PPI Reclaiming Discussion part 4

RosieBrock

Martin's brilliant guide which we are all testing out if we can, says that there may be little chance to have a successful claim if the paperwork is missing. But one can still ask the lender who sold the PPI with the loan for a copy of the Terms and Conditions that applied at the time of the loan. As my original paperwork is long gone, having paid off the loan taken out in 2006, early, I wonder if I have enough information to proceed. (I have a case because PPI operative at RBS Mint Loans failed on three of Martin's criteria for making claims-including telling me that I might not qualify for the 6.3% interest loan offer I was enquiring about, if I did not take out PPI.

I paid off my 5 -year £25,000 loan ahead of time, in April 2007, some 31/2 years early. But I was offered no refund of PPI, which I discovered only at that time, had beenfrontloaded onto the loan. I had literally paid over £5,600 in PPI payments and £5100 in interest by the time I settled. And they charged me a further £20,350 which included an early settlement penalty. But I destroyed the paperwork in a fit of happiness at having got rid of the loadstone around my neck. I did keep the loan account number, a letter I sent to Guardian Money detailing the PPI and loan arrangement in May 2007, how much was PPI and how much was interest and capital, and have all bank statements showing repayments. I can write to ask for a copy of the Terms and Conditions that applied at the time as explained by Martin. My question is : Do I have enough information to go on? (I was never given a PPI account number, only a loan account number for a loan which included the PPI charge)

The_Marksman

RosieBrock wrote: »

Martin's brilliant guide which we are all testing out if we can, says that there may be little chance to have a successful claim if the paperwork is missing. But one can still ask the lender who sold the PPI with the loan for a copy of the Terms and Conditions that applied at the time of the loan. As my original paperwork is long gone, having paid off the loan taken out in 2006, early, I wonder if I have enough information to proceed. (I have a case because PPI operative at RBS Mint Loans failed on three of Martin's criteria for making claims-including telling me that I might not qualify for the 6.3% interest loan offer I was enquiring about, if I did not take out PPI.

I paid off my 5 -year £25,000 loan ahead of time, in April 2007, some 31/2 years early. But I was offered no refund of PPI, which I discovered only at that time, had beenfrontloaded onto the loan. I had literally paid over £5,600 in PPI payments and £5100 in interest by the time I settled. And they charged me a further £20,350 which included an early settlement penalty. But I destroyed the paperwork in a fit of happiness at having got rid of the loadstone around my neck. I did keep the loan account number, a letter I sent to Guardian Money detailing the PPI and loan arrangement in May 2007, how much was PPI and how much was interest and capital, and have all bank statements showing repayments. I can write to ask for a copy of the Terms and Conditions that applied at the time as explained by Martin. My question is : Do I have enough information to go on? (I was never given a PPI account number, only a loan account number for a loan which included the PPI charge)

You have by the sounds of it all the information to complete a complaint. Download the consumer complaint questionnaire with all the details you have and post it off recorded.

good luck:D

traz39

i had ppi with ge money on a secured loan i contacted them they have wrote back today saying the the ppi was cancelled and we recieved a refund of 1045 in 2006 but the ppi was front loaded on the loan so must have still been paying interest on it is that right?

di3004

traz39 wrote: »

i had ppi with ge money on a secured loan i contacted them they have wrote back today saying the the ppi was cancelled and we recieved a refund of 1045 in 2006 but the ppi was front loaded on the loan so must have still been paying interest on it is that right?

Hiya

To what I believe yes your right about the interest.

Dave_6

any help please :-)

Submitted 2 claims to HSBC in August, both were put on hold due to judicial review. (held out rather than going to FOS)
Wrote again at end of March before the review was completed saying -

To date, I have not received an adequate response from you with regards this matter so I am writing again to request a full refund of the premiums, subsequent interest that I have paid on these premiums and the 8% statutory interest that a court would award. If I have not heard from you within 14 days I shall be taking my complaint to the Financial Ombudsman.


No response has been received to this letter, judicial review is now completed and banks not appealing.

What shall I do now? Wait two weeks to see if a letter arrives and if nothing then chase?
Maybe in 2 weeks send another letter with previous back up stating that now the judicial review has been completed please can you respond to my claim etc



Also, if 100% successful how much might an offer be for? I’m not sure how the interest side works out on the PPI that’s been paid, breakdown of both loans is below.
Be very grateful if someone could take a look at the figures.
The PPI claims aren’t actually for me, I am helping a friend get out of debt which is now well on the way so this would be a massive bonus.



