Another PPI newbie asking for advice

hole_in_my_pocket

Guys

Not sure what to do.

Having read Martin's advice that it really is unnecessary to go via a Claims Company to reclaim PPI, I thought I'd give it a go myself.

Firstly my son suggested it a few weeks ago as he is going thru a Claims company and said 'Dad, you must have some loans or creditcards you can claim back for?"

So it got be to thinking.

As my wife and I are low credit score or high credit risk, whichever you prefer, we went thru Ocean Finance a few years ago to arrange a 2nd mortgage.

From memory we got a loan thru GE Loans and then after a year Ocean Finace came back and said "Hey do you want another?" and I think we either extended/increased the initial loan or has 3 seperate loans all done via Ocean and with GE loans (I thought)

In 2008 we arranged a loan to repay all outstanding mortgage (longstanding with Nationwide) and 2nd mortgages - GE Loans.

We looked for documentation relating to those GE loans, but could find nothing. So without an account number or amount of loan we can do nothing I guess.

Well today my wife found the settlement correspindence from 2008 stating that the loans rapid were to SOUTHERN PACIFIC and I do vaguely recall a change in name - Are GE Loans the same as SPP ???

So the loans repaid totalled £75000 (I was quite surprised at how much, but it says in black and white)

I have no details of PPI, but with the kind of loans we had, I guess PPI would have been part of the deal. Certainly to my memory, because we were high risk, it was a neccesity I was led to believe.

OK So thats all the info I have - the loans were large so any PPI claim would be substantial from what I gather, so we must do simething about claiming it back - a pay out to us in four figures would be fantastic to recieve in the present financial climate. But do we go it alone or go with the limited info we have or put it into the hands of a Claims Company.

Any advice in what to do next or if we should hunt for further info or even if we are wasting our time.

I think the original loan (s) would have been taken out around 2003/4 as I recall not being able to pay them off until 4 years had passed without a huge penalty.

Help, please

timmybear

It all depends on if you were miss sold the PPI. So if you don't know if you even have PPI, you can't know for sure if you were miss sold it.

You may even have had PPI and may have been sold it correctly. Its just that there's an awful lot of confusion around at the moment as to why PPI is being refunded. Having PPI is not a reason for being entitled to a refund, as for many people it is a good product to have. It's if it has been miss sold to you that you will be allowed to try and reclaim it.

amersall

You may have trouble with this due to the year, having said that, you could put a claim in, give GE a ring and ask if they know who sold you the loan that you paid off in 2008, it is possible they will wash their hands of this due to the year, but give it a try.
Ask them for a copy of the agreement, they should have this as it was only paid off 4 years ago.

Secured Loan PPI ( if you find you did have this) is the most extortionate rip off PPI ever, they were Single Premiums that were in fact a loan on the loan paid back to term with interest, the PPI may only have covered you for a few years but the loan went on longer, so no cover for the remaining term, paying it back at a variable rate that will cost thousands over the term, if you did have PPI then I guarantee you that whoever sold you this PPI would not have fully explained the true cost of this PPI. this was the most hugely sold PPI and made the company selling this thousands in commission, this is why this type of PPI is the most upheld of all PPI reclaims.

I hope you can take this further if you have PPI, get the info and take it from there, you have nothing to lose.

hole_in_my_pocket

Thanks for the replies.

I think I will get an SAR letter off in the post this week and see what comes back.

I'm pretty sure as these loans were all 'sub prime' loans - ie we went thru Ocean Finance and they could only find loans for us with lenders of last resort - we'd have been sold front loaded PPI as a matter of course. We'd not have disputed it as we were looking to consolidate and borrow money to pay off existing 2nd mortgage and credit debts plus have some left over for house improvements.

I think it was GE LOANS, but the paperwork we have says SOUTHERN PACIFIC and CAPSTONE MORTGAGE SERVICES.

I did a search and they now seem to be ASCENDEN

So should I find an address for Ascenden and send SAR to them or is there one for SOUTHERN PACIFIC (doh - but if they dont exist how can I SAR them?)

When I read some stuff it sounds hopeFUL, and then I read something else and it seems HopeLESS

amersall

Give the FSA and FOS a ring and ask if they have details on the firm you need to send this to.
http://www.fsa.gov.uk/consumerinformation/consumer_contact

http://www.financial-ombudsman.org.uk/contact/index.html