PPI re-claim myself or get a company to take the action.

wayne1705

Please can anyone help me see things a bit clearer as iam quite probably over thinking and complicating things when reading through the forums and therfore thinking its complicated.
I think the date was April 2006 myself and my partner took out a loan with Paragon using central capital as a broker i assume.
The loan amount was for £33000,looking at the paper work there was also a PPi on this off £11550.
As it was quite a while ago iam not 100% about all the facts, but iam 100% sure i was not adviced that the cost of the PPI would in effect me a lump sum added to the loan which would incure interest charges.
Iam not even sure if the PPI was ment to be on there in the 1st place.
It was a PPI plan that only covered 10 years when the loan was infact over a 25 year period.I believe we would get a lump sum returned to us after 10 years with no claims and during a difficult time i think i took that as being not so bad( yes very nieve)
The loan was paid off at a later date, i dont have the date to hand if that matters.

I really want to know from someone who has some idea, am i in a position to claim, how complicated is it really or should i get one of these lawyers to do it.
Iam scared that i would muck it up and lose the option to get some money back which is rightfully ours which would be a sum of money to make a differance, but paying 25% +VAT is not something i want to do lightly.

Any help or advice i would be very grateful for

Thanks in advance

wayne

PS i hope this makes sense

di3004

Hi and welcome

If mis sold, personally I would not use a claims company where it will end up costing you, they do the same as we do herem but doing it yourself will cost you nothing, just the posting via Royal Mail.

Its only a matter of pursuing who set up and sold you the policy, complete the questionnaire as shown on the link below, keep copies of everything in case you need to refer back to this again at some point.

They have 8 weeks to give a decision - but may ask for more time.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#reclaim

Or, you can optionally write a letter in your own words to make a reclaim, the questionnaire replaced the template letter on this site.

Ask for further help if needed, good luck.

amersall

Di is right, follow her lead and you will not go far wrong
You cannot "muck this up" it is simple to do, you will get all the help you need on here for free. Give it a go and suprise yourself

This ppi was frontloaded and was not worth the paper it was written on.
Use these reasons for mis sell, the fact the ppi only lasted 10 years but you would still have the ppi on the loan to term end with no ppi cover, also if you got the ppi back after 10 years, this would not have included the interest you paid on this and the ppi is still on the loan to term end with interest.

The person who sold you this would not have said this to you at the point of sale (if they had you would not have taken this ppi had you known the true cost.. Right?).
You do not believe you were given enough info on this ppi to make a informed decision, use these reasons for your complaint, plus any of those that apply to you in the link Di gave you.

magpiecottage

Absolutely do not bother with a claims management company. They really add no value.

If you do not like their answer you can always go to the Financial Ombudsman Service who will cost you about 45 pence for a stamp!

amersall

magpiecottage wrote: »

Absolutely do not bother with a claims management company. They really add no value.

If you do not like their answer you can always go to the Financial Ombudsman Service who will cost you about 45 pence for a stamp!

Ditto, Ditto, Ditto.:D

di3004

Well said MagpieCottage.;)

So if there is a case, forget the claims companies, have a go yourself, its rather straight forward, and as magpiecottage says, if your not happy with the final outcome you can always move your complaint on to the FOS.

Good luck.

src007

There is a very good chance that this was mis-sold. Central Capital were selling extremely, expensive and misleading PPI. £11'550 for 10 years cover! Think what 25 years cover would cost!?

Against Central Capital you just need persistence (don't worry at all, about getting the complaint wrong). If you write to them, they'll send you a long 'legalistic' letter explaining you have no case.

When you get that, ignore it and take the complaint to the Financial Ombudsman Service (FOS) with a couple of quick forms.

If it goes in your favour, expect the lender to appeal the decision at the FOS, meaning it could take 1-2 years for an outcome.

However, if successful you will get a full refund of all the PPI with interest on top! Well worth the wait. Central Capital have been losing almost all complaints at the FOS, so ignore them when they say they've done nothing wrong.

If you need any help about what to put in a complaint letter (it can be confusing knowing what to put!) plenty of people can help on here!

wayne1705

Update of kind.

