Help with joint loan but single person PPI please!

babyangel10

Hi,

I hope someone can help - I have done some searching and googling but nothing came up with clear answers tbh. (Plus I usually read MSE on my mobile so it's harder to go through pages of search results!)

I took out an unsecured personal loan with HSBC in March 2004 with my now ex partner. We split up around the time the last couple of loan payments were made in 2009 (just for clarity, if it matters?!)

I received a copy of the original paperwork yesterday and it shows that the PPI was only in his name although he was covered through his work for accident/sickness etc.

We both had life cover through Legal and General at the time the policy was taken out and this definitely wasn't asked about else I'd have told the advisor.

The more worrying aspects of the form are that it says that the loan is a 'Graduate' one - neither of us have been to University (well, apart from me now working at one, lol!) and have therefore never graduated, so surely the loan itself was incorrectly sold? Unless this was just some funky name for the loan?!

And also, on the PPI section, the bits that says 'Please initial to confirm understanding' were not initialled by my ex as the form states they should be, but by the bank salesperson. This is evident by the part where his full name is written by the salesperson and below it is my ex's signature - clearly showing the 'P' of his forename written totally differently to the 'P' on the 'please initial' part. (They are definitely our signatures though, again just for clarification).

I do remember our original loan appointment being made over the phone, so 'maybe' the advisor just pre-filled in bits 'to save time when we came into the branch' and then just whizzed through them...???

So, the MAIN question firstly is can anyone please advise IF and HOW I can claim for PPI bearing in mind I no longer have ANY contact with my ex, so he won't be able to countersign anything. (He owes me quite a sum of money, so this is one way I have come up with of getting some of it back, as I sure won't get it any other way...)

Secondly, I don't recall the PPI being made available solely to him. If I had have done then I would probably have had it put in just my name, due to my job being loads less secure than his, therefore probably more in need of the PPI. Incidentally I was made redundant a few years back, whilst the loan was still in place, but we never thought to claim PPI as he could afford to continue the loan repayments (obviously the claim wouldn't have been allowed anyway, as it wasn't in my name, as I now know!)

And finally the dodgy graduate loan thing, and of course the 'forged' initial thing. It to me, all smacks of 'desperate to get this loan approved by the advisor to get the PPI commission so will go to any lengths'.

We of course were desperate to be approved as it was for urgent car and house repairs, so more than likely were very naive and just signed to get it all done and dusted - not very smart, but equally, we weren't very good with forms or the jargon of T's & C's, and would have been all flustered by the whole thing as it was for £15,000 (Plus PPI). In addition, I was suffering from severe PND so definitely wasn't of sound mind when I read the paperwork. (Another reason the PPI would have been more use to me, as I was off work due to the PND)

Do you think I have a valid claim, considering all factors?

Am I making any sense? I'm not very good at getting my point across sometimes!

Thanks for any help

babyangel10

Hi again, just a quick bump cos I see that many other posts after mine are getting a reply, but poor l'il ol' me isn't! Have I said something wrong?!

amersall

babyangel10 wrote: »

Hi,

I hope someone can help - I have done some searching and googling but nothing came up with clear answers tbh. (Plus I usually read MSE on my mobile so it's harder to go through pages of search results!)

I took out an unsecured personal loan with HSBC in March 2004 with my now ex partner. We split up around the time the last couple of loan payments were made in 2009 (just for clarity, if it matters?!)

I received a copy of the original paperwork yesterday and it shows that the PPI was only in his name although he was covered through his work for accident/sickness etc.
This is a reason for mis sell
We both had life cover through Legal and General at the time the policy was taken out and this definitely wasn't asked about else I'd have told the advisor.You were only covered on the ppi policy for death anyway as you were the second named borrower

The more worrying aspects of the form are that it says that the loan is a 'Graduate' one - neither of us have been to University (well, apart from me now working at one, lol!) and have therefore never graduated, so surely the loan itself was incorrectly sold? Unless this was just some funky name for the loan?! Not sure what this is ?, you need to ask the bank what this is

And also, on the PPI section, the bits that says 'Please initial to confirm understanding' were not initialled by my ex as the form states they should be, but by the bank salesperson. This is evident by the part where his full name is written by the salesperson and below it is my ex's signature - clearly showing the 'P' of his forename written totally differently to the 'P' on the 'please initial' part. (They are definitely our signatures though, again just for clarification).

