Household bank PPI Claim help (newbie)

Stellasteve

Hi Guys and girls,
Im looking for a bit of advice as im contemplating attempting to reclaim my PPI from 3 loans i had with the Houshold bank.

The 1st loan i had with them was early 2000 and this was paid off by a re-loan from the same company, i then had a 3rd loan from the Houshold bank which repaid the 2nd loan, all of these had PPI on them ( iv only got paperwork from the 3rd loan).

The reason im thinking of reclaiming and the reason why i believe this was mis sold to me is that at the time i took the loans out i was very inexperienced with the way in loans are calculated and how it all worked, a fact which i explained to them when i had my loan meeting hoping that they would help me, at the time i needed the loan badly, again i told them this hoping they would understand, the woman i dealt with was very abrupt and id go as far to say used bullying tactics to get me to take out the PPI. I explained to them that i didnt fully understand it and her response was "if you take it out, it will help with the loan" now i have nothing in writing to prove this and looking back on it i feel i was pressurised into taking out the additional PPI.

Iv got a few details from the paperwork i have from the last loan ie account number and figures (see below)

Amount of credit
(A) For personal use - £2,011.99
(B) For repaying existing accounts - £4,388.01
(C) For optional payment protection insurance (PPI) - £1,876.20
(D) Total - £8,276.20

Duration of agreement - 60 Months

Total amount payable
(A) For personal use - £3,648.60
(B) For repaying existing accounts - £7,957.80
(C) For optional payment protection insurance (PPI) - £3,402.60
(D) Total - £15,009.00

Amount of each repayment
(A) For personal use - £60.81
(B) For repaying existing accounts - £132.63
(C) For optional payment protection insurance (PPI) - £56.71
(D) Total - £250.15

APR 29.9%

This loan was taken out in November 2005 and was fully repaid.

At the time i thought it was my own stupid fault for not standing up to her and saying no and took it as a lesson learnt but after reading the stories and info on this site i thought i may have a case.

Im just looking for the best way to start this reclaim off and any advice or help you guys can give me.

Many thanks in advance for any of your help.

amersall

Send a copy of the last loan agreement to the bank, put that this was the last of 3 consolidate loans and you were mis sold the PPI because.

This is Single Premium PPI, 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.

Stellasteve

Thanks for your reply,
So am i right in thinkinking that when i took out my 3rd loan to pay off the 2nd loan that they charged me for the full amount of the PPI on the second loan even though i paid it off early?

I have sent my letter off using the template from this site so hopefully it shouldnt be too long before i hear back from them.

Iv read about the reclaim calculations and my understanding of it is that 8% is added onto each monthly payment of the PPI so in my case it would be:

£56.71 + 8% = £61.24 x 60 months = £3674

Does this calculation sound right ?

Just want to be sure so that if they come back with an offer then they arnt trying to pull a fast one.

Many thanks for your help.

amersall

When you settled the first loan, they will have given you a rebate of the PPI, the remaining PPI from loan one would have been put onto loan 2, loan 3 would have had the remaining PPI put on from loan 2 after the rebate.
All you need to know is you get all 3 PPI back less the rebates for the early settlements.

The 8% is on a decreasing scale for each monthly PPI payment that you made from start date to the date you win redress, the nearer you get to the redress date the less the 8% amount is as you have been without this 8% for less time, the 8% is taxable if you are a taxpayer, if the bank do not take the tax off then you have to inform HMRC.

Stellasteve

Thanks again for your help and advice )

Does anyone know if there is a calculator or spreadsheet available for working out claim amounts?

Thanks for the help guys.

Stellasteve

Also from my details in my original post does this look like it is a front loaded PPI insurance? and if it is will it make my claim any more successfull?

Iv seen the term "front Loaded" a few times in different posts but im not entirellly sure what this means.

Thanks in advance.

Cityboydal

Definately frontloaded.

amersall

100% front loaded.

Stellasteve

Just a quick update guys, had a letter come through today confirming that they have recieved my complaint and that they will be looking at starting their investigations within the next 6 weeks and have a final response within 8 weeks, im guessing this is a standard letter they sent out but fingers crossed.

Thanks to everyone who has helped me along the way

amersall

Fingers crossed x.

Stellasteve

Just want to give everyone an update on my claim, after 4 weeks i finally heard something back from the HFC, they have upheld my complaint and have offered to pay back all the PPI on all of my loans which totals £6487. As you can imagine im over the moon with the way this has turned out and i just want to say a big thank you to everyone involved in this site for there help.

Thanks guys and girls )