Looking for advice :)

AncientOfMu · 1 May 2012 at 10:03AM

OK here goes.

I have been a lurker here ever since i recieved a letter from NRAM about possible missold PPI.

I rang thier helpline to find out what was the situation. through a couple of calls I found out the following.

I had 6 (yes 6!) unsecured loans with NR since 2000.
I also had a Secured loan with NR.

All of the above were sold with PPI.
All were front loaded.
I have all of the Agreement numbers and through trawling through my records I have details of 4 of the 6 unsecured loans.

After plugging some numbers into the rebate spreadsheet linked on here(somewhere, Ive forgotton where) on just the first 3 loans it looks like im owed £15k plus (and thats just on the first 3 :eek:) (£5k PPI front loaded on a £10K loan anyone :P)

So the advice im after.

Im very sure I was misssold the PPI for various reasons.

1. Do I claim through NRAM?
2. Do I claim using the templates on this website direct?
3. Should I either get copies of the agreements for the £1 fee first? or go straight for a SAR request at £10?
4. Should I do the above BEFORE claiming?

Im very tenacious when it comes to what is owed to me. I'm trying to get as much information together before I start the process. I also want to have a pretty good idea of what they should pay back if I'm successful in the claim so I can judge if thier offer (if one comes) is correct or not.

Any help/advice would be gratefully recieved.

Cheers

Mu

dunstonh · 1 May 2012 at 1:29PM

1. Do I claim through NRAM?

yes

2. Do I claim using the templates on this website direct?

you can do or you can use the FOS questionnaire.

3. Should I either get copies of the agreements for the £1 fee first? or go straight for a SAR request at £10?

the £1 method wont work as that only applies to debts outstanding/open accounts and not historic debts/accounts. It is an internet myth that you need the agreements. You dont. Dont waste your money. Go straight to complaint.

amersall · 1 May 2012 at 1:32PM

You have the account numbers and a reason for mis sell so put the claim in.

http://www.n-ram.co.uk/~/media/Files/N/N-RAM/content/Disability-Awareness.pdf
This says Mortgages but is the phone number and email for PPI mis sell.

They do this by email or phone.

If you win and the loans ran to term, you will get the whole PPI back with the 8%.

If any loan was settled early, by yourself or with another loan from NRAM then you will have been given a rebate of the PPI and this will be taken off any redress you are owed.

BLINDEDBYMEDIAPROPAGANDA · 1 May 2012 at 1:33PM

Just do the complaint through NRAM as they have already wrote to you to tell you about PP on 6 loans so they will obviously investigate this and make an offer. Very simple.:T

AncientOfMu · 1 May 2012 at 2:12PM

Thanks everyone for all the replies

It really helps. A few queries though if I may.

dunstonh wrote: »

the £1 method wont work as that only applies to debts outstanding/open accounts and not historic debts/accounts. It is an internet myth that you need the agreements. You dont. Dont waste your money. Go straight to complaint.

I wanted the agreements so that I could work out how much PPI had been paid and how much would be returned. Funnily enough I dont trust finance companies

sounds like the £1 option wont work though so I may have to go with the £10 one. Unless its common opinion that NRAM get their offers and calculations 100% correct?

amersall wrote: »

You have the account numbers and a reason for mis sell so put the claim in.
This says Mortgages but is the phone number and email for PPI mis sell.

They do this by email or phone.

If you win and the loans ran to term, you will get the whole PPI back with the 8%.

If any loan was settled early, by yourself or with another loan from NRAM then you will have been given a rebate of the PPI and this will be taken off any redress you are owed.

Would I get the PPI payments plus the interest paid on them (loan APR) PLUS 8% or just 8%?

BLINDEDBYMEDIAPROPAGANDA wrote: »

Just do the complaint through NRAM as they have already wrote to you to tell you about PP on 6 loans so they will obviously investigate this and make an offer. Very simple.:T

Its the "make an offer" that worries me. I can imagine a company 'making an offer' but the offer being less than the FOS would calculate you are entitled to.

BLINDEDBYMEDIAPROPAGANDA · 1 May 2012 at 2:18PM

The offer will most likely be the correct amount + 8%. If you feel this is way too low when you hopefully receive the offer then obviously you can reject at this stage> they should have sent a breakdown with their calculations with the offer,if not ask for this then look at the FOS calculation sticky above to see how to work this out.:)

amersall · 1 May 2012 at 2:26PM

PPI payments plus the interest paid on them (loan APR)

The interest is included in the monthly PPI payment, the 8% is on a decreasing scale to the date of redress so the nearer you get to the redress date the less the 8% is.

Nram give redress as per FOS rules, you will get the correct redress.

AncientOfMu · 1 May 2012 at 2:35PM

BLINDEDBYMEDIAPROPAGANDA wrote: »

The offer will most likely be the correct amount + 8%. If you feel this is way too low when you hopefully receive the offer then obviously you can reject at this stage> they should have sent a breakdown with their calculations with the offer,if not ask for this then look at the FOS calculation sticky above to see how to work this out.:)

amersall wrote: »

The interest is included in the monthly PPI payment, the 8% is on a decreasing scale to the date of redress so the nearer you get to the redress date the less the 8% is.

Nram give redress as per FOS rules, you will get the correct redress.

Thanks peeps

Ill get the paperwork off to NRAM. (recorded delivery?)

Cheers

Mu

AncientOfMu · 9 May 2012 at 11:58PM

I may be bad with finances but I am a bit of a hoarder :beer:

Some more questions if I may.

The letter/form has gone off to NRAM. While I am waiting I thought I would investigate the rest of my finances

It would appear I have bank statements going back to 1991 :eek:

1. I found 3 loans with HSBC all with single premium PPI dating back to 1994ish. I have the loan agreements and the settlement statements as well as obviously the bank statements to prove payments.

Im guessing I should go straight to claim with these? Should I include photocopies of the info I have when I send the claim off?

2. Ok next I had a loan with HFC Bank in 1995 with single premium PPI. This was arranged to finance a car and sold by a car dealership. Again I have loan agreements, settlement statement and bank records.
My question on this one is should I try and claim through the car dealer or go straight to HFC? and again should I include documents or just claim missell?

3. I also had a loan with Chartered Trust to pay for windows from Zenith. Again have all documentation. Go straight to Zenith or to Chartered Trust?

Its incredibly scary as I also had PPI on a flexiloan from HSBC and PPI on a HSBC credit card that I need to investigate.

I am exhausted with PPI and my other half is getting fed up with paperwork all over the house but im managing to convince her it will be worth it :P

Any help would be gratefully recieved :T

Cheers

Mu

[Deleted User] · 10 May 2012 at 12:04AM

AncientOfMu wrote: »

I found 3 loans with HSBC all with single premium PPI dating back to 1994ish. I have the loan agreements and the settlement statements as well as obviously the bank statements to prove payments.

I can see these being time barred by the Bank as this is from eighteen years ago. However, with strong reasons and comprehensive documentary evidence, there is no harm in giving it a go.

AncientOfMu · 10 May 2012 at 12:12AM

Moneyineptitude wrote: »

I can see these being time barred by the Bank as this is from eighteen years ago. However, with strong reasons and comprehensive documentary evidence, there is no harm in giving it a go.

Would you recommend sending copies of all the documentation I have? Or just put a claim in?

Cheers

Mu

Looking for advice :)

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