PPI Reclaiming Discussion part 4

pinknico

LGJ1974 wrote: »

Hello all

Just wondering if i could ask you all a question.

A few years ago (under 6) my husband and I took a loan out from Norton who got us the loan from Endeavour Personal Finance.

We got a loan for 14,000 over 25 years and for the PPI they pay out a lump sum to the insurance company but add that amount to your loan so we were in effect paying back 17,640 over 25 years.

We paid off the loan early, (about a year later) and ended up paying 17,251. At the time we had no idea why we were paying 3 grand more than what we got.

I have just received all the paper work from them now and found that they had in effect charged us for the amount of the PPI too, even though we didn't use it all???!!! There is nothing in the terms and conditions that we'd have to pay this bit back, its just about the loan amount.

Has anyone got any thoughts on this and do you think we can claim this back? We only have until January as by that time it will be 6 years.

thanks all
Leila

Yes I would try and claim this back.

LGJ1974

Pinknico, thanks hon, do you know where I would be able to start with this? I just am so scared of getting it wrong and missing out. We were under the impression that we were paying the PPI monthly along with the loan repayment and had no idea that it went out as a lump sum and as I say have been thru the t's and c's and there is nothing about paying back the PPI in whole or in part.

i'm never getting a loan again (

pinknico

Hello LGJ1974, Do you know if it was Norton or Endeavour who did the sold you the PPI/ loan? This is who you need to write to or if in doubt send the same letter to both of them!

If you are unsure ring the FOS and they are very good at advising who to get in touch with.

You need to make a complaint for mis selling of PPI for the whole amount if you werent told it was a lump sum and you thought it was payable monthly.

marshallka

LGJ1974 wrote: »

Hello all

Just wondering if i could ask you all a question.

A few years ago (under 6) my husband and I took a loan out from Norton who got us the loan from Endeavour Personal Finance.

We got a loan for 14,000 over 25 years and for the PPI they pay out a lump sum to the insurance company but add that amount to your loan so we were in effect paying back 17,640 over 25 years.

We paid off the loan early, (about a year later) and ended up paying 17,251. At the time we had no idea why we were paying 3 grand more than what we got.

I have just received all the paper work from them now and found that they had in effect charged us for the amount of the PPI too, even though we didn't use it all???!!! There is nothing in the terms and conditions that we'd have to pay this bit back, its just about the loan amount.

Has anyone got any thoughts on this and do you think we can claim this back? We only have until January as by that time it will be 6 years.

thanks all
Leila

I take it you did not understand the way this policy worked then which should really have been explained to you. With it being a single premium you borrow a lump sum amount to pay the whole of the PPI upfront and this then goes straight to the insurer... hence insurance done and dusted for 5 years of a 25 year loan. (I take it yours only covered 5 years of your actual loan and very unfair). You then have your original loan on the agreement and another loan on there too which is your PPI. This PPI is then actually subject to all the same conditions as your loan as it is another loan.

I suggest you take a look through the reclaiming guide here

http://www.moneysavingexpert.com/reclaim/

and there is a template letter on it. Just try to do your own letter with your own reasons for the missale (if you decide it was missold that is) and then send it by recorded delivery. You then give the firm 8 weeks for a full and final response. Good luck.

Always make the complaint against the firm that actually SOLD the PPI to you though if different to the lender.

LGJ1974

Hi guys
It was Endeavour who sold it to us. We have no idea who the insurance company was/is and also no idea how many years the PPI was for!!

I do feel like we were royally screwed over and I remember asking them why we had to pay all this money extra to which they replied *it's in the terms and conditions* which is certainly IS NOT, and us being 6 years younger were very green about all of this stuff.

thanks for all your help, my husband is now a fully qualified solicitor so we will go through it all with a fine tooth comb and he will write the letter to them.


thankyou all again
Leila xx

skintmumofone

Thanks everyone yes I was soo hyper last nite especially when I calculated all the others I had and roughly estimated I should be getting somethingback in the region of about £15k all in so was very happy.

Hubby wants toput the money away in a savings account and just add to it every month and give about £5k to the DMP to deal with and pay off some of the smaller debts which would make more sense.

I also calculated that since I took the DMP out in March 2009 my debt has decreased by over £3,000 due to money being refunded from some of them and also compensatin payment etc and now the Halifax one so its all coming down which is pleasing but long way to go.

Want to finally start doing things to the house and garden only been in it for about 8 yrs now so need to decorate and sort the gardens back and front lower the pavement for my car as I am just bumping up on the pavement hehe.

Also being skint the last few months this money will come in handy for xmas and also to get us both and wee man some new clothes and chuck out the old ones.

My hubby is in charge of the savings now and I am not wanting to know what is in the accounts just that we have enough should an emergency arise so all in all happy with the outcome just wish I could see the cheques appearing now then I would be really happy lol :rotfl::rotfl::beer::beer:

amersall

pinknico wrote: »

Hello LGJ1974, Do you know if it was Norton or Endeavour who did the sold you the PPI/ loan? This is who you need to write to or if in doubt send the same letter to both of them!

If you are unsure ring the FOS and they are very good at advising who to get in touch with.

You need to make a complaint for mis selling of PPI for the whole amount if you werent told it was a lump sum and you thought it was payable monthly.

you go for this, i wrote my own letter in my own words as i prefer to do that, i am not knocking the template letters but i could explain in my own words better. look on the mis sell guide and whatever applies to you that is what to use. the fos dont look too kindly on front loaded ppi so you have a good case, follow pinknicos advice and you wont go far wrong. you go for it and if you need help everyone is here to help you through this process, good luck

pinknico

LGJ1974 wrote: »

Hi guys
It was Endeavour who sold it to us. We have no idea who the insurance company was/is and also no idea how many years the PPI was for!!

I do feel like we were royally screwed over and I remember asking them why we had to pay all this money extra to which they replied *it's in the terms and conditions* which is certainly IS NOT, and us being 6 years younger were very green about all of this stuff.

thanks for all your help, my husband is now a fully qualified solicitor so we will go through it all with a fine tooth comb and he will write the letter to them.


thankyou all again
Leila xx

Brilliant your husband will be a great asset.x

desamax

desamax wrote: »

Hi all is it true what Egg told me over the phone, that the FSA now allow them 60 days to settle. In my letter from FSA it states 30 days. Any one else been told this?

as of today i still have not herd from Egg. What action can i threaten or take?, if any.
Or do i have to just wait, The date of the FSA letter was the 17 July and stated 30 days.

pinknico

I was told that the next calculations would be done by Friday and then letters and cheques sent out. Mine letter was 31st July though Egg claim that they didnt get their letter until 10th August! So I should think yours is in the same batch. You could ring and check this?