PPI Reclaiming Discussion part 4

virtuous

Hi Di3004,

Got a letter from FOS saying that they are pursuing AXA and they will get back to me by 31/3/2011 - fingers crossed.

Di, one more thing, do you know how to calculate PPI's - see below:

Cash Loan: £6,000
Add total charge for credit for cash loan: £2,230.20
Total Amount: £8,230.20
Insurance Loan (cash price of insurance: £1,278.28
Add total charge for credit for insurance:£474.92
Total amount of insurance loan : £1,753.20
60 monthly payments of £166.39
APR 14.0%
Monthly interest: £1.101%
Total loan: £7,278.28
Total charge for credit for total loan: £2,705.12
Total amount you pay: £9,983.40


Loan Number 2 - year taken June 2003

Cash Loan: £ 6,400
Add: total charge for credit for cash loan:£ 1,983.80
Total amount you pay for cash loan: £8,383.80
Insurance loan (cash price of insurance): £1,477.82
Add: total charge for credit for insurance loan: £424.78
Total amount you pay for insurance loan: £1,902.60
60 Monthly payment of £171.44
APR : 10.9%
Monthly interest: 0.869%
Total charge for credit for total loan: £2,408.58
Total amount you pay: £ 10,286.40

Thanks

Virtuous

fsaxom

hi Di3004
Thanks for response,
What it is, my husband got a re-mortgage loan and the only reason he knew he had PPI was when he got a letter stating his 5 years of PPI cover had ended just like you said which he is paying interest on for a further 10 years the figures are sooo sky high lol so scary that i would be reluctant to post on here cos like me im sure everyone on here would be like yelling "WOW" cos its well againts money saving rules lol.

Anyway after me saying to him to claim money back due to miss-selling we sent questionare off, received response basically saying NO as expected but also sent recording backing up there case saying husband agreed to PPI etc but after listening carefully to CD noticed during conversation husband tells sales person that he would still get paid if off sick in which she responds saying thats ok you can still get paid from your job and claim PPI, its more benefical for you and that he would have double the money coming in, husband questions this but she still insists this is possible.

But like you say i dont think this is possible as you wouldnt be able to claim PPI payout if you were still receiving full pay from job and still able to meet your loan payments, so sending 2nd letter asking to reconsider complaint on these grounds of miss-selling.

What you think?

di3004

virtuous wrote: »

Hi Di3004,

Got a letter from FOS saying that they are pursuing AXA and they will get back to me by 31/3/2011 - fingers crossed.

Di, one more thing, do you know how to calculate PPI's - see below:

Cash Loan: £6,000
Add total charge for credit for cash loan: £2,230.20
Total Amount: £8,230.20
Insurance Loan (cash price of insurance: £1,278.28
Add total charge for credit for insurance:£474.92
Total amount of insurance loan : £1,753.20
60 monthly payments of £166.39
APR 14.0%
Monthly interest: £1.101%
Total loan: £7,278.28
Total charge for credit for total loan: £2,705.12
Total amount you pay: £9,983.40


Loan Number 2 - year taken June 2003

Cash Loan: £ 6,400
Add: total charge for credit for cash loan:£ 1,983.80
Total amount you pay for cash loan: £8,383.80
Insurance loan (cash price of insurance): £1,477.82
Add: total charge for credit for insurance loan: £424.78
Total amount you pay for insurance loan: £1,902.60
60 Monthly payment of £171.44
APR : 10.9%
Monthly interest: 0.869%
Total charge for credit for total loan: £2,408.58
Total amount you pay: £ 10,286.40

Thanks

Virtuous

Hiya

Sorry for the delay in posting.

I am not the one for calculations, but maybe Robbedofmymoney or amersall will check these for you, they are pretty clever.:);)

di3004

fsaxom wrote: »

hi Di3004
Thanks for response,
What it is, my husband got a re-mortgage loan and the only reason he knew he had PPI was when he got a letter stating his 5 years of PPI cover had ended just like you said which he is paying interest on for a further 10 years the figures are sooo sky high lol so scary that i would be reluctant to post on here cos like me im sure everyone on here would be like yelling "WOW" cos its well againts money saving rules lol.

Anyway after me saying to him to claim money back due to miss-selling we sent questionare off, received response basically saying NO as expected but also sent recording backing up there case saying husband agreed to PPI etc but after listening carefully to CD noticed during conversation husband tells sales person that he would still get paid if off sick in which she responds saying thats ok you can still get paid from your job and claim PPI, its more benefical for you and that he would have double the money coming in, husband questions this but she still insists this is possible.

But like you say i dont think this is possible as you wouldnt be able to claim PPI payout if you were still receiving full pay from job and still able to meet your loan payments, so sending 2nd letter asking to reconsider complaint on these grounds of miss-selling.

What you think?

