PPI Reclaiming Discussion Part 5

goldmember69

After years of family nagging me I have decided to look into ppi, most of my loans are years old and paid off. I no longer have any paperwork but did manage to find out the loan numbers from the bank and the dates in which they were started. They date back to Nov 2000 and the 3 loans total just over £15,000 (I paid ppi on all three). I have made a complaint over the phone but what are my chances of success? When they asked the reason for my complaint I stated that I was only 20yrs old at the time and didn't even know that I had ppi, but I have no proof of this and from what I have read the banks will no longer have records either? Will it just be my word against theirs? Am I likely to succeed with this claim? Please advise me further if you have been in the same situation because i'm a bit worried now :eek:

amersall

aprieto wrote: »

Many thanks for that, the number you gave was for the mortgage side of things, this was a personal loan but i think I have hte number to get through to them.

I cant obviously remember if I Applied for the loan online, but do remeber the phopne conversation about removing PPI and being told no, im assuming that if it was online that there was a pre-ticked box as I wouldnt have ticked it myself. is it worth mentioning this?, has anyone else manage to get money back for application online?

Thanks for all your help

Just put the claim in with the reasons you have for mis sell, they would not let you cancel the PPI as they would have had to redo the loan and the interest rate would have gone up, mention the fact that you tried to cancel and you couldn't.

amersall

goldmember69 wrote: »

After years of family nagging me I have decided to look into ppi, most of my loans are years old and paid off. I no longer have any paperwork but did manage to find out the loan numbers from the bank and the dates in which they were started. They date back to Nov 2000 and the 3 loans total just over £15,000 (I paid ppi on all three). I have made a complaint over the phone but what are my chances of success? When they asked the reason for my complaint I stated that I was only 20yrs old at the time and didn't even know that I had ppi, but I have no proof of this and from what I have read the banks will no longer have records either? Will it just be my word against theirs? Am I likely to succeed with this claim? Please advise me further if you have been in the same situation because i'm a bit worried now :eek:

No point worrying until they give you a response, you could put the complaint in writing but they may think that it is another claim and reject, give them a call and ask them to take other reasons you may have been mis sold, if you want to, or just let the claim run it's course.

billyboyduke

Hi Folks, I wonder if you could help?
I had a loan with HFC Bank which then changed to Benificial Finance.
I recall being told that agreeing to PPI would help my application although i recall stating that i would prefer not to have it. I have just found some old paperwork which shows i did indeed pay PPI.
Q1 Do i have a claim?
Q2 Who do i contacr, HFC or Benificial?
cheers..billyboyduke

Louie_Lou_2

Hi, I am new to these forum things so I hope I am posting to the right place.
I wondered if anyone could help.
I have had a refund for PPI in October 2012, however following a telephone call with Paragon Finance today (Paragon is who my loan agreement is with) I am somewhat confused.
I took out a secured loan with paragon Finance in October 2005 of £30,000 which had added to it £6,798.00 for PPI, making a total of £36,798 plus an arrangement fee of £900.00 added to the loan.
The agreement with Paragon says that the PPI is for 10 years period of cover. The Loan was initially taken over a period of 24 years.
For the last 7 years I have been paying the loan with the PPI, therefore paying the PPI. I was refunded in October 2012 the PPI Premium of £6,798.00 plus the interest I had paid on the premium to date (October 2012) of £5,513.46 plus 8% interest on the payments made towards the PPI of £1,261.77. This was paid to me by Loans.co.uk, who apparently were the broker for the PPI & Paragon apparently paid them at the beginning even though my agreement is with Paragon and this is who I make my payments to each month.
As far as I can see I have been paid back money that I have already paid to them, which I should not have done and should never have been added to the inital loan, baring just under 3 years (if I take into account they say the PPI only was for 10 years). However I have asked Paragon to remove the £6,798.00 from my account as the current balance is still reflecting this sum having to be paid to them. Paragon told me that they would not remove this as I have not paid it back to them as the refund came from Loans.co.uk and they are still owed. My argument to Paragon was that what would have been the point of me having a refund for something that 1) should never have been included and 2) for which I had paid and the refund was for this reason, for then to have to pay the money back to Paragon I may as well have not have the refund as I would be paying it anyway. Irrelevant of whether it was Loans.co.uk or Paragon that paid me back my agreement is with Paragon. Paragon did not accept this and still say that my total current balance would still include the £6,798.00 and therefore they will not remove this.
Surley this cannot be the case? I can understand that I may have to pay the time that would have been left of under 3 years less interest as I have had the total amount back and it hadn't gone the full term of 10 years, but surely Paragon should be removing now from my overall balance left the last 7 years of the PPI otherwise I'm just giving the money back to them again for which I've just been refunded? and if they don't take the balance off I'm still paying for the PPI in my current balance? Hope this makes sence. Many thanks.

