In process of claiming PPI from 2004 and 2005

tillymint22_2

Hi all :hello:

I'm sorry if im posting this in the wrong place but its my first post so im a