Help would be greatly appreciated!!

headintheclouds00

Hi all,

I am new to moneysavingexpert and am wondering where to start! Myself and my other half are trying to get our finances in order and now we have sorted out a budget etc our next step is to try and claim back some ppi to clear some of our debt.

We took out a secured loan on our house some years ago now (2005/6) with loans.co.uk and have just found the paperwork which says at the bottom that the ppi is optional. I vaguely remember the conversation in which the advisor strongly pushed the ppi and we thought we had to add this on in order to obtain the loan. Has anyone had any success with this company?

Also just found some paperwork from an old smile loan which has payment protection added on on the agreement, i think we applied for this on the internet so do not remember the ppi being optional at this time.

Could someone advise me as to whether it is worth trying with these two companies to reclaim ppi? Am not sure if these will be suitable cases.

Many thanks in advance xxxx

magpiecottage

PPI for a secured loan IS good advice. If you cannot keep up repayments on it then you stand to lose your home (as well as your job!).

However, if it was sold as a single premium which was added to the loan then it would normally be difficult to justify and a complaint is likey to be upheld.

If you took out a loan online then normally the firm would not be responsible for the decision to take out PPI unless it was misrepresented or you had to actually opt out of it.

PPItechexp

headintheclouds00 wrote: »

Hi all,

I am new to moneysavingexpert and am wondering where to start! Myself and my other half are trying to get our finances in order and now we have sorted out a budget etc our next step is to try and claim back some ppi to clear some of our debt.

We took out a secured loan on our house some years ago now (2005/6) with loans.co.uk and have just found the paperwork which says at the bottom that the ppi is optional. I vaguely remember the conversation in which the advisor strongly pushed the ppi and we thought we had to add this on in order to obtain the loan. Has anyone had any success with this company?

Also just found some paperwork from an old smile loan which has payment protection added on on the agreement, i think we applied for this on the internet so do not remember the ppi being optional at this time.

Could someone advise me as to whether it is worth trying with these two companies to reclaim ppi? Am not sure if these will be suitable cases.

Many thanks in advance xxxx

loans.co.uk usually have call recordings which the fos could listen to so if you were pressured they would be able to find out. From my experience dealing with loans.co.uk they usually sold ppi on a non advised basis but i have still managed to uphold everyone of their cases so you could have a chance. What are the loan firgures/ ppi figures and was the ppi a loan added to the balance? why did you get a secured loan? were you repaying other debt? the first named person on the credit agreement will be covered by the insurance so were they working 16 hours a week, self employed or did they have any pre existing medical conditions?

The_Marksman

Some great advise above

You can start a complaint if you have your account number. Its easy to do yourself, so i would avoid a claims company.

You can do the complaint over the phone or via letter form, its up to you

to get you started, Look here for info and reasons for being miss-sold your ppi, Most ppi's were front loaded (loans) which is a big NO NO so go for it!

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step2

Once you have had a read though and have your reasons. You will need to fill in a consumer complaints questionnaire. Which I would download, have a read though and familiarise yourself with the questionnaire and its layout. The questionnaire can be found here

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

If it is a complaint for a Credit Card look here also (although almost the same info as above):

http://www.moneysavingexpert.com/reclaim/ppi-credit-card-insurance#step2
http://www.moneysavingexpert.com/reclaim/ppi-credit-card-insurance#step3

the main info you will need to complete the questionnaire is:

• Loan account number/numbers OR CC account number/ numbers
• start date
• finish date
• and your reasons

also have a read here for even more information:

http://www.financial-ombudsman.org.u...PPI-forms.html

then complete the form and send it off. If you ring your bank or CC company they may have a ppi complaint line and can start your complaint for you over the phone but id get as much info ready before phoning them. If you start a complaint over the phone, they will ask the reasons why you felt mis-sold so have all the information ready and be prepared.

simples, hope that may help, good luck

amersall

If this was done on the phone with Loans.co.uk,you need to put this into the company.

We/I believe we were mis sold the ppi on the above account number.
1)We/I were not told that the ppi was in effect another loan that was added to the original loan and was repayable over the loan term with interest.

2) We/I were not told that the ppi only covered us for 5 years, but the ppi would still be on the loan to term end with interest.

3) We/I were told that if we did not make a claim on the ppi ,after 5 years we would recieve the ppi as cashback, and to look on this as savings plan.. But were not told that the ppi would be on the loan to term end with interest and the cashback of ppi would not include the interest that we paid over the 5 years.

In line with the FOS recommendations it is requested that the overall situation be restored as if PPI had never been included. This will entail:
a) A refund of the monthly payments that have actually been paid towards the overall loan in excess of those that would have been needed, if the original loan had been sold without the PPI policy;
b) Restructuring of the loan going forward so that the amount owed, the monthly repayments, the term and the charges reflect those that would have applied, if the original loan had been sold without the PPI policy.
c) In addition, interest at the rate of 8% simple per annum to any excess payments made from the time each payment was made to the point that Firstplus pays them back to us. We/i believe we were not given enough information on this ppi to make an informed decision. Had we/i known the full cost of this ppi we would not have taken it.

Unless you can prove without doubt that this PPI policy was fair, reasonable and suitable for my/our circumstances we/I will require you to rearrange the loan as if PPI had never been included on the above loan.



If the ppi lasted less than or more than 5 years,adjust that part accordingly.
This is a frontloaded ppi and will cost you thousands over the term in interest.

Lots of wins with this letter for secured loan front loaded ppi.