Tesco Personal Finance - PPI Claim (Loan Closed - 2003)

emmareid12

I requested any account numbers, etc Tesco Personal Finance held on me from a loan I took out in 2001 (paid off early in February 2003). I didn't think i'd get anything back, but a couple of days ago, an agreement arrived in the post stating that I had taken out £1900 worth of PPI, which was added on to a Tesco Personal Finance Loan of £12000. The document stated that my main loan was for £12000, PPI (or insurance loan) of £1900 - credit was £13900. Total Charge for Credit - £3176. Total amount payable - £17076 (APR - 8.7%) The loan was £284.60 per month for 60 months (the main loan repayment - £245.69 and the insurance loan repayment was £38.91, obviously totalling £284.60 per month).

I have submitted the relevant 'ppi questionnaire' to Tesco and sent that off on Wednesday. Just wondering if anybody could tell me, from the figures above, what I would be entitled to in the way of PPI (would the figure include interest, etc) and the fact that I had paid off the loan early, would I be entitled to claim the £1900 in the first place? I know that its over the '6 years' but Tesco just sent me paperwork they hold on me from 2003, so they do have my original loan agreement. Surely this would work in my favour for claiming?

Any help would be greatly appreciated and sorry for being so thick!

I also applied for PPI from Egg about 4 weeks ago now - again, for a loan which was paid off outwith the '6 years' (paid off in 2005). I have the original paperwork for that. The PPI was for 873.18 for a 14000 loan, again, added on at the start of the loan - 60 instalments of £299.19 per month. It states that the interest rate was 7.66% and the APR was 7.9%. It doesn't state on the document how much per month I was actually paying towards the 'Loan Payment Protection'. Again, any idea how to work out how much PPI i'd be entitled to?

I am hopeful of getting both the PPI's, although it is outwith the '6 years'. I believe I was mis-sold it, I was working full time for the local authority (and continue to) and when I took out the loans I had been working for a number of years and knew I was paid in full if I was absent from work. Thus, not needing PPI.

Like I said, any help would be greatly appreciated.

amersall

With both loans, as they are closed, you get both original PPI amounts back, this will include the interest, they will then take off the rebate on both for the PPI that they gave you at early settlement, if the Egg ran to term then you get the whole PPI back, without knowing what the rebate was, you will have to wait for the calculations if you win, this will be broken down as to how they have redressed.

emmareid12

What do think my chances are of claiming ppi? I know its outwith the 6 years but i have all the documents for the egg loan and tesco sent me my agreement on the tesco loan, so they obviously still have me on file.

dunstonh

What do think my chances are of claiming ppi?

You havent given any reasons for complaint. So, we cant really comment on your chances. (in particular we need to know how you applied and how the PPI was sold to you)

emmareid12

I applied for both loans via a phonecall. I certainly don't recall asking for any sort of ppi to be added to the loan and didn't need it as i had been working for the local authority for years at that point and was paid in full if i was off work.

[Deleted User]

emmareid12 wrote: »

I know that its over the '6 years' but Tesco just sent me paperwork they hold on me from 2003, so they do have my original loan agreement. Surely this would work in my favour for claiming?

The loan agreement will show that you originally had PPI, but even if the Bank uphold your complaint you can expect them to demand statements from the period to prove that you actually paid the PPI.

emmareid12

Thanks for that. I have bank statements from the time showing the sums of money coming out. I'll see what happens anyway.

Kevin_Hall78

emmareid12 wrote: »

I requested any account numbers, etc Tesco Personal Finance held on me from a loan I took out in 2001 (paid off early in February 2003). I didn't think i'd get anything back, but a couple of days ago, an agreement arrived in the post stating that I had taken out £1900 worth of PPI, which was added on to a Tesco Personal Finance Loan of £12000. The document stated that my main loan was for £12000, PPI (or insurance loan) of £1900 - credit was £13900. Total Charge for Credit - £3176. Total amount payable - £17076 (APR - 8.7%) The loan was £284.60 per month for 60 months (the main loan repayment - £245.69 and the insurance loan repayment was £38.91, obviously totalling £284.60 per month).

I have submitted the relevant 'ppi questionnaire' to Tesco and sent that off on Wednesday. Just wondering if anybody could tell me, from the figures above, what I would be entitled to in the way of PPI (would the figure include interest, etc) and the fact that I had paid off the loan early, would I be entitled to claim the £1900 in the first place? I know that its over the '6 years' but Tesco just sent me paperwork they hold on me from 2003, so they do have my original loan agreement. Surely this would work in my favour for claiming?

Any help would be greatly appreciated and sorry for being so thick!

I also applied for PPI from Egg about 4 weeks ago now - again, for a loan which was paid off outwith the '6 years' (paid off in 2005). I have the original paperwork for that. The PPI was for 873.18 for a 14000 loan, again, added on at the start of the loan - 60 instalments of £299.19 per month. It states that the interest rate was 7.66% and the APR was 7.9%. It doesn't state on the document how much per month I was actually paying towards the 'Loan Payment Protection'. Again, any idea how to work out how much PPI i'd be entitled to?

I am hopeful of getting both the PPI's, although it is outwith the '6 years'. I believe I was mis-sold it, I was working full time for the local authority (and continue to) and when I took out the loans I had been working for a number of years and knew I was paid in full if I was absent from work. Thus, not needing PPI.

Like I said, any help would be greatly appreciated.

Could you please advise the contact details for Tesco Personal Finance where you requested your agreenment/loan reference numbers/information from.

Thanks

emmareid12

I sent the letter requesting details to:-

Tesco Personal Finance Ltd
Tesco Personal Finance
4th Floor, George House
36 North Hanover Street
GLASGOW
G1 2YG


They were quite quick at returning the information I asked for and I then took it from there. That's nearly 8 weeks since I received confirmation from them that they were investigating my complaint. I have just phoned them and they are still awaiting 'internal information', so i'm not expecting to hear whether it is to be upheld or not any time soon. From what i've read Tesco have a huge backlog.

Ms-Money-Penny

emmareid12 wrote: »

What do think my chances are of claiming ppi? I know its outwith the 6 years but i have all the documents for the egg loan and tesco sent me my agreement on the tesco loan, so they obviously still have me on file.

The Tesco loan was front loaded PPI so you should have a successful claim. I did:D

emmareid12

Ms-Money-Penny wrote: »

The Tesco loan was front loaded PPI so you should have a successful claim. I did:D

How long from start to finish did it take them to sort out your complaint? Its been nearly 8 weeks and they're still waiting for 'internal information'. Not sure what i'd do when it actually comes to the '8 weeks'. Just sit tight?