Who are Loans Direct? PPI Reclaim!

[Deleted User]

Moneyineptitude wrote: »

It's probably the only one, regarding documentation, which could form the basis of a successful mis-selling complaint.

My earlier post still stands.
Do note, if you applied online or via a leaflet, these are regarded as "non-advised" sales and are very difficult to complain of mis-selling.

OK, thanks. Just one last question, if I may. When people are advised to take out a PPI policy via a telephone call for instance, how is this proved?

[Deleted User]

hewsy10 wrote: »

When people are advised to take out a PPI policy via a telephone call for instance, how is this proved?

What exactly do you want to "prove"? That the telephone call took place at all? Or that the telephone call was part of your mis-sale?

The Bank will have records of how you applied for the loan, but if you want proof of what was said to you in a potential 'phone call then that's likely to be problematical.
If you simply make accusations that the operator was "pushy and insistent" or allege that the advisor told you that you must have PPI in order to be accepted, then this kind of "hearsay" complaint is impossible to prove and is likely rejected on that basis.

What you need are verifiable reasons for complaint. Were you paying a single monthly premium combining both your loan and PPI repayments, for example? If so, this kind of front loading (whereby you end up paying far more interest) is the most upheld complaint reason!

[Deleted User]

Moneyineptitude wrote: »

What exactly do you want to "prove"? That the telephone call took place at all? Or that the telephone call was part of your mis-sale?

The Bank will have records of how you applied for the loan, but if you want proof of what was said to you in a potential 'phone call then that's likely to be problematical.
If you simply make accusations that the operator was "pushy and insistent" or allege that the advisor told you that you must have PPI in order to be accepted, then this kind of "hearsay" complaint is impossible to prove and is likely rejected on that basis.

What you need are verifiable reasons for complaint. Were you paying a single monthly premium combining both your loan and PPI repayments, for example? If so, this kind of front loading (whereby you end up paying far more interest) is the most upheld complaint reason!

I was just curious about how those sort of complaints were upheld, that's all. I never spoke to anyone on the phone about this particular loan.

As it goes, I did pay one monthly payment to Loans Direct (whoever they were), rather than one payment for the loan and one for the insurance.

Anyway, I'll do some more reading and decide whether it's worth pursuing or not. It doesn't sound like a very realistic claim from what I've learned so far.

amersall

This is Single Premium PPI and this is the reason that you use.

Anyway, my first ever loan was with Loans Direct (or at least that's what it says on my bank statements). I was sure that the loan was with Black Horse but my statements clearly state that the payments were being sent to Loans Direct.

These are the ones you put the claim into, they sold you the loan and PPI.

I thought she meant I would have to increase the loan term. I now realise that this wouldn't have been the case.

The APR may have been higher, you get a smaller rate sometimes due to the insurance being taken.

[Deleted User]

hewsy10 wrote: »

As it goes, I did pay one monthly payment to Loans Direct (whoever they were), rather than one payment for the loan and one for the insurance.

amersall wrote: »

This is Single Premium PPI and this is the reason that you use.

As amersall said!:)

nice_cup_of_tea

My mother had a loan with LoansDirect back in 2003. Does anyone know the address of that company as I note the address given at the beginning of the post is for 2009 onwards. Hope someone can help. Am going to send a SAR to them, but of course need the correct address!

Many thanks to anyone who can help

[Deleted User]

nice_cup_of_tea wrote: »

My mother had a loan with LoansDirect back in 2003. Does anyone know the address of that company as I note the address given at the beginning of the post is for 2009 onwards. Hope someone can help. Am going to send a SAR to them, but of course need the correct address!

Many thanks to anyone who can help

I'm still searching for the company details. I have a feeling they have gone bust and are no longer in existence, which I assume would mean a claim couldn't possibly be made.

I have searched for 'Loans Direct Ltd' on the Companies House website and they were dissolved in 2007 but incorporated in 2004, which doesn't help me because my loan was taken out before that date.

It's possible they went under a different official company name but I don't know what it is.

Any more information on this would be a great help though.

-taff

Loansdirect are the provider. You need to complain to the bank or building society that brokered the loan.

[Deleted User]

-taff wrote: »

Loansdirect are the provider. You need to complain to the bank or building society that brokered the loan.

I see.

Would it matter that I still bank with the same people who brokered the loan? Are there any possible side-effects of making a claim if you are still with the company you're claiming from?

-taff

There shouldn't be