Everyday Loans - Help Needed

willLeeds

Hi Guys,

I took out a loan two years ago, at the time i had very poor credit and had to go to a company called Everyday Loans.

At the time, along with a ridiculous amount of interest the sales man also told me 'It would be unlikely i would be accepted for the loan with out payment protection insurance'

I didn't think there was anything wrong with this and agreed to take on the insurance, signing all the appropriate paperwork.

Only after reading an article in a paper did i realise that i had in fact been miss sold the insurance and contacted Everyday Loans. They went on to tell me that i had singed everything etc. and there was no way they would help me.

Since then i have contacted the financial ombudsman and began making a claim, its now been 9 months and ive stil not had any kind of re-payment.

Couple of questions....

1. How long can it take?

2. Im slightly worried that because Everyday Loans isnt one of the 'Big Four' banks that they will in some way be abel to sweep this under the carpet. Is that possible?

3. Now ive started a claim on my own, could i bring in an outside company to help get it sorted?

4. April last year i asked for the PPI money to stop being taken, but they company continued to take it. What can i do to stop it? The loan only has 3 months to run.

5. The PPI sold by Everyday Loans, but is with Aviva. Could i potentially go do Aviva directly about it?

[Deleted User]

Your complaint is already with the Ombudsman and all you can do now is wait for their eventual decision. You cannot involve anyone else or do anything really.It can take anywhere up to eighteen months for the Ombudsman to adjudicate and there is no guarantee of success.

Did you make the instruction to cancel the PPI in writing? If not,and you have no evidence, I doubt you can complain it hasn't happened.Why have you left it 10 months without querying why your cancellation instruction hasn't been actioned?

Two points to consider;

1. Since this PPI was only taken out two years ago, when PPI mis-selling was already getting lots of publicity, this sale is most unlikely to have had any of the process faults associated with historical PPI.

2. Your complaint reason is the weakest possible since you can provide no evidence that the advisor at Everyday Loans told you that taking the PPI would increase your chances of getting the loan.

-taff

willLeeds wrote: »

Couple of questions....

1. How long can it take?

2. Im slightly worried that because Everyday Loans isnt one of the 'Big Four' banks that they will in some way be abel to sweep this under the carpet. Is that possible?

3. Now ive started a claim on my own, could i bring in an outside company to help get it sorted?

4. April last year i asked for the PPI money to stop being taken, but they company continued to take it. What can i do to stop it? The loan only has 3 months to run.

5. The PPI sold by Everyday Loans, but is with Aviva. Could i potentially go do Aviva directly about it?

1 - It can take forever unless your complaint is upheld. You cannot have a refund, you have to complain and your complaint must be upheld.
2 - As above, if it was taken two years ago, it should be paid separately from your loan repayment, if it isn't, it's single premium, which should not have been sold to you. If it is being paid separately,and you fulfill the ctriteria for it [employed, no recurring illness etc] you have been sold it correctly so the chances of your complaint being upheld are practically nil.
3 - No, because you can't complain twice
4 - If it's a separate direct debit, cancel the direct debit.
5 - No, you cannot 'do' aviva directly because they didn't sell you the PPI


Also - have you actually complained to the company, or just asked them to stop it? Have you filled int he ombudsman form and sent it off?
Have you had an acknowledgement from the FOS to say they have your complaint?

[Deleted User]

-taff wrote: »

it should be paid separately from your loan repayment, if it isn't, it's single premium

No lender will have set up a single premium policy two years ago.

There is also no reason to suspect that the OP hasn't complained to the lender, as FOS wouldn't have allowed him to proceed if he hadn't.

On the other hand, if he's still waiting for an initial FOS acknowledgement after nine months then he really is in trouble as he's well past the six months allowed for a referral.

-taff wrote: »

4 - If it's a separate direct debit, cancel the direct debit.

This is most inadvisable as the PPI will then become an unpaid debt.

willLeeds

Im pretty sure its all one payment, i can look back in my paper work and double check if someone could advise me on what exactly i should be looking for.

Yeah I've companied to the company, who said i had agreed to everything, i then complained to the FSO, filled out all the necessary forms etc. I had a reply saying they would get back to me but could take a months etc.

[Deleted User]

willLeeds wrote: »

Im pretty sure its all one payment, i can look back in my paper work and double check if someone could advise me on what exactly i should be looking for.

You should be looking on your bank statements to see if your monthly payments to Everyday Loans are separate for the loan and PPI. Remember that the PPI payment may go direct to the insurer rather than Everyday Loans.
As I said above, there is nothing you can realistically do until the Ombudsman service makes their adjudication.

willLeeds wrote: »

Yeah I've companied to the company, who said i had agreed to everything, i then complained to the FSO, filled out all the necessary forms etc. I had a reply saying they would get back to me but could take a months etc.

So you have already been told you can do nothing but wait...

-taff

Moneyineptitude wrote: »

This is most inadvisable as the PPI will then become an unpaid debt.

Not if it's a monthly premium, it can be cancelled at any time, but your loan will no longer be covered by it if you need it.

-taff

Hmmm...according to their website, and if it's the same one, they have never sold single premium PPI
http://www.everyday-loans.co.uk/complaintsdata

[Deleted User]

-taff wrote: »

Not if it's a monthly premium, it can be cancelled at any time, but your loan will no longer be covered by it if you need it.

Yes, but you advise cancelling the direct debit.
It would simply become an unpaid debt in this circumstance, as the PPI would not be cancelled.

[Deleted User]

-taff wrote: »

Hmmm...according to their website, they have never sold single premium PPI

Trust me, two years ago no one was selling single premium PPI!

-taff

If they are paying the PPI as a separate monthly direct debit, it can be cancelled, because there was no loan to buy it as a whole, or at least, there shouldn't have been.
It won't be an unpaid debt if the whole amount wasn't borrowed in the first place.

Is this a cross-purpose argument?

Anyway....I did have a loan insurance paid as a monthly premium, which I cancelled when I realised what it was. It merely didn't cover my loan anymore, it was not a debt I didn't pay.