PPI Reclaiming Discussion part 4

pinknico

Couldnt even come close, how long have they got left?

di3004

MaisyMay wrote: »

I took out a business loan around 2003. As I'd previously had mental health problems, the bank would only agree to the loan if I took out PPI, which was a lump sum added to the loan. In 2004 I was taken ill again and unable to make the payments on the loan. I tried to claim under the PPI but didn't manage to complete all the paperwork correctly (due to my illness) and the claim never went through. When I was well enough again to deal with the paperwork they said it was too late to claim and the loan had been tranferred to collections. So I don't know if the claim would have been denied because of a pre-existing condition.

The loan is now dealt with by a debt collection agency and I pay a minimal amount per month. The loan amount was around £15,000 but I'm not sure what the PPI cost was without digging out the paperwork.

Is it possible to claim for misold PPI on a business loan (trading as a sole trader rather than a company)? Is this likely to be deemed a case of miselling because it was a requirement of the loan? Is it right that I couldn't claim because I delayed filling in the forms (although it's probably far too late now!).

Hi there

Sorry to hear of your health problems.

As far as I know you can still try to complain on this, but maybe someone else can confirm this on here as well for you.
No its not too late.

Have you still the paperwork from when you had this finance?

A SAR (subject access request) may be useful in this case in order to receive documents and info from over the last 6 years of your account.

I would also check out the terms and conditions of this policy, as normally pre-existing conditions they would not cover you anyway.

For the SAR template there is one on page one of this thread and details of this as well, if you need more info just give us a yell.

Hopefully you will receive other answers here as well, good luck.;)

booi666

MaisyMay wrote: »

I took out a business loan around 2003. As I'd previously had mental health problems, the bank would only agree to the loan if I took out PPI, which was a lump sum added to the loan. In 2004 I was taken ill again and unable to make the payments on the loan. I tried to claim under the PPI but didn't manage to complete all the paperwork correctly (due to my illness) and the claim never went through. When I was well enough again to deal with the paperwork they said it was too late to claim and the loan had been tranferred to collections. So I don't know if the claim would have been denied because of a pre-existing condition.

The loan is now dealt with by a debt collection agency and I pay a minimal amount per month. The loan amount was around £15,000 but I'm not sure what the PPI cost was without digging out the paperwork.

Is it possible to claim for misold PPI on a business loan (trading as a sole trader rather than a company)? Is this likely to be deemed a case of miselling because it was a requirement of the loan? Is it right that I couldn't claim because I delayed filling in the forms (although it's probably far too late now!).

At the time the dca contacted you ,i would of sent them a letter saying that they had no authority in dealing with this matter,

and you didnt give them any permission to interfere with your commercial affairs

There is no contract between you and the dca

marshallka

suckers2008 wrote: »

Hi Guys

Right the PPI letter want me to get my old employer to fill in details - I have spoken to said empoyer and they said that they would have to put on the form that I didnt complete my probationary period but I was a hard worked and agreed to pay me next 2 months - thus showing I wasnt made redundant and I wasnt sacked or anything

Do you think that they will pay out if I didnt complete my probation?

Just my view here suckers. I think the Citizens Advice would be your best bet. You would have to take a look through your terms and conditions of the PPI but if it does state about not paying out if you have not been fully employed for 6 months or more and you were in effect only employed for a period of 5 months (although you did get two months pay!!!) then there is a chance that you would not be covered. If also your employers are saying they only employed you "probationary" too that is maybe like something else that would not be covered by the PPI. You need some other advice here (professional advice) and also take along your terms of conditions of the PPI.

bennymanc

Hi All

Well I was delighted (at first) to receive an offer today for missold PPI . They have admitted that I was not provided with sufficient info regarding the PPI insurance. Ive just had an offer for just over £2600.
However that is where the fun stops (for now)

As I still owe money to A&L for the loan itself they are wanting to credit the loan account to lower the amount I owe them.
I have received a termination notice from them and the debt is now being dealt with by a DCA, Bryan Carter & Co. The debt has been with various DCAs since at least November 2007.

Are A&L allowed to do this and not pay out to me directly???
Please can anyone help, the money would come in really useful at this moment in time

Many Thanks

Ben

Incipience

Thinking of a good book title. PPI Reclaiming For Dummies, you think I could get it published?

Incipience

bennymanc wrote: »

Hi All

Well I was delighted (at first) to receive an offer today for missold PPI . They have admitted that I was not provided with sufficient info regarding the PPI insurance. Ive just had an offer for just over £2600.
However that is where the fun stops (for now)

As I still owe money to A&L for the loan itself they are wanting to credit the loan account to lower the amount I owe them.
I have received a termination notice from them and the debt is now being dealt with by a DCA, Bryan Carter & Co. The debt has been with various DCAs since at least November 2007.

Are A&L allowed to do this and not pay out to me directly???
Please can anyone help, the money would come in really useful at this moment in time

Many Thanks

Ben

Ben can you give us more details:

PPI Amount
Loan Amount
Date Started

dreamer33

bennymanc wrote: »

Hi All

Well I was delighted (at first) to receive an offer today for missold PPI . They have admitted that I was not provided with sufficient info regarding the PPI insurance. Ive just had an offer for just over £2600.
However that is where the fun stops (for now)

As I still owe money to A&L for the loan itself they are wanting to credit the loan account to lower the amount I owe them.
I have received a termination notice from them and the debt is now being dealt with by a DCA, Bryan Carter & Co. The debt has been with various DCAs since at least November 2007.

Are A&L allowed to do this and not pay out to me directly???
Please can anyone help, the money would come in really useful at this moment in time

Many Thanks

Ben

Great news however would be better in your pocket I agree. If you have been in arrears on your loan they can add the amount to the debt to reduce it I'm sure.

pinknico

If you are in arrears on the loan I believe they are able to do this, Please check with the FOS though, the rules seem to change everyday.

dreamer33

Incipience wrote: »

Thinking of a good book title. PPI Reclaiming For Dummies, you think I could get it published?

I would think so, send one my way, Free of course lol