Help - House repossessed - can i still claim

macca.71

Ive buried my head a little due to the fact that I had my repossessed, mainly through not facing up to matters and thinking that I had no rights. I took out a second loan with London Mortgage Company in Dec 2005 for I think around £20k, until I defaulted on the loan in Jan 2008 and they eventually took me to court in October 2008 after having been made redundant in the september I had no idea I had a PPI policy which had been taken out at the commencement of the loan for approximately £7500 and added to the cost of the loan together with interest. Although the policy expired a month after I was made redundant and was only for a period of just under 3 years. I signed all the original loan application paperwork through the post and wasnt aware that the PPI total fee was added to the loan and interest. London Mortgage Company since repossessed my property and I think there was enough to cover the outstanding mortgage after they sold the property but as yet have not been able to come to terms with contacting them as im still slight devasted over it all. Im now reading all the updates and wondering if they did redeem £30k at least loan then i would have fully repaid the PPI and therefore am i not entitled to claim this back from the mortgage company as i do believe it was definitely missold to me. Any assistance would be appreciated. Thank you.

di3004

macca.71 wrote: »

Ive buried my head a little due to the fact that I had my repossessed, mainly through not facing up to matters and thinking that I had no rights. I took out a second loan with London Mortgage Company in Dec 2005 for I think around £20k, until I defaulted on the loan in Jan 2008 and they eventually took me to court in October 2008 after having been made redundant in the september I had no idea I had a PPI policy which had been taken out at the commencement of the loan for approximately £7500 and added to the cost of the loan together with interest. Although the policy expired a month after I was made redundant and was only for a period of just under 3 years. I signed all the original loan application paperwork through the post and wasnt aware that the PPI total fee was added to the loan and interest. London Mortgage Company since repossessed my property and I think there was enough to cover the outstanding mortgage after they sold the property but as yet have not been able to come to terms with contacting them as im still slight devasted over it all. Im now reading all the updates and wondering if they did redeem £30k at least loan then i would have fully repaid the PPI and therefore am i not entitled to claim this back from the mortgage company as i do believe it was definitely missold to me. Any assistance would be appreciated. Thank you.

Hi and welcome

Sorry to hear of the repossession.

However, you can still try to reclaim with the reasons you have, you write to the ones who actually arranged and sold you the finance, they have 8 weeks in full to respond.

Check the link below for more info, this includes a checklist of mis selling reasons,template letters to help you through this, but do not worry about writing down the amounts though, if successful they should supply a full written detailed calculations to you.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Hope this helps, but please ask for help anytime, good luck and please keep us posted.;)

marshallka

macca.71 wrote: »

Ive buried my head a little due to the fact that I had my repossessed, mainly through not facing up to matters and thinking that I had no rights. I took out a second loan with London Mortgage Company in Dec 2005 for I think around £20k, until I defaulted on the loan in Jan 2008 and they eventually took me to court in October 2008 after having been made redundant in the september I had no idea I had a PPI policy which had been taken out at the commencement of the loan for approximately £7500 and added to the cost of the loan together with interest. Although the policy expired a month after I was made redundant and was only for a period of just under 3 years. I signed all the original loan application paperwork through the post and wasnt aware that the PPI total fee was added to the loan and interest. London Mortgage Company since repossessed my property and I think there was enough to cover the outstanding mortgage after they sold the property but as yet have not been able to come to terms with contacting them as im still slight devasted over it all. Im now reading all the updates and wondering if they did redeem £30k at least loan then i would have fully repaid the PPI and therefore am i not entitled to claim this back from the mortgage company as i do believe it was definitely missold to me. Any assistance would be appreciated. Thank you.

Hi, if there was a shortfall in the sale of your property and also paying off the loan and mortgage then it could be that your claim would be taken off that amount as technically you would still owe this? Do you know if there was anything still owing at all? You could always give it go as you really have nothing to lose and probably something to gain if the loan (without the PPI) and outstanding mortgage were covered by the sale of the property.

Good luck

Leoni187

marshallka wrote: »

Hi, if there was a shortfall in the sale of your property and also paying off the loan and mortgage then it could be that your claim would be taken off that amount as technically you would still owe this? Do you know if there was anything still owing at all? You could always give it go as you really have nothing to lose and probably something to gain if the loan (without the PPI) and outstanding mortgage were covered by the sale of the property.

Good luck

Thank you for this. Very helpful as I too was too afraid to claim PPI after my flat was repossessed. I checked online and can see that the flat sold for over twice the amount I owed on the mortgage. Is it true I can also claim back the difference or does this just go to the lenders as profit?

[Deleted User]

Thread is from 2010.

Nothing to do with PPI.