PPI Reclaiming Discussion part 4

nunnygirl

Thanks for the quick reply

If you could point me in the general direction of the template letters I would be gratefully appreciative.


The situation we are in is, I think, quite a weird one, although someone will probably say there is/was the same

My OH took out a loan for £1000 in 2001, after 1 month he "topped up" his loan by £600 (£1600 in total).

He was paying the loan payment for 33 months and he took out another loan for £2600 in 2004, clearing off the balance of the first loan and having some to spend.

He paid the payments for 11 months and he took out ANOTHER loan for £4300 in 2005 to clear off the balance and have some to spend again.

In 2007, after 18 payments on the last loan, he took out yet ANOTHER loan for £5700. He paid 15 months on this loan and we took out one final loan with another company (with no PPI) with a lower APR and lower monthly payments.


On a template letter do I use the date of the first loan, because basically it was the same loan, just topped up?

I am seriously confuddled!!!:rotfl:

di3004

nunnygirl wrote: »

Thanks for the quick reply

If you could point me in the general direction of the template letters I would be gratefully appreciative.


The situation we are in is, I think, quite a weird one, although someone will probably say there is/was the same

My OH took out a loan for £1000 in 2001, after 1 month he "topped up" his loan by £600 (£1600 in total).

He was paying the loan payment for 33 months and he took out another loan for £2600 in 2004, clearing off the balance of the first loan and having some to spend.

He paid the payments for 11 months and he took out ANOTHER loan for £4300 in 2005 to clear off the balance and have some to spend again.

In 2007, after 18 payments on the last loan, he took out yet ANOTHER loan for £5700. He paid 15 months on this loan and we took out one final loan with another company (with no PPI) with a lower APR and lower monthly payments.


On a template letter do I use the date of the first loan, because basically it was the same loan, just topped up?

I am seriously confuddled!!!:rotfl:

Hi there

lol, don't worry we will get there, just as long as you apply the account numbers to the reclaiming letter that is fine, so if you have 2 loans with the same company, write the 2 lots of account numbers on that letter, as the same reasons possibly stand for both.

Here is the link for the letter templates, also check out the useful info, which may help you, but add your own reasons.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

They have 8 weeks to respond in full, another letter maybe required if they give you the opportunity to write back, in their final response, they should give details of the Financial ombudsman service (FOS) if eligible and if you want to go this direction.

Remember to post by recorded delivery to ensure your letter has been posted, you can check this out on the Royal mail website, on the "tracking" part of the site.

Good luck and please ask for help when needed and keep us posted, cheers.;)

Statto99

Hi there all. I took a loan out with Marks & Spencer in early 2006, which runs until 2011 (5 years). The PPI was added to the loan and interest put on top.

Checked back on my documentation after reading a few pages on this site and realised that out of the £500 per month payments, £100 a month is PPI!!

I was happy to take the PPI out at the time as I thought it was the sensible thing to do but being a bit naive had no idea that this method was unreasonable and so expensive.

In other peoples experience does this sound like a situation where I will be able to claim any money back?

di3004

Statto99 wrote: »

Hi there all. I took a loan out with Marks & Spencer in early 2006, which runs until 2011 (5 years). The PPI was added to the loan and interest put on top.

Checked back on my documentation after reading a few pages on this site and realised that out of the £500 per month payments, £100 a month is PPI!!

I was happy to take the PPI out at the time as I thought it was the sensible thing to do but being a bit naive had no idea that this method was unreasonable and so expensive.

In other peoples experience does this sound like a situation where I will be able to claim any money back?

Hi there,

That is very expensive.

Yes your right its always best to have protection, but did they tell you it was optional and that you could have had a stand alone to cover your payments?
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Check the info on this link here above for more info, if any of the reasons occur to you, then give it a go at reclaiming, there are templates as well, but write in your own reasons, make sure you have a cover in place to protect your loan repayments, in case the unfortunate did happen, you can check the above red insurance box above for more info.;)

Good luck.

barloo69

Sweetums01 wrote: »

Thanks,

That's not an option for my because i took the loan out before 14/02/05 meaning they can't help me.

I really am not sure who else i can go to.

Hi, just got a letter from FSCS myself regarding a PICTURE claim I am pursuing. Just intrigued a little from your post you mention a date of 14-02-2005 as being a cut off date that they have imposed as being the date they cant deal past. Well on my letter it mentions 14-01-2005 as being the cut off date.

Just trying to ascertain whether or not the FSCS are being consistant here with their advice as it it doesnt bode well for pursuing a claim via them if so.

nunnygirl

I'm wondering about the timescale thing.

My OH's first loan was taken out in 2001....can we still claim? Martin's page about it says 6 years

I've got all the details in front of me about the loan with al the PPI details on it

di3004

nunnygirl wrote: »

I'm wondering about the timescale thing.

My OH's first loan was taken out in 2001....can we still claim? Martin's page about it says 6 years

I've got all the details in front of me about the loan with al the PPI details on it

Hi there

And yes you can still try.
Do you mind saying who the loan was with and if the loan is still active?
Cheers.

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

Statto99

They didn't force it on to the loan, as I was happy to go along with it, but they didn't outline that it could have been obtained through other routes either.

When you read the original paperwork it does outline the fact that the PPI is added to the loan and then interest was put on top, although my interpretation is that this is still wrong nontheless.

I may be in a position soon to pay the loan off and am loathe to end up paying a fortune for a product for nearly 2 years that I can never use.

di3004

barloo69 wrote: »

Hi, just got a letter from FSCS myself regarding a PICTURE claim I am pursuing. Just intrigued a little from your post you mention a date of 14-02-2005 as being a cut off date that they have imposed as being the date they cant deal past. Well on my letter it mentions 14-01-2005 as being the cut off date.

Just trying to ascertain whether or not the FSCS are being consistant here with their advice as it it doesnt bode well for pursuing a claim via them if so.

Hello there

Did you receive this through the post today?

As you know there are many on here who has dealings with Picture and the FSCS, hopefully they will be able to clarify this for you, all the best with these.;)

di3004

Statto99 wrote: »

They didn't force it on to the loan, as I was happy to go along with it, but they didn't outline that it could have been obtained through other routes either.

When you read the original paperwork it does outline the fact that the PPI is added to the loan and then interest was put on top, although my interpretation is that this is still wrong nontheless.

I may be in a position soon to pay the loan off and am loathe to end up paying a fortune for a product for nearly 2 years that I can never use.

Hi

Its very dear that and maybe if you were given more information on this product you would have chosen another option for the protection.
When you have a chance read through that link I posted in the last post, and if any it occurs to you, you can still reclaim.

Mis sold is not just about not knowing you had the product or not, so I would check all the reasons out, you never know the amount could actually pay off your loan now.