PPI Reclaiming Discussion part 4

dudleydolittle

hu guys.....not sure if this is right place to ask this question as this is my first post but will try anyway... first off, many thanks to all you guys on here as after a few weeks lurking i bit the bullet and complained about tmpp with halifax (successful, still awaiting figures ) and also about a barclayloan. now this was also successful but received a letter this week saying estimate figures were a redress of £5462 with a more detailed breakdown to follow with cheque. when i initially complained, i had no details ,just a loan no so i sent that, however i have recently found the agreement and also one for my previous barclayloan and my 1st question is should i try to get them to include ppi payments from that one too when calculating redress for original complaint or is it best to submit a separate complaint for that ?....my second question is if anyone of you geniuses out there could see if their 'estimate' is correct given that i now have the details that i didnt have before ? figures are: 1st payment 06/09/2001
Cash loan premium loan
12100 2663.71 amount of loan
3471.44 764.21 total charge for credit
15571.41 3427.92 total amount payable
216.27 47.61 monthly repayment
72 72 number of repayments

APR 8.9%....1st payment 06/09/2001…paid off after full term

Many thanks

smitchy73

dudleydolittle wrote: »

hu guys.....not sure if this is right place to ask this question as this is my first post but will try anyway... first off, many thanks to all you guys on here as after a few weeks lurking i bit the bullet and complained about tmpp with halifax (successful, still awaiting figures ) and also about a barclayloan. now this was also successful but received a letter this week saying estimate figures were a redress of £5462 with a more detailed breakdown to follow with cheque. when i initially complained, i had no details ,just a loan no so i sent that, however i have recently found the agreement and also one for my previous barclayloan and my 1st question is should i try to get them to include ppi payments from that one too when calculating redress for original complaint or is it best to submit a separate complaint for that ?....my second question is if anyone of you geniuses out there could see if their 'estimate' is correct given that i now have the details that i didnt have before ? figures are: 1st payment 06/09/2001

Hi dudley, You could contact them and advise them that you have found a second loan, to see if they have details of that, FSA guidance says along the lines of that the lender should look at all loans taken by the customer and to make redress if necessary.
If they haven't or wont look at the other one in the meantime just submit another complaint.

One question, did the second loan refinance the first one, because if it did there could be money due back for that, as when you settle the first loan with the second you'd get a rebate, but the part that isn't covered between repayments and early settlement rebate would be passed on to the second loan at refinance.

Hope this helps:D

dudleydolittle

hi smitchy thanks for quick reply....no, i dont think loan did pay the other one off but am a bit concerned about informing them that i have now found these agreements as i'm worried they might say i have proof of my right to cancel and the fact i knew it was a single premium purchase (which my not being sure of was a reason for mis sell but not the only one) and that they could then throw out my original upheld claim..sorry if that doesnt make any sense !

Derwent

dudleydolittle wrote: »

my second question is if anyone of you geniuses out there could see if their 'estimate' is correct given that i now have the details that i didnt have before ? figures are: 1st payment 06/09/2001
Cash loan premium loan
12100 2663.71 amount of loan
3471.44 764.21 total charge for credit
15571.41 3427.92 total amount payable
216.27 47.61 monthly repayment
72 72 number of repayments

APR 8.9%....1st payment 06/09/2001…paid off after full term

Many thanks

Hiya

Premiums Paid = £2,663.71
Interest on Premiums = £764.21
Simple Interest at 8% per annum = £1,944.55

TOTAL REDRESS DUE = £5,372.47

8% interest assumed at today's date, will continue to rise until date of payment.

dudleydolittle

Hi derwent... many thanks for working that out for me...much appreciated

cappo

dudleydolittle wrote: »

hi smitchy thanks for quick reply....no, i dont think loan did pay the other one off but am a bit concerned about informing them that i have now found these agreements as i'm worried they might say i have proof of my right to cancel and the fact i knew it was a single premium purchase (which my not being sure of was a reason for mis sell but not the only one) and that they could then throw out my original upheld claim..sorry if that doesnt make any sense !

