PPI - Single Premium added to loan

Jen75Jen75

My girlfriend still has a loan which was taken out in 2004 and is still paying until about 2010. She had the Single Premium added to her loan. Why can't she make a claim as it's now been outlawed but she is still paying it. Advice is much appreciated as it states in the PPI Reclaiming Guide that she can't make a reclaim under that section!?!

Thank you very much

maxdp

Jen75Jen75 wrote: »

My girlfriend still has a loan which was taken out in 2004 and is still paying until about 2010. She had the Single Premium added to her loan. Why can't she make a claim as it's now been outlawed but she is still paying it. Advice is much appreciated as it states in the PPI Reclaiming Guide that she can't make a reclaim under that section!?!

Thank you very much

Hi

I do not understand why she cannot make a claim under that section. What is that section

Did she take out the PPI knowing why she was doing so. If the PPI was front loaded she would probably have a claim.

Can you give us more details please.

di3004

Jen75Jen75 wrote: »

My girlfriend still has a loan which was taken out in 2004 and is still paying until about 2010. She had the Single Premium added to her loan. Why can't she make a claim as it's now been outlawed but she is still paying it. Advice is much appreciated as it states in the PPI Reclaiming Guide that she can't make a reclaim under that section!?!

Thank you very much

Hi there

Who was the loan taken out with?

We will have to check to see if they were under jurisdiction, in other words covered by GISC, as the FSA had taken over from these on 14th Jan 2005, so if your complaints/reclaims were not resolved by this loan company, the Financial service ombudsman (FOS) will only investigate complaints who were covered by these regulators, but there may be other ways round this otherwise.;)

Like what our Maxdp asked, under what section would she not be able to claim on?

Do you mean on pre-existing medical grounds etc ?
Or something else perhaps?

Your also very welcome to post on the actual PPI Reclaiming - Discussion thread on here:
http://forums.moneysavingexpert.com/showthread.html?t=1251243&page=158

That above link myself, Maxdp, Marshallka etc are mainly on there to help out where we can regarding PPI.

We look forward to hearing from you, in order to guide you through this reclaim.;)

Di

Jen75Jen75

hello again

It was a loan with Citi Group local branch so she could only deal with the branch. She took out a loan with the single premium front loaded. Then 4 months down the line, they got her to apply for another loan with PPi. The insurance wasn't given to her as an option. A few months later, she got into money debt and went to the citizen advice bureau and they got all her other debtors to come to agreement without interest. Citi Group didn't but decided to leghthen the term of her loan and I haven't fully gone through all the paperwork yet but I think she is paying them more - this on top of the Single Premium Insurance. Looking at the website I am interpreting that she can't make a claim. Have you any advice? Thanks so much

di3004

Jen75Jen75 wrote: »

hello again

It was a loan with Citi Group local branch so she could only deal with the branch. She took out a loan with the single premium front loaded. Then 4 months down the line, they got her to apply for another loan with PPi. The insurance wasn't given to her as an option. A few months later, she got into money debt and went to the citizen advice bureau and they got all her other debtors to come to agreement without interest. Citi Group didn't but decided to leghthen the term of her loan and I haven't fully gone through all the paperwork yet but I think she is paying them more - this on top of the Single Premium Insurance. Looking at the website I am interpreting that she can't make a claim. Have you any advice? Thanks so much

Hi there
Sorry to hear of her issues and hope it gets sorted out.
Seems like they are penalising her because they have changed the payment arrangements, although I may be wrong here.

I will check to see if these were covered/regulated and get back to you.

Have you had the chance to check out that link I posted above where others also post on the site about PPI reclaiming?

