PPI Reclaiming Discussion part 4

dilus

g1fted1979 wrote: »

Hi,

I recently requested an upto date statement for the £8,000 60month Persoanl Loan that my partner and i took out in 2008 with Blackhorse to pay for our wedding.

They sent the statement which clearly shows a starting balance of 12,500 which is the loan amount including the interest and having made monthly payments of between £350 and £450 which are currently upto date i was suprised to still see a current balance of £10805.

This promted me to find the loan paperwork and i'm astonished to discover that including interest we are paying an additional £7,108.20 for Payment protection which amounts to more than half of the borrwowed sum. This means all in all we are paying back over £20,000 on £8000????

Can this be right? Can they charge this much? Do we have grounds to claim?

Please help!!:(

WOW, I thought £4000 PPI on a £10000 loan was steep but that is incredible. The figures don't make much difference however steep they may be. If it was front loaded and mis-sold then get a claim in and DO IT YOURSELF, do not employ the services of a CMC. You will get all the help you need on this forum, good luck
Check out Reasons for mi-sell on the following page
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
Think about what reasons for mis-sell apply to you, download the questionnaire in Step 3, fill it in with as many facts that you can, and send a COPY of the questionnaire and a copy of the original agreement if you still have it by recorded delivery.

di3004

awhitmore wrote: »

They've upheld my complaint and thats their final offer. They've not shown what interest rate they've used to calculate the interest associated with the ppi premiums . So I've no idea how they arrive at the figure they quote. They certainly haven't used the 34.9% they were charging me !

Did they provide you with the full detailed breakdown?

Did you pay this off early?

Normally if upheld you should get back all you have paid of the PPI, and the relevant standard 8% interest.

I'm sure someone will be along to explain the calculations shortly.

They should calculate with the same guidelines as the FOS, below if the link.....
https://forums.moneysavingexpert.com/discussion/1596473

Esoog

dustybin71 wrote: »

myk i have been waiting since mid july, and i actually got my ppi part of settlement yesterday....when i called to see when i could expect the interest bit of payment, they could not give me a timescale.

Just to let you know that your not alone, but it looks like they might be catching up with claims like ours that have been going on forever.
My emails to andrea, ian and ceo have been going unanswered for the last week too, and i dont know if it was actually just my time to get paid, my mails to andrea etc or the part my bank manager paid in hassling them daily helped, but every little bit helps. Keep up the daily hassle and i really hope you get your money back soon.

:d:d:d............

sundays

what happens if you paid into a PPI then defaulted due to hardship and the account was passed to a collection agent or furthe worse you got a CCJ or charging order, can you still reclaim.

di3004

sundays wrote: »

what happens if you paid into a PPI then defaulted due to hardship and the account was passed to a collection agent or furthe worse you got a CCJ or charging order, can you still reclaim.

Hi there

Yes you can, and with the ppi being added to the debt it have not helped with the balance owed, if this was removed before it went into collection then the balance would have been lower, so do give it a shot.

You still pursue the bank who set up your account, as these were the ones responsible, by completing the reclaim questionnaire on step 3 below, save a copy and post by recorded delivery to either the complaints dept of their head office.

Good luck.;)

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step3

sundays

thanks can i save some messages so i can refer back to without going through all the threads ie bookmark them.

cappo

awhitmore wrote: »

They've upheld my complaint and thats their final offer. They've not shown what interest rate they've used to calculate the interest associated with the ppi premiums . So I've no idea how they arrive at the figure they quote. They certainly haven't used the 34.9% they were charging me !

Hi the banks seem to be doing whatever they like now and the fsa is doing nothing to stop them, it's like a free for all at the wild turkey shoot, they seem to be above the law.

lisajaynec

Can anyone help me
I have had a Yorkshire Bank account since 1990, I applied for a SAR and was notified of 2 loans with the loan account numbers, one paid off in 1998 the other in 2001. I know i had PPI on these as i was told as a single parent I wouldn't be approved over wise.
I put in a claim, but have received a letter today turning me down because I don't have the original paperwork, i have some statements showing me paying back £140.66 per month, but the statements were the loan went in aren't there.
What really upsets me is the amount of bank charges I received every single month and both loans were to clear my overdraft, insisted on by the bank!!! to line their pockets.
Have I hit a brick road or any other ideas gratefully received.:(

lisajaynec

cappo wrote: »

Hi the banks seem to be doing whatever they like now and the fsa is doing nothing to stop them, it's like a free for all at the wild turkey shoot, they seem to be above the law.

I agree, FSA are doing nothing

beamerguy

lisajaynec wrote: »

Can anyone help me
I have had a Yorkshire Bank account since 1990, I applied for a SAR and was notified of 2 loans with the loan account numbers, one paid off in 1998 the other in 2001. I know i had PPI on these as i was told as a single parent I wouldn't be approved over wise.
I put in a claim, but have received a letter today turning me down because I don't have the original paperwork, i have some statements showing me paying back £140.66 per month, but the statements were the loan went in aren't there.
What really upsets me is the amount of bank charges I received every single month and both loans were to clear my overdraft, insisted on by the bank!!! to line their pockets.
Have I hit a brick road or any other ideas gratefully received.:(

Firstly, if Yorkshire told you that you would not be approved, they LIED, it is at your descretion whether you took out the PPI or not, therefore as you were forced to buy it, that is a MIS-SELL and you are entitled to all payments being refunded.
Secondly, all you need do is tell them the account numbers of the loans, it is up to them to find the paperwork. If they cannot find the paperwork, you can only assume that there were no loans in the first place, they cannot have it both ways can they.

Yorkshire Bank have a very bad name so you must go at them with a hammer, it's about the only language they understand, let me know