PPI not understood

ladyplum_2

Hi,

Never posted on here before and looking for a little advice from anyone who may be in the same position as me.

Basically I took out a loan with Bank of Scotland (Capital Bank) over 10 years ago, it was for £6,500 over 5 years with an interest rate of 19.9% (very high I know but I was very young and really didn't have a clue what that meant at the time) I also took out PPI insurance which again I didn't understand what it was and was told I had to have it!

10 years on I am still paying for this loan and currently owe about £5k (according to them) I struggled paying due to redundancy from my job so it ended up going to their sister company Blair Oliver & Scott, I sent a letter to them recently asking for a copy of my contract and all payments I have made to date with no avail!!!

I have read on this website that you can only claim PPI if loan is less than 6 years old which mine is not, but also read somewhere else that you can claim if over 6 years old.

I am still paying for this loan which I am sure a big chunk of it is PPI so does anyone know if I can still claim?

Also do they have a legal right to demand money from me if I don't agree with what I owe them? I have no proof of this but it appears they don't either! Any advice would be much appreciated!

ladyplum

di3004

ladyplum wrote: »

Hi,

Never posted on here before and looking for a little advice from anyone who may be in the same position as me.

Basically I took out a loan with Bank of Scotland (Capital Bank) over 10 years ago, it was for £6,500 over 5 years with an interest rate of 19.9% (very high I know but I was very young and really didn't have a clue what that meant at the time) I also took out PPI insurance which again I didn't understand what it was and was told I had to have it!

10 years on I am still paying for this loan and currently owe about £5k (according to them) I struggled paying due to redundancy from my job so it ended up going to their sister company Blair Oliver & Scott, I sent a letter to them recently asking for a copy of my contract and all payments I have made to date with no avail!!!

I have read on this website that you can only claim PPI if loan is less than 6 years old which mine is not, but also read somewhere else that you can claim if over 6 years old.

I am still paying for this loan which I am sure a big chunk of it is PPI so does anyone know if I can still claim?

Also do they have a legal right to demand money from me if I don't agree with what I owe them? I have no proof of this but it appears they don't either! Any advice would be much appreciated!

ladyplum

Hi and welcome

It makes no difference really how old the reclaims are, as many have been successful in reclaiming going back even from the 1990's, so as it seems you have good reasons then I would most certainly give it a go. And by still having the loan account number helps.

You therefore, complete the questionnaire (recently issued by the FOS), you will find further down the page on link below as FOS questionnaire Stage one. (this is instead of letters), complete and keep copies, and send to whom was responsible for selling you the policy.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

They have 8 weeks in full to respond, and post by recorded delivery, this is your proof of posting.

I am not sure on your legal rights with this, but they should supply info on request.

For the credit agreement you request for a copy and enclose £1, and ask they supply by 12 days.

Another way is to request for a Subject Access Request (SAR), they have 40 calendar days to comply, with this request you enclose £10 cheque or postal order.
SAR template letter here:
http://forums.moneysavingexpert.com/showthread.php?t=1475553

If they are unable to send anything then they must return your payment with a letter of explanation.

Hope this helps, good luck and please keep us posted.
Cheers

Di

ladyplum_2

Thanks for the advice!! Very helpful! Just one last question: I did send a letter and a £1 cheque requesting for them to send me a copy of my credit agreement, they cashed the cheque but haven't sent me any agreement. You said they have 12 days to respond but the only responce I had was to give me a balance - can I follow this up somehow with another letter?

Thanks again!

di3004

ladyplum wrote: »

Thanks for the advice!! Very helpful! Just one last question: I did send a letter and a £1 cheque requesting for them to send me a copy of my credit agreement, they cashed the cheque but haven't sent me any agreement. You said they have 12 days to respond but the only responce I had was to give me a balance - can I follow this up somehow with another letter?

Thanks again!

Hi

I would contact them in writing and make them aware you know the payment have been cashed, you not yet received the CCA, so are requesting they supply by 7 days.
Then go on to tell them you will contact the Information Commissioners Office (ICO) for advice and complain if you do not receive this by then.

More details on ICO here, they will also advise you.;)
https://www.ico.gov.uk/Global/contact_us.aspx

This should shift them.:D;)

Andy_Boro_2

typical bank using stalling tactics, i was calling lloyds today and had to speak to 5 different departments before getting through to the correct one. I cant beleive they get away with it

Foggster

Andy_Boro wrote: »

typical bank using stalling tactics, i was calling lloyds today and had to speak to 5 different departments before getting through to the correct one. I cant beleive they get away with it

Is this for a PPI claims?

marshallka

di3004 wrote: »

Hi

I would contact them in writing and make them aware you know the payment have been cashed, you not yet received the CCA, so are requesting they supply by 7 days.
Then go on to tell them you will contact the Information Commissioners Office (ICO) for advice and complain if you do not receive this by then.

More details on ICO here, they will also advise you.;)
https://www.ico.gov.uk/Global/contact_us.aspx

This should shift them.:D;)

So is it the ICO you complain to if the lender does not provide the agreement???. I thought it was an offence under the consumer credit act BUT you really have to give them another month also according to what I read. You cannot do anything until this has passed I don't think.

di3004

Cheers for confirming this Marshallka.:D;)