PPI Reclaiming Discussion Part 5

tiggytigs27

Moneyineptitude wrote: »

The point is that if the loan had PPI "front-loaded" onto it, then this is a definite candidate for redress.
As there is a question asking if there was front loading, I'd guess they'll check for you as part of their assessment of your complaint. Did you pay £310 in one go each month? Or was the repayment split in two so that your PPI was paid for seperately? Old statements should show this...

Hi there,

I no longer have the paperwork as the loan ended in 2010 and I never kept any. I paid £310 a month every month for 5 years but don't know how much was ppi per month. The guy who sold it to me on the phone just gave me a figure of loan and ppi together per month but nothing on the amount per year or for the five years. How would I know if this was front loaded without the paperwork? I checked my copy of the Santander questionnaire and it asked if it was single premium or monthly premium. This is where i stated unsure as I have no idea. Loan was for £10k but paid £18,600 back so hoping it was front loaded so I can get something back .

[Deleted User]

tiggytigs27 wrote: »

I checked my copy of the Santander questionnaire and it asked if it was single premium or monthly premium. This is where i stated unsure as I have no idea. Loan was for £10k but paid £18,600 back so hoping it was front loaded so I can get something back .

Best of luck!:)

sarymclary

Thank you for the prompt, and very good advice.

Amersall, I did have an idea in the back of my mind that they only usually pay out for a maximum of 12 months on a PPI, and presumed it wouldn't be more than their offer, but wasn't sure if they were intending to add it on, or not... that would have been nice if so

Anyway, I'm just satisfied that they are paying back all the unnecessary insurance and interest... it's a shame they didn't pay it at 13.9% like I did, and not the 8%, but it's a a welcome windfall, and I desperately need it to be honest, so I'm a happy bunny.

To anyone in doubt of claiming, I'd say go for it, you've nothing to lose, and everything to gain, and all for the price of a recorded delivery letter!

di3004

sarymclary wrote: »

Thank you for the prompt, and very good advice.

Amersall, I did have an idea in the back of my mind that they only usually pay out for a maximum of 12 months on a PPI, and presumed it wouldn't be more than their offer, but wasn't sure if they were intending to add it on, or not... that would have been nice if so

Anyway, I'm just satisfied that they are paying back all the unnecessary insurance and interest... it's a shame they didn't pay it at 13.9% like I did, and not the 8%, but it's a a welcome windfall, and I desperately need it to be honest, so I'm a happy bunny.

To anyone in doubt of claiming, I'd say go for it, you've nothing to lose, and everything to gain, and all for the price of a recorded delivery letter!

Oops sorry forgot to add on my earlier post, so sorry for your loss, what a difficult time it must have been for you.

Hugs xxx

bracken68

Thanks Di3004 for your quick response and your reassurance, it's always good to know that you're not being taken for a ride!

bracken68

Thanks Moneyineptitude for your reply. All the support received has been wonderful!

bracken68

Amersall, really appreciate your additional advice received, I will follow up to get FP to confirm that they have adjusted my loan correctly.

manama

Okay so pulling together all my dads stuff together. He was told he had to have ppi to get the loan because of his age he was 62 at the time.....all paperwork completed by a salesman for double glazing company now bust but loan paperwork statements ge money. I know that the above is hard to prove. However it was front loaded. It ran out 5 years into the loan. MY dad had savings that would have covered. I would have helped him. He also had a pre existing condition which may have meant he could not claim. It was from summer 2005. DO I go to ge? Does he have a good chance? With thanks

di3004

manama wrote: »

Okay so pulling together all my dads stuff together. He was told he had to have ppi to get the loan because of his age he was 62 at the time.....all paperwork completed by a salesman for double glazing company now bust but loan paperwork statements ge money. I know that the above is hard to prove. However it was front loaded. It ran out 5 years into the loan. MY dad had savings that would have covered. I would have helped him. He also had a pre existing condition which may have meant he could not claim. It was from summer 2005. DO I go to ge? Does he have a good chance? With thanks

Hi and welcome

If your dad had a pre med condition at the time of taking out the account, then they would not pay out on a sickness claim for this reason, so in this case it was not suited for your dad and it should have been made optional, and not told due to his age he should have their product.
If it was discussed with him, maybe your dad would have had the opportunity to have refused the PPI, and to have said he has sufficient savings in place if it was required. But they obviously did not explain or discussed how it worked either.

I think your dad has a case and I would be making a reclaiming complaint.
However, normally you have to pursue the broker who sold the product as they were the ones responsible for selling it, where GE was probably the lender of the money, and debited the monthly repayments.
By all means if the window business is no longer active, you could write to GE, but am wondering if they will be listed with the FSCS (Financial compensation scheme) where companies go down under/dissolve, go bust etc, the FSCS deal with claims, also depending when and what year the product was sold to the customer.
For example, if sold on or after 14 Jan 2005, the business would have been regulated, where in this case the FSCS are able to deal with the reclaims.

If this applies to you dad, I would contact the FSCS first to ask if the business are listed with them, if so, ask if your dad's complaint is eligible to make a claim through them.

More on the FSCS here:
http://www.fscs.org.uk/contact-us/

Otherwise, complete the reclaim questionnaire and pursue GE, I would rule out the FSCS first though, because it was the lender business that were responsible for selling the product, despite paperwork/payments being taken from the lender as such.

If all fails with the FSCS, the questionnaire to complete and sent to GE is on step 3 below, remember to keep copies in case you need to go back to it again at some point.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step3

Hope this info is of some help for you.

Good luck.:)

manama

Lovely thanks for that Di. Will call them in the morning.