PPI Reclaiming Discussion part 4

di3004

the_truth_is_out_there wrote: »

Hi there everyone, I'm an IFA, seen a client, Black Horse Loan of £35,000 over 10 years.....PPI sold as a block policy to cover the £35,000 loan and ASU to cover the monthly repayments......Cost ????



£19800 plus interest at 9.4% giving an additional cost of £10,517..in total £30,400 over the 10 years

I've done quick calculations, that same cover could be provided on a monthly basis for £7,024 in total over the 10 years...that's a damn sight less than £30,000

Watch out Black Horse cos here I come !!!!!

Hello and welcome
And good luck.:D;)

amersall

di3004 wrote: »

Hi amersall,

Hope your well as well.;)


Max's sig is cool isn't it? lol.:D

hi di, hows you? xx yes, very good sig

marshallka

the_truth_is_out_there wrote: »

Hi there everyone, I'm an IFA, seen a client, Black Horse Loan of £35,000 over 10 years.....PPI sold as a block policy to cover the £35,000 loan and ASU to cover the monthly repayments......Cost ????



£19800 plus interest at 9.4% giving an additional cost of £10,517..in total £30,400 over the 10 years

I've done quick calculations, that same cover could be provided on a monthly basis for £7,024 in total over the 10 years...that's a damn sight less than £30,000

Watch out Black Horse cos here I come !!!!!

Also did the PPI cover the whole 10 years of the loan too???????

amersall

the_truth_is_out_there wrote: »

Hi there everyone, I'm an IFA, seen a client, Black Horse Loan of £35,000 over 10 years.....PPI sold as a block policy to cover the £35,000 loan and ASU to cover the monthly repayments......Cost ????



£19800 plus interest at 9.4% giving an additional cost of £10,517..in total £30,400 over the 10 years

I've done quick calculations, that same cover could be provided on a monthly basis for £7,024 in total over the 10 years...that's a damn sight less than £30,000

Watch out Black Horse cos here I come !!!!!

you go for it, i had the same with barclays first plus. my ppi was 24000, its so disgusting how they were selling this ppi, am glad they are going to be stopped doing this in the future

mattavfc

the_truth_is_out_there wrote: »

Hi there everyone, I'm an IFA, seen a client, Black Horse Loan of £35,000 over 10 years.....PPI sold as a block policy to cover the £35,000 loan and ASU to cover the monthly repayments......Cost ????



£19800 plus interest at 9.4% giving an additional cost of £10,517..in total £30,400 over the 10 years

I've done quick calculations, that same cover could be provided on a monthly basis for £7,024 in total over the 10 years...that's a damn sight less than £30,000

Watch out Black Horse cos here I come !!!!!

:T:rotfl:
check mine out then! i had my loan off blackhorse in oct 2007 the same sort as you.(£8000 + apr.ppi etc = £12368.81)Now me being a dumb !!! thought this is what i had to pay in total! I've been paying them £218 each month & now have paid 18 payments which total just over £4000(with charges).........then when they were forced by the fsa to send me a statement showing all transactions(which i bet made them cringe to do!!!)it turns out that because of all the interest from the loan itself & the PPI, i had actually only paid off £345.82 against the loan(THATS RIGHT £345.82):eek::eek::mad::mad: Over 3 & a half grand was just to pay the interest!!!!!!
Me & my wife desperately needed a loan because we were(& still are) in soo much debt.We have a bad credit rating so all but blackhorse were declining us.So when blackhorse did accept us,we were so happy to be given the loan without thinking how much we had to pay back.We just thought,£8000 loan,£12328.81 to pay in total with apr & PPI.Was told we had to have PPI so we just accepted it to get the loan we so badly needed at the time...So now being dumb asses that we are again i have now checked the small print & we have actually got to pay a total amount of £26224.48 from an £8000 loan!!:mad::mad::mad: £9207.60 of it is the PPI alone!:mad::mad::mad:
So yeah,BLACK HORSE! theres a lot of people that are gunning for you you thieving B******S!!!:rotfl:

weeang_2

di3004 wrote: »

Hi weeang

Cool, I would write back then and tell them you stand by your reasons for why you believe you were mis sold, and if there is anything else you can think of write that as well.;)

Hi Di
I have sent them a letter today and will let you know how I get on.

Thanks again for all your wonderful advise.

:T

di3004

weeang wrote: »

Hi Di
I have sent them a letter today and will let you know how I get on.

Thanks again for all your wonderful advise.

:T

Your welcome Weeang.;)
Hope the next time you hear from them it will be a good outcome.;)

di3004

amersall wrote: »

hi di, hows you? xx yes, very good sig

Feeling loads better today thank you amersall.;)
XX

mossfil

Just been reading through all these posts with interest as I feel my wife and I may have been mis-sold a ppi for a Firstplus loan in 2006. First of all we weren't aware that we could have purchased a cheaper policy elsewhere and infact may not have needed one, my wife had a pre-existing medical condition and the policy will also run out after 5 years even though we will pay the premiums for the full term. We will be eligible for cash-back after 5 years. Aswell as regretting taking out the loan in the first place (like all others). What do you think of our chances for a refund? If we were successful, is the loan then re-calculated? And I pressume we will need a new protection policy for the remainder of the loan. Any advice would be most welcome.

amersall

mossfil wrote: »

Just been reading through all these posts with interest as I feel my wife and I may have been mis-sold a ppi for a Firstplus loan in 2006. First of all we weren't aware that we could have purchased a cheaper policy elsewhere and infact may not have needed one, my wife had a pre-existing medical condition and the policy will also run out after 5 years even though we will pay the premiums for the full term. We will be eligible for cash-back after 5 years. Aswell as regretting taking out the loan in the first place (like all others). What do you think of our chances for a refund? If we were successful, is the loan then re-calculated? And I pressume we will need a new protection policy for the remainder of the loan. Any advice would be most welcome.

you have valid reasons for mis sell, fp did not tell any customer that the ppi was a loan on top of your loan,or that you were only covered for five years but would still pay ppi for the remainder of the loan (even when the cover ended!) if you win mis sell, and the fos are upholding claims for theses kind of ppi policys, the ppi amount will be taken off your loan, the ppi payments you have made to date will be paid back to you, the loan will then be put back in the position it was when you first took it out at the same apr,without the ppi,and you will get 8% interest on the ppi payments you have made to date. write to first plus and let them know your reasons why you are claiming mis sell and when you get a reply come back and let us know what they say. some have got their ppi back without going to fos. you may be one of the lucky ones, if not you can go to fos, good luck with this and keep us posted. you can take a ppi out but shop around and you will get a good deal, first plus were just out to make money from us ,now we fight back.in your letter use the statements i have put here, as first plus did not inform any customers about any raw deal we would get with this policy, so i know they have not got a leg to stand on, you go get em!!!