Is this front loaded PPI please?

hard_slog

I've just received a copy off Lloyds TSB for a loan I took out in 2002.
It's made up of Cash Loan £6300 (Monthly £146.62) Optional Loan Protection £1480.24 (monthly £34.45) total loan £7780.24 (monthly total £181.07).
The heading on the agreement says Non-cancellable??? I thought all loans had a cancellation period?
Is this a front loaded PPI please? this loan was consolidated into a re-finance loan in 2004 (they rang me out of the blue to tell me they could reduce my monthly payment) and I made a claim against the 2004 PPI and was successful. Would I be able to claim against the 2002 loan on the front-loaded basis even though the FOS didn't outlaw front loading until 2008-9?

kelly993

hard_slog wrote: »

I've just received a copy off Lloyds TSB for a loan I took out in 2002.
It's made up of Cash Loan £6300 (Monthly £146.62) Optional Loan Protection £1480.24 (monthly £34.45) total loan £7780.24 (monthly total £181.07).
The heading on the agreement says Non-cancellable??? I thought all loans had a cancellation period?
Is this a front loaded PPI please? this loan was consolidated into a re-finance loan in 2004 (they rang me out of the blue to tell me they could reduce my monthly payment) and I made a claim against the 2004 PPI and was successful. Would I be able to claim against the 2002 loan on the front-loaded basis even though the FOS didn't outlaw front loading until 2008-9?

Hi
Yes this is front loaded PPI, I had the same thing with Tesco Bank. If you were missold then you can claim, the date that front loading was banned will make no difference at all. The research I have done in relation to front loaded PPI suggests that there is a much higher chance it will be upheld because it is not worth the paper it is written on. The FOS also frown upon it, it was a total waste of money and a very large profit for the bank. As long as you have valid reason for missale then you have a good chance of getting this back.
Good luck with your claim

dunstonh

The heading on the agreement says Non-cancellable??? I thought all loans had a cancellation period?

no they dont. Depending on where you signed the agreement.

Is this a front loaded PPI please?

Front loaded doesnt mean its bad. If it is front loaded but not charged interest, then that is not bad. If it is charged interest, then that is why more complaints succeed.

hard_slog

dunstonh wrote: »

no they dont. Depending on where you signed the agreement.
It was 2002 so difficult to remember but it could have been in the bank as the date on the forms is not my writing so I assume I've signed and they dated it.


Front loaded doesnt mean its bad. If it is front loaded but not charged interest, then that is not bad. If it is charged interest, then that is why more complaints succeed.

The form says I will be charged a fixed interest on the total loan of 1.17% per month - 14.9% APR