BG1888

Hello all

Back in Sep or Oct 2012 I started the process of claiming back PPI from LloydsTSB from a credit card that I got in Feb 2000 in Jersey. The account is still open and the card is still used. I now live in the UK.
I started off by writing to them for my T&Cs as I have moved a lot and no longer have them. They wrote back to me saying they could not provide them as they cannot find them either! Nonetheless I proceeded with the complaint using the form on MSE and after 8 weeks still no response so I called and was told a decision had not been reached yet but they had sent me a letter (to my OLD address which I had updated with them before I moved ). It was almost 10 weeks by then so I sent all the details to the Ombudsman to hopefully deal with. I called Lloyds today to sound off about sending this kind of info to the wrong address and was told that another letter had also been sent to my new address with a decision but I just haven't received it yet. They said they are not going to uphold my complaint due to lack of information/proof.
Where do I stand with this? The account is still open. I remember exactly where I was working etc etc when I opened it and know for a FACT I paid PPI for about 3 years until I cancelled it myself after seeing the light that I did not need it and it was a rip off. I called Lloyds card services tonight and said can you send me a statement from 2000 - 2003 and they said they no longer have them on record, which I knew they would say but I just know that on those statements there will be the PPI payments. So is that it then? Can they do that just because they can't find my T&Cs and that it was more than 7 years ago? Has anyone else had similar and what was the outcome for you? (I know each case is different though)
Thanks in advance for any responses.;)

woooody_2

I had ppi on my mortgage with Birmingham midshires.. I was told the government insisted we all have it or no mortgage... I paid £10.20 a month from april 1995 till dec 2003 . I got in touch with them in november to complain of mis selling and today got a letter saying they'll give me £220.....as a refund ... I'm a carpenter not a financial wizzz, but that doesn't sound right. what do i do now ??????

amersall

Louie_Lou wrote: »

Hi, I am new to these forum things so I hope I am posting to the right place.
I wondered if anyone could help.
I have had a refund for PPI in October 2012, however following a telephone call with Paragon Finance today (Paragon is who my loan agreement is with) I am somewhat confused.
I took out a secured loan with paragon Finance in October 2005 of £30,000 which had added to it £6,798.00 for PPI, making a total of £36,798 plus an arrangement fee of £900.00 added to the loan.
The agreement with Paragon says that the PPI is for 10 years period of cover. The Loan was initially taken over a period of 24 years.
For the last 7 years I have been paying the loan with the PPI, therefore paying the PPI. I was refunded in October 2012 the PPI Premium of £6,798.00 plus the interest I had paid on the premium to date (October 2012) of £5,513.46 plus 8% interest on the payments made towards the PPI of £1,261.77. This was paid to me by Loans.co.uk, who apparently were the broker for the PPI & Paragon apparently paid them at the beginning even though my agreement is with Paragon and this is who I make my payments to each month.
As far as I can see I have been paid back money that I have already paid to them, which I should not have done and should never have been added to the inital loan, baring just under 3 years (if I take into account they say the PPI only was for 10 years). However I have asked Paragon to remove the £6,798.00 from my account as the current balance is still reflecting this sum having to be paid to them. Paragon told me that they would not remove this as I have not paid it back to them as the refund came from Loans.co.uk and they are still owed. My argument to Paragon was that what would have been the point of me having a refund for something that 1) should never have been included and 2) for which I had paid and the refund was for this reason, for then to have to pay the money back to Paragon I may as well have not have the refund as I would be paying it anyway. Irrelevant of whether it was Loans.co.uk or Paragon that paid me back my agreement is with Paragon. Paragon did not accept this and still say that my total current balance would still include the £6,798.00 and therefore they will not remove this.
Surley this cannot be the case? I can understand that I may have to pay the time that would have been left of under 3 years less interest as I have had the total amount back and it hadn't gone the full term of 10 years, but surely Paragon should be removing now from my overall balance left the last 7 years of the PPI otherwise I'm just giving the money back to them again for which I've just been refunded? and if they don't take the balance off I'm still paying for the PPI in my current balance? Hope this makes sence. Many thanks.

They are correct I am afraid, you should have (and they should have told you ) to take the actual PPI total they gave you back and give this to Paragon to take off the balance of the loan, this is the only way your balance will decrease.

Your loan was not reset due to the mis sell as you have had the whole PPI back and the interest to you, you have not paid all this PPI back yet as the loan is still running so they have given you more back than you actually paid and the total PPI.

Loans.co.uk sold you the loan and the PPI , Paragon only loaned you the money, if you have any spare money left, I would pay this off the loan and save yourself a lot of interest.


The loan and PPI runs for 24 years, this is why your claim has been upheld, the PPI only covers you for 10 years, at that point you no longer have cover but are still paying the PPI back with interest for another 14 years.

If you had won mis sell and had the loan reset ( and not used a broker, loans.co.uk) the whole PPI would have been taken off the balance, your monthly loan payment would have gone down by the monthly PPI amount, you would have received the monthly PPI that you paid for the 7 years with interest back to you, this is why it still on the loan for the next 14 years with interest unless you can pay some back to Paragon.

amersall

woooody wrote: »

I had ppi on my mortgage with Birmingham midshires.. I was told the government insisted we all have it or no mortgage... I paid £10.20 a month from april 1995 till dec 2003 . I got in touch with them in november to complain of mis selling and today got a letter saying they'll give me £220.....as a refund ... I'm a carpenter not a financial wizzz, but that doesn't sound right. what do i do now ??????

Was this a goodwill gesture and have they given you a breakdown of this refund?.

-taff

woooody wrote: »

I had ppi on my mortgage with Birmingham midshires.. I was told the government insisted we all have it or no mortgage... I paid £10.20 a month from april 1995 till dec 2003 . I got in touch with them in november to complain of mis selling and today got a letter saying they'll give me £220.....as a refund ... I'm a carpenter not a financial wizzz, but that doesn't sound right. what do i do now ??????

Depends whether it's a goodwill offer or your complaint waas upheld.