PPI Reclaiming Discussion part 4

smitchy73

fight_the_power wrote: »

Dont want a appear to thick but what does front loaded imply ???

Front loaded is where you have your initial loan of say £1000 and they sell you a ppi policy for say £250, well the give you your £1000 and £250 for the ppi all at the start then you repay your £1250 loan over the 12 months or whatever, so you're in effect getting two loans.
Another name is Single Premium Policy. Most lenders won't tell you about this situation or the fact you're paying interest at the same rate on your ppi loan as is on the main part of your loan. They also very rarely tell you if there is any rebate should you refinance or settle your loan early.

Hope this helps.;)

cappo

Dizzywithmoney wrote: »

I cant believe that it was that easy to get the loan agreement number from our bank I could probably have done that with the other loans that we have had in the past too!

I havent been through the rest of the posts yet but if you believe you have been misold ask for the details of the other account numbers and put a claim in sometimes the banks will give you the info they did with me and yes they know what your going to use it for.

cappo

The_Marksman wrote: »

hi gorgeous,

they mentioned the FOS and a booklet but didnt state its their finale decision but tried to pull the wool over my eyes and rolled both complaints into one letter and tried to say it was a refund on both but isnt nor was it a top up! but on this settlement letter they state finale decision. hope that makes sense, just trying to find a legal reason on this 6 year joke x lol xxx

Hi marksman the 6 year rule doesnt apply when you have the agreement number as our Di says just tell them you were only made aware of the miselling with the publicity surrounding the jr in a lot of cases the banks drew the unwanted attention to themselves.

cappo

amersall wrote: »

No legal reason :mad:
Ring them and tell them you want this looked at again, i have a feeling they will comply ;)
Cheeky devils, telling you that this was both loans ppi :mad: how very dare they :mad:
Say what Di said too xx.

I would'nt want to get wrong with you lol.

mandy1cat

cappo wrote: »

Hi marksman the 6 year rule doesnt apply when you have the agreement number as our Di says just tell them you were only made aware of the miselling with the publicity surrounding the jr in a lot of cases the banks drew the unwanted attention to themselves.

s32(1) Limitations Act 1980

(1) .... where in the case of any action for which a period of limitation is prescribed by this Act, either-

• • (a) the action is based upon the fraud of the defendant; or
  • (b) any fact relevant to the plaintiff's right of action has been deliberately concealed from him by the defendant; or
  • (c) the action is for relief from the consequences of a mistake;

the period of limitation shall not begin to run until the plaintiff has discovered the fraud, concealment or mistake (as the case may be) or could with reasonable diligence have discovered it....

If I've understood this correctly it's 6yrs from when you discovered the problem.... I'm not a smart !!!! I heard it somewhere else.....:rotfl:

cappo

Going back to i believe they call it the statute of limitations the six year rule it'll be interesting to see what my LTSB sar turns up as those accounts go back 25 years i'm looking forward to seeing just how many ppi policies i actually had with them 40 days and counting.i should be able to keep warm with the spare paperwork i'm not going to need but with the leccy bills going up so much a few extra tonnes of burnable paper might be handy lol

mandy1cat

cappo wrote: »

Going back to i believe they call it the statute of limitations the six year rule it'll be interesting to see what my LTSB sar turns up as those accounts go back 25 years i'm looking forward to seeing just how many ppi policies i actually had with them 40 days and counting.i should be able to keep warm with the spare paperwork i'm not going to need but with the leccy bills going up so much a few extra tonnes of burnable paper might be handy lol

When all this is over and my complaints are upheld :j (I can dream).... I'm going to rip my gas fire out and burn all the chuffing paperwork and save myself some more money and all thanks to the fantastic tips on MSE.... :rotfl:

The_Marksman

mandy1cat wrote: »

s32(1) Limitations Act 1980

(1) .... where in the case of any action for which a period of limitation is prescribed by this Act, either-

• • (a) the action is based upon the fraud of the defendant; or
  • (b) any fact relevant to the plaintiff's right of action has been deliberately concealed from him by the defendant; or
  • (c) the action is for relief from the consequences of a mistake;

the period of limitation shall not begin to run until the plaintiff has discovered the fraud, concealment or mistake (as the case may be) or could with reasonable diligence have discovered it....

If I've understood this correctly it's 6yrs from when you discovered the problem.... I'm not a smart !!!! I heard it somewhere else.....:rotfl:

thank you for the info most helpful

The_Marksman

cappo wrote: »

Hi marksman the 6 year rule doesnt apply when you have the agreement number as our Di says just tell them you were only made aware of the miselling with the publicity surrounding the jr in a lot of cases the banks drew the unwanted attention to themselves.

thank you Cappo

The_Marksman

cappo wrote: »

Going back to i believe they call it the statute of limitations the six year rule it'll be interesting to see what my LTSB sar turns up as those accounts go back 25 years i'm looking forward to seeing just how many ppi policies i actually had with them 40 days and counting.i should be able to keep warm with the spare paperwork i'm not going to need but with the leccy bills going up so much a few extra tonnes of burnable paper might be handy lol

i wish you all the luck in the world and i'll be round yours when it gets cold then with all my extra paper! :D