PPI FAQs discussion thread

dunstonh

priti8 wrote: »

I was sold PPI on a loan for £15,000 and the bank have agreed to pay the PPI plus interest as a settlement. The PPI is £1,200 approx, this seems low based on the calcalution of approx 15%. Could this be because i paid the loan back in 11 months which is much earlier than the term agreed.

The redemption figure should have seen rebate of the PPI insurance as you repaid early. So, you shouldnt expect anywhere near the full amount of the PPI back that you paid unless there was not a rebate.

1swingoutsister

Hi,

I wondered if anyone could give me some advice?

I took out a graduate loan from Lloyds TSB in 1998/99 for £3000, and I remember that I paid insurance, but I have no record or paperwork concerning the loan.

Where do I start with trying to reclaim??

Any advice would be much appreciated.

Thank you

gurusapprentice

Hi I am a newbie to this site I took out a claim for ppi against the co-op and have received an offer, the letter also states that when my loan account was closed and transferred to my current account (due to being unable to pay) in 2001 a ppi rebate was applied to the account and this has been taken into account when calculating any redress due. Is this a normal procedure as they say it was "trying to help maintain my credit rating" by putting the loan across to an overdraft. I beleive its just a cop out to paying me the full amount due any help would be appreciated

gurusapprentice

1swingoutsister wrote: »

Hi,

I wondered if anyone could give me some advice?

I took out a graduate loan from Lloyds TSB in 1998/99 for £3000, and I remember that I paid insurance, but I have no record or paperwork concerning the loan.

Where do I start with trying to reclaim??

Any advice would be much appreciated.

Thank you

I would suggest that you download a form from here include any relevant information that you can i.e address at the time date of birth etc account it was paid into if you know the details i have managed to make seemingly successful claims against a few finacial organisations but have involved a claims comapny purely because of the amount of claims and lack of paperwork etc

dunstonh

gurusapprentice wrote: »

Hi I am a newbie to this site I took out a claim for ppi against the co-op and have received an offer, the letter also states that when my loan account was closed and transferred to my current account (due to being unable to pay) in 2001 a ppi rebate was applied to the account and this has been taken into account when calculating any redress due. Is this a normal procedure as they say it was "trying to help maintain my credit rating" by putting the loan across to an overdraft. I beleive its just a cop out to paying me the full amount due any help would be appreciated

You may believe it is a cop out but it is correct. Early repayment should see a rebate of the PPI premium being applied. it is typically part of the redemption figure.

gurusapprentice

"early repayment" This is my point the loan wasn't repayed early. My current account was in debt the loan was in areears and was all put across to the co-op debt unit, and at no time was I informed that this was happening, I believe that under the current guidelines from FSA and FOS even if the rebate was applied by accepting the fact that it was misold in the first place I should still be entitled to the 8% pa

kingono1

can any one tell me if i can proceed with a claim for mis sold ppi by le redoute/redcats for total cover added to account since 2003 until now. they have written back saying they are not covered by the ombudsman as it was taken out before 2005 is this true and if so how do i reclaim. is there any point in sending the fos questionaire downloaded from this site or do i have to go through the financial compensation service. thank you

dunstonh

they have written back saying they are not covered by the ombudsman as it was taken out before 2005 is this true

FSA regulation started in 2005. So, unless they were members of the GISC prior to that (sounds not) then they dont have to consider your complaint and you do not get access to the FOS.

is there any point in sending the fos questionaire downloaded from this site or do i have to go through the financial compensation service.

You have no access to the FOS or FSCS as its prior to 2005.

rach6083

I took out a £4500 loan with Barclays and finished paying this in May 2009 or thereabouts. I don't have a copy of any of the paperwork involved with this loan anymore. How can I find out if I paid PPI?

dunstonh

How can I find out if I paid PPI?

ask them..