PPI Reclaiming Discussion Part 5

heli2412

2001- 2004 i think as i say i have no paper work.

J-rome

Damn it, I guess that rules out hope of me getting anything back from a loan I took out in 02.

gramochroi

amersall wrote: »

Sorry to "interfere" moneyineptitude x

The PPI is still in place until the Loan is paid up, you could make a claim again if you needed to, obviously as you do not work the life insurance would be the only thing that you could claim on.

I'm obviously not quite getting this!! I thought the PPI was to cover you in case of unemployment, etc., so that the loan would be paid off. If I made a claim in Feb '04, shouldn't the loan have been paid off by the insurance? And in that case, I thought I shouldn't be paying the PPI or the loan from that date? Do excuse me if I am being too dim for words, I did have a brain once!!!!

daj2390

Hi I am looking for some advice re a Lloyds Tsb claim for missold ppi on 2 loans. They have sent me copies of the signed loan agreements where the box has been marked for ppi and the amounts for the ppi have been added to the loan amount at the start of the loan. My husband had an excellent sickness, redundancy package through his employer and also life and accident cover. What are the best reasons to quote for misselling this, as they both had the ppi added at the start of the loan is that the best reason to use or should we use all of them? Any advice would be greatly appreciated many thanks in advance.

ZeroGravitas

myalphabetgirls wrote: »

Well, apart from a wine and chocolate break at around lunchtime I have spent all day flitting between mse and money magpie (am I allowed to mention them?, sorry) trying to help me wade through the treacly weariness of ppi. Please be gentle, I am carp with most things financial, give me a supermarket offer or a coupon and Im up there with the best, mention finances of this kind and I am a wreck!

In short, we sold our house in 2007, paying off a welcome finance secured loan with proceeds. Originally we took out a welcome secured loan in 2003 and then another in or around 2005, redeeming the first, I think. Does that make sense.

Ive read in various places that Welcome are now defunct. It only dawned on me recently when I overheard a friend mention that they'd been told they wouldnt be allowed a loan unless they took out the insurance cos they were high risk that I distinctly recall this being said to me and OH.

What I cannot get to grips with is a) whether Welcome are indeed still "with us" b) can I claim as far back as 2003/2005? c) Even though I respect Martin Lewis and all the advice given here is it truly as easy as everyone says to try and claim. I am you will all sigh at the thought of this but I don't know if Im emotionally strong enough to deal with financial stresses of chasing a claim. Im a whisper away from ringing one of those firms that will handle it for you. I know this is daft, but OH is away a lot, Im coping with the tragic bereavement of my dd1 (2 yrs ago but Im still not in a great place, not using this as an excuse, Chloe would hate me for that) but I do hope some of you can read this with compassion.

If we were duped into having ppi, which I believe we were, do we really have a chance?

Also, another thing, I have a small loan with Provident. I understand they are part of Welcome aren;t they? If a claim is successful, would they use the proceeds to pay off my prov loan?

Some help and guidance from you lovely helpful knowledgable souls on here would be greatly appreciated, thanks in advance, x

Hi myalphabetgirls.
I'm really sorry to hear about your tragedy. I hope I can give you some reassurance so that reclaiming doesn't seem quite so overwhelming. Amersall reckons you have a case, so I hope you go for it. Please, whatever you do, don't use a claims company. You might think that by using one, you're handing over the stress of dealing with your financial issues and chasing a claim, but this is untrue. You will still have to provide them with the necessary information anyway; all they'll do is send the information that you produced - don't give them money that rightfully belongs to you. Is it really an easy process? you ask. I suppose it depends on the bank, your case and what information you have. I recently claimed, after spending quite a long time building up the nerve to do so after reading pages and pages of this forum. I printed off the standard form and filled it in. It took about 20 minutes and although I had the account number of the loan, I didn't know the PPI policy number. I only had one loan account number, but it turned out that there were 7 others I knew nothing about. The bank uncovered all this in their investigation. A claims company wouldn't do this for you. I sent the form and got a reply within a week acknowledging it. After 5 weeks of the statutory 8, I got a letter accepting my complaint and making an offer. I am many, many thousands of pounds better off for the price of a stamp and 20 minutes of my time, and a little bit of heartache at having to face my financial issues. So, yes, it can be extremely easy to claim and win. But there are plenty of other stories on this thread that show how much more difficult it can be. But if you do get rejected, take your case to the Ombudsman. This takes time, but improves your chances of success, and is no more difficult than claiming in the first place. So...steel yourself, and make your claim. Easy to say, I know, but worth it.

