PPI Reclaiming Discussion part 4

amersall

freddiesmum wrote: »

Hi, can anyone advise? End October 2008 my daughter took out a consolidation loan with Barclays bank. This loan included PPI insurance. In December last she slipped on the ice and broke her leg in three places. She claimed on her PPI insurance Barclays Dublin Insurance and they have paid her loan up till she returned to work 2 weeks ago. She visited Barclays in order to get help in claiming the last 2 weeks she was off work. The adviser dealing with her looked at her loan details on the computer and told her she should not be paying so much out on PPI insurance, Nearly £100 pounds per month. Adviser told her to come back once last 2 weeks of insurance had been paid out and they would put in place a new policy with same company that would only cost £11.00. per month. If she wanted life insurance to cover her loan they could do that for less than £5.00. per month. Turns out her PPI included life insurance to cover the loan in the case of her death before repayment. She was told that this was the PPI insurance she had to have.
She loaned £12,500 over 84 months at 14.976% per annum total repayment £20,248.20

PPI cost of £4,945.92 was added to this debt. Total repayment with interest £8,011.08. Nearly double the upfront cost of paying the premium in one payment.

She was not told she had any choice re PPI insurance just that this was the only option if she wanted the loan. Yet another person at the same bank can do the insurance through the same company for £11.00.!
WAS SHE MISS SOLD THIS POLICY?
Can she claim even though she has made a claim on the insurance?
If she changes to the £11.00. per month policy would this affect her claiming miss sold PPI on previous policy or should she keep on paying out on original policy, £95.37. per month? Help[/
Hi there, this was frontloaded ppi and she will pay this back over the term with interest, if they cancel the 1st ppi this may still be on the loan to term end with interest, your daughter needs to find out if this is the case, if it is then put a claim in for mis sell of this ppi. As Di said if your daughter wins, then they will take the claim she made from the win.
Cancelling the ppi will not remove it from the loan, you need to go mis sell to get the total ppi taken off the loan and the monthly payment will reduce by the ppi amount.
Your daughter needs to find out what happens to the ppi monthly amount and the balance of the loan if she cancels the ppi.

As this is front loaded get a claim in asap.

amersall

lauzflow wrote: »

when i was 19 in 2003 i took a loan out with barclays for £7000 paying off £214 a month over 5 years i was working less then 16 hours a week in a job i had only been in about 4 months i dident have to show any paye slips i dident even go in the bank to ask for a loan i was just sorting out an overdraft.. it was basicly offerd to me on a plate. i was foolish for taking it and cant remember taking out any ppi though but i must have! cus i signed for it. but i can remember adding an additons to my account where i get break down cover , mobile cover and so on .. in 2006 i found out i was pregnant and i wouldent be working so couldnt really afford repayments at 214 a month so i phoned the bank to sort payments out and they put me through to the insurance department i was like oh! iv got insurance ! anyway they said they couldent help me in anyway so my dad kindley repayed my loan for the next 3 years. on 2 diffrent ocassions i tried to cancel the insurance explaining to them i just dident need it it was a waste of my dads money but both times they said if i cancel i would be messing wiv my "apr" and i would end up paying more a month back and thats with out the insurance so it was just best to keep it. Having so much trust in the bank ive been banking with for the past 16 years i took it all in. do i have a case im new at this and as much help as possible would be much appreciated ..sorry for the bad spelling !

You need to look here for reasons for mis sell
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#checklist
One of the reasons is, you did not know you had it until you phoned up about being out of work and the were told you could not claim it.
They are right about cancelling, do not do this.
Get a claim in for mis sell and good luck.

amersall

jellybabe wrote: »

Hi everyone. Can anyone help me. In 2006 my husband applied for a credit card. I cant remember wether we agreed to a PPI. We do havfe a payment protection policy and a 'statement of demands and needs'. However, we are still paying it off, but through CCCS and was wondering how this would work while paying it off via CCCS? Surely the figures wouldnt correlate as its completely different payment agreement?

