PPI Reclaiming Discussion part 4

markdsmith_2

tiggrae wrote: »

markdsmith wrote: »

it isn't a cooling off agreement - it's actually written into the loan agreement which you should have received - that £1.5k is odd as you sait for 10 days interest but for ppi it's low - how much are you paying a month total?

£353.82 a month at the 9.8%.

marshallka

markdsmith wrote: »

tiggrae wrote: »

£353.82 a month at the 9.8%.

That would be on a loan of £27,000 in total. Just worked it out. What was the 1.5K for?

markdsmith_2

marshallka wrote: »

markdsmith wrote: »

That would be on a loan of £27,000 in total. Just worked it out. What was the 1.5K for?

Even more reason reason for me to have a copy of the documents in that case. I only took the loan out for £25,500 for definate, so where has this mysterious £1,500 come from?

marshallka

markdsmith wrote: »

marshallka wrote: »

Even more reason reason for me to have a copy of the documents in that case. I only took the loan out for £25,500 for definate, so where has this mysterious £1,500 come from?

Yeah definately challenge it. If you only loaned from them this £25,500 and they opened your loan with the extra 1.5K added then you need to know why. It does seem too low for PPI but it must be for something??

markdsmith_2

marshallka wrote: »

markdsmith wrote: »

Yeah definately challenge it. If you only loaned from them this £25,500 and they opened your loan with the extra 1.5K added then you need to know why. It does seem too low for PPI but it must be for something??

The statement I have definately states amount of credit £25500 then opening balance of £27086.99. Maybe this is why they don't want to send me the documents?

marshallka

markdsmith wrote: »

marshallka wrote: »

The statement I have definately states amount of credit £25500 then opening balance of £27086.99. Maybe this is why they don't want to send me the documents?

You were definately charged another 1.5K for something and it does seems too low for PPI but i cannot think what else it could be unless its commission and arrangement fees????

markdsmith_2

marshallka wrote: »

markdsmith wrote: »

You were definately charged another 1.5K for something and it does seems too low for PPI but i cannot think what else it could be unless its commission and arrangement fees????

But surely I would have had to agree to those? Never had any documentation agreeing to that and I would never have done that anyway!

thesomertontroll

Hello Forum,
I would like to ask for some advice from the members regarding PPI on my Credit Card. I have maxed out my card at £15,000 and have been repaying the minimum amount which now is about £260 a month. Of that interest is about £200 and i am also paying PPI which now is £120 a month. I have started to read around the Forums and realise i have been making many of the worst mistakes and have been very lax nay lazy about keeping an eye on my finances. My credit card is a Mastercard through Lloyds TSB which i have had since the late 1980's whilst i was in the forces. This was when i selected the automatic minimum payment so that my wife didn't need to worry about payments while i was away at sea. Over the years we have consolidated our debts, (store cards, overdraft and credit cards) and added them to our mortgage on 3 occaisions. I have a terrible memory and so cannot say for sure when the PPI was first put on my credit card suffice to say a long time ago. I am now at the situation of having a maxed out card with the minimum payment not covering the interest and PPI, i have a large overdraft, a large personal loan also with Lloyds (taken out 2007/8) and i am not sure where to start on cancelling the PPI on the card and if eligible to try and claim some of the PPI back. I no doubt agreed at the time for the PPI as it seemed a sensible thing, but i have never needed it, i am in full employment which is as safe as can be expected in these times, and i would like to take charge of my finances and step away from the brink. There are many reasons why i have allowed my financial afairs to get into such a bad state but i feel this is not the platform to express them but i would explain privately to someone that could offer some advice. I do not want to go blindly into action and mess things up further. Many thanks in advance for any help offered,
Paul

di3004

thesomertontroll wrote: »

Hello Forum,
I would like to ask for some advice from the members regarding PPI on my Credit Card. I have maxed out my card at £15,000 and have been repaying the minimum amount which now is about £260 a month. Of that interest is about £200 and i am also paying PPI which now is £120 a month. I have started to read around the Forums and realise i have been making many of the worst mistakes and have been very lax nay lazy about keeping an eye on my finances. My credit card is a Mastercard through Lloyds TSB which i have had since the late 1980's whilst i was in the forces. This was when i selected the automatic minimum payment so that my wife didn't need to worry about payments while i was away at sea. Over the years we have consolidated our debts, (store cards, overdraft and credit cards) and added them to our mortgage on 3 occaisions. I have a terrible memory and so cannot say for sure when the PPI was first put on my credit card suffice to say a long time ago. I am now at the situation of having a maxed out card with the minimum payment not covering the interest and PPI, i have a large overdraft, a large personal loan also with Lloyds (taken out 2007/8) and i am not sure where to start on cancelling the PPI on the card and if eligible to try and claim some of the PPI back. I no doubt agreed at the time for the PPI as it seemed a sensible thing, but i have never needed it, i am in full employment which is as safe as can be expected in these times, and i would like to take charge of my finances and step away from the brink. There are many reasons why i have allowed my financial afairs to get into such a bad state but i feel this is not the platform to express them but i would explain privately to someone that could offer some advice. I do not want to go blindly into action and mess things up further. Many thanks in advance for any help offered,
Paul

Hi Paul and welcome.

In my opinion it seems you have a very good case, although from earlier years I would still give it a go.
Do you still have hold of any of the paperwork/agreement for the finance you have taken from Lloyds?

It helps to have each account number, if you have these then give it a go, if for loans and credit cards, keep these 2 complaints separate, with the reasons you have to reclaim, they have 8 weeks in full to respond.
I would check the link below with useful guidelines of reclaiming, with templates, a checklist of mis selling reasons, if any of the reasons apply to you then also write them as well as your own.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

I would go for it, but do not worry about writing the amounts down, if successful they should provide you with a full detailed written breakdown.

Going by some posts on here, there have been much success from loans taken out from earlier years, so it may be worth your while.

If you require paperwork it may be a good idea to request a Subject access Request (SAR), even though they may only supply info on your accounts going back as far as 5/6 years, but with one of mine I did actually receive info going back into the 90's.

If you request a SAR, you have to enclose £10 postal order or cheque payment with this letter and they have 40 days to comply.
SAR letter template on link here with details:
http://forums.moneysavingexpert.com/showthread.html?t=1475553

hope this gives you some idea, ask for help anytime, good luck and please let us know how you get on.;)

Di

thesomertontroll

Hello di3004,
Thank you for the quick reply. I do have bank, credit card, mortgage and loan details going back about 5 years i think. My current account is a joint account with my wife, and i think the personal loan is joint as well. Will i need to request my wife's Sar as well and hence £20 or will all the information relative to our joint accounts be given in my request. Also i presume i send the request by recorded delivery to act as proof of receipt, even though my bank is in the high street and i could deliver it by hand. Thanks again,
Paul