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blacklily
Advanced Contributor

105 Posts

Posted - 15 May 2012 :  15:34:11  Show Profile  Reply with Quote
Hi all,

I finished my TD Sept 09 and am currently looking at reclaiming PPI. Some PPI was not part of my TD and some was. For all my PPI claims I was either unaware I had it or was told I had to have it to get approved.

I had heard about reclaiming PPI but never looked into it, wasn't till I came across an old loan agreement and discovered that my 13000 loan turned in to 24000 as it included frontloaded PPI at 7200 which I paid interest on! Also I did not tick the box to have the PPI added, nearly keeled over when I took a look at the figures.

Anyway, I am currently waiting all statements and agreements from creditors and was wondering if anyone had had a succesful PPI claim after being discharged from a TD and if the creditor had paid the money to them or tried to keep it for the now settled debt.

I personally think that any PPI claim should not be able to go towards a debt that was included in the TD (even though not paid in full, it was an agreement that that debt was settled and the rest written off).

Your opinions much appreciated.

Kevin Mapstone
Trust Deed Expert



3868 Posts

Posted - 15 May 2012 :  16:12:15  Show Profile  Reply with Quote
It will be useful to know how this turns out for you, blacklily. I agree with your view that this money should be paid to you. It was missold and therefore should never have been part of the debt anyway.

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TDA (Debt Adviser)
Trust Deed Expert



13429 Posts

Posted - 15 May 2012 :  16:14:28  Show Profile  Reply with Quote
Hi blacklily.

Much of what we know about this subject is summarised in the following blog from a few weeks ago. It's probably worth a read if you haven't seen it yet:

(Blog removed from the site September 2015)

I cannot remember the specific posts, but I think we've heard from a few people that have received payments for missold PPI after discharge from their trust deeds recently.

We've also heard of obstructions being put up by the sellers of the PPI, but the general advice seems to be that the Financial Ombudsman Service may able to help people override such objections.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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Bottomlesspurse
Regular Contributor

24 Posts

Posted - 15 May 2012 :  23:38:26  Show Profile  Reply with Quote
Hi
I am in the same position Blacklily. My TD finished in 2009 with Wylie and Bisset. I reclaimed PPI from Firstplus in April and they upheld my complaint. They offered to pay me interest of 8% on the premium and offset the premium itself and the interest it attracted to the outstanding amount. They then said that they would restructure the remaining debt. I have written to the financial ombudsman because I believe that this is unfair. My loan is no longer live and I do not believe it should be restructured. I also argued that had I been able to reclaim the PPI earlier I could have avoided the TD all together and the consequent loss of my home and assets. I pointed out that since 84% of the loan had been paid by the end of the TD I should at least receive 84% of the refund of premium.
I will update when I receive advice (don't hold your breath, it will take about a year I hear).
Good luck with your case.

onwards and upwards!
Blogging at Fair, Fat, Fifty . . .Frak! blogspot
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Chris Wardle
Trust Deed Expert



257 Posts

Posted - 16 May 2012 :  09:31:11  Show Profile  Reply with Quote
Bottomlesspurse/Blacklily

Good Luck.

Chris

Chris is not currently posting in the Trust-Deed.co.uk forum.
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blacklily
Advanced Contributor

105 Posts

Posted - 16 May 2012 :  10:50:14  Show Profile  Reply with Quote
Thanks everyone. Will keep thread updated with how I get on.

I agree bottomlesspurse, between bank charges and PPI i probably never would've needed TD and could have paid my debts back in full. Good luck with your case.

Thanks TDA, I will check out those forums :c)
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Bottomlesspurse
Regular Contributor

24 Posts

Posted - 21 May 2012 :  12:37:04  Show Profile  Reply with Quote
Just to let you know that the Bank of Scotland has upheld my complaint and has made an offer of 2190. I had already provided a copy of my discharge letter, however in the offer they state that they will consult with my insolvency practitioner on how to pay the money due.

Will update when I have the outcome.

