PPI Reclaiming Discussion Part 5

Nasqueron

Gib82 wrote: »

Hi I have a question and need a little advice. Lloyds wrote to me saying they had possibly missold ppi on a personal loan ( back when you had to check a box to opt out of ppi on the internet I think as I was totally unaware I had ppi) I have found out that the ppi premiums were added on to the total loan (basically I borrowed what I thought was £3000 but I had actually borrowed £3613 the £613 being the ppi cost.) I know I will probably get the ppi back but as I was not given accurate information on the loan interest (because of the ppi) does this also constitute the loan having been missold? The loan was paid in full so should I also claim for the interest on the loan or just the ppi? Thanks in advance

You can complain about the "single premium" nature of the PPI and you will most likely get that back but no you won't get anywhere with the loan being "miss-sold" nor will you get any interest back.

A PPI refund is the premiums + interest at 8% which is probably more than you paid anyway

Gib82

Just out of interest why do you think the loan was not missold? Surely they were not transparent about the interest on the loan or even the amount of the loan which surely can't be right or fair?

dunstonh

Just out of interest why do you think the loan was not missold?

Because that is not the way PPI redress is handled. The process and outcomes are defined.

Nasqueron

Gib82 wrote: »

Just out of interest why do you think the loan was not missold? Surely they were not transparent about the interest on the loan or even the amount of the loan which surely can't be right or fair?

Because you wanted a loan, got a loan and while the PPI being included is bad because of the interest element, it doesn't mean you're going to get back loan interest or similar. Can you prove, on the balance of probabilities, the loan terms and conditions / documents, didn't mention this?

The FOS redress method for single premium PPI is as below, nowhere do they indicate it means the loan was miss-sold as well:

http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi/redress.html#compensation

You'll get a fair whack with the 8% interest on the refund anyway, just focus on that

[Deleted User]

Gib82 wrote: »

Just out of interest why do you think the loan was not missold?

Because absolutely no one has been able to successfully argue that, especially in addition to a PPI mis-selling complaint.

-taff

Gib82 wrote: »

Just out of interest why do you think the loan was not missold? Surely they were not transparent about the interest on the loan or even the amount of the loan which surely can't be right or fair?

You would have accepted the terms at the time, with full disclosure of the PPI and the interest added for that, but you, like me, and many others, wouldn't have focused on that bit, just the bit that told you what you wanted to hear.
Every loan I had with single premium was documented, I saw it, but ignored it because I wanted the loan.
You will get back all the PPI and added interest plus 8% simple imterest,
You will not get back any interest added to the capital because no one gives money on a loan at 0% unless it's your parents or a very good friend. Banks make money out of you, not give you money out of the goodness of their hearts.

Nicknackday

I used the generic template on here which I thought was going direct to the major banks listed. I got hassled with repeated calls from a couple of PPI Claims companies. One send texts to my mobile phone and the four of them cost me £4.50 each, a whopping £18, which Virgin refuse to refund. None of the banks have come back to me. What did I do wrong????? Beware of the templates is all I can say.

dunstonh

Nicknackday wrote: »

I used the generic template on here which I thought was going direct to the major banks listed. I got hassled with repeated calls from a couple of PPI Claims companies. One send texts to my mobile phone and the four of them cost me £4.50 each, a whopping £18, which Virgin refuse to refund. None of the banks have come back to me. What did I do wrong????? Beware of the templates is all I can say.

Doesnt sound like you sent it to the banks but to a claims company. Have you checked the addresses you used against those on the real bank website?

Templates are not the issue (although templates do have a lower success rate than personalised complaints or the FOS form). Sending it to the right address is the real issue.

giveitabash

Some banks offer eletronic receipt complaints, some don't, hence the postal issues. You'd think in 2016 they standardise.

yffas0810

Hi im completely new to the site and hoping for some advice please. I made a claim with Barclays for PPI on an overdraft Id had since the late 1990s. I was told on the phone yesterday that my claim has been upheld and I am to receive a cheque for just over £5,000.


I am of course delighted however, I do have a question. I am currently in a DMP with Stepchange and I am also repaying said overdraft back to Barclays monthly.


Can anyone tell me how this refund from Barclays will affect things. Im presuming will take their money for their overdraft out of the refund before sending me the balance or will they send the balance to Stepchange?


Any advice or directions to the right forum (if not this one) would be much appreciated.
Thanks so much