Joint Loan

haggis38

Has anyone had any success reclaiming PPI on a joint loan (now ex partner), any hints or tips before I attempt to do it please.

Also what is a single premium policy?

Looking at the loan and payment protection details on the original application form which was completed for us there is a monthly PPI figure added to the total monthly payment, this loan was paid in full over 96 months, is this the same thing?

Any help or advice would be much appreciated. Thanks

haggis38

Any help please?

AncientOfMu

Was the loan paid by one payment out of your bank account?

If so, that alone is a reason for mis-sell

Cheers

Mu

haggis38

Hi Mu

Yes it was Loan £11,000
Interest - £6276
Total Amount - £17276.16
96 monthly payments of £179.96
APR 12.90%
PPI at £47.29
Customers monthly payment £287.25 (incresed when PPI rate went up)

The monthly payment of £287.25 was paid by DD from my account, so the fact that this was one payment rather than loan amount and PPI taken seperately is enough?

Thanks so much for your help and advice, I see your quite an expert.

Haggisx

haggis38

Oh and do you have a standard letter I could use as a template, or know where I can one. Thanks Hx

amersall

This is Single Premium PPI and this is the reason for mis sell that you use, this was a loan on the loan paid to term end with interest, if you cancelled the PPI they would have given you a pro rata rebate of the PPI and the remaining PPI is still on the loan to term end.
If you settled this loan early then, as above you, would have a pro rata rebate and you would have paid back the remaining PPI in with the settlement figure.
What bank is this? as some do the complaint over the phone, if they don't, then fill out the FOS questionnaire and send it to the bank, take a copy in case this has to go to FOS.

http://www.financial-ombudsman.org.uk/consumer/complaints.htm
As this is a joint Loan, you will need both to sign and any redress you get will be made in joint names, if this is not possible then you will have to let them know that you want separate cheques.

haggis38

The loan was over 96 months and paid until the end of the term. Im sorry to appear a dunce but lona apon a loan - this is the basis, sorry I dont understand?

This was Abbey and way back in 1997, I have the 2nd copy of the credit agreement and copy bank statements, the loan was paid in full for the term, infact my current account where the payments were taken from is still active with them (Santander), I have contated my ex-partner and he is in agreement that I go ahead with a claim, do I just send a letter or do we have to make separate claims? Thank you for your help. Haggis x

AncientOfMu

haggis38 wrote: »

The loan was over 96 months and paid until the end of the term. Im sorry to appear a dunce but lona apon a loan - this is the basis, sorry I dont understand?

This was Abbey and way back in 1997, I have the 2nd copy of the credit agreement and copy bank statements, the loan was paid in full for the term, infact my current account where the payments were taken from is still active with them (Santander), I have contated my ex-partner and he is in agreement that I go ahead with a claim, do I just send a letter or do we have to make separate claims? Thank you for your help. Haggis x

A loan on a Loan is effectivly when you applied for the loan they loaned you that amount plus another amount to pay for the PPI.

When you make the complaint fill out the FOS questionairre it has spaces on there for both you and your partners details.

I seem to recall that the FSA have ruled that loaning people money on top of the amount they want to borrow for paying of PPI is a big no no.

If the PPI policy was set up with a totally seperate direct debit then you need to have other reasons to complain about misselling.

And thank you for the compliment, however I am not an expert I just read a lot and have learnt a lot whilst going through my own claims.

Cheers

Mu

amersall

haggis38 wrote: »

The loan was over 96 months and paid until the end of the term. Im sorry to appear a dunce but lona apon a loan - this is the basis, sorry I dont understand?

This was Abbey and way back in 1997, I have the 2nd copy of the credit agreement and copy bank statements, the loan was paid in full for the term, infact my current account where the payments were taken from is still active with them (Santander), I have contated my ex-partner and he is in agreement that I go ahead with a claim, do I just send a letter or do we have to make separate claims? Thank you for your help. Haggis x

You do one complaint in both names, you were mis sold this PPI as it was Single Premium PPI that you paid to the end of the Loan with interest, that is all you do.