PPI Reclaiming Discussion part 4

Dirks_Engine_Room

Well done on your win :T:T:T:T
You will get back the ppi monthly amounts back with interest that you paid for the 2 years less the 250 rebate they gave you, the total ppi amount will be taken off your balance, so that is good news ! as you cancelled your ppi i dont know if your monthly payment will come down or go up. If you post the figures when you get them i am sure someone will come along and work this out for you.I am not too good with working out refunds i only know you get ppi back you have paid to date and the loan reduces by the total ppi amount :rotfl:robbedof is excellent with this and i am sure he will work this out for you.

I have finished paying the loan as of last month. So I cancelled PPI in 2009, and took loan in 2007. So the figures I supplied are actually what I have paid. Will that make a difference?

Cheers

justanewbie

Hello,

I am trying to help a friend with his loan and PPI.

In June 2007 he took a loan out over the phone with blackhorse for 3000.00 in order to pay for a new roof. He is not educated or financially astute and it was made out to him that he must take out PPI.

His situation is a bit complicated in that he was working at the time of taking out his loan and this was official from his end (he was claiming no benefits), but his employer was paying him 'cash-in-hand'. However, about a year ago he was laid off.

He has shown me his loan agreement which states the following:

PERSONAL LOAN:

Amount of credit: 3000.00
Minimum duration of this agreement: 62 months
60 monthly repayments
Total Amount Payable: 4,568.40.
Amount of Monthly Repayment: 76.14
APR: 17.9%

PAYMENT PROTECTION PLAN:

Amount of credit: 962.40
Minimum duration of this agreement: 62 months
60 monthly repayments
Total Amount Payable: 1,465.20
Amount of Monthly Repayment: 24.42
APR: 17.9%

Due to being out of work, he has become a bit behind with the payments and has asked me to look at this for him.

Does he have a case for re-claiming his PPI?

Thanks.

di3004

Hi and welcome

Did your friend also try to make a claim when he came out of work and they would not pay out?

If this is the case in my opinion the ppi is worthless to him.
It may also be worth requesting for a copy of the phone call/conversation of when this was sold to him. They may supply this on request.

But to make a reclaim, as long as there is an account number, give it a go with the reasons your friend has.

You can do this by completing the reclaiming questionnaire on stage on of the link below, send to the ones who sold him the account, (head office of complaints dept if they have one)..
Keep a copy of all you send and receive in case you need to refer to this again at some point.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#reclaim

They normally have 8 weeks, but may write to ask for more time, but should keep you informed of the progress of the complaint.


Hope this helps, but if you think there's a chance here, my opinion is to give it a go, good luck.;)

justanewbie

Hi

He wasn't even aware of the PPI until I looked at the papers so he has not claimed.

I think I have two options:

1. To reclaim the PPI as being mis-sold:

Having read the site information about this, it seems he has a case for being mis-sold the PPI as they did not fully investigate the nature of his 'self-employed' status. He has also informed me that he has Bells-Palsy which they did not really ask about either.

2. To claim on the PPI for unemployment. However, given the nature of his employment, I don't think he would even count as being 'employed' and hence, the PPI was mis-sold!

What are your thoughts?

milgo

amersall wrote: »

Hi there, please do not cancel the ppi, your loan will be reset without ppi and your term and apr will go up!!!!. Wait for the outcome of your mis sell.

To Amersall, many thanks for your advice. I will not cancel the PPI but will await the outcome of my letter requesting that the PPI payments are refunded to me.

amersall

Dirks_Engine_Room wrote: »

Well done on your win :T:T:T:T
You will get back the ppi monthly amounts back with interest that you paid for the 2 years less the 250 rebate they gave you, the total ppi amount will be taken off your balance, so that is good news ! as you cancelled your ppi i dont know if your monthly payment will come down or go up. If you post the figures when you get them i am sure someone will come along and work this out for you.I am not too good with working out refunds i only know you get ppi back you have paid to date and the loan reduces by the total ppi amount :rotfl:robbedof is excellent with this and i am sure he will work this out for you.

I have finished paying the loan as of last month. So I cancelled PPI in 2009, and took loan in 2007. So the figures I supplied are actually what I have paid. Will that make a difference?

Cheers

Hi there, yes this will make a difference, when you paid the loan off they will have given you the refund off the ppi, but the rest of the ppi is still on the loan. So if you did not have ppi on the loan originally, then your settlement figure would have been a lot less.To my thinking you should get the rest of the ppi back that you paid back to them at settlement and ppi monthly payments made to date. If i am wrong about this, then i am sure that someone with more knowledge of this will put me right.That is how i see this anyway.When you get your figures then post on here and someone will work this out for you.

amersall

milgo wrote: »

To Amersall, many thanks for your advice. I will not cancel the PPI but will await the outcome of my letter requesting that the PPI payments are refunded to me.

Glad you are waiting. The banks like people to cancel as they can make even more money out of you, and not only that your loan cannot be reset without ppi if you win mis sell because that loan does not exist. With a win for mis sell, then the loan is restated (if it is still running) at the same term and apr as the original, , you also get your monthly payment reduced by the ppi monthly amount.

di3004

justanewbie wrote: »

Hi

He wasn't even aware of the PPI until I looked at the papers so he has not claimed.

I think I have two options:

1. To reclaim the PPI as being mis-sold:

Having read the site information about this, it seems he has a case for being mis-sold the PPI as they did not fully investigate the nature of his 'self-employed' status. He has also informed me that he has Bells-Palsy which they did not really ask about either.

2. To claim on the PPI for unemployment. However, given the nature of his employment, I don't think he would even count as being 'employed' and hence, the PPI was mis-sold!

What are your thoughts?

Hiya
Thanks for rectifying on this, and my opinion is go for the mis selling, for one he would not have been able to make a claim on a pre med condition, so if he had this condition at the time of when he taken this out, he would not be successful in making a claim due to this, and the other he was not even aware he was paying for it, but even if he tried making a claim now I am not sure if they would pay out anyway, so go for the reclaiming.;)

bugsy161

di3004 wrote: »

Hi and welcome

Did your friend also try to make a claim when he came out of work and they would not pay out?

If this is the case in my opinion the ppi is worthless to him.
It may also be worth requesting for a copy of the phone call/conversation of when this was sold to him. They may supply this on request.

But to make a reclaim, as long as there is an account number, give it a go with the reasons your friend has.

You can do this by completing the reclaiming questionnaire on stage on of the link below, send to the ones who sold him the account, (head office of complaints dept if they have one)..
Keep a copy of all you send and receive in case you need to refer to this again at some point.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#reclaim

They normally have 8 weeks, but may write to ask for more time, but should keep you informed of the progress of the complaint.


Hope this helps, but if you think there's a chance here, my opinion is to give it a go, good luck.;)

Hiya Di,

Do you have any instances where a bank has paid the same redress twice?

di3004

bugsy161 wrote: »

Hiya Di,

Do you have any instances where a bank has paid the same redress twice?

Hi hun

Hmmm, right do you mean they paid out exactly the same amount twice?

I remember my hubby received 2 of the same payments by cheque by Lloyds, this was his Credit Card PPI, but he did contact them about this they said to tear it up and send back to them lol, so that's what he did do, but if this have also happened with you you could give them a call.
If the amounts are different from the first one, it could be another owing payment.

On one of my loan ppi via lloyds, we received our ppi payout and a few months down the line, they sent us a letter to confirm they underpaid and enclosed another for almost £3K, a different amount to the first one.;)