Hi there, you need to telephone the card company and ask them if you had ppi, have you not got a statement showing ppi you pay monthly?.
It doesnt matter your debt is with cccs if you win they calculate the ppi you have paid to date so no worries there.
The only thing is, if you win then they may take it off your debt.

k77mss

boring wrote: »

Hi All, :j
Its possible of course the Banks may appeal against the court ruling, i am not convinced they will, first they have to request the right to appeal, and i dont think they will win that right. they are attempting to dictate to the courts, (bad move) It is though they are saying we have plenty of loot, look how much we pay out on bonuses, they are about to feel the bite up the backside from FOS, the longer they delay the larger the cost.
I first complained to the FSA Regards Miss selling of PPI BY HFC Bank in early Aug 2010, HFC did not even bother to reply. So i went to the Financial Ombudsman and an Adjudicator found for me. My concern was that the ppi was taken out in 1998, and i believed that HFC was not regulated at that time. But to my delight according to the Omudsman they were. Anyway i did not Argue.
my point is dont let the length of time since you first took out the ppi put you off from claiming.
I am still awaiting the final decision of the Ombudsman, but due the backlog i am still waiting after 1 YEAR 8 MONTHS, it's not a sprint it certainly a marathon. hope this is usefull to some
Good Luck all
:T

hi just a quick question i've just had my case upheld with an adjudicator against hfc they are awaiting a reply from hfc did hfc pay out on adjudicator or did your case have to go to an ombudsman thanxs for any advice

Why_oh_why

Hi All

We are in a bit of a quandary - we received a letter from FOS a couple of weeks ago to say that the company we were claiming against had agreed to make an offer to settle our complaint, could we complete the acceptance form and send it back by 27 April.

We have not yet received the offer (we have contacted the FOS to explain this and that is why we hadn't returned the relevant forms). We now do not know whether to contact loans.co.uk to chase the offer (we have not had any contact with them since we put our complaint into the FOS in January 2010) or do we just leave it and occasionally let the FOS know that we haven't heard anything?

Also, if someone has the time, I would really appreciate some help with what we should be entitled to. Unfortunately I'm still trying to find all the details, so only have the following information:

Original loan amount: £35,300
PPI: £5,295
Date: October 2004

Unfortunately I do not have details of the monthly payments. We repaid the loan in full in November 2008. Is that enough information to calculate?

Thanks for looking

ETA: the original loan was over 300 months

sg70

HI

I am in default with my Egg Loan and Egg credit card but there was PPI with both. I am repaying both of these back. Do I still have a case for re-claiming the mis-sold PPI?

k77mss

hi everybody well i've not been sitting on my backside this week i've been phoning all my ppi complaints to get updates some were on hold and a few just round about 8 weeks i've got 10 complaints.when i phoned rbs who have 2 of my complaints the guy said one of them they can't get agreement document from branch seems to be lost it started 2002 and was paid off 2006.when i asked the guy what happens now he said put it this way you're in a far better position than we are and more or less said i would receive a full refund of ppi and all my payments back he said they would have details of the loan but not a signed agreement.
has anyone been in this position before or heard of one similiar i know there is lots of experience on this site. he also said this should happen in the next 2 weeks
thanxs

traz39

anyone know my chancers with ge money ppi added for 60 months but mortgage was for 120 months and ppi was only in husbands name when it was a joint mortgage???

di3004

traz39 wrote: »

anyone know my chancers with ge money ppi added for 60 months but mortgage was for 120 months and ppi was only in husbands name when it was a joint mortgage???

Hiya hun

I really don't know what your chances would be, but i would give it a go anyway, good luck.;)

SavvyatSaving

Hi everyone!
I am looking some advice on PPI reclaiming.
My husband & I both took out personal loans of £5000 each with PPI over a 3 year period, starting 2006 and ending nov 2009.
I would really like to see if we can claim anything back as we really paid a lot for our loans over the 3 yr period.
The only problem is the loans were taken out with the bank we still have our current, savings and mortgage accounts with.
If I contact them and try to reclaim the PPI from these loans, does anyone think this will have a bearing on our day-to-day banking from now on?
Is there anything they are allowed to do, like ask us to close accounts, etc if we are successful at reclaiming?
I'm worried as, besides charging us PPI, we have never had any problems with this bank and I don't want to create any ripples in the pond that may hinder us in any future banking.
Any advice would be greatly appreciated, especially from anyone in the same situation!