Compensation due to mis-selling of PPI in addition to full refund of PPI & interest??

lesley76

Hi all, I posted a thread on here a couple of days ago explaining a tricky loan situation I had with Blackhorse, after detailing all the details Petermb kindly responded and advised he felt I would be due a full refund including interest plus compensation. I only thought you could claim back the cost of the PPI and any interest incurred, can anyone elaborate on this further or Petermb if you are reading could you let me know further details on this please as I wouldn't know where to begin with this or indeed on what grounds this would be. Thanking you all

Here is the original thread I posted

Ppi Reclaiming - Some Advice Please
Hello, I have quite a tricky history with a loan at Blackhorse and I would love some advice regarding this. We applied for a loan with Blackhorse in Sept 2005 for £4,000, at the time I was a stay-at-home mum and my husband was temping however the guy persuaded us that PPI was critical to us getting accepted (my husband had adverse credit history). The loan was at 17.9% APR over 5 years and the cost of the PPI was £1,723.61 with the sames terms as the loan. Before making our first payment we decided to up the loan to £12,000, so a new agreement was drawn up and the original loan paid off with the current one. At this time my husband had been made permanent and was entitled to deah-in-service and sick pay. The same guy dealt with us and he asked nothing about my husbands terms of employment (which he knew about due to the increase in salary and new payslips from my husbands employer. The second loan was for £12,000 over 10 years at 12.9% APR and the PPI was £7,411.06, same terms as the loan. Monthly payment was £280.65. A year into this we decided to cancel the insurance and notified Blackhorse (the representative who had drawn both loans) and they agreed. Some time after I noticed they were still taking payments including the PPI so I complained and they refunded us what we'd paid since we "cancelled", they also mentioned at this time that the guy who sold us the policy and who we actually notified to cancel it had been dismissed due to dubious selling techniques! We made our final payment including PPI in July 2007 and paid off the loan in its entirety in Jan 2008 with a settlemt of £11,495.10. Does anyone know which kind of refund we would be entitled to, if any?? I have sent a letter to Blackhorse using the templates on this site. Any advice would really help - thank you !

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22-01-2009, 5:36 PM #2 petermb vbmenu_register("postmenu_17962247", true);
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It really depends on what you paid for the ppi and what you got back so far if anything.
If you have not had anything back i would look for the full premium plus 8% interest and then be looking for a sum for compensation.

petermb_2

Hi
The issue is that everyone has got into the mind set that the issue surrounding ppi is mis-selling, which is a very hit and miss affair at the best of times. Where you claim for mis-selling you are correct that you would be looking for return of the premium plus interest.

The other issues and I make no apology for retaining the exact details, are far more serious and far more robust in that not only are you likely to write off the premium and be refunded the interest paid on it but you are then due compensation plus interest also.

There is no hard and fast forumlae for this as it all depends on how long you have had the loan , how you got and and how much you have paid. Each case is individual and can only be challenged in that manner.

Such a claim is only likely to be fully successsful by utilising the services of a suitably aggressive lawyer. who offers an ethical service.

lesley76

Thanks petermb, I am going to investigate today as I know that the £12,000 loan included the pay-off of the £4000 but I need to work out if this also included the PPI and any interest, I am sure we only had loans of about £6 or 7K to pay! Also considering we hadn't even had the funds of the £4K released to us at this stage this is surely criminal! I will let you know how I get on - thanks again for your help and quick response