PPI Reclaiming Discussion Part 5

amersall

Burden007 wrote: »

I have finally decided to make a claim for my mortgage PPI.
It is nearly 20 years I have been paying the premium and as this payment was simply rolled into my mortgage payment I think I have a case.
The article talks about getting your payments back +8% interest.
Any idea how this is calculated?
Having got a calculator out the difference between payments plus 8% and each years payment plus 8% for each year is massively different!

The 8% is on the monthly ppi amount and decreases for each month you paid this to date of redress.

You need to post on this thread http://forums.moneysavingexpert.com/forumdisplay.php?f=187
To see if you have a claim, as this ppi is different to loan and cc ppi in the way that some is sold, they are better placed to help you with this.

amersall

CountingPennies wrote: »

Hi everyone

Loads to read, and after much searching i'm still not sure where i can even find the template of the letter. Can anyone please point me in the right direction??

Basically, i'm helping my parents claim theirs. They are old school and have kept every single piece of paper/statement for the last 10 years. I'm sorted through the paperwork which says how much PPI they have paid on a loan and a credit card.

I am applying on the grounds that for the loan they told my parents if they didn't get ppi then they wouldn't get the finance. Not sure what to do about the credit card though. Is the mastercard number the account number? If not where would i find it or do i just quote the mastercard number when asking for a breakdown of charges letter?

I appreciate that this is a busy thread, so any advice would be much appreciated.

Thanks in advance

Look at the loan agreement and if the ppi monthly payment is included in the loan payment they made each month, this is front loaded ppi, it is a reason for miss sell and the most upheld, it is in effect a loan on a loan and repaid to term end with interest.

fido90

Thank you for your reply. I have now sent off a Sar letter and have also contacted them by phone. They have agreed to keep the case open until I can produce further evidence, I have also requested a letter to confirm this.

Kuffs1978

amersall wrote: »

Hi kuffs, i am not surprised this is grating now, the ppi is still on the loan and has to be paid back, this may account for the extra on the balance, until you actually get the ppi removed it will have to be paid, the FOS should concentrate on getting this taken off the balance.
When you cancelled the ppi this did not remove it from the loan balance, you may have had a small rebate for this but the remaining ppi would still have been there.

Oh I am very much aware that the PPI element still needs to be paid for, but when we have already repaid £13,339-therefore clearing the loan amount, only the PPI element remains. Now I'm no great mathematician but £1537.50+£340 ISN'T £2,300+, so why should we pay over £500 more than that? I'm writing to both the CEO and our local MP about this, as I am not allowing my disabled sister to be targeted and abused by the greed of a company who have themselves admitted that they aim their products at people on benefits. They have picked the wrong guy to screw with.

On a brighter note, if there are any folks out there who find themselves in financial dire straits because of bank charges whilst on benefits, I'd recommend you look up the relevant section in the Social Security Administration Act of 1992 Section 187 (ironic as 187 is the crime number for murder; i.e. banks making a killing) It makes for interesting reading, and a few of my friends have managed to get their money back thanks to this act of Parliament.

Kuffs1978

Just had a brainwave. If I add the amount already paid to the balance they claim is outstanding, that amounts to the same figure we would have been expected to pay had the PPI policy run full term. But since it was cancelled in April 2011, when we were told that the loan would therefore be cleared in a shorter space of time, I'm willing to bet that the turkeys at GE aren't taking this into account. Would any of the wiser folk on here tell me if I'm barking up the wrong tree?

di3004

fido90 wrote: »

Thank you for your reply. I have now sent off a Sar letter and have also contacted them by phone. They have agreed to keep the case open until I can produce further evidence, I have also requested a letter to confirm this.

Good luck, please keep us posted.

gilldee

hi can any one help? We have been told that the loans we have had from blackhorse fianace, all had ppi on them. We were aware of 1 of them having it on but not the rest! We advised them at the time my husband had 6mth full sick cover, so we didnt need it, we had them from 1994-2002. they were all unsecured loans,I have wrote to blackhorse and they replyed saying they didnt feel we were wrongly advised or missold ppi when they have looked at our contracts! How can this be? We know we were missold ppi, what would be the next step for us?

dilus

gilldee wrote: »

hi can any one help? We have been told that the loans we have had from blackhorse fianace, all had ppi on them. We were aware of 1 of them having it on but not the rest! We advised them at the time my husband had 6mth full sick cover, so we didnt need it, we had them from 1994-2002. they were all unsecured loans,I have wrote to blackhorse and they replyed saying they didnt feel we were wrongly advised or missold ppi when they have looked at our contracts! How can this be? We know we were missold ppi, what would be the next step for us?

Hi gilldee,
Have you put in an official complaint using a questionnaire?

amersall

Kuffs1978 wrote: »

Just had a brainwave. If I add the amount already paid to the balance they claim is outstanding, that amounts to the same figure we would have been expected to pay had the PPI policy run full term. But since it was cancelled in April 2011, when we were told that the loan would therefore be cleared in a shorter space of time, I'm willing to bet that the turkeys at GE aren't taking this into account. Would any of the wiser folk on here tell me if I'm barking up the wrong tree?

This is Quite possible, another thing you have to take into account is the fact that when you cancel the ppi, they give a small rebate of the ppi but the remaining ppi is still on the loan so you still pay this to term end with interest, this is why these types of ppi were widely mis sold.

To get the whole ppi off the loan they have to give you full redress, have FOS sorted this part for you yet?.

They lied to your sis when she cancelled this ppi, the loan would, for the reason i gave above, still have the majority of the ppi on there to be paid to term end with interest, they hoodwinked her big time!! disgraceful :mad:.

amersall

gilldee wrote: »

hi can any one help? We have been told that the loans we have had from blackhorse fianace, all had ppi on them. We were aware of 1 of them having it on but not the rest! We advised them at the time my husband had 6mth full sick cover, so we didnt need it, we had them from 1994-2002. they were all unsecured loans,I have wrote to blackhorse and they replyed saying they didnt feel we were wrongly advised or missold ppi when they have looked at our contracts! How can this be? We know we were missold ppi, what would be the next step for us?

Front loaded !!!!!! get back in touch and tell them you have just become aware that these loans had this ppi on, the ppi was in effect another loan on the loan to be paid to term end with interest, if they do not reconsider their decision you will pass this to FOS.