15 year old claim- Please say yes....

Easypd

I may be a bit behind the times here, but i have only really noticed that the PPI has finally hit the fan. I have always been deeply uncomfortable from the word go with my loan that i had from Nationwide.

I can genuinely remember the day when they called me at work about my loan application, tried to sell me the insurance and then when i said no, i was told i would not qualify for the loan unless i took the PPI out.

I reluctantly took it, but made it clear i felt i did not need it and i was in a very secure profession. That was 12-15 years ago. I still have some statements buried in the workshop and the loan was £8500 over 4 years, so the PPI must have been a reasonable amount.

My wife also had a loan of the same size with PPI before she met me, about 12-14 years ago with HFC. She is also in the same secure profession as me.

The loans are both paid off now. There was one point were we were unable to pay the monthly amounts on both and a CCJ was issued, but we worked hard and cleared them IN FULL including fines, charges etc. :beer:

All the way through, i have been deeply peed off that i was sold PPI that has no use and then suddenly, i see (for some time, by all accounts...) that the banks are being taken to task.


I never jumped on the overdraft claims bandwagon, as in my opinion i deserved it. (i didnt go overdrawn often and i was very aware of the charges) However, with the PPI, i feel totally ripped off and i always have.

I would love:

a/ To teach the robbing @#*&^%$ a lesson.:mad:
b/ To claim back the PPI to finally make myself totally debt free :j

It has been possibly 15 years, can we still claim?

Please be yes (Fingers crossed until replies come in......)

Jamie

di3004

jamiepullen wrote: »

I may be a bit behind the times here, but i have only really noticed that the PPI has finally hit the fan. I have always been deeply uncomfortable from the word go with my loan that i had from Nationwide.

I can genuinely remember the day when they called me at work about my loan application, tried to sell me the insurance and then when i said no, i was told i would not qualify for the loan unless i took the PPI out.

I reluctantly took it, but made it clear i felt i did not need it and i was in a very secure profession. That was 12-15 years ago. I still have some statements buried in the workshop and the loan was £8500 over 4 years, so the PPI must have been a reasonable amount.

My wife also had a loan of the same size with PPI before she met me, about 12-14 years ago with HFC. She is also in the same secure profession as me.

The loans are both paid off now. There was one point were we were unable to pay the monthly amounts on both and a CCJ was issued, but we worked hard and cleared them IN FULL including fines, charges etc. :beer:

All the way through, i have been deeply peed off that i was sold PPI that has no use and then suddenly, i see (for some time, by all accounts...) that the banks are being taken to task.


I never jumped on the overdraft claims bandwagon, as in my opinion i deserved it. (i didnt go overdrawn often and i was very aware of the charges) However, with the PPI, i feel totally ripped off and i always have.

I would love:

a/ To teach the robbing @#*&^%$ a lesson.:mad:
b/ To claim back the PPI to finally make myself totally debt free :j

It has been possibly 15 years, can we still claim?

Please be yes (Fingers crossed until replies come in......)

Jamie

Hi Jamie

In my opinion, if you don't try you will never know.

If you've kept hold of the account numbers, then give it a go and see what happens, and hopefully they will look into these for you.
I understand others have been successful making reclaims from years previous, and if they have only just became aware of the mis selling.

For each one mis sold, complete reclaim questionnaire here.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#reclaim

Send to the head office or complaints dept, keep copies in case you need to refer back to them at some point, and see if they come back with anything by 8 weeks, good luck and please keep us posted, cheers.

Easypd

Thanks, will do. Just hope I really do have the paperwork in the workshop. A busy weekend of searching!

Jamie

Easypd

Actually, just one thought: the loan and ppi was with nationwide. I now have a mortgage through them. Will a claim for ppi rebate have any negative impact on it?

calum1

I can understand your frustration Jamie, I find myself in a similar situation.

I took out a secured personal loan with Welcome Financial services Ltd in 1992, this top up loan was for the purpose of purchasing a house. I still hold the original paperwork for the ppi and loan. I felt that if I did not accept the PPI I would not have been considered for the loan. I also note now reading the protection plan that the policy only covered 60 months, not the 180 months (15 years, ouch, I know!) the loan was over. The insurance premiums were deducted monthly for the duration of the loan.

Loan = 4165 X 180 mth @ 31.9% Apr, rate of interest 2% per mth
PPI = 838 X 180 mth @ 31.9% Apr, rate of interest 2% per mth
Total = 5003

Monthly payments were 102.98 per month, PPI and loan were lumped together so I do not know what the monthly PPI contribution was.

