PPI Reclaiming Discussion Part 5

BG1888

amersall wrote: »

It is possible that after 10 years that data will have been destroyed, did you put the card number on the complaint form?.

You could try a Sar request, it is a long shot though due to the time lapse.If you do a Sar then request all info they hold on you and see what they come back with and take it from there, send it to your local branch and head it DSAR request and give them 40 days to respond.



Thanks Amersall. I did put the card no on the complaint form yes. I find it unusual that they can't provide my T&Cs though, is this normal? I'll try the Sar request then as well. Ombudsman will have my paperwork by now also so will see what they say too.:)

-taff

Louie_Lou wrote: »

But would I not just owe them the difference from 7 years having already paid to the end of the term, as otherwise am I just not paying them again what I already paid for the last 7 years?

As you see from below, you were paying back a total of 36,000 odd pounds which included the PPI and interest.

They refunded you the PPI and the associated interest of 6,000 odd and 5,000 odd.

Instead of using this money that was given to you, you kept it.

If you had used it to pay back some of the loan, your payments would have dropped, thus leaving you in the positon you would have been in if you hadn't taken it out

Louie_Lou wrote: »

I have had a refund for PPI in October 2012

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.


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.

You don't get refunded twice.

amersall

Louie_Lou wrote: »

Hi, Thank you coming back to me and your explanation.
I do understand what you have said in that as the loan is still on going and they paid me all of the PPI I would still owe them.

But would I not just owe them the difference from 7 years having already paid to the end of the term, as otherwise am I just not paying them again what I already paid for the last 7 years? They may as well not have refunded me as I'm just paying it back to them am I not? Would there not be some adjustment to the now total current balance for what I have already paid in PPI?
Many thanks for your help, sorry to be a pain.

You are not a pain and I am glad to help.

The PPI cover ran for 10 years but the whole PPI was on the loan over the term remaining for the loan, Had the loan been with Loans.co.uk and not Paragon, you would have received the 7 years monthly PPI payments back that you had made and the interest plus 8%, the whole PPI amount would have been taken off the loan balance and the monthly Payment for the loan would have reduced by the monthly PPI amount.

Because paragon loaned you the money and PPI, you owe Paragon the loan and the PPI.

Loans.co.uk have given you the whole PPI back so the Paragon balance is the same.
You are not paying this twice as you have had the total PPI amount back to you, Paragon are running your account the same as before, nothing was given to them off the PPI by Loans.co.uk as they gave it all to you.

Your PPI total was 6,798, your monthly payment for this was 23.60 you paid this for 84 months, had you won redress with Paragon, you would have received 1,982.40 approx, for the PPI you actually paid, with the interest (I cannot work the interest out, sorry) say roughly the same again, you may have had around 4,000 back, the interest on this would have reduced your balance on the loan so they have to take this amount off as your loan reduced by the interest amount but it would not have if you did not have the PPI in the first instance.

They have given you around 12,000 back in total but nothing was taken off the loan balance, if you take even the 4,000 off the 12,000 you are still up on the day by 8,000, this should have been given to Paragon to reduce the debt, taking all the PPI off the loan.

I blame Loans.co.uk, why could they have not told you to do this? this PPI still on the loan will cost you thousands over the remaining term in interest, the 6,798 will cost you about 21,00 over the remaining term.

Hope this helps you to understand what has happened, if you are still not sure, please ask again about anything you are still not sure of.

It would be in your best interest to pay Paragon as much as you can if you are in a position to.

amersall

BG1888 wrote: »

amersall wrote: »

It is possible that after 10 years that data will have been destroyed, did you put the card number on the complaint form?.

You could try a Sar request, it is a long shot though due to the time lapse.If you do a Sar then request all info they hold on you and see what they come back with and take it from there, send it to your local branch and head it DSAR request and give them 40 days to respond.