I hope this helps in some small way - and the very best to you.

amersall

I'd just like to say thanks to everyone that offers advice on here. I don't know how many hours amersall, money and the rest put in here but thank you for the time and effort you put in to make it pretty painless for the rest of us.

You are welcome and it is worth it when people win and know that we helped to get them the result.

And now a question

Thought there was a catch :D
It is possible that they have no details of these 2 Loans, your bank statements you gave, did they show the Loan amount going into the bank and the last Loan payment? if not then you need more proof of this Loan and PPI, you could have settled this Loan early or even cancelled the PPI, they need to be shown that you paid this PPI, don't know if a Sar would help due to the year as the data I would think have been shredded, but without more info they may not find these Loans anyway.

wildram

I am chasing several companies and unsure what there responses mean:-

• Morgan Stanley Credit Card - Barclaycard state I need to contact the creditor which took over Morgan Stanley as my account as closed before they took over (August2007???)
• Capital One - 'Where there is no sum which is, or will, or may become payable under the credit agreement, then the obligation to provide information under section 78 of the Consumer Credit Act 1974 does not apply' - what does that mean?
• Barclaycard - 'Based on the information you have given us we are unable to locate your Barclaycard account number' - how can i get this information?
• Natwest Loans x 2 - they have sent me the account details but have said as accounts are closed they will not give me any more information - do i need to go down a DPA route? How?

Help please

amersall

daj2390 wrote: »

Hi I am looking for some advice re a Lloyds Tsb claim for missold ppi on 2 loans. They have sent me copies of the signed loan agreements where the box has been marked for ppi and the amounts for the ppi have been added to the loan amount at the start of the loan. My husband had an excellent sickness, redundancy package through his employer and also life and accident cover. What are the best reasons to quote for misselling this, as they both had the ppi added at the start of the loan is that the best reason to use or should we use all of them? Any advice would be greatly appreciated many thanks in advance.

Use all the reasons you have, this is Single Premium PPI and this is one of the reason for mis sell that you use and is the most upheld of all PPI reclaims, this was a loan on the loan paid to term end with interest, if you cancelled the PPI they would have given you a pro rata rebate of the PPI and the remaining PPI is still on the loan to term end.
If you settled this loan early then, as above you, would have a pro rata rebate and you would have paid back the remaining PPI in with the settlement figure.

daj2390

amersall wrote: »

Use all the reasons you have, this is Single Premium PPI and this is one of the reason for mis sell that you use and is the most upheld of all PPI reclaims, this was a loan on the loan paid to term end with interest, if you cancelled the PPI they would have given you a pro rata rebate of the PPI and the remaining PPI is still on the loan to term end.
If you settled this loan early then, as above you, would have a pro rata rebate and you would have paid back the remaining PPI in with the settlement figure.

Thanks for that, fingers crossed

amersall

gramochroi wrote: »

I'm obviously not quite getting this!! I thought the PPI was to cover you in case of unemployment, etc., so that the loan would be paid off. If I made a claim in Feb '04, shouldn't the loan have been paid off by the insurance? And in that case, I thought I shouldn't be paying the PPI or the loan from that date? Do excuse me if I am being too dim for words, I did have a brain once!!!!

The only way the Loan would be paid off if you made a claim, would be on your death redundancy and sickness only give you up to 12 months of the Loan payment made, the PPI and Loan are still payable as usual after the claim.