PPI Reclaiming Discussion Part 5

brickwall123

Hi Guys,

I'm a newbie and have a PPI query. I am helping my girlfriend claim on PPI she had with a loan from HSBC that she took out on 2004.

It is broken down like this on her agreement:

Principal Loan
amount of loan £9370
total charge for credit £1335.74
total amount payable £10705.74
initial payment £254.84 then 41 payments of £254.90

Credit Protection Insurance Loan
amount of premium £1650.83
amount of loan £1650.00
total charge for credit £235.22
total amount payable £1885.22
initial payment £44.73 then 41 payments of £44.89

My question is is this a front loaded single payment PPI loan? even though it is paid off monthly the full amount seems to be added to the loan at the beginning but it is broken down separately on the agreement.

Also this loan is now paid off, if we were to be successful in the claim would it be the £1885.22 plus 8% she would be entitled to?

Many Thanks

kara7758

amersall wrote: »

Give FOS a ring and ask if Ge are responsible and ask what you should do, as this was 2004, it is possible that Ge were not regulated, but make sure first.

Put a claim for mis sell into Ge, Ge will respond with why the insurer has to deal with this and will pass the claim over to them.

Will do. Thank you very much for your advice.

american_bulldog

dolphingazer wrote: »

Hi american bulldog,

This certainly shows this is single premium and the most upheld of all PPI mis-sell:D

Go get 'em;)

brickwall123 wrote: »

Hi Guys,

I'm a newbie and have a PPI query. I am helping my girlfriend claim on PPI she had with a loan from HSBC that she took out on 2004.

It is broken down like this on her agreement:

Principal Loan
amount of loan £9370
total charge for credit £1335.74
total amount payable £10705.74
initial payment £254.84 then 41 payments of £254.90

Credit Protection Insurance Loan
amount of premium £1650.83
amount of loan £1650.00
total charge for credit £235.22
total amount payable £1885.22
initial payment £44.73 then 41 payments of £44.89

My question is is this a front loaded single payment PPI loan? even though it is paid off monthly the full amount seems to be added to the loan at the beginning but it is broken down separately on the agreement.

Also this loan is now paid off, if we were to be successful in the claim would it be the £1885.22 plus 8% she would be entitled to?

Many Thanks

was it one direct debit payment or two payments

brickwall123

it was 42 payments in total but it looks to me like one premium quoted at the start, that is where the confusion is.

amersall

brickwall123 wrote: »

it was 42 payments in total but it looks to me like one premium quoted at the start, that is where the confusion is.

This is Single Premium PPI as they charged interest on this over the term.
Had it been stand alone insurance, there would not be any interest on it.

If the Loan ran to term, you get the £1885.22 back, plus the 8%.

If the Loan was settled early, you get the whole amount plus the 8% less any rebate they gave you at early settlement.

cappo

amersall wrote: »

:eek::eek:Have you not received a cheque from him yet? :(
I have :p:p:p yours must be lost in the post :rotfl::rotfl:

Just my luck:p:p:p:p:p:p:p:p:p:p:p:p:p:p;);););););)

brickwall123

amersall wrote: »

This is Single Premium PPI as they charged interest on this over the term.
Had it been stand alone insurance, there would not be any interest on it.

If the Loan ran to term, you get the £1885.22 back, plus the 8%.

If the Loan was settled early, you get the whole amount plus the 8% less any rebate they gave you at early settlement.

Thanks for the reply amersall, that's what I thought but wasn't sure!
Would this be the main reason to put on the questionnaire?Do we phrase it to say it was a very unfair way to pay for the insurance?

Thanks again.

dolphingazer

american_bulldog wrote: »

so am I right in thinking most of the questions on the claim form arre irelevent whether I had savings or other ways of making my repayments

Hi american bulldog,

Just answer the questions as honestly as you can. If you are not sure about anything or can't remember that's okay.

Please make sure though when you get to section E about where it asks why you are now unhappy with the insurance that you say:-

That it is single premium PPI and that it is in fact a loan on a loan.
The PPI is paid along with the loan with interest till term end and taken as a single monthly payment.

So when you took out a new loan to consolidate the last one you only received a pro rata rebate on your PPI and the remaining cost of PPI would be paid for and added to this new loan.(now a loan within a loan within a loan)

I hope this makes sense:D

american_bulldog

dolphingazer wrote: »

Hi american bulldog,

Just answer the questions as honestly as you can. If you are not sure about anything or can't remember that's okay.

Please make sure though when you get to section E about where it asks why you are now unhappy with the insurance that you say:-

That it is single premium PPI and that it is in fact a loan on a loan.
The PPI is paid along with the loan with interest till term end and taken as a single monthly payment.

So when you took out a new loan to consolidate the last one you only received a pro rata rebate on your PPI and the remaining cost of PPI would be paid for and added to this new loan.(now a loan within a loan within a loan)

I hope this makes sense:D

yep I think so cheers:eek:

dolphingazer

american_bulldog wrote: »

yep I think so cheers:eek:

You are welcome:)

Good luck and fingers crossed for you:D