PPI help

Jasonm

Hello all.

I have recieved a letter from A&L this morning regarding PPI, i took out a £3000 loan on 31st Mar 2006 with PPI, i was told that my APR would be higher should i not take protection, i then had another in Jan 2007 of £6150, i paid off my 1st loan and also had to take out PPI with this loan as again i was told the APR would be higher.
In oct 2007 i increased the loan again to £18173, i again paid off the previous loan but took out my own PPI.
I have phoned A&L this morning and they have said that they will investigate the first two loans, my question is would it have also affected the 3rd loan as i would of had to pay off interest from the 2nd loan...?
Also could anyone advise me what my next step is as i am a bit bewildered by all this, A&L have said that they will send me a letter after it has been investigated..

Thanks..

A confused J Miles

di3004

Jasonm wrote: »

Hello all.

I have recieved a letter from A&L this morning regarding PPI, i took out a £3000 loan on 31st Mar 2006 with PPI, i was told that my APR would be higher should i not take protection, i then had another in Jan 2007 of £6150, i paid off my 1st loan and also had to take out PPI with this loan as again i was told the APR would be higher.
In oct 2007 i increased the loan again to £18173, i again paid off the previous loan but took out my own PPI.
I have phoned A&L this morning and they have said that they will investigate the first two loans, my question is would it have also affected the 3rd loan as i would of had to pay off interest from the 2nd loan...?
Also could anyone advise me what my next step is as i am a bit bewildered by all this, A&L have said that they will send me a letter after it has been investigated..

Thanks..

A confused J Miles

Hi Jason, good luck.

Did you actually write to them in order for them to investigate this for you?
Or verbally by telephone?

They have 8 weeks to respond in full to any letters of complaints you send, if you've not put this in writing I would do so just in case, as you have this as evidence in case you want to take this further, such as with the Financial ombudsman service (FOS) if they do not resolve your case.

However, if you do get a response, and they do not resolve this, write back the them again and tell them you want this reconsidered as you strongly believe you were mis sold with your reasons, if they do not uphold and refund you, then you will take to the FOS.

Again going back to the first letter, if you have not wrote to them yet, write as stated above and tell them you understand your case is being investigated as from (whatever date you asked them to investigate) and you look forward to a response by 8 weeks.

If you don't hear anything at all you do have the opportunity to take to the FOS anyway.

It may also be a good idea to send them a SAR (Subject Access Request) you will find this template on the thread where they should send everything they have on you, or on the SAR, going back as far as 6 years, this may help your case with all the loan PPI.

They have 40 days to comply, (sent to their data dept or head office).
Post by recorded delivery, but there is a cost of £10 cheque or postal order payment for this request.

Good luck and post when you need help.;)

Di
X

Jasonm

Hello Di..

Thanks for the detailed response, in answer to your first question i never even contacted them, this morning i received a letter from them out of the blue otherwise i would of been non the wiser..
I will send a letter via recorded regarding the start of the investigation.

I'm not sure how mine will work as i have taken out 3 consecutive loans of which the first two had PPI and the last one didn't, but i paid off both previous loans with the latter 2..

By my calculations i was paying PPI with them for roughly 19 months

maxdp

Jasonm wrote: »

Hello Di..

Thanks for the detailed response, in answer to your first question i never even contacted them, this morning i received a letter from them out of the blue otherwise i would of been non the wiser..
I will send a letter via recorded regarding the start of the investigation.

I'm not sure how mine will work as i have taken out 3 consecutive loans of which the first two had PPI and the last one didn't, but i paid off both previous loans with the latter 2..

By my calculations i was paying PPI with them for roughly 19 months

Hi there Jason
You are quite right the first 2 loans would influence the other loan even if that had no PPI. I have had a similar problem with a bank with I took to the FOS. It was upheld and the bank paid back most of my PPI in July last year. Since then I have been nagging:o FOS and bank cause I did not agree with the way the refunds were worked out. If they are stand alone Loans it is different that re-financed Loans;)

The Ombudsmen at the FOS are at the moment sorting out a formulae which lenders will have to use to refund complaints upheld by FOS. This will obviously give us an idea of how we should expect lenders to calculate the figures too.

As soon as I hear anything I will post it up on the Front page of this Thread under How FOS calculate refunds . Sticky thread near top of page so keep a look out.:D

Jasonm

Hello Max..

I will keep an eye out for your post, i actually had to pay a higher APR for the last loan than the one advertised because i would not use their PPI...

maxdp

Jasonm wrote: »

Hello Max..

I will keep an eye out for your post, i actually had to pay a higher APR for the last loan than the one advertised because i would not use their PPI...

Hi Jason

Yes they are cheeky aren't they (or words to that effect). That is what these companies were doing:rolleyes: