ppi who to claim off or to?

amersall

You will get the whole PPI back plus 8%, when you settled the loan early they would have given you a rebate of the PPI and they will take this amount off.

mememe1778

i took out a secured loan with Igroup in 2004 and was set up by loans.co.uk and i have the ppi details and was witnessed by the field rep and signed by him at my house.
I also took out one with GE money in 2005 and this seems to have been set up by loans.co.uk. these have all been cleared years ago.

any ideas what steps i should take and to whom???

codfather

Thanks Amersall.
I may have confused you i think. The loan is still running but the ppi is not. The 12% interest attached to the whole loan includes the ppi and is still live. Does this make a difference? If they returned the ppi amount plus 8% i would still be massively out of pocket because the loan will run for another 8 years.
Sorry if i confused anyone.
Cod.

codfather

Mememe1778, only advice i can give is do what i did. I wrote to loans.co.uk and explained why i felt i had been mis-sold ppi. Within a month they have upheld my claim. Their address is at the beginning of my posts. Keep copies of all letters you send. Good luck.
Cod.

di3004

"If" loans.co.uk" are out of business and you were sold a policy as from 14 Jan 2005, these reclaims can be dealt with by the Financial compensation scheme (FSCS), loans.co.uk were regulated by the FSA as from the above date maybe before, and the FSCS are able to take on cases if the business were regulated by the above when taking out the policy.

http://www.fscs.org.uk/contact-us/

I assumed they were still active.

Good luck on your reclaiming folks.

amersall

codfather wrote: »

Thanks Amersall.
I may have confused you i think. The loan is still running but the ppi is not. The 12% interest attached to the whole loan includes the ppi and is still live. Does this make a difference? If they returned the ppi amount plus 8% i would still be massively out of pocket because the loan will run for another 8 years.
Sorry if i confused anyone.
Cod.

Sorry, I forgot the loan is still running!.
The PPI is still on the loan to term end with interest even though the PPI is not there.
You have won redress so you will get the whole PPI amount taken off the loan balance, this will decrease the loan payment by the PPI monthly amount and you are not paying for the PPI from this point, you will get back to you the PPI that you have paid to date with the statutory 8%.