PPI Reclaiming Discussion Part 5

gingerfurball

Hi all - I would really appreciate some of your very wise advice. (I've been lurking on this thread for about a week now seeing the ins and outs of this whole process)

I have found the paperwork for three loans taken out over the years...this in itself is close to a miracle!! The three are:

MBNA loan of (cash advance) 8500,
Total charge for loan 2103
Insurance advance 1272
Charge for credit on insurance 314
This was in 1999

Egg loan of 15000
Loan protection 1101
This was in 2003

Alliance and Leicester 13000
PPL 2339
This was in 2004

I know that some (if not all) of these were settled early as we consolidated on our mortgage. (We're smarter now I promise!)

Thing is when we took out these loans we were strenuously advised to take the insurance as we are self employed - it was actually made quite clear that we would probably be unsuccessful in getting the loans if we didn't.

Questions...is there any point in pursuing claims due to the dates and the reason for our thinking they were mis-sold. Also if we have a case what should we do next (I'm so nervous about starting a process in case I feel out of my depth. Many thanks for your help.

[Deleted User]

gingerfurball wrote: »

Questions...is there any point in pursuing claims due to the dates and the reason for our thinking they were mis-sold. Also if we have a case what should we do next (I'm so nervous about starting a process in case I feel out of my depth. Many thanks for your help.

These are mostly very old loans, so you'll need comprehensive documentation (including statements) to stand any chance of a payout even if your complaint is upheld.
As for your complaint reason, it's weak hearsay. You'd be better off looking into whether you paid a single monthly premium where the loan and the PPI were bundled together (front-loaded) to attract extra interest.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Abj74

So, the older the loan the less chance you have of getting it back?

[Deleted User]

Abj74 wrote: »

So, the older the loan the less chance you have of getting it back?

Yes, if the loans are settled the Bank typically destroys records pertaining to them after a six year period.

Abj74

I see. Thanks!

DJKris2010

Just a bit of an update, around 2000 HFC mis-sold me a loan, they flat out lied to me when asked if I'd pay less if it was payed off early (turns out the interest all went on at the start), unfortunately I had no details, but I wrote to them anyway asked that they look into my loan and also a MasterCard I had with them.

Today I got a letter saying they would be unable to look into with without an account number. Obviously no suprise there.

After much digging around I found one of my old Credit Cards (so glad I kept those things) so I've now written back giving the credit card number and asked that they use this to investigate any PPI on the card and to also try and trace my loan.

If they come back to me and say they still can't find details of the loan what do I do next? Surely I can get this information somewhere?


Any for anyone interested, here's where I'm at with my other claims:

Capital One: Correct Account number sent 29/5/12, awaiting credit agreement/T&C's

HSBC Loans: PPI claim sent to them 28/5/12 asking for £4,553.28 over 6 loans between 1998 & 2009, plus interest of £2,716.10, total claim £7,269.38.

HSBC Credit Card: PPI claim sent to them 25/5/12, letter from them confirming they are investigating received dated 1/6/12.

Monument Credit Card: They say their Payment Break Plan is not insurance, however I felt this to be incorrect and made a PPI claim sent to them 31/5/12, letter from them confirming they are investigating recieved dated 7/6/12 and promising to be in touch no later than 30/7/12.

Mint Credit Card: After writing to them twice they finially replied on 31/5/12 refusing to supply information. Having looked at an old statement there doesn't appear to be any PPI, so I have decided to go no further on that.

Diddypiglet

Hi have just read your note below, we had a loan with HFC Bank do you know whether PPI was already added into the loan? As I dont think I have any documents on mine!! (will be looking for it now) and what did you send to them to get the ball rolling.

Any information you have that will help me with my claim I would much appreciate it.

Thanks

DJKris2010 wrote: »

Just a bit of an update, around 2000 HFC mis-sold me a loan, they flat out lied to me when asked if I'd pay less if it was payed off early (turns out the interest all went on at the start), unfortunately I had no details, but I wrote to them anyway asked that they look into my loan and also a MasterCard I had with them.

Today I got a letter saying they would be unable to look into with without an account number. Obviously no suprise there.

After much digging around I found one of my old Credit Cards (so glad I kept those things) so I've now written back giving the credit card number and asked that they use this to investigate any PPI on the card and to also try and trace my loan.

If they come back to me and say they still can't find details of the loan what do I do next? Surely I can get this information somewhere?


Any for anyone interested, here's where I'm at with my other claims:

Capital One: Correct Account number sent 29/5/12, awaiting credit agreement/T&C's

HSBC Loans: PPI claim sent to them 28/5/12 asking for £4,553.28 over 6 loans between 1998 & 2009, plus interest of £2,716.10, total claim £7,269.38.

HSBC Credit Card: PPI claim sent to them 25/5/12, letter from them confirming they are investigating received dated 1/6/12.

Monument Credit Card: They say their Payment Break Plan is not insurance, however I felt this to be incorrect and made a PPI claim sent to them 31/5/12, letter from them confirming they are investigating recieved dated 7/6/12 and promising to be in touch no later than 30/7/12.

Mint Credit Card: After writing to them twice they finially replied on 31/5/12 refusing to supply information. Having looked at an old statement there doesn't appear to be any PPI, so I have decided to go no further on that.

DJKris2010

Diddypiglet wrote: »

Hi have just read your note below, we had a loan with HFC Bank do you know whether PPI was already added into the loan? As I dont think I have any documents on mine!! (will be looking for it now) and what did you send to them to get the ball rolling.

Any information you have that will help me with my claim I would much appreciate it.

Thanks

I have no idea if there was an PPI or not. Unfortanely I have no details of my loan at all, other than what I can remember. The first thing I did was write to them explaining the loan was probably taken out in 2000 and asked that they use my name and address to find the details of that and my credit card.

Their reply was that they would need an account number. I've now supplied them which the credit card number I had with them at the time and hope they can use that to not only look into details of my card but also the loan.

If they still say they can't fond details of the loan I'm not sure what to do, possibly see if the Bank can supply me with statements from the time and hope a payment will show up.

amersall

trio72 wrote: »

That is why I have posted on here because the figures do not add up even the FOS cannot understand them. I just need to know how it is worked out if anyone knows.

The rebate plus the monthly payments and the settlement figure PPI you paid back is 5.550.16, this is all that you paid to the PPI, you did not pay the 493.80 as you settled this early, they have given you the PPI back that was paid.
I don't know who you can get to work this out for you, try FOS as may have someone who can work this out for you and show you what you paid in PPI and what you didn't.

Redress is putting you back in the position that you would have been had the PPI not been on the loan, if they give you the 493.80 back, this means that you are better off by this amount as you did not pay this, so that is not putting you back into the position you would have been without the PPI, you would be 493.80 up on the deal.

[Deleted User]

amersall wrote: »

Redress is putting you back in the position that you would have been had the PPI been on the loan

This should read
"putting you back in the position that you would have been had the PPI NOT been on the loan"