Loan1 - paid off early with loan 2, no sign of PPI being refunded.
http://i113.photobucket.com/albums/n215/DPS1984/spreadsheetjpeg.jpg






Loan 2 - still going with £5k left to pay
http://i113.photobucket.com/albums/n215/DPS1984/Pic.jpg

amersall

traz39 wrote: »

i had ppi with ge money on a secured loan i contacted them they have wrote back today saying the the ppi was cancelled and we recieved a refund of 1045 in 2006 but the ppi was front loaded on the loan so must have still been paying interest on it is that right?

What was the original amount of ppi? i bet the refund you got was the small amount of rebate they give.
Put another letter in and tell them you do not accept this, as the ppi was frontloaded and you are still paying this to term end with interest and the ppi amount is still on the loan even though you cancelled this.
You want ppi paid to date returning to you and the loan reset without the ppi on.
Put that if you do not get a satisfactory reply to this letter you will be taking this to the financial ombudsman.
Let us know what answer you get from them.

richie3000_2

Hi,

About 6 years ago I took out a personal loan with Lloyds TSB and took out PPI with it but was told I had thirty days to cancel it if I didnt want it. About 2 weeks into the loan I decided I didnt want the PPI so phoned up to cancel it but was told I need to send a letter. I sent a letter but heard nothing so tried to contact Lloyds but could not get hold of them until just after the 30 days was up and was told that the letter I sent had not been recieved and therefore could not cancel the PPI. I did contact Lloyds over a year ago to find out about claiming the PPI back when all this kicked off but was refused. Has anyone else come across this before and should I try again to get it back? Appreciate any thoughts.

amersall

richie3000 wrote: »

Hi,

About 6 years ago I took out a personal loan with Lloyds TSB and took out PPI with it but was told I had thirty days to cancel it if I didnt want it. About 2 weeks into the loan I decided I didnt want the PPI so phoned up to cancel it but was told I need to send a letter. I sent a letter but heard nothing so tried to contact Lloyds but could not get hold of them until just after the 30 days was up and was told that the letter I sent had not been recieved and therefore could not cancel the PPI. I did contact Lloyds over a year ago to find out about claiming the PPI back when all this kicked off but was refused. Has anyone else come across this before and should I try again to get it back? Appreciate any thoughts.

Yes you should, put one reason, what you have put above, also look here for other reasons you may have been sold to add to your letter.

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step2

amersall

Dave_6 wrote: »

any help please :-)

Submitted 2 claims to HSBC in August, both were put on hold due to judicial review. (held out rather than going to FOS)
Wrote again at end of March before the review was completed saying -

To date, I have not received an adequate response from you with regards this matter so I am writing again to request a full refund of the premiums, subsequent interest that I have paid on these premiums and the 8% statutory interest that a court would award. If I have not heard from you within 14 days I shall be taking my complaint to the Financial Ombudsman.


No response has been received to this letter, judicial review is now completed and banks not appealing.

What shall I do now? Wait two weeks to see if a letter arrives and if nothing then chase?
Maybe in 2 weeks send another letter with previous back up stating that now the judicial review has been completed please can you respond to my claim etc



Also, if 100% successful how much might an offer be for? I’m not sure how the interest side works out on the PPI that’s been paid, breakdown of both loans is below.
Be very grateful if someone could take a look at the figures.
The PPI claims aren’t actually for me, I am helping a friend get out of debt which is now well on the way so this would be a massive bonus.



Loan1 - paid off early with loan 2, no sign of PPI being refunded.
http://i113.photobucket.com/albums/n215/DPS1984/spreadsheetjpeg.jpg






Loan 2 - still going with £5k left to pay
http://i113.photobucket.com/albums/n215/DPS1984/Pic.jpg

Robbedof or Marshalka will help with figures i am sure.

I would give them a bit longer as they will now look at your claim and deal with it.

jolfc

di3004 wrote: »

Hiya

So your well prepared then? Good one.
I am not too certain on the credit report matter to be honest, but you could post a separate thread about this below, where someone will know the correct answer to this one, keep a check on the credit reports though, it may all be ok.
Normally if there is any debt outstanding/arrears, they do have the right to have this refunded towards this account, anything remaining plus interest is forwarded directly to the customer by cheque payment.
But as stated above, if you post about this matter on a separate thread where it won't be missed, someone will know the definate answers to your questions for you.

Wishing you luck.

Hi thanks for the answer, it is hard work trying to explain someone elses claim, lol, but she has no internet at the moment. So it is classed as outstanding debt even though she got an amount required from them to pay it off to roxburghe. Am I right in thinking then that to work out what she would be left with if they do want to offset any compensation due is total original amount repayable, minus payments made. Then whatever the compensation amount may be taken off what is left as outstanding on the loan. Also did I see a calculator on a thread somewhere that can work out the amount due on the £1318 insurance premiumon a 7 year loan. Thanks in advance,