I do remember our original loan appointment being made over the phone, so 'maybe' the advisor just pre-filled in bits 'to save time when we came into the branch' and then just whizzed through them...??? This is possible if done over the phone.

So, the MAIN question firstly is can anyone please advise IF and HOW I can claim for PPI bearing in mind I no longer have ANY contact with my ex, so he won't be able to countersign anythingYou will need his signature i am afraid as he is the first named borrower, you cannot claim this back on your own, if redress is won it will be made to a joint account in both your names, you should get hold of him and tell him he may have a 50% ppi claim. (He owes me quite a sum of money, so this is one way I have come up with of getting some of it back, as I sure won't get it any other way...)

Secondly, I don't recall the PPI being made available solely to him. If I had have done then I would probably have had it put in just my name, due to my job being loads less secure than his, therefore probably more in need of the PPI. Incidentally I was made redundant a few years back, whilst the loan was still in place, but we never thought to claim PPI as he could afford to continue the loan repayments (obviously the claim wouldn't have been allowed anyway, as it wasn't in my name, as I now know!)

And finally the dodgy graduate loan thing, and of course the 'forged' initial thing. It to me, all smacks of 'desperate to get this loan approved by the advisor to get the PPI commission so will go to any lengths'.
This could have been as i said before the person on the phone ticking the box, explain the initial is wrong in your claim.
We of course were desperate to be approved as it was for urgent car and house repairs, so more than likely were very naive and just signed to get it all done and dusted - not very smart, but equally, we weren't very good with forms or the jargon of T's & C's, and would have been all flustered by the whole thing as it was for £15,000 (Plus PPI). In addition, I was suffering from severe PND so definitely wasn't of sound mind when I read the paperwork. (Another reason the PPI would have been more use to me, as I was off work due to the PND)

Do you think I have a valid claim, considering all factors?
This has to be done joint you will have to contact ex, you can ring the bank and ask what happens if you cannot get in touch with him and see what they say.

Am I making any sense? I'm not very good at getting my point across sometimes!

Thanks for any help

Hi there, you are the second named borrower so you were only covered for death, your ex had the full cover and has reasons for mis sell, you can state you had life cover too.
Look here for reasons for mis sell http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step2

and if anymore apply to your ex, then put a claim in, but at some point a signature will be needed.
Do not mean anything when i say this, but i would not consider "doing his sig" as this may come back to bite you.
If your ex reads the papers and the news, he may be putting a claim in as we speak!! he could already have done this and if you put a claim in and signed his name, this is fraud.

I suggest the " you could have some money coming" carrot to him and try to get in touch, if this was mis sold then the money is owed.

babyangel10

That is a very helpful and informative reply! :T

Thanks very much for answering all of the queries, or at least advising on the next course of action.

Going to have to do some major thinking on whether I want to trace him or put this one down to bad luck...

I hear you on the 'doing his sig' thing, and as his sig is just an initial and a squiggle I'd be lying if I didn't say it hadn't crossed my mind lol! But don't fancy doing time for fraud

Thanks again, very useful :beer:

amersall

You are very welcome, you should get hold of him though, 50% of something is better than 50% of nothing! hope you get to do this claim, let me know how you get on.

sammy74

I would make the claim in your name as I'm just going through the same process except the PPI is in my name only. The response is that we're entitled to a refund as it was a joint account but me personally can only have half paid. How this works when the insurance only covers me I don't know?! Mind boggles as you can bet he'd never have been able to claim.

amersall

If the PPI is in your name only then your ex has no claim, unless you are the first named borrower and your ex the second.
The mis sell is on the PPI policy and not the Loan.

The PPI only covers the second borrower for death, the main borrower has all the cover, so if a joint Loan, then it is a joint PPI.