Best of luck with your claim, Blacklily.

onwards and upwards!
Blogging at Fair, Fat, Fifty . . .Frak! blogspot
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blacklily
Advanced Contributor

105 Posts

Posted - 21 May 2012 :  12:58:30  Show Profile  Reply with Quote
That is good news bottomless purse - I would send a letter to BOS with your discharge again stating again that you have no insolvency practitioner and if the redress is not sent to yourself within 14 days you will forward on to FOS. Worth a go. Let me know how you get on - I am still waiting replies and account numbers.
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blacklily
Advanced Contributor

105 Posts

Posted - 25 May 2012 :  15:33:20  Show Profile  Reply with Quote
I read an interesting thing on the FOS site, if you send a PPI mis-sell complaint to them and they uphold, they instruct the creditor to "return you to the state you would have been in had you not been mis-sold PPI". I wonder what would happen if you could clearly show via bank statements that your mis-sold PPI had a direct effect on you not being able to afford your payments and having to enter a TD (especially if you had PPI with all creditors). As put in another thread it would be impossible to return you to the situation you were in before a TD was signed. What compensation could even possibly be offered to someone that had to take a TD? The negative impact both financially and personally could probably never be compensated for.

I know myself that before my TD I contacted creditors to try and make arrangements for lower monthly payments (for 6 months until my rather large payrise was due) and they never once indicated I could cancel the PPI to bring down my monthly payments, one bank in particular said I would need to take a new loan which would not be approved because I had not made the full payment that month and would also need PPI to get approved! - I now know I should have been able to cancel without having to apply for a new loan and PPI definitely was not compulsory).

Sorry a bit of a rant - I am actually shocked at how naieve I was and surprised that in a couple of certain situations my debt struggle was clearly exploited by what you would think were upstanding financial institutions. I am glad I entered the TD and glad I am now finished and debt free, it was a definite learning experience and has made me the person I am today, hopefully a little more financially aware! Actually am away now to cancel the payment protection on my mortgage, turns out doesn't cover me and my boyfriend in most circumstances and I only go it in December 2011.
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TDA (Debt Adviser)
Trust Deed Expert



13429 Posts

Posted - 25 May 2012 :  16:57:21  Show Profile  Reply with Quote
Hi blacklily.

I know it isn't the type of justice that puts you back in the place you were before mis-selling, but hopefully you'll be able to gain repayment of some of these PPI premiums if they were missold to you.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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blacklily
Advanced Contributor

105 Posts

Posted - 25 May 2012 :  17:30:23  Show Profile  Reply with Quote
Fingers x TDA, if anything it could back up any claim that goes to fos if you get a chance to make the claim a little personal and show how the mis-sell affected you.
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blacklily
Advanced Contributor

105 Posts

Posted - 28 May 2012 :  10:43:25  Show Profile  Reply with Quote
Just wanted to say I stumbled across some info and advice on MSE with regards to mortgage exit fees, before entering a TD I sold my house and cleared the mortgage, no idea what I paid in exit fees as it was back in 2004. So sent the template letter and less than 2 weeks later received a cheque with the difference back - turned out that I was quoted 50 and actually paid 150 so am 100 up.
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TDA (Debt Adviser)
Trust Deed Expert



13429 Posts

Posted - 28 May 2012 :  10:47:22  Show Profile  Reply with Quote
Hi blacklily.

One of our team did that a few years ago as well.

Amazing how many dodgy ways our banks have found to unfairly extract cash from us.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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Bottomlesspurse
Regular Contributor

24 Posts

Posted - 28 May 2012 :  15:34:55  Show Profile  Reply with Quote
Thanks Blacklily, had no idea about that. I sold my house at the beginning of my trust deed and cleared the mortgage. Will check if exit fees were paid.

onwards and upwards!
Blogging at Fair, Fat, Fifty . . .Frak! blogspot
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blacklily
Advanced Contributor

105 Posts

Posted - 29 May 2012 :  09:20:56  Show Profile  Reply with Quote
Good luck Bottomlesspurse.

You are right TDA, up until the past few years I had a certain amoutn of faith and trust in banks that they would have their customers best interests fore front, I have certainly learnt the hard way that this is not the case.

Now I am just waiting on the PPI letters to start hitting the doormat.
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Bottomlesspurse
Regular Contributor

24 Posts

Posted - 16 June 2012 :  14:23:44  Show Profile  Reply with Quote
Quick update.
Today I received a letter from Wylie and Bisset. The Bank of Scotland had sent the cheque to them, despite my providing the confirmation of discharge in 2009. W&B very kindly banked the cheque and forwarded a fresh one in my name with a lovely letter. So pleased.
I am however, slightly worried that W&B will think that I didn't advise the bank of my discharge, as it must have been a bit of hassle and would obviously take up someone's valuable time to sort this out for me.
I can wholeheartedly recommend W&B, by the way. They were excellent all through my trust deed.

onwards and upwards!
Blogging at Fair, Fat, Fifty . . .Frak! blogspot
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