Hi dud your on safe ground here, i'll let smitchy answer your query here,not too worry your on very safe ground:T:):):). and of course welcome to the forum.

Jo_anne_h

Hi guys,

Looking for some advice... My partner took out a loan through Bank of Scotland in 2007 & took the PPI. He did the application over the phone and was that excited it was approved and he could get his new car he would have agreed to anything. He tells me they said "we advise and recommend you take our insurance"... is this allowed?? I worked for RBS selling PPI for a few years before this and as it was over the phone we HAD to tell customers it was their choice, it was optional and we could NOT give advice!?????

The loan is still going at the moment and I have been looking into the DIY PPI claims... I have read through his paperwork and there is a factfind on why they sold it... NEED "you have confirmed you are working and have applied for an unsecured personal loan. You require peace of mind that your monthly loan repayment would be covered should your income stop unexpectedly"

Anyone any thoughts on if it would be worth trying to reclaim??

Jo

cappo

Jo_anne_h wrote: »

Hi guys,

Looking for some advice... My partner took out a loan through Bank of Scotland in 2007 & took the PPI. He did the application over the phone and was that excited it was approved and he could get his new car he would have agreed to anything. He tells me they said "we advise and recommend you take our insurance"... is this allowed?? I worked for RBS selling PPI for a few years before this and as it was over the phone we HAD to tell customers it was their choice, it was optional and we could NOT give advice!?????

The loan is still going at the moment and I have been looking into the DIY PPI claims... I have read through his paperwork and there is a factfind on why they sold it... NEED "you have confirmed you are working and have applied for an unsecured personal loan. You require peace of mind that your monthly loan repayment would be covered should your income stop unexpectedly"

Anyone any thoughts on if it would be worth trying to reclaim??

Jo

hi jo you have been misold, they have made it an advised sale as you know yourself it is the customers choice whether they purchase ppi or not, go for it.

cappo

Jo_anne_h wrote: »

Hi guys,

Looking for some advice... My partner took out a loan through Bank of Scotland in 2007 & took the PPI. He did the application over the phone and was that excited it was approved and he could get his new car he would have agreed to anything. He tells me they said "we advise and recommend you take our insurance"... is this allowed?? I worked for RBS selling PPI for a few years before this and as it was over the phone we HAD to tell customers it was their choice, it was optional and we could NOT give advice!?????

The loan is still going at the moment and I have been looking into the DIY PPI claims... I have read through his paperwork and there is a factfind on why they sold it... NEED "you have confirmed you are working and have applied for an unsecured personal loan. You require peace of mind that your monthly loan repayment would be covered should your income stop unexpectedly"

Anyone any thoughts on if it would be worth trying to reclaim??

Jo

sorry jo did,nt see:):) it was your first post,welcome to the forum.

Jo_anne_h

Thanks Cappo, should I go on that being the reason then? On the demands & needs statement the part Our Recommendation and Reasons for Making it...
"We are advising and making a recommendation to you after we have assessed your needs based on the information provided to us, the product recommended is suitable because it will cover you should your income stop inexpectedly. We recommend that you consider our Unsecured Personal Loan Repayments Cover, as you have advised that you do not have existing cover that you wish to use, that would protect your new commitment to us. This cover will protect your repayments in the event of an accident, sickness, unemployment, critical illness,permenant total disablement, if you become a full time carer or in the even of your death.
You have advised that you have taken into account the cost of cover, which will be detailed on your personal loan agreement.
Please note that our recommendation is subject to underwriting and does not confirm acceptance of cover. Should your application be accepted you will also be sent detailed policy documentation and we advise that you read tis documentation carefully.
We wouldlike to draw your attention in particular to exclusions and conditions that apply to this cover. You should read these carefully in line with your own circumstances to ensure that you fully understand any implications. If you have any further queries at this pount please do not hesitate to contact us for further information."

I am pretty sure it is not allowed unless the person on the phone was a qualified insurance adviser which my other half remembers nothing about! just looking for a second opinion before going for it as I've been away from it a while now!!!

Jo