Thanks Amersall. I did put the card no on the complaint form yes. I find it unusual that they can't provide my T&Cs though, is this normal? I'll try the Sar request then as well. Ombudsman will have my paperwork by now also so will see what they say too.:)

They could have provided the terms and conditions though, see what FOS say.

armanni70

hello can anyone please assist me i took out a loan with natwest in october 2007 for a period of three years , and after the first or second year took out a bit more, literally closing the first loan and getting a second one , my question is can i claim for ppi on both loans or does it count as one

davrosph

Hello,
Really need some help on this one. I am trying to claim my girlfriends mis-sold ppi. She had a loan with Natwest and is Self Employed, in 2009 she had to stop work because our baby was due. When she contacted the bank to say she would struggle to make the payments of £400 a month the account went into arrears and has been since, she is now on a payment plan with them. The bank is still charging interest and the loan is £2500 in arrears. We recently realised that she had been paying ppi on the loan.
We put in a claim, 2 days ago we got an offer of £3900 which they said would pay towards any arrears and outstanding debt.
I don't mind it going towards the debt but the biggest problem is in theory the account shouldn't have gone into arrears in the first place because the insurance she didn't even know she was paying for should of covered her when she was out of work?
I understand there are many threads on this, but I would really appreciate someone's advice on this.
Thanks
David

-taff

armanni70 wrote: »

hello can anyone please assist me i took out a loan with natwest in october 2007 for a period of three years , and after the first or second year took out a bit more, literally closing the first loan and getting a second one , my question is can i claim for ppi on both loans or does it count as one

Make your complaint on one form with both loan numbers because they were consolidation loans.

-taff

davrosph wrote: »

Hello,
Really need some help on this one. I am trying to claim my girlfriends mis-sold ppi. She had a loan with Natwest and is Self Employed, in 2009 she had to stop work because our baby was due. When she contacted the bank to say she would struggle to make the payments of £400 a month the account went into arrears and has been since, she is now on a payment plan with them. The bank is still charging interest and the loan is £2500 in arrears. We recently realised that she had been paying ppi on the loan.
We put in a claim, 2 days ago we got an offer of £3900 which they said would pay towards any arrears and outstanding debt.
I don't mind it going towards the debt but the biggest problem is in theory the account shouldn't have gone into arrears in the first place because the insurance she didn't even know she was paying for should of covered her when she was out of work?
I understand there are many threads on this, but I would really appreciate someone's advice on this.
Thanks
David

You have complained that the cover wasn't suitable for you and won your redress using that reason.
You can't now say it was suitable but it didn't pay out.

Also, having a baby was a choice she made, insurance policies don't usually pay out for pregnancies, or pregnancy related illness.

djpoole67

Help please,

i took out a loan with ppi in circa 1994/5, it was a bad loan which i repaid a couple of years later with another loan, when i asked for a settlement figure it was higher than expected and was informed that the ppi was paid upfront to a third party and therefore could not be recovered. In effect i had paid for 10 years worth of ppi for a period of approx 2 years.

the questions i have are:

is it too far in the past to make a claim?
if not, how can i obtain details of the loan? will there be a record anywhere?

kara7758

amersall wrote: »

kara7758 wrote: »

This is why these PPI were mis sold, the unfair rebates, you still paid the remaining PPI back after the rebate, get back to them and ask for their reason that this was cancelled as you have no memory of this, ask them to look at the mis sell complaint again as the PPI was Single premium and you still paid the remaining PPI back after the rebate at cancellation and want this amount of PPI back with interest .

Even if you knew the PPI was on the loan, you were not aware that this was in effect a loan on the loan with interest to term end and you will still pay the majority of this PPI back on cancellation of the PPI or at early settlement, this would not have been fully explained to you at the point of sale to make an informed decision, had you known the full cost of this PPI you would not have taken it.

With all the media lately about the mis selling of PPI you would not have realised that the rebate they gave ( if you could remember the cancellation ) was out of proportion to the total PPI that you actually paid.
Ask for proof of the cancellation and documents to show the PPI rebate and what you paid back in PPI when the loan was cleared.

Hiya Amersall,

It's me again. So sorry for being a pest but just a couple of more points that I forgot to mention.

I paid the loan off in full in 2006. They gave me the refund and have also said that they have contacted FOS who have told them they are in agreement and FOS that felt this is now settled.

I haven't contacted FOS to verify this yet. Is it worth me contacting FOS first or just pursuing the rest of the money as you have suggested?

Thank you very much for all your assistance.