Although the loan was repaid in November 2007 is this worth pursuing? And if so what amount of interest did I actually pay over the duration of the loan?

Thank you for any assistance on this matter.

Calum

amersall

If you have the account number, find out who the insurer was and send your complaint to them, if they come back with a no, then you can take this FOS as the insurer may have been under FOS durisdiction. Some on here have won with claims from the 90s.
This is frontloaded ppi and you were mis sold so dont let it go.
Do not know what interest you would have paid on this, but it will not be a small amount.

This ppi was mis sold because
it was not explained to you that the ppi only covered you for 5 years but was on the loan to term end with interest.
You were not told the true cost of this insurance and you believe you were not given enough information on this product to make a informed decision.

calum1

Thank you for that. As you are about to find out I have absolutely no idea where to start to go about reclaiming but I am a willing learner and patient with it

I have the "master policy No" for the insurance plan and the information I have states that it is underwritten by various underwriters at Lloyd's and arranged by NLA Agencies Ltd, I have the address for NLA Agencies Ltd, thats if they still exist.

If the above is not relevant will I need to contact Welcome Finance to confirm who provided their insurance?

If I have the correct address, what information would I have to submit in order for them to assess my claim?

Thank you again

madmish00

Maybe I am missing something here:

There was one point were we were unable to pay the monthly amounts on both and a CCJ was issued, but we worked hard and cleared them IN FULL including fines, charges etc.

So you had PPI which you feel you were mis-sold as you were in a secure profession and therefore didn't need it. Yet you were unable to pay the loans at some point to the extent that a CCJ was issued?

Why didn't you claim on the PPI? Or did you?

amersall

calum1 wrote: »

Thank you for that. As you are about to find out I have absolutely no idea where to start to go about reclaiming but I am a willing learner and patient with it

I have the "master policy No" for the insurance plan and the information I have states that it is underwritten by various underwriters at Lloyd's and arranged by NLA Agencies Ltd, I have the address for NLA Agencies Ltd, thats if they still exist.

If the above is not relevant will I need to contact Welcome Finance to confirm who provided their insurance?

If I have the correct address, what information would I have to submit in order for them to assess my claim?

Thank you again

Hi there, i think a call to Welcome will put you right, they should give you the address, it may well be the company does not exist now, if they do not then you need to find out where to send your claim to.
You will need to put the loan account number to make a claim and if i were you i would put the insurance policy number too.

You only need to write a letter in your own words saying
you believe you were mis sold ppi on the above loan account number because... and put the reasons i gave before. Send this recorded delivery and give them 8 weeks to reply.

robbedofmymoney

calum1 wrote: »

I can understand your frustration Jamie, I find myself in a similar situation.

I took out a secured personal loan with Welcome Financial services Ltd in 1992, this top up loan was for the purpose of purchasing a house. I still hold the original paperwork for the ppi and loan. I felt that if I did not accept the PPI I would not have been considered for the loan. I also note now reading the protection plan that the policy only covered 60 months, not the 180 months (15 years, ouch, I know!) the loan was over. The insurance premiums were deducted monthly for the duration of the loan.

Loan = 4165 X 180 mth @ 31.9% Apr, rate of interest 2% per mth
PPI = 838 X 180 mth @ 31.9% Apr, rate of interest 2% per mth
Total = 5003

Monthly payments were 102.98 per month, PPI and loan were lumped together so I do not know what the monthly PPI contribution was.

Although the loan was repaid in November 2007 is this worth pursuing? And if so what amount of interest did I actually pay over the duration of the loan?

Thank you for any assistance on this matter.

Calum

hi

assuming the loan lasted the duration the total interest paid would have been £102.98 x 180 - £5003 = £13,533.40

because the APR was the same for the loan and ppi the split is a simple percentage to work out what the interest payments on the ppi was

838 as a percentage of 5003 is 16.74%

so 16.74% of £102.98 would have been your monthly ppi payment = £17.24 per month.

the interest on the ppi woul dhave been

£17.24 - (838/180) = £12.59 per month interest for the PPI

i hope this helps

calum1

Thank you everyone for that. The loan did run for the whole duration. That gives me enough information to make a start. I'm sure I'll be requesting more of your valuable knowledge as time goes on. I suspect from reading other threads that this may be a long process.

Calum