Tesco finance front loaded PPI advice please

calw

Hi Money savers

I'm currently in the process of compiling a complaint to Tesco finance for a loan I took out in 2004, luckily I've found my original credit agreement, after checking this I noticed what I beilive may be front loaded ppi but I'm not entirely sure.
Its worded as follows:

Main loan £12,000

Insurance loan £1,810.00

Credit £13,810.00

total amount payable £16,226.46

then it... has Main loan repayment £261.10
Insurance loan repayment £39.39
total £300.49 per month

Does this mean it was front loaded PPI ??

and if so do I mention this in my complaint letter, I have listed my other reasons for believing I was missold, but will I need to mention I was sold a front loaded PPI.

any advice would be gratefully recieved

dilus

calw wrote: »

Hi Money savers

I'm currently in the process of compiling a complaint to Tesco finance for a loan I took out in 2004, luckily I've found my original credit agreement, after checking this I noticed what I beilive may be front loaded ppi but I'm not entirely sure.
Its worded as follows:

Main loan £12,000

Insurance loan £1,810.00

Credit £13,810.00

total amount payable £16,226.46

then it... has Main loan repayment £261.10
Insurance loan repayment £39.39
total £300.49 per month

Does this mean it was front loaded PPI ??

and if so do I mention this in my complaint letter, I have listed my other reasons for believing I was missold, but will I need to mention I was sold a front loaded PPI.

any advice would be gratefully recieved

Definitely front loaded PPI and make sure they know, that you know. Send a copy of the agreement and argue that you have paid interest on the PPI for the duration of the term. Demand back all PPI paid + interest paid on it over the term and 8% standard interest Good luck, not that you should need it

calw

thanks for the advice Dilus much appriciated will get it sent off then .....

dilus

calw wrote: »

thanks for the advice Dilus much appriciated will get it sent off then .....

You're welcome and it should be an uphold otherwise FOS it

Ms-Money-Penny

I've also put a claim into Tesco for front loaded PPI, they've had it since 26 Feb, just waiting patiently now

calw

Ms-Money-Penny wrote: »

I've also put a claim into Tesco for front loaded PPI, they've had it since 26 Feb, just waiting patiently now

Good luck with that fingers crossed for you, can I ask how long it was before you got an ackoledgement reply from tescos ? Just sent mine today recorded delivery...the accoung was paid off and closes in 2007 but luckily I have the original paperwork and agreement so sent copies of these, well see what happens, I notice on there website they have in big writing they no longer sell ppi....

[Deleted User]

calw wrote: »

have the original paperwork and agreement so sent copies of these, well see what happens, I notice on there website they have in big writing they no longer sell ppi....

I wouldn't worry about the timescale for an acknowledgement (it's usually about two weeks), remember that they have eight weeks in which to give their "full and final" response. If you're concerned check with the Post Office tracker that it's been delivered.
Just one other thing, it certainly appears that you had front-loaded PPI from what detail you've given us. But, just to be sure, can you confirm that you were paying a single monthly premium and that the PPI wasn't paid separately each month?

Most of the Banks are prominently stating that they no longer sell PPI. I wonder why?

Ms-Money-Penny

calw wrote: »

Good luck with that fingers crossed for you, can I ask how long it was before you got an ackoledgement reply from tescos ? Just sent mine today recorded delivery...the accoung was paid off and closes in 2007 but luckily I have the original paperwork and agreement so sent copies of these, well see what happens, I notice on there website they have in big writing they no longer sell ppi....

I had an acknowledgement 2 weeks after posting, this week (4 weeks later) an update.

Ms-Money-Penny

Moneyineptitude wrote: »

I wouldn't worry about the timescale for an acknowledgement (it's usually about two weeks), remember that they have eight weeks in which to give their "full and final" response. If you're concerned check with the Post Office tracker that it's been delivered.
Just one other thing, it certainly appears that you had front-loaded PPI from what detail you've given us. But, just to be sure, can you confirm that you were paying a single monthly premium and that the PPI wasn't paid separately each month?
QUOTE]


I was paying a single monthly premium

[Deleted User]

Ms-Money-Penny wrote: »

I was paying a single monthly premium

Definitely front-loaded then.;)

calw

Moneyineptitude wrote: »

I wouldn't worry about the timescale for an acknowledgement (it's usually about two weeks), remember that they have eight weeks in which to give their "full and final" response. If you're dconcerned check with the Post Office tracker that it's been delivered.
Just one other thing, it certainly appears that you had front-loaded PPI from what detail you've given us. But, just to be sure, can you confirm that you were paying a single monthly premium and that the PPI wasn't paid separately each month?

Most of the Banks are prominently stating that they no longer sell PPI. I wonder why?

Thanks for that advice, appriciated it, yes I was paying a single monthly preium
The PPI was not paid seperatley each month.....