My journey towards Debt Freedom!!

maddie12

Hi there
Was wondering if i could get some advice. I took out a personal loan with sainsburys bank in 2002. I completed an online application form, but i cant remember if i ticked for insurance protection, or it was already checked. Anyhoe i have got 9 months left to pay it off and have been reading about mis sold ppi. I checked my agreement and was horrified to see that i was charged 5117.00 on a 10.000 loan, this was added and then i was charged a further 4440 72 making a total loan of 19557.72, nearly double. I was desperate at the time so when i was told i had been accepted i agreed. At no time did anyone ever contact me to explain that the charges for the ppi where added at the start and then interest charged on the whole thing. Nor did anyone advise me that i could get pretection else where. Do you think i have a case.
Thank you

di3004

maddie12 wrote: »

Hi there
Was wondering if i could get some advice. I took out a personal loan with sainsburys bank in 2002. I completed an online application form, but i cant remember if i ticked for insurance protection, or it was already checked. Anyhoe i have got 9 months left to pay it off and have been reading about mis sold ppi. I checked my agreement and was horrified to see that i was charged 5117.00 on a 10.000 loan, this was added and then i was charged a further 4440 72 making a total loan of 19557.72, nearly double. I was desperate at the time so when i was told i had been accepted i agreed. At no time did anyone ever contact me to explain that the charges for the ppi where added at the start and then interest charged on the whole thing. Nor did anyone advise me that i could get pretection else where. Do you think i have a case.
Thank you

Hi Maddie

Think I also posted to your post over at the PPI thread, but not to worry.

Like myself I used to think that PPI was all part of the agreement, so an all in one poilcy then, in other words I thought it was normal lol.

I would certainly try to reclaim on this, here is the link for more info and reclaiming guidelines:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Use the template but write in your own reasons, if they fob you off or do not respond in your favour, write back to them, and keep on at them until you receive the final response.

In the final response, they should give details of the Financial ombudsman service (FOS) if eligible.
They have 8 weeks to respond in full.

Post all letters by recorded delivery, good luck and post up for more help if required.

You will also find many useful and helpful posts in regards of PPI reclaiming back at those threads.;)

di3004

Sorry CWC for posting the above on your thread in regards of reclaiming, think Maddie may have been lost on here.;)

crapwithcash82

yukkibear wrote: »

Morning CWC. Well done on taking control and writing those letters. Now the good bit starts where you start to see the amounts decreasing. Good luck with it, I'm sure it'll be gone before long.

Belated happy birthday to your dd for yesterday. It's my older daughter's today so I get to buy cake yay lol. And we're having a takeaway. Oh of all the excuses I can find to do those things.

Evening All! I'm going to print off my letters tomorrow and post them Yukkibear, it definately feels good already! I was going to try and clear Lloyds first but when I was going through my letters I realised that Northern Rock hadn't frozen interest on my account and are still charging 9.9%!! So needless to say any extra money will be whacked straight to that to get rid of it. I only have around £2800 due to them so hopefully can get rid of that over the next few months - hopefully by the end of the summer, but we shall see how I get on!!

Thanks for the birthday wishes for my DD - she had a great day with lots of presents from very generous family and friends!!

di3004 wrote: »

Sorry CWC for posting the above on your thread in regards of reclaiming, think Maddie may have been lost on here.;)

No probs Di!! How are you this evening?

di3004

crapwithcash82 wrote: »

Evening All! I'm going to print off my letters tomorrow and post them Yukkibear, it definately feels good already! I was going to try and clear Lloyds first but when I was going through my letters I realised that Northern Rock hadn't frozen interest on my account and are still charging 9.9%!! So needless to say any extra money will be whacked straight to that to get rid of it. I only have around £2800 due to them so hopefully can get rid of that over the next few months - hopefully by the end of the summer, but we shall see how I get on!!

Thanks for the birthday wishes for my DD - she had a great day with lots of presents from very generous family and friends!!



No probs Di!! How are you this evening?

Hi CWC

Happy belated birthday wishes to your DD, hope she had a fantastic day.
:bdaycake:XXX Wow she certainly done very well didn't she ?:T:T:T:T

Good luck with all your letters.;)

Not too bad thanks and you ?:A

yukkibear

Yay, well done on posting those letters today. What's your plan for paying off that £2800?
We're on a similar figure there, hope we can spur each other on and get ideas from each other.

crapwithcash82

Hi Yukkibear and Di!! Just a quick hello before I leave work!!

Been checking out our benefits packages at work at they change every June and I was going to opt in for childcare vouchers. Unfortunately there is a limit each month and its only about half of the amount that I need L The other half I will just have to pay – if I opt in.

So I’ve re-done my monthly budget roughly and it looks like after childcare, whatever option I go with (vouchers or not) I will only have £97~ish left per month!! Not much for debt repayment or even food as my monthly outgoings don’t include food shopping!

Will probably post my SOA again so that anyone can suggest anything but its pretty tight.

Yukkibear I’ve just checked the amount I have outstanding on that loan and its £2703 so we are really not far off the same. I was hoping to pay it of in the next few months but can’t see that happening now if I’m going to be the guts of £500 for childcare!!

Will be back on later – we have a FI coming round tonight to see about a remortgage so hopefully he can save some money going out for us – take the pressure of my OH, cuz I ain’t helping in that department at the mo :rolleyes:

crapwithcash82

Woo Hoo, its Friday! :j

Just a quick daily update to my diary, payday has come early this month, with it being the holiday on Monday so I can get things paid quicker this month!

Just been and filled the car with diesel and now off to do my food shopping. Going to stock up on Freezer food as I never do that when I'm using OH's card to pay.

Got a night out with work tonight, but its all free!! Going to take the car so I'm not tempted to drink, want to get up early tomorrow and go into work - get some OT. I have loads to do as well and don't seem to get as much done when there are other people in the office.

There is a plant sale tomorrow that I saw advertised, that I'm going to go to with my DD. We recently made borders in our back garden and I want nice colourful plants to brighten it up. The are advertising at prices that are a fraction of garden centre prices so I'm hoping to get some bargains!

Think thats all for the moment, but will no doubt be back on at some point over the weekend with updates....

TTFN!!

di3004

Hi there CWC

Sorry I missed you again.

Hope you had a great night out, despite you had to drive......:rolleyes: and get up for work next morning.

I have been doing the same as you due to receiving the money earlier, pay it out earlier....:T:D.

I also went to 2 garden centres today, not to buy though, but to get out, as this site was down for maintainance, however, I managed to get all my housework done as well, including the weeks ironing.:T

Hope to catch you soon, happy gardening, take care.

Di
X

yukkibear

Just dropping in to say Hi. Hope the meeting with the FI went well. Are you still recovering from the night out lol.

Off out shopping with dd1 today, should cripple me lol.