PPI Reclaiming Discussion Part 5

icmelerlovers

amersall wrote: »

Answered your PM go get em x

i will be following your good advice ,

amersall

icmelerlovers wrote: »

i will be following your good advice ,

The front loaded is the reason to get across, regardless of anything else.

ukblondie1

Sorry but can someone pls confirm if PPI is shown on all mortgage statements?

Thanks

[Deleted User]

amersall wrote: »

There should be somewhere on the reclaiming site that you should never cancel PPI on a loan that is running or has passed the 30 day cooling off period,

Yes, but you would also expect Banks to inform customers wishing to "cancel" that they will be left paying a similar amount as before but with no cover.
It's just another sorry aspect of the whole PPI scandal.

[Deleted User]

ukblondie1 wrote: »

Sorry but can someone pls confirm if PPI is shown on all mortgage statements?

Thanks

It should show on your Bank statement each month if you have it.
Better to ask mortgage related questions on this forum
http://forums.moneysavingexpert.com/forumdisplay.php?f=187

cazpanda

OK, I have now received a copy of the credit agreement we signed with First National/GE Money in 1998 for a loan despite them originally telling me they didnt have a copy! The loan had the PPI added as a lump sum of £418 & the loan was to be paid over 120 months.
The smallprint had a box stating that if we opted not to have PPI then it is our responsibility. I cant remember discussing it but my husband did have income protection on another life insurance policy thing so I dont know that we would have bothered adding theirs as well.
Would we still be able to claim. Also we paid the loan early after 91 payments so should we have got some of the PPI back anyway? Thanks.

[Deleted User]

cazpanda wrote: »

OK, I have now received a copy of the credit agreement we signed with First National/GE Money in 1998 for a loan despite them originally telling me they didnt have a copy! The loan had the PPI added as a lump sum of £418 & the loan was to be paid over 120 months.
The smallprint had a box stating that if we opted not to have PPI then it is our responsibility. I cant remember discussing it but my husband did have income protection on another life insurance policy thing so I dont know that we would have bothered adding theirs as well.
Would we still be able to claim. Also we paid the loan early after 91 payments so should we have got some of the PPI back anyway? Thanks.

You will have received a rebate on your PPI policy when you re-paid the loan early, but this will only reduce any redress likely to be paid in the event your complaint is upheld. It doesn't preclude you from complaining.
You should complain mainly on the basis that this was front-loaded PPI, in effect a loan-on-a-loan paid to term end with interest. Your other reasons are valid too.
Go here to start the process:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Good Luck!

cazpanda

Thanks for the advice. I may be a bit thick & naive here but we were young at the time & was the 1st (and ever!) loan we took out. So the £418 was not the total figure, they added interest to that as well?

[Deleted User]

cazpanda wrote: »

Thanks for the advice. I may be a bit thick & naive here but we were young at the time & was the 1st (and ever!) loan we took out. So the £418 was not the total figure, they added interest to that as well?

If you paid a single monthly premium to repay both the loan and the PPI, then this would indeed have incurred extra interest on the whole amount.

gilldee

hi moneyineptitude thanks for your help, but we are still confused!! ( bet you are with us haha) when we first foned blackhorse a few weeks ago they said over the phone we had payed ppi on all 6 loans!! so we sent letters to them, we heard from 1 and got ppi back. then we got letter saying what ive already stated they are giving us £240 back for ppi on 3 loans that we consolidated!! we phoned up yesterday and over the phone we got told we payed ppi on the 3 loans we had. she gave us these details of the loans:1999 loan £1500 payed £203 ppi / 2000 loan £2000 payed £321 ppi /2001 loan £7000 loan payed £1418.85 ppi. we are still confused because we didnt realise we had ppi on the first 2!! we knew about last one cos we claimed on it cos hubby was on sick! how can they say we cancelled ppi when we didnt know we had it!! they must of carried it on to other loans because thats whats stated in my redress calculations i have posted on here!! if it was carried forward to the last loan of £7000 then surley we shud recieve all the £1418.85 back, because we never cancelled the loan early we payed it all off
in 2007!! ive posted everything on here thats on the letter..its in different parts that yous have answered to.. thanks again x