Tesco Loan PPI

kelly993

I have finally received my copy of the loan agreement from Tesco. I took this loan out in June 2001 and they have provided my payment breakdown as follows:

Main Loan: £3000
Insurance Loan: £562
Total charge for credit comprising interest: £1,611.80
Total amount payable: £5,173.80

The loan payments were 60 payments of £86.23 comprising of £72.62 main loan payment and £13.61 insurance loan payment.
I wasn’t even aware that I was paying insurance on this loan as it was taken out on the phone I don’t think it was ever mentioned. Admittedly I didn’t see it when I signed the loan agreement but I was only 2o back then and as long as they were providing me money to buy more shoes cloths and make up I was signing anything!!! This loan was restructured so I was making smaller monthly repayments and I think it ended up finishing after 8 years rather than the original 5yrs but I don’t know how this will effect the PPI payments?
Also is this front loaded PPI as they seem to have been treating it like an additional loan?
Any help with this would be great and are any of you maths geniuses that could tell me what the likely redress may be?
Numbers and I never were very compatible!
Thanks in advance
Kelly

kelly993

forgot to add...the interest rate was 17.0%

di3004

Hi Kelly

I'm sure someone will check these calcs out soon for you, Niggly or maybe Tifosi will be along at some point, however although its useful to know what is due back, you can still continue to make a reclaim with the reasons you have for being mis sold the PPI.

To do this you complete the reclaim questionnaire as on step 3 below, send to their head office or complaints dept, keep copies for yourself as well, they normally have 8 weeks, but if they need more time they will write to let you know, hope this helps, good luck.

http://www.moneysavingexpert.com/reclaim/ppi-credit-card-insurance#step3

kelly993

di3004 wrote: »

Hi Kelly

I'm sure someone will check these calcs out soon for you, Niggly or maybe Tifosi will be along at some point, however although its useful to know what is due back, you can still continue to make a reclaim with the reasons you have for being mis sold the PPI.

To do this you complete the reclaim questionnaire as on step 3 below, send to their head office or complaints dept, keep copies for yourself as well, they normally have 8 weeks, but if they need more time they will write to let you know, hope this helps, good luck.

http://www.moneysavingexpert.com/reclaim/ppi-credit-card-insurance#step3

Thanks Di, I have filled in the form already and it will be sent recorded delivery on Monday! Its shocking how many I am finding that seem to have just added insurance on without even checking I met the criteria.
Does this look like front loaded PPI to you? I am confused as to what exactly this is but reading some of the other posts on it I am assuming it is because its like another loan? I could just be totally confused!

di3004

kelly993 wrote: »

Thanks Di, I have filled in the form already and it will be sent recorded delivery on Monday! Its shocking how many I am finding that seem to have just added insurance on without even checking I met the criteria.
Does this look like front loaded PPI to you? I am confused as to what exactly this is but reading some of the other posts on it I am assuming it is because its like another loan? I could just be totally confused!

Hi Kelly and your very welcome.;)

They have added the ppi to the loan as one monthly single payment, so yes it is, and with interest as well.
Keep at them and the best of luck with these.