Everyday Loans - Help Needed

-taff

Moneyineptitude wrote: »

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

well, you don't know if their recollection when it was taken out was right, as their recollection is that their PPI and loan are linked as a single payment.

[Deleted User]

-taff wrote: »

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.

Yes, but you advise cancelling the direct debit which comes from his Bank account. This would result in Everyday Loans seeking the payment and being refused.


He needs to cancel the PPI AND the Direct Debit.

-taff

Aha! Cross purposes......
So, he has to cancel his PPI with Everyday loans, who are refusing to do this.....Can they make insurance a condition of the loan? As it just seems odd that he can't cancel a monthly premium directly with them....

[Deleted User]

-taff wrote: »

it just seems odd that he can't cancel a monthly premium directly with them....

It depends in what manner he's given them the instruction to cancel (and why he's continued to pay it for ten months after apparently telling them!)

Have Everyday loans refused to cancel, or will they simply say they have never received such an instruction?

willLeeds

Yeah its just one direct debit payment to Everyday Loans each month.

The ombudsmen told me to wait yeah, i heard that most of the banks have it cleared up one way or another in this time.

I was thinking about going to a PPI claim company in the hope that they would have a wealth of experience and potentially be able to help me further.

I remember directly the sales man telling me i wouldn't get it without the insurance, but i suppose its just my word against his.

[Deleted User]

willLeeds wrote: »

I was thinking about going to a PPI claim company in the hope that they would have a wealth of experience and potentially be able to help me further.

Even if you could now approach a Claims Management Company (which you can't), they couldn't do anything you haven't done yourself already and they would charge around 25% of your redress (plus VAT).
Avoid.

LcPrid

willLeeds did you every hear back from the Financial Ombudsman?

My partner got a loan with Everday Loans over a year ago and when I noticed there was an extra premium added to the loan I asked the salemans if this was PPI and that he didn't need that on the loan. The salesman replied no its Life Insurance and he had to have it to get the loan. Looking back at the paperwork it says "The Everyday Life Cover is optional and not a condition of your loan"

It really is a missold product but like everyone says its pretty hard to prove. I do find it a bit strange to have life insurance for a 26 year old man with no dependants for a £2800 loan. I also noticed that the premium payments is bundled with the loan payments and interest is charged on it at 53.9% APR.

Is it even worth making a complaint about this?

[Deleted User]

LcPrid wrote: »

willLeeds did you every hear back from the Financial Ombudsman?

Will Leeds last logged on to this site in August. This thread is from February 2013.
http://forums.moneysavingexpert.com/member.php?u=1899697

p4nc4ke

Just incase anyone else finds this thread through a google search like I have, I have done some research on some ombudsman decisions regarding PPI claims against everyday loans.

It seems they are not making decisions in peoples favour if they simply claim they were told it was compulsory (like I was).

As the paperwork states it is optional, without any evidence to the contrary they cannot uphold a complant.

However, they are deciding in peoples favour for the following reasons:

PPI payments being given on documents as average monthly costs - this "This meant that the share of each monthly payment which was used for the PPI premium was bigger at the start of the loan period, when the loan balance was highest. And the share
applied to the loan itself would’ve been less than Mr X might’ve expected, until later in the loan period".

Life cover recommended for those with no dependants - they should not have recommend this for me. They suggested it would help prevent my parents from having to deal with my debt if I were to die. They wouldn't have to. I have this in writing on the PPI form - you might do too.