installable print to PDF option]

..

 

it would be better to upload a multipage pdf if

you have many images too rather than many single pdfs

.

or if you have PDF as an installed printer drive use that

or use word and save as pdf

try and logically name your file so people know what it is.

though dont use full bank names or CAG in the title

i'e Default notice dd-mm-yyyy TSB

.

open a new msg box here

hit go advanced below the msg box

hit manage attachments below that box

hit the add files button on the top right

hit select files, navigate to your file on your pc

hit upload files

 

You also need to give answers to the questions asked....

 

Have you done anything work on the unlawful charges that may have been added to the account?

 

This appears to be a secured loan rather than the first mortgage. Is that correct?

 

What is the amount of arrears on this account?

 

Are you able to continue payments to the account together with some extra towards the arrears?

 

From the correspondence to the FSCS, how did they calculate the amount of the PPI refund, i.e. what is the breakdown of the figures?

 

Have you got all of the statements of account for this loan?

 

Have you got the original agreement or a copy of it?


If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

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Thanks guys, i will scan all the relevant info this evening. I will also answer all the questions in full.

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:thumb:

If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

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Thanks guys for your help with this. I have tried to lay this out in time order.

 

 

  • secured loan loan was taken out in June 2006 original agreement attached agreement.pdf
  • Payments up to date until around june 2008 when a few payments here and there were late.
  • lost job in september 2008 but continued to make payments as they hassled endlessley. some of these were late but generally kept up through to 2010
  • continually complained about PPI
  • complaint rejected by Ombudsman due to time since last response - lesson learned
  • no refund of half PPI funds due to late payments.
  • payday loans and ccards used to make payments - lesson really learnt!
  • i gained employment in oct 2010 but commission based so couldnt afford repayments plus main mortgage. paid token amounts.
  • Main mortgage had arrears but no real issue they were helpful money has been paid on time for two years under suspended money order contracted payment plus contrib to arrears.
  • made no payments from june(ish) 2011 nemo issued repossession proceedings in dec 2011.
  • i contacted them to say that i had no way to pay them unless i sold the house, i marketed my house from dec 2011 to Jan 2013
  • nemo said they would call off the court proceedings - they didn't, they simply didn't turn up and i have an order for the claim to be struck out.
  • i claimed with the FSCS against Norton/fintel as nemo said they were my broker - i had no dealings with fintel and all documentation is nemo branded.
  • after 2 years of marketing the house (and stress) i sent an update to nemo - attached nemoplea.pdf
  • Jan 2013 FSCS found in my favour attached FSCS.pdf
  • i wrote to nemo again attached nemredress.pdf asking them to sort out the loan. i still believe that they sold the ppi not fintel -never heard of them. i have a SAR and they claim there are no recordings of the conversations.
  • i have started a complaint with the ombudsman as they have rejected my requests on 11/2/13 (3 days after my complaint, so they obviously thought long and hard)
  • they have started legal with attached letter from solicitors - repossession.pdf which was accompanied with loads of photocpied handouts about homelessness etc.
  • most of the returned PPI payments have gone towards 3 years of council tax as i was being threatened with prison. the rest has reduced arears on main mortgage

i hope that gives you the picture, the letters explain my position in more detail, i am happy to give house price figures via pm if required but the upshot is that current price does not give equity to clear nemo loan.

just for clarity i am not looking to escape the loan just get it redressed so that the monthly payments are affordable they are currently wanting £18k arears and a monthly payment in excess of £700 against a total balance of £91k ????

i cannot see a way out of this, i have not a lot to offer them

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hi guys is that enough info, do let me know if you require any more

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The FSCS have repaid the PPI in accordance with their remit on compensation an sent it to you by cheque. Their letter gave the option of having this set against the loan which would have put it pretty much back in the position it would have been in had the PPI not been put on in the first place.

 

The court case you mention was a county court case and therefore does not set a precedent but could be seen as persuasive to another court but not binding on it.

 

The arrears on the loan would of course increase the balance owing and extra interest will be incurred on those arrears amounts.

 

Possession proceedings have not yet started so there is still time to negotiate a payment plan with the lender but in order to do that you need to see exactly what the balance is and that will involve having a look at the charges which have been made on the account and getting them reclaimed together with the interest charged as a result of them. These will include things such as late payment charges, bounced direct debit charges, monthly admin fees and the like.

 

Do you have all of your statements showing these charges?

 

The big question of course is can you afford to make the normal monthly repayment on this loan plus some towards the arrears each month?

 

I will also flag this thread to others in the site team to have a look for you.


If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

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I've three questions.

 

1) Would you like to keep the house

2) Can you afford to meet the regular secured loan payment and a tiny bit extra on top?

3) How much did you borrow when you took the secured loan out?

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Hi guys thanks for your interest.

 

I totally want to keep the house, i cannot make the £700 plus per month they are asking for but i could make £650 at a push. when the loan was taken out it was £60k plus the £11k PPI. Initially payments were about £450 but they also now claim i owe them in excess of £90k

 

is there no grounds to get the interest and charges wiped out from 2008 to date due to the PPI not being fit for purpose? also they are saying they weren't the broker but i never dealt with anyone but nemo.

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i have statements covering a lot of the loan term and can request the rest.

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How much are the normal monthly repayments and how much can you realistically afford to pay towards the arrears (not "at a push" - it need to be a realistic amount you can maintain going forward). In order to get a true picture of your finances and how much there is spare each month to pay to the arrears I have affixed the budget sheet we normally use (it calculated automatically as you fill it in). When you have done that you need to write to the lender with your proposal for clearing the arrears - if it does progress to court you can show the judge you have tried to come to an arrangement. Have a look at this guide - http://www.consumeractiongroup.co.uk/forum/showthread.php?325527-CAG-guide-Are-you-facing-eviction-or-repossession there are examples of letters to send to the lender.


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Hi guys i dont want to appear ungrateful but i am more interested in whether there is a case for reducing what they think i owe them due to PPI mis selling even though they claim it wasn't them that sold it. i know i am going to have to make payments to them but i feel that the PPI should have picked up the payments in 2008 when i lost my job and this has caused the debt to escalate. They have refused to write off charges and interest will the ombudsman rule in my favour?

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Did I not read that the PPI has been refunded to you (or the decision to refund has been made) ? If so, then the interest on those premiums will be in the redress calculation ! If when you receive the cheque you repay to the account, then it should take care of some of your problems !

 

Has the monthly repayment been reduced by the amount of the PPI as that should no longer be charged ?


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PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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thanks Citizen I agree, but they have made massive amounts of charges and interest is still being charged on the PPI going forward. I now owe them £90k on a loan of £60k after 6 years of payment. Surely i can get them to wipe of the charges and interest on PPI going forward. Also the arrears are as a result of PPI not being valid is there not a case here for the Ombudsman?

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