Hiya

And yes go for it, tell them you have now also listened to the copy of the recordings and in your evidence believe there is a case.
(they may have missed this);).
Then if this doesn't work, and they still say now after requesting them to reconsider, move on to the FOS, but ask them to get back to you with a answer by about 14 days of your letter, so no more time wasted.

Good luck.:)

PPI_Technichal_Expert

fsaxom wrote: »

hi Di3004
Thanks for response,
What it is, my husband got a re-mortgage loan and the only reason he knew he had PPI was when he got a letter stating his 5 years of PPI cover had ended just like you said which he is paying interest on for a further 10 years the figures are sooo sky high lol so scary that i would be reluctant to post on here cos like me im sure everyone on here would be like yelling "WOW" cos its well againts money saving rules lol.

Anyway after me saying to him to claim money back due to miss-selling we sent questionare off, received response basically saying NO as expected but also sent recording backing up there case saying husband agreed to PPI etc but after listening carefully to CD noticed during conversation husband tells sales person that he would still get paid if off sick in which she responds saying thats ok you can still get paid from your job and claim PPI, its more benefical for you and that he would have double the money coming in, husband questions this but she still insists this is possible.

But like you say i dont think this is possible as you wouldnt be able to claim PPI payout if you were still receiving full pay from job and still able to meet your loan payments, so sending 2nd letter asking to reconsider complaint on these grounds of miss-selling.

What you think?

What bank is this against? Check ur terms and conditions because it is actually likely that the policy would pay out despite your husband receiving his sick benefits. If the policy was advised then the loan term exceeded the policy term then this is grounds for complaint. If the purpose of the loan was for debt consolidation check the cancellation terms of your policy. If it did not offer a pro rata rebate and the policy was advised then you have an extremely strong case

amersall

fsaxom wrote: »

hi Di3004
Thanks for response,
What it is, my husband got a re-mortgage loan and the only reason he knew he had PPI was when he got a letter stating his 5 years of PPI cover had ended just like you said which he is paying interest on for a further 10 years the figures are sooo sky high lol so scary that i would be reluctant to post on here cos like me im sure everyone on here would be like yelling "WOW" cos its well againts money saving rules lol.

Anyway after me saying to him to claim money back due to miss-selling we sent questionare off, received response basically saying NO as expected but also sent recording backing up there case saying husband agreed to PPI etc but after listening carefully to CD noticed during conversation husband tells sales person that he would still get paid if off sick in which she responds saying thats ok you can still get paid from your job and claim PPI, its more benefical for you and that he would have double the money coming in, husband questions this but she still insists this is possible.

But like you say i dont think this is possible as you wouldnt be able to claim PPI payout if you were still receiving full pay from job and still able to meet your loan payments, so sending 2nd letter asking to reconsider complaint on these grounds of miss-selling.

What you think?

Hi there, on the recording you heard did the sales person say to your hubby,
"This ppi will be £xxx, it will go on at the start of the loan and you will pay this back over the term of the loan with interest. The ppi will only cover you for 5 years, after that time you will no longer have cover but.. the ppi will still be on your loan with interest to term end"
I will make a bet with you right now that the recording will not contain ANY of the above. This front loaded ppi was sold with up to 75% commission for the company that sold it. What better way to sell a product with that carrot put in front of the salesperson (not that the sales person got the whole commission, but would have had a nice bonus). Use these reasons as i put above, also you did not know anything about the true cost of this ppi, had you known, then you would not have taken it. You do not believe you were given enough information on this product to make a informed decision.

amersall

Hi virtuous, robbedof is a whizz with figures, and i am sure when he comes on, he will work this out for you.

fsaxom

hi di3004,
Thanks for reply will send next letter,
fingers crossed will keep you posted.

fsaxom

Hi PPI_Technichal_Expert,
Thanks for reply,
Got letter from Cardif pinnacle saying cover had ended so think insurance is with them but been dealing with central capital as think they set up loan with first national (GE Money). Sorry dont have T&C or much paper work only have 1 sheet which is credit agreement that doesnt mention anything about only being coverd for five years but am sure i heard her say this in recording but NEVER mentioned anything about how much it was and that would be paying interest for full loan term she only quotes monthly cost including PPI.
Sorry what do you mean by pro rata rebate?
do you think i should ask for copy of T&C before i proceed any further?

fsaxom

Hi amersall,
Thanks for reading my post and replying,
Not anywhere do i hear her actually saying the full cost of PPI as i said above she only ever says the monthly cost will be £XX including PPI, she does mention it will only last five years but doesnt mention paying for it for full loan term. The credit agreement shows loan amount then PPI amount then adds them together giving total amount of credit but my partner being young and niave at time didnt realise he would be paying for PPI plus interest for full loan term also it doesnt state anywhere on agreement that PPI only last for first five years. I,ve also noticed it doesn't show anywhere on agreement total amount payable as im sure if he really knew that he wouldnt have been so stupid as to take loan out.