I finally got around to finding all of my information that i could after some time away and sent off the questionnaire late Monday night.
Today i have received a letter from central trust(ppi complaints team) acknowledging receipt of the complaint.
They have also enclosed a new PPI questionnaire and a form to sign giving them authority to speak to other parties about the loan.
Having already issued a completed questionnaire should i have to fill in the one that they have sent me?
Some of the information they are requesting i don't have and actually they should have that information to hand as it relates to the loan account.

What cover (if any) did you have in place to cover your loan repayments if your/your partner were unable to work through accident,sickness or redundancy?

What cover(if any) did you have in place to cover your loan repayments if you/your partner were to pass away whilst your loan was still outstanding?

At the time you took out the insurance did you/your partner have any health problems or registered as disabled? If 'yes' please give details.

If you had not been offered insurance from central capital limited(central trust PLC) would you have taken some form of insurance from another provider ? yes [ ] No [ ]


Can you remember anything unsatisfactory about the original sales call? if yes please give details.

What date did you become aware that you had cause for complaint(IE last week,last month, last year) and how/why?

What are you looking to get sorted out/resolved with this complaint?

In your own words please explain what your specific complaints are:

Finally if you have come to use through a 3rd party are there any additional points they have advised should be investigated?

magpiecottage

wayne1705 wrote: »

Update of kind.

I finally got around to finding all of my information that i could after some time away and sent off the questionnaire late Monday night.

Was this the standard Financial Ombudsman Service questionnaire? If so, refer them back to it.

They have also enclosed a new PPI questionnaire and a form to sign giving them authority to speak to other parties about the loan.

Authority to exchange information with other relevant parties IS reasonable on two grounds.

Firstly, they may well need to know in order to establish as full a picture as possible of the facts. A firm is supposed to investigate the complaint to the same standard that FOS would and FOS would want such authority so it follows that the firm is being reasonable in asking for it.

Secondly, there are fraudulent complaints and like the rest of us, a firm is entitled to protect itself against being stitched up. I am not suggesting your complaint is fraudulent, only that unfortunately the crooks will disguise their complaints to look like legitimate ones so it is reasonable that some digging is done.

Having already issued a completed questionnaire should i have to fill in the one that they have sent me?

You can refer them to the original where appropriate

Some of the information they are requesting i don't have and actually they should have that information to hand as it relates to the loan account.

Then say so.

What cover (if any) did you have in place to cover your loan repayments if your/your partner were unable to work through accident,sickness or redundancy?

What cover(if any) did you have in place to cover your loan repayments if you/your partner were to pass away whilst your loan was still outstanding?

At the time you took out the insurance did you/your partner have any health problems or registered as disabled? If 'yes' please give details.

If you had not been offered insurance from central capital limited(central trust PLC) would you have taken some form of insurance from another provider ? yes [ ] No [ ]


Can you remember anything unsatisfactory about the original sales call? if yes please give details.

Not unreasonable questionsas they help to build up a picture of the situation at the time of the sale.

What date did you become aware that you had cause for complaint(IE last week,last month, last year) and how/why?

This is also a reasonable question. Once you realise something has gone wrong the law says you ought to take reasonable steps to minimise your losses, so sitting on it for years on end might reduce any redress payable or even mean you are not entitled to it.

What are you looking to get sorted out/resolved with this complaint?

Presumable redress in accordance with the requirements of the Financial Services Authority

In your own words please explain what your specific complaints are:

Refer to your previous correspondence

Finally if you have come to use through a 3rd party are there any additional points they have advised should be investigated?

"I was not stupid enough to use one!"

wayne1705

Forgot to reply to thankyou for your help once again, all the forms have been filled in and sent back.
I will up date when i have any news.
There date to get back to me is 10th Oct so fingers crossed untill then.

magpiecottage

wayne1705 wrote: »

There date to get back to me is 10th Oct so fingers crossed untill then.

That would be about right. That is the deadline for getting the response into the post. Allow to about the 17th for it to get to you.