PPI Reclaiming Discussion Part 5

house5

A loan taken out then defaulted on due to not being able to claim on Ppi that we was told we had to have on a £12000 loan we were taken to court for a total of £16600 including interest and I presume charges. The judge said we had to repay the debt at £10 per week and we did from August 2000 until about 18mths ago we moved banks and after several weeks realised the direct debut had not been paid but then instead of them asking us or telling us that the payments had stopped they sent it straight to a dept collector who then said due to the missed payment about 14 by now the we're entitled to now collect the balance of £12200. We explained we did come to an arrangement but now the RBS have rang and said they agree with our claim even though the loan was taken out in 1997 and are prepared to wipe out the debt left £12200 we think is this to save them some money as if we don't accept it they would owe us more anyone know it has been 15yrs since it was taken out the debt was still outstanding because they took us to court for something they sold us and we couldn't claim on it. Help help do we accept it anyone know the answer.

amersall

So some progress but not listened to cd yet but i still do not recall that the single premium element being added upfront to the loan was highlighted and the documents sent split it out as if it was a separate policy.

Again any ideas from those that know more than me would be appreciated for example how do i know if the split for life insurance to ASU is fair and correct, do i still have a reasonable claim for the amount in full as i still maintain that the upfront premium added to loan was not made clear.

They are trying it on, there will not be a conversation where the full cost and the unfair rebate would have been explained to you, this is Single Premium at its worst, this is the mis sell on the whole Premium and not just the life part.
Get the password and let me know word for word what is said regarding the cost and rebate terms of this PPI and we will take it from there.

Again any ideas from those that know more than me would be appreciated for example how do i know if the split for life insurance to ASU is fair and correct, do i still have a reasonable claim for the amount in full as i still maintain that the upfront premium added to loan was not made clear.

You only paid 19 months of this PPI, if you get the whole PPI redressed, you will get the PPI back that you paid with the interest to the date you cancelled it they will then take off the rebate that they gave you at settlement and the remaining PPI that you paid in with the settlement is given back to you, ( this is why these SP PPI are the most upheld because of the unfairness and cost)
You will also get the 8%.

amersall

Woody's_Girl wrote: »

I'd already said in the previous letter that he wasn't told it was optional though. Is it more likely that they'll settle in our favour if I mention the single premium thing..... and if so, why? He didn't pay it in one go, he paid it over the course of the loan.

Sorry if i'm being dense, this is a new one on me. Thank's for responding btw.

Ok, i've since googled and i'm assuming it's because banks did away with single premium policies in 2009? I will add a bit about claiming due to that aswell in the letter then. I guess that ups our chances slightly [wishful thinking]

Being told it was not optional is hearsay, the Single Premium is the reason here 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.

They gave you this money upfront to repay the insurance company and you paid this back over the term of the loan with interest.

amersall

house5 wrote: »

A loan taken out then defaulted on due to not being able to claim on Ppi that we was told we had to have on a £12000 loan we were taken to court for a total of £16600 including interest and I presume charges. The judge said we had to repay the debt at £10 per week and we did from August 2000 until about 18mths ago we moved banks and after several weeks realised the direct debut had not been paid but then instead of them asking us or telling us that the payments had stopped they sent it straight to a dept collector who then said due to the missed payment about 14 by now the we're entitled to now collect the balance of £12200. We explained we did come to an arrangement but now the RBS have rang and said they agree with our claim even though the loan was taken out in 1997 and are prepared to wipe out the debt left £12200 we think is this to save them some money as if we don't accept it they would owe us more anyone know it has been 15yrs since it was taken out the debt was still outstanding because they took us to court for something they sold us and we couldn't claim on it. Help help do we accept it anyone know the answer.

I answered your original post

What was the original PPI amount? this is how you will know if the are trying to get out of paying you more.

When they redress the loan they will take off the whole PPI, this reduces the balance that you owe them anyway, as this was not paid back at the correct payment for several years, you will not have paid the whole PPI anyway.

Ask them what you will actually owe to the loan after the whole PPI amount has been taken off the balance, this will reduce the amount that you actually owe them anyway, get the calculations of what the offer consists of and are they paying you the 8%, tell them when you have these figures you will consider the offer that they have made

Woody's_Girl

amersall wrote: »

Being told it was not optional is hearsay, the Single Premium is the reason here 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.

They gave you this money upfront to repay the insurance company and you paid this back over the term of the loan with interest.

I'm so glad I asked before sending the 2nd letter with the copy bank statement. I'll make sure I make them aware that i'm also claiming back the PPI on the grounds that it was added as a single payment at the start of the loan then.

Thanks again. Will let you know if I get any success.

amersall

Greebo74 wrote: »

Gutted after months of fighting and sending all the evidence I have that the Ex is not on the loan (even Picture agreeing she isn't covered by PPI ) came home to a letter from FSCS saying that since the complaint is about the point of sale, we need the Ex to sign the forms (which we have no chance of her doing).

Feeling very defeated right now...

I do not understand, if this is not a joint loan and PPI and you have proof of this, how come they need two signatures?.

amersall

Woody's_Girl wrote: »

I'm so glad I asked before sending the 2nd letter with the copy bank statement. I'll make sure I make them aware that i'm also claiming back the PPI on the grounds that it was added as a single payment at the start of the loan then.

Thanks again. Will let you know if I get any success.

You are welcome, stress the unfairness of the Single Premium and that the cost and unfairness of the pro rata rebate was not explained fully to you at the point of sale to help you make an informed decision.
Fingers crossed.

amersall

dolphingazer wrote: »

:rotfl::rotfl::rotfl:There was no one around on the forum when I posted and I was so excited and in shock:rotfl::rotfl:

You will tell us anything :rotfl::rotfl::rotfl:

amersall

yorkletts wrote: »

Thanks amersall. A PPI claim on an old paid up loan for which we have account number and other details. Self employed at the time so the PPI was of no use and as far as we were concerned it was a condition of the loan. Anyway no use now got the active address from companies house last month. This month been company disolved!

If you took this loan out on or after 14th Jan 05 the FSCS may be able to help you.
If it was before this date then you could try to find out who the insurer was and see if they would look at the claim, the FOS may be able to help you find the insurer.

amersall

Padstow wrote: »

I had loans with A&L paying PPI while self employed. I just looked at the form on FOS and it's very long winded, but will it work quicker than a letter?

If you had PPI and have reasons for mis sell, you can put this claim in over the phone.

http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1210607166846&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateA2

Let them know that this was A&L and ask if the PPI was Single Premium, if it was then this is the reason for mis sell that you use.