PPI Reclaiming Discussion part 4

worldsnooker147

di3004 wrote: »

Hi there

With the secured loans both me and hubby had jointly, the ppi only protected him and not me, I would not have been eligible anyway, but would have still been responsible for the loan payments.

So when you and your partner parted did you sign to take over the loan?
I assume if this was the case then this would not know be anything to do with your partner.

I take it them mean the ppi, when your loan was taken out who was the first one named on the policy, was it you or your partner?

Cheers.;)

hi di,
when we parted we just kept everything the same(just obviously different addresses), we have a joint account with hsbc(where we make the monthly repayments from)

the ppi agreement is in my name?? and i have a decent job with the NHS, there is a good chance she would lose her job and she wont be covered, so i will be lumbered with the full repayment!!!!:(

even if i lost the claim(hopefully not!) i would be happy to wipe out the remaining 5 years of PPI, but they say i cant cancel it after the 30 day period!!! and im assuming that was because it was a 5.5k lump sum upfront :mad:

di3004

worldsnooker147 wrote: »

hi di,
when we parted we just kept everything the same(just obviously different addresses), we have a joint account with hsbc(where we make the monthly repayments from)

the ppi agreement is in my name?? and i have a decent job with the NHS, there is a good chance she would lose her job and she wont be covered, so i will be lumbered with the full repayment!!!!:(

even if i lost the claim(hopefully not!) i would be happy to wipe out the remaining 5 years of PPI, but they say i cant cancel it after the 30 day period!!! and im assuming that was because it was a 5.5k lump sum upfront :mad:

Hi there

That is the thing with these type of policies, they do tend to only cover the first named account holder.
So the main responsibility is actually yours.

And again with it passed the cooling period, even though they should still cancel if you request them to do this, the repayment is unlikely to reduce by much, so at least now if your successful it means they must reduce your repayments, and by cancelling the ppi.

You will get there.;)

worldsnooker147

di3004 wrote: »

Hi there

That is the thing with these type of policies, they do tend to only cover the first named account holder.
So the main responsibility is actually yours.

And again with it passed the cooling period, even though they should still cancel if you request them to do this, the repayment is unlikely to reduce by much, so at least now if your successful it means they must reduce your repayments, and by cancelling the ppi.

You will get there.;)

on another note i managed to find the post from another poster regarding the NHS employees,

i had been working for them for approx 1 year when i took it out,

this is quite interesting as it states the banks know that NHS employees receive full sick pay and should not have even considered me for the policy

....and obviously i gave told them my who my employers were when i applied for the loan.............. hoping this might work in my favour if needs be:D

di can i ask why the payment wouldnt reduce by much if i could cancel it??

amersall

victorianclare wrote: »

No broker- Just went straight to Firstplus.
Your optimism is encouraging! I hope you are right! Thanks so much.
All best,
C x

Trust me ;) most certainly ;) been there done that bought the t shirt :D good luck and if you need any more help with the dreaded
fp :eek: JUST YELL :cool:

MoodyBlues

Lloyds are useless. I have emailed them a dozen times and have not had a single response from them. Has anyone got any response from Lloyds by email about anything lately?

amersall

worldsnooker147 wrote: »

hi di,
when we parted we just kept everything the same(just obviously different addresses), we have a joint account with hsbc(where we make the monthly repayments from)

the ppi agreement is in my name?? and i have a decent job with the NHS, there is a good chance she would lose her job and she wont be covered, so i will be lumbered with the full repayment!!!!:(

even if i lost the claim(hopefully not!) i would be happy to wipe out the remaining 5 years of PPI, but they say i cant cancel it after the 30 day period!!! and im assuming that was because it was a 5.5k lump sum upfront :mad:

You can cancel but it is not worth it as di says your payment wont go down much, you will be quids in if you win just hang on in there i have everything crossed for you xxxx

di3004

worldsnooker147 wrote: »

on another note i managed to find the post from another poster regarding the NHS employees,

i had been working for them for approx 1 year when i took it out,

this is quite interesting as it states the banks know that NHS employees receive full sick pay and should not have even considered me for the policy

....and obviously i gave told them my who my employers were when i applied for the loan.............. hoping this might work in my favour if needs be:D

di can i ask why the payment wouldnt reduce by much if i could cancel it??

Hi there

Basically, if it was cancelled by the first 30 days (within the cooling period), they would then have to had refunded you the first ppi payment you had made, then they would have reduced the monthly repayment then, as if there was no ppi at all.

So anything cancelled after the cooling period would not reduce the monthly repayment by much a month, its so wrong isn't it?
Basically because they added the ppi within the loan payments as one single policy.

An example on one of mine.......

Me and hubby had a joint loan for approx £54,000, the PPI on that was over £10K, they did cancel when we asked them too, but it was well past the cooling period and instead of reducing the amount of about £90 a month, they only reduced it by about £14 a month.

However, we were eventually successful on this and received almost £13K back with interest.;)

We did end up paying off this loan before it was resolved though by remortgaging, so the ppi was added with the settlement balance of almost £66K, very hefty indeed.

di3004

Sorry forgot to add in my above post.....I would have held on and not have bothered to cancel the ppi, but it was afterwards I learnt of all the mis selling of this product in the media, so some now just wait for it to be resolved, then this way they "have" to treat the loan without PPI, so your repayments then would be that of just the loan and not the ppi.;)

worldsnooker147

di3004 wrote: »

Hi there

Basically, if it was cancelled by the first 30 days (within the cooling period), they would then have to had refunded you the first ppi payment you had made, then they would have reduced the monthly repayment then, as if there was no ppi at all.

So anything cancelled after the cooling period would not reduce the monthly repayment by much a month, its so wrong isn't it?
Basically because they added the ppi within the loan payments as one single policy.

An example on one of mine.......

Me and hubby had a joint loan for approx £54,000, the PPI on that was over £10K, they did cancel when we asked them too, but it was well past the cooling period and instead of reducing the amount of about £90 a month, they only reduced it by about £14 a month.

However, we were eventually successful on this and received almost £13K back with interest.;)

We did end up paying off this loan before it was resolved though by remortgaging, so the ppi was added with the settlement balance of almost £66K, very hefty indeed.

its just hard to understand,

my loan was for 15k + 8k interest + 7k PPI = 30k

ive paid it for 3 and a half years now, have 4 and a half left on it

the balance is 17k now

what happens to the remaining ppi amount included in that sum when people cancel?? do u mean it just goes in their pockets???

i meant to ask, does the ppi only last 5 years??? so id be paying the last 3 years for nothing??????( thats if i lost), ive just seen this a few times in others posts

amersall

worldsnooker147 wrote: »

its just hard to understand,

my loan was for 15k + 8k interest + 7k PPI = 30k

ive paid it for 3 and a half years now, have 4 and a half left on it

the balance is 17k now

what happens to the remaining ppi amount included in that sum when people cancel?? do u mean it just goes in their pockets???

i meant to ask, does the ppi only last 5 years??? so id be paying the last 3 years for nothing??????( thats if i lost), ive just seen this a few times in others posts

The ppi is still on the loan to the end of the term with interest,and yes you have no cover but you still pay,you have the perfect reason for mi sell, that is why these types of ppi are rip off, your best course of action is to go mis sell.