PPI Query

jellyc

Hi there

This is the first time I've posted on here so apologies if I'm in the wrong place but I'm not sure where else to post!

I have a secured loan taken out in December 2003. It had PPI which I believe was missold because my husband and I both have long term medical conditions and my husband was also unemployed.

Unfortunately I don't think just going through the missold PPI route is not possible for the following reasons and I was hoping for some advice.

In April 2004 I wrote to the loan company and said that I didn't realise we had PPI, it wasn't needed and I had realised that it was adding a huge cost to the loan which we really couldn't afford and I asked if the insurances could be cancelled and we either have the amount deduced from the total loan or if we could have a reduced monthly payment. I got a letter back saying that this wasn't possible.

Later in Dec 2004 my husband and I did some sort of re-loan thing in order to make our monthly payments lower (yes, I realise this was stupid because in the long run a £10k loan is costing us about £40k to repay but that's a whole other story).

Anyway, when this re-loan was done which we sort of got swept up in it just looking at the reduced monthly payments rather than the actual long term effects, we did not have PPI included because they didn't put it on the loan.

However, what I'm concerned about is that when the first loan was turned into a new reduced monthly payment second loan, we still had PPI and so the PPI plus interest was included in the calculation for the second loan. (I hope this makes sense). Can I still claim that PPI was missold even though I don't have it on this current loan. I think the PPI made up quite a large chunk of our first loan which we would have been paying interest on for the past four years.

Any help or advice gratefully received (and I'll answer any questions if I haven't made anything clear!). Thanks so much.

di3004

jellyc wrote: »

Hi there

This is the first time I've posted on here so apologies if I'm in the wrong place but I'm not sure where else to post!

I have a secured loan taken out in December 2003. It had PPI which I believe was missold because my husband and I both have long term medical conditions and my husband was also unemployed.

Unfortunately I don't think just going through the missold PPI route is not possible for the following reasons and I was hoping for some advice.

In April 2004 I wrote to the loan company and said that I didn't realise we had PPI, it wasn't needed and I had realised that it was adding a huge cost to the loan which we really couldn't afford and I asked if the insurances could be cancelled and we either have the amount deduced from the total loan or if we could have a reduced monthly payment. I got a letter back saying that this wasn't possible.

Later in Dec 2004 my husband and I did some sort of re-loan thing in order to make our monthly payments lower (yes, I realise this was stupid because in the long run a £10k loan is costing us about £40k to repay but that's a whole other story).

Anyway, when this re-loan was done which we sort of got swept up in it just looking at the reduced monthly payments rather than the actual long term effects, we did not have PPI included because they didn't put it on the loan.

However, what I'm concerned about is that when the first loan was turned into a new reduced monthly payment second loan, we still had PPI and so the PPI plus interest was included in the calculation for the second loan. (I hope this makes sense). Can I still claim that PPI was missold even though I don't have it on this current loan. I think the PPI made up quite a large chunk of our first loan which we would have been paying interest on for the past four years.

Any help or advice gratefully received (and I'll answer any questions if I haven't made anything clear!). Thanks so much.

Hi there and welcome.

I really don't think it would make any difference, unless someone can confirm otherwise.

Please could you tell me who the loan was taken out with first, then we can take it from there, cheers.;)

Basically, we just need to make sure the company were covered by GISC at the time where the FSA had taken over in Jan 2005, this way if you complain and are not successful you then have the option of having the complaint investigated by the financial ombudsman service free if they were regulated/covered.
There is always the court option but many opt for the free service within the FOS first if it gets this far.

However you can still try to reclaim from them.

There is also a PPI Reclaiming-Discussion thread, if you click on loans you shall see the thread on top of the page, but it does not matter, while I'm here I will be happy to help where I can.;)

Di
x

di3004

JellyC

I will continue from my above post here.;)

Check this link out here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

You will find some useful PPI info and reasons of how people were mis sold, if any of those also occur to you then please write to them with help from the template letter which is also on the link, add as much info as possible to support your case.

They have 8 weeks to respond in full.
Another letter maybe required if not successful first time round or until you receive the "final response" where they will state the Financial Ombudsman service if eligible where this will then be investigated by them if you want to go to them afterwards.

Post by recorded delivery, this way you can check your proof of posting and check on the 8 weeks they have.

If you keep us posted, we can then help you to the next step.
Hopefully you will be successful first time round.

Good luck.;)
Di
x

jellyc

Hi Di

Both the loan and the re-loan thing were with Welcome Financial Services. They are a bunch of charletans and I've had problems with them for years and I think that they've done so many things wrong

(including harrassment - I've always paid on time but they still insist on calling me up before the payment due date to get payment details - I never give them the payment details until the actual day that the payment is due and I never let them keep my payment details on file because they tend to 'accidently' take two or three payments in one go. This has happened about three or four times during the time that we've had the loan. They even called me on 5 December asking for payment details for a payment due on 31 December because they wanted to make sure they had details that may get 'forgotten over Christmas' and then when they called me back a few days letter they told me that if I didn't call them they'd send someone round to my house and charge me for it- I sent them a very strongly worded letter telling them that they wouldn't be charging me for sending someone round to my house to get payment details for a loan payment that wasn't even due and that they'd get payment on 31 December and not before... sorry I appear to have gone off on one!)

They just seem to have a terrible approach to things and I think that I'm being ripped off in so many areas so I want to try and see if I can do something to reduce the amount that we are going to pay them back. We've already paid back a large percentage of the amount that we actually borrowed (about 7k or 8k towards a 10k loan) but still have about 5 years of payments to go which amounts to a hell of a lot of interest!

Thanks for any help you can give me!

di3004

jellyc wrote: »

Hi Di

Both the loan and the re-loan thing were with Welcome Financial Services. They are a bunch of charletans and I've had problems with them for years and I think that they've done so many things wrong

(including harrassment - I've always paid on time but they still insist on calling me up before the payment due date to get payment details - I never give them the payment details until the actual day that the payment is due and I never let them keep my payment details on file because they tend to 'accidently' take two or three payments in one go. This has happened about three or four times during the time that we've had the loan. They even called me on 5 December asking for payment details for a payment due on 31 December because they wanted to make sure they had details that may get 'forgotten over Christmas' and then when they called me back a few days letter they told me that if I didn't call them they'd send someone round to my house and charge me for it- I sent them a very strongly worded letter telling them that they wouldn't be charging me for sending someone round to my house to get payment details for a loan payment that wasn't even due and that they'd get payment on 31 December and not before... sorry I appear to have gone off on one!)

They just seem to have a terrible approach to things and I think that I'm being ripped off in so many areas so I want to try and see if I can do something to reduce the amount that we are going to pay them back. We've already paid back a large percentage of the amount that we actually borrowed (about 7k or 8k towards a 10k loan) but still have about 5 years of payments to go which amounts to a hell of a lot of interest!

Thanks for any help you can give me!

I have sent you a private message (PM).......:D , I expect you have read it by now.;)

Please post back anytime for any help you require hun, if I am unable to help at some point, then I am sure someone over at the PPI Reclaiming discussion thread will be able to, but I will try my best anyway, with pleasure.;) :A

Di
x

pinknico

Welcome were covered by the FOS from end of February 2003.

You should also contact FSA and the FOS and report the harrassment, that is totally out of order and should be stopped.