Seems like she may have a good case here, in that case a letter of complaint can go in, but let me first check the FSA register on these and get back to you.;)

di3004

In my above post I said I would check the FSA register, to see if they were covered, but its busy at the moment: Too many on I think lol.
http://www.fsa.gov.uk/register/home.do

Anyway, if you take a look at the RED BOX above "reclaim £1,000's", you will come across some PPI information, there is also a template letter on there, but use the reasons of how your other half was mis sold this, they have 8 weeks to respond, another letter maybe required if not successful the first time, and if still not successful, we can then move on to the Financial ombudsman service, we will work on that one if we have to, so if you keep us posted, we can help you step by step.

Post by recorded delivery.

Now onto the other issue, ask you other half to request a copy of the calculations on how the amounts come to this, she needs to ask them to post this, this can be worked out on why this seems higher than it should be.

We will take that one from there as soon as you receive these, as I think someone here will be able to give some help on that actual issue, there may even be 2 separate complaints here.

They should send the written calculations by post and not charge her for these.;)

Jen75Jen75

Many thanks for all this information.

We have just moved house and all her paperwork is still in boxes.
I want to go through all of it so I can work out how much she has paid etc and then maybe I would then be able to email you a brief history of circumstances and transactions etc.

Luckily she has kept all her financial paperwork for the last 10 years unluckily it means a lot more paperwork to go through! Even the original loan agreement paperwork looks a bit dubious.

Also, she previuosly asked Citigroup for a statement of all transactions and they said it would cost her £30.00. Is there something that can be legally said to them to make them comply and give the statement free of charge? Also, they rarely ever sent her annual statements!

Look forward to hearing from you

di3004

Jen75Jen75 wrote: »

Many thanks for all this information.

We have just moved house and all her paperwork is still in boxes.
I want to go through all of it so I can work out how much she has paid etc and then maybe I would then be able to email you a brief history of circumstances and transactions etc.

Luckily she has kept all her financial paperwork for the last 10 years unluckily it means a lot more paperwork to go through! Even the original loan agreement paperwork looks a bit dubious.

Also, she previuosly asked Citigroup for a statement of all transactions and they said it would cost her £30.00. Is there something that can be legally said to them to make them comply and give the statement free of charge? Also, they rarely ever sent her annual statements!

Look forward to hearing from you

Hi there hun
Thanks for getting back.

Okay as soon as you have come across the paperwork by all means please post up, however calculation wise my mate over at the actual PPI reclaiming Discussion forum is great with calculations and will work this out for you.

Now I do not understand why there is a charge of £30 for this, an SAR which is known as an Subject Access Request is only £10 cheque or postal order payment where they MUST provide everything they have on that account within 40 days.

Perhaps when you come across the paperwork you could check out the terms and conditions, there maybe something about this charge on the small print, but I would go for the SAR myself, its cheaper.

If you require the letter for this, let us know and one of us will post this up, if I miss your post, please send me a private message (PM).;)

Look forward to hearing from you soon.
:beer:

Di
x
Oh and all the best in your new home.

Jen75Jen75

Hello Di

Thanks for getting back.

i have just found two things I drafted a few months back and have just found them.

I'll paste them on here and then you can see the general gist of the situation.

I drafted one to seek advice and one to citifinancial (Got the name wrong before). I didn't send them off though!

I'll get my girlfriend to request a statement this week from them and I will dig out all the paperwork



As at Jul 04 after taking out a loan of £2250.00 the monthly amount was £141.64 over 36 months = £5099.04 (Insurance added to loan!!!!!)

By Jul 05 I had paid off = £991.48 leaving £4107.56

In Aug 05 I went to the Citizen Advice Bureau who directed me to clsdirect.org.

Got interest frozen on all accounts. I thought!?! Just reviewed figures for citifinancial:

I have been paying Citifinancial £45.00 a month (maybe a few late payments) since Sep 05 which is £45 * 33 months = £1485.

I got a statement with the outstanding balance in Feb 08 which stated I owed £2847.56.

If I pay the outstanding balance it would mean that I pay £4332.56 when the balance of my loan at the time I went to CAB for help was £4107.56. Further still I have got five years to go before I pay it off.

This also means that the total amount I would pay back is £5323.48 for a total loan amount of £2250.00.

I intend to write to the Financial Services Authority with regards to the insurance I was sold on my account but upon studying my account I would be grateful if you could explain a few things to me.

They are the following:

• After seeking financial advice from Community Legal Services Direct, the attached letter (see 1) informed me that Citifinancial would contact me after I made my first payment of £45.00. You did not and I would like to know why was I not contacted?
• Why on my Statement of Account (see 2) does it state the term as 102 months? I have only signed the Credit Agreement (see 3) back in December 2004 which stated a loan in payment terms of 36 months. I have nothing in writing that stipulates my payments had changed.
• Why does my balance not decrease on the computer printout I obtained (see 4)? This is also confirmed on my Statement of Account (see 2 again).

I would also like your Head Office address so that I can write to them direct. I believe you are obliged to provide their address to me.

I really feel that on top of having the insurance and after seeking advice they are taking more money from her!!!

Really grateful if you could help

Many thanks

di3004

Jen75Jen75 wrote: »

Hello Di

Thanks for getting back.

i have just found two things I drafted a few months back and have just found them.

I'll paste them on here and then you can see the general gist of the situation.

I drafted one to seek advice and one to citifinancial (Got the name wrong before). I didn't send them off though!

I'll get my girlfriend to request a statement this week from them and I will dig out all the paperwork



As at Jul 04 after taking out a loan of £2250.00 the monthly amount was £141.64 over 36 months = £5099.04 (Insurance added to loan!!!!!)

By Jul 05 I had paid off = £991.48 leaving £4107.56

In Aug 05 I went to the Citizen Advice Bureau who directed me to clsdirect.org.

Got interest frozen on all accounts. I thought!?! Just reviewed figures for citifinancial:

I have been paying Citifinancial £45.00 a month (maybe a few late payments) since Sep 05 which is £45 * 33 months = £1485.

I got a statement with the outstanding balance in Feb 08 which stated I owed £2847.56.

If I pay the outstanding balance it would mean that I pay £4332.56 when the balance of my loan at the time I went to CAB for help was £4107.56. Further still I have got five years to go before I pay it off.

This also means that the total amount I would pay back is £5323.48 for a total loan amount of £2250.00.

I intend to write to the Financial Services Authority with regards to the insurance I was sold on my account but upon studying my account I would be grateful if you could explain a few things to me.

They are the following:

• After seeking financial advice from Community Legal Services Direct, the attached letter (see 1) informed me that Citifinancial would contact me after I made my first payment of £45.00. You did not and I would like to know why was I not contacted?
• Why on my Statement of Account (see 2) does it state the term as 102 months? I have only signed the Credit Agreement (see 3) back in December 2004 which stated a loan in payment terms of 36 months. I have nothing in writing that stipulates my payments had changed.
• Why does my balance not decrease on the computer printout I obtained (see 4)? This is also confirmed on my Statement of Account (see 2 again).

I would also like your Head Office address so that I can write to them direct. I believe you are obliged to provide their address to me.

I really feel that on top of having the insurance and after seeking advice they are taking more money from her!!!

Really grateful if you could help

Many thanks

Hi there
Thanks for posting this.

Okay, so this letter has not gone off to them yet then ?

Its a great letter, well done, get this off but before you do I would change the FSA to FOS (Financial ombudsman Service), give them 8 weeks to respond, as like any complaint letter with these finance firms.
Tell them you expect to hear by 8 weeks as from the date they receive the letter, so post this by recorded delivery and then check on the royal mail website of when they received this, on (track and trace).

If they do not resolve this after 8 weeks I would try to ombudman here anyway to be honest.
Like you have, keep a copy of this letter to enclose to the FOS if this goes this far.

Good luck hun and if you need further help here just post up okay hun.;)

Keep us posted. Cheers.

Di
x