Tesco Personal Finance- PPI- Advice needed

micklar_2

Hello Everyone, this is my first post so go easy! I read with interest about claiming PPI back.

I originally took a £9,000 loan in March 2001, with the insurance of £1,116 which meant the insurance cost was lumped in with the loan amount to be repiad, meaning over the term of the loan I would pay 36 x £35.80 (£1288.88 in total).

I then took out another loan in July 2007 for £15,000 (of which £6125.76 was to be used to pay off the other loan), and the insurance cost of £2312.00 lumped in with the loan, meaning over the term the total cost of insurance for this period was 60 x £46.09 (£2765.40 in total).

I then took out another loan in September 2005 for £15,257 (which included £7627.27 to refinance the previous loan, a cash loan of £5000.73 and an insurance loan of £2629.00) plus the interest charges of £2486.80 (including £428.60 interest charge on the insurance premium loan.

I then paid the lot off in October 2006 when I got a mortgage.

Tesco have sent me copies of the paperwork, and one of the original agreements I had from them has got different figures on it as well. All very strange.

Looking through the paperwork, had I have known at the time how much I was paying or if I had have been told that I could have shopped around for it, then I would have, but this was not made clear.

What can anyone suggest I do?

Thanks in advance guys! :beer:

di3004

micklar wrote: »

Hello Everyone, this is my first post so go easy! I read with interest about claiming PPI back.

I originally took a £9,000 loan in March 2001, with the insurance of £1,116 which meant the insurance cost was lumped in with the loan amount to be repiad, meaning over the term of the loan I would pay 36 x £35.80 (£1288.88 in total).

I then took out another loan in July 2007 for £15,000 (of which £6125.76 was to be used to pay off the other loan), and the insurance cost of £2312.00 lumped in with the loan, meaning over the term the total cost of insurance for this period was 60 x £46.09 (£2765.40 in total).

I then took out another loan in September 2005 for £15,257 (which included £7627.27 to refinance the previous loan, a cash loan of £5000.73 and an insurance loan of £2629.00) plus the interest charges of £2486.80 (including £428.60 interest charge on the insurance premium loan.

I then paid the lot off in October 2006 when I got a mortgage.

Tesco have sent me copies of the paperwork, and one of the original agreements I had from them has got different figures on it as well. All very strange.

Looking through the paperwork, had I have known at the time how much I was paying or if I had have been told that I could have shopped around for it, then I would have, but this was not made clear.

What can anyone suggest I do?

Thanks in advance guys! :beer:

Hi there

Maybe an SAR may help, this is known as a Subject Access Request, they have 40 days to comply and supply you with the information requested for on the SAR, there is a charge of £10 postal order or cheque payment for this request, link to template below.
I take it all the loans were with the same bank?

If this is the case then all the loan info should be provided within the SAR for the last 6 years in England and Wales, Scotland 5 years, not too sure on Ireland though.
http://forums.moneysavingexpert.com/showthread.html?t=1475553

Good luck and please ask for help when your ready to reclaim if required.

micklar_2

it was all with tesco personal Finacne, but on my Bank Statements, it is listed as RBS Personal Loan (as it is/was a Joint Venture with them).

My main problem is that I don't actually know how much I paid in PPI, or whether or not I could claim it back. Is it worth speaking to them to ask them how much I paid out in insurance costs?

marshallka

micklar wrote: »

it was all with tesco personal Finacne, but on my Bank Statements, it is listed as RBS Personal Loan (as it is/was a Joint Venture with them).

My main problem is that I don't actually know how much I paid in PPI, or whether or not I could claim it back. Is it worth speaking to them to ask them how much I paid out in insurance costs?

If it was a loan and you have not got the agreement you could write to them and ask for a copy.

micklar_2

I have all 3 agreements, 3 they sent me and a copy i kept hold of from 2002, this one seems to differ than the one they sent me as the figures on it are not the same.

as I paid of each loan "early" will I have paid for the premiums in full? Elsewhere I have read that if they put the premium amount over the term of the loan, which if this is the case I have paid out over £4500!!

di3004

micklar wrote: »

I have all 3 agreements, 3 they sent me and a copy i kept hold of from 2002, this one seems to differ than the one they sent me as the figures on it are not the same.

as I paid of each loan "early" will I have paid for the premiums in full? Elsewhere I have read that if they put the premium amount over the term of the loan, which if this is the case I have paid out over £4500!!

Hi there

Wonder if writing to them to ask for a breakdown on all of the loan settlements would help.
I would write to ask them to post a full written breakdown on all 3 of them.
This should show what was ppi and how it was calculated, with the interest etc.

They should repay back all the PPI you have paid if successful plus interest and 8% interest of what a court would award.

One of mine on ppi alone was just under £11K, when refunded this was almost £13K, because of interest as well.
Hopefully they should send these calculations on request, good luck.;)

micklar_2

The man was really nice, he knew I was on about claiming my PPI and asked me on what ground I was challenging it, I told him I was not prepared to comment on that as I wanted to ensure all the figures were correct before proceeding, he then called me back to say that as I had all 3 agreements, I could effectively work it out myself!

So with my trusty excel spreadsheet and a few scratches of the head, I have worked out I have paid out a total of £2979.60 ex. 8% interest.

I will keep y'all posted!!

:beer:

di3004

micklar wrote: »

The man was really nice, he knew I was on about claiming my PPI and asked me on what ground I was challenging it, I told him I was not prepared to comment on that as I wanted to ensure all the figures were correct before proceeding, he then called me back to say that as I had all 3 agreements, I could effectively work it out myself!

So with my trusty excel spreadsheet and a few scratches of the head, I have worked out I have paid out a total of £2979.60 ex. 8% interest.

I will keep y'all posted!!

:beer:

Wow, well done you........:T:T, you will be handy on there then with calculations lol.......:D, because with me I have not got a clue how to work them, Marshallka is good with figures though.......;), so when you have a few mins spare anytime, your welcome to post in if anyone needs help with working them out lol, cheers hun and good one.:T;)

Good luck as well.:beer:

micklar_2

UPDATE

---

They have offered me a settlement of £750 per policy, and I had 3 policies which totals £2250 in total, the letter uses language like "All of our advisors were specifically trained not to offer PPI as an incentive to be able to obtain the loan" and "all of the agreements clearly point out the terms fo the policy" I will get the full text on here soon- but any advice on this? Shall I take it or hold out for more?

marshallka

micklar wrote: »

UPDATE

---

They have offered me a settlement of £750 per policy, and I had 3 policies which totals £2250 in total, the letter uses language like "All of our advisors were specifically trained not to offer PPI as an incentive to be able to obtain the loan" and "all of the agreements clearly point out the terms fo the policy" I will get the full text on here soon- but any advice on this? Shall I take it or hold out for more?

If this is only goodwill gestures and not the full amounts then I personally would not accept this if you are able to use the Ombudsman Service for your complaints. Also what about the 8% statutory interest?