Ppi Questions

[91210]

A little while ago I phoned one of those companies that get ppi for you then after advice from family i phoned the bank direct regarding ppi on a loan i took out a good few years ago.

They sent me a form to fill in which due to stress and financial difficulty i never filled out.

A letter from the bank in question came last week with an appolgy, ombudsman& which moneysupermarket.com pamphlets and an offer to be paid within 28 days into my account or via a cheque which surprised me seeing that i had not sent their form with the details bhope.ut is a miracle as i have some money worries and was sliding down into depression until this came which has given me

It appears to be authentic with the phone numbers on it checking out and the details regarding the loan with the only thing wrong is them saying the amount was agreed to be paid in 58 months and them saying that the number of monthly payments was 35 which is wrong as i actually overpaid by 3 months which was given back to me after i raised the question of when was my loan payments coming to an end

My questions are.

Is it a mistake?

Have you heard of someone receiving a payment without sending off the form?

The bank letter states that only 35 monthly payments were made when i know that many more were made especially when i had to condense the loan repayments several times when i was going through financial difficulty so am i actually owed more?

Should i phone the bank to tell them about the above circumstances?

When i phone the bank can i ask tell them i don't want a cheque and would rather prefer it straight into my account even though i'm with another bank now?

// I was going to include all of the payment, repayment and interest etc. details in the letter to see whether if this was authentic but was worried that i maybe giving out too much personal information, but if it isn't then please ask and i can post them up.//

Many thanks for taking your time to read this and hopefully leaving me some answers.

[91210]

Another thing i forgot to mention is that i gave the ppi company all my details and they sent me a pack before i went directly to the bank. I never filled out the form and have been phoned several times by this company and other letters have arrived to remind me about my ppi.

Is it possible that they could have been badgering the bank which kicked the bank into action?

[RATTER15]

Phone the bank and discuss it with them.

[chrissa1]

Did you sign anything from the PPI company? If you didn't then there is no contract with them. Don't be bullied by them, you can do this yourself.

I wouldn't accept anything from them, (your bank) but, download the PPI Questionnaire form, fill it in and send it off to them. They have to reply to you within 8 weeks and if you have some idea of what you are really owed and they don't agree then, you can contact the Financial Ombudsman direct and they will look at it for you.

You don't say who your bank is.

DON'T USE THE CLAIMS COMPANY. If I can help anymore, it'll be my pleasure.

[chrissa1]

Your bank may be trying to wriggle out of a larger payment by offering you this money.
From what I have learnt about Claims Companies that wouldn't contact any bank without getting your signature on a Contract with them.

Again, what is the name of the company you're claiming from?

[91210]

Much appreciated for you two taking the time to read and answer my q.

Chrissa originally i phoned the company who i can't quite remember and gave them details of the loan. I then found out that this could be done by myself free without the extortionate fees of the company so didn't fill in any forms and ignored their calls so i'm dealing directly with the bank whom i suspect are indeed trying to give me a lower payment especially as they have the wrong amount of time in which i paid by loan which exceeded the 35 months that they said i paid the loan in.

I'm very sure it could be nearer to 90 months.

I have been very apprehensive about phoning them in case they decide not to pay out or give a lower payout or take much longer to give me anything ( Am in a financial wrangle so need this money asap ) so am a bit of a problem on what to do.

Do i wait for this payment then raise the questions above

[chrissa1]

No, no no, 91210. Don't Ever, be apprehensive about ringing a bank. If they have offered you an amount, what you need to do is ask them to put it In Writing!!!!!

This letter takes the form of the Final Letter.

I note that you say you're in a financial wrangle so you must be thinking about accepting what they are offering.

If you go the FOS, it will take quite some time for them to deal with your complaint, although they are getting a lot quicker now.

Can I ask which bank you are talking about?

[chrissa1]

http://www.financial-ombudsman.org.uk/contact/PPI.html

[EDDIE51]

the bank MUST give you the best deal possible. If you are not happy they have to look at your claim again and be certain they have given you the maximum you are due.
I made a claim and was offered £1400 that I thought was fair and accepted,when the cheque came it was for £4200 ! the bank said the first offer was not worked out correctly and they had corrected it !

[chrissa1]

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#cr

These links might help. Especially this one. If you do need the money right now, you could accept it and, according to this link, still go after them for more. They can't just say, we've changed our minds and are not going to pay you anything.

Again, who is the Bank?

[91210]

Many thanks Eddie and chrissa for your informative help.

Well that really is good news eddie especially when you were expecting a less.

Chrissa i talked to the bank today and they have agreed to pay me the amount which is on my letter from the bank ( LLoyds Bank )

The funny thing is in the letter it never mentioned the date i took out the loan nor the loan amount which i found rather odd especially as the bank appears to be giving me almost half the money of my original loan unless i took out double what i thought i did and the bank is pulling a fast one?

I would have thought the loan amount and the date would be the first things the bank should have put into equation.

I may have to look into this a little deeper into this after if and when i receive the money.

I really wish i could post word for word the details of what they said and the repayment calculations so that one of you kind people out there could see whether it's fair or not but who knows who could be watching this conversation and i'd hate to jeopardise what appears to be the only ray of sunshine in a very turbulent storm.

Once again many thanks to you all.

[chrissa1]

That's good news, 91210.

They should give you a breakdown of how they've reached the figure that they think you are owed, when they send your cheque. Have a good look at it.

Banks are been ordered to be very transparent these days and you are entitled to request all their records of any loan or bank account that you have held with them.

NEVER ask them for bank statements as they can charge you £10 per page. You can ask them for all the transactions that took place on your loan and they Have to send them to you.

I hope this money helps you and wish you well.

I ceased to be "in awe" of the banking institutions, years ago. They are money grabbing so and so's and are finally being called into account at last.

Take care.

[Iggle Piggle]

I hope I am not too late with this advice but write to the PPI claims company and tell them you wish to cancel. Do it now and send it recorded delivery.
The problem is if you signed anything with these claims firms and the bank pays out on the claim, the claim firm may chase you for payment of their 'success' fee !!