PPI Loans.co.uk

[joemichael]

Good afternoon all!

I am in the process of claiming PPI back from Loans.co.uk and am using a claims managment company to do this. It has been going on some time now and I'd like to ask a couple of questions!
I have recieved a letter from Loans.co.uk saying they are going to pay me back the PPI in line with FOS guidlines.
I settled the loan and single premium PPI after only 7 payments over 6 years ago.
What I want to know is will Loans.co.uk pay interest on only the 7 payments i made on the loan (the PPI part of the payment) or will it be on the whole of the single premium (Over £13K in PPI)

Also - What is the normal waiting time between calculation of refund and payment as it was the begining of June when they agreed to payout and I still have not had the calculation of refund yet!

I have been asking the claims managment company but they seem happy to simply wait!

Thanks for the help!

[leclerc]

Re: PPI Loans.co.uk

Good afternoon all!

I am in the process of claiming PPI back from Loans.co.uk and am using a claims managment company to do this. It has been going on some time now and I'd like to ask a couple of questions!
I have recieved a letter from Loans.co.uk saying they are going to pay me back the PPI in line with FOS guidlines.
I settled the loan and single premium PPI after only 7 payments over 6 years ago.
What I want to know is will Loans.co.uk pay interest on only the 7 payments i made on the loan (the PPI part of the payment) or will it be on the whole of the single premium (Over £13K in PPI)

Also - What is the normal waiting time between calculation of refund and payment as it was the begining of June when they agreed to payout and I still have not had the calculation of refund yet!

I have been asking the claims managment company but they seem happy to simply wait!

Thanks for the help!

It will be based on the payments made, plus an adjustment of interest and 8% statutory.
Have Loans.co.uk said who they will make the payment to? Is it to you or to the CMC?
Currently due to the volumes of cases, 8 weeks can be seen as a reasonable timescale for payment albeit I would chase them

My puter is slow so am trying to get the link to FOS redress for you

EDIT: got it:

how does the ombudsman approach redress where a PPI policy has been mis-sold?

[CleverClogs]

Re: PPI Loans.co.uk

I am in the process of claiming PPI back from Loans.co.uk and am using a claims managment company to do this.

Why?

Do you like giving money to strangers for doing what you could as easily do yourself?

Have you paid the CMC any money up front?

I have been asking the claims managment company but they seem happy to simply wait!

To my cynical mind, that suggests you have already paid them a fee.

Why, then, should they hurry as they already have some of your money?

[joemichael]

Re: PPI Loans.co.uk

I have NOT paid any fee to the claims management company yet. They will charge 24% inc VAT of whatever we recieve.
I used a claims company as PPI reclaiming was pretty much unheard of when we started the claim (back in 2007). In truth the first company we used failed with the claim so we thought we'd try another on the off chance of getting something.
On the interest paid - sorry if I sound dumb but are you saying I will only get interest of the 7 payments made? As on settling the loan I had to pay another £13k in PPI to clear the loan. Will they not put interest on this also?

[Paul210]

Re: PPI Loans.co.uk

I have NOT paid any fee to the claims management company yet. They will charge 24% inc VAT of whatever we recieve.
I used a claims company as PPI reclaiming was pretty much unheard of when we started the claim (back in 2007). In truth the first company we used failed with the claim so we thought we'd try another on the off chance of getting something.
On the interest paid - sorry if I sound dumb but are you saying I will only get interest of the 7 payments made? As on settling the loan I had to pay another £13k in PPI to clear the loan. Will they not put interest on this also?

Basically you shoudl get back whatever ppi you paid in the 7 months you had the loan plus whatever the difference between a pro-rata rebate and whatever rebate (if any) you got of the original premium when you settled the loan.

with regard to the CMC, without knowing who they are its difficult to say how hard they would work for you but you have to bear in mind that ringing the lender every day to chase payment will not get you any further up the list and the lender in most cases take as long as they take, as long as this is in the "reasonable time" of 8 weeks set out by FSA&FOS then theres not a lot the CMC can do. As theyre on a "no win no fee" and likely to have taken a bit of a battering on cash flow this year due to the Judicial Review I expect theyre as keen to get the money as you are its just they know from experience that jumping up and down wouldn't make much of a difference.

[joemichael]

Re: PPI Loans.co.uk

Just a quick update on my case.

I am still waiting for a settlement letter to be sent out from Loans.co.uk so I'm not really any further forward.
Loans.co.uk keep saying it is in their best interest to settle this asap as it is gaining interest all of the time! This is the biggest load of rubbish I have ever heard! My first post on here about this was mid September and I still have no offer letter!
They will do and say anything to hold onto my money!!!

[di30]

Re: PPI Loans.co.uk

Just a quick update on my case.

I am still waiting for a settlement letter to be sent out from Loans.co.uk so I'm not really any further forward.
Loans.co.uk keep saying it is in their best interest to settle this asap as it is gaining interest all of the time! This is the biggest load of rubbish I have ever heard! My first post on here about this was mid September and I still have no offer letter!
They will do and say anything to hold onto my money!!!

Hi find out who the CEO is (Chief Executive Officer) email him or her to chase this up and tell them what you have said above, hope you receive your refund soon, all crossed here for you.