SPPL/Accenden

2hapennys

Good Morning Mse's
I am just seeing a solicitor to see if I qualify for legal aid, for my divorce and I had to dig out all my mortgage, secured loan information.

I found my agreement for a secured loan which was taken out with Southern Pacific (now accenden), and to my suprise it shows PPI, I had no idea this was on there. It does show a tick box to say we want PPI, and we had signed it ! The loan was taken out in 2005, for 10 years, so it is still ongoing. The loan is in my husbands and my name, although he contributes nothing.

My questions are can I reclaim the PPI paid to date?

If I do will it affect the loan status at all?

Has the loan is in joint names, will this cause a problem?

And can I cancel the PPI, because I dont want it or need it?

Many Thanks

2Hapennys x

Ps. Could you kindly point me to the thread which shows what I need to do if I am eligable to claim x

amersall

Hi,firstly do not cancel the ppi,see if you win redress,if you cancel the insurance,the loan will be reset and may have a higher apr and term.

Look here for reasons for mis sell
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step2
If any/all apply to you then put a claim in.

With this being a joint loan,you may need your ex to sign the forms,dont think there is a way round this.

If you win redress,the whole ppi amount will be taken off the balance and the loan monthly payment will reduce by the ppi monthly amount.
You will get the ppi you have paid to date back with 8% interest to you,they may do the cheque in joint names,so you need to sort this out before you put a claim in,if you can get hold of your ex,it would be in his interests to ask for any redress to be split 50/50,this is crap i know,as he is not paying this loan,but 50% of something is better than 50% of nothing.

In the link i gave you all the info you need is there,if you need anymore help just ask.

Do you have a "bonus or cashback" with this loan?.
If you did,the ppi is still on the loan to term end with interest,this is a mis sell.

This is a front loaded ppi,it is a loan upon a loan and repaid to term end with interest,this is a mis sell.

Does this loan ppi only last a few years and not to term end and you will still be paying this and have no cover? this is a mis sell.

2hapennys

In the link i gave you all the info you need is there,if you need anymore help just ask. Thank you I will read this, and digest.

Do you have a "bonus or cashback" with this loan? No nothing.

If you did,the ppi is still on the loan to term end with interest,this is a mis sell.

This is a front loaded ppi,it is a loan upon a loan and repaid to term end with interest,this is a mis sell. Looking at the agreement a pay a monthly fee of £27.00 for the PPI on top of the loan repayment.

Does this loan ppi only last a few years and not to term end and you will still be paying this and have no cover? this is a mis sell -As above.


Thank you amersall for your reply, shame about the ex, but like you said something is better than nothing. x

amersall

Get a claim in and good luck x.

2hapennys

Hi, the loan was arranged via Capstone, would I need to send the claim to them, because they were the seller?
Thanks x

amersall

2hapennys wrote: »

Hi, the loan was arranged via Capstone, would I need to send the claim to them, because they were the seller?
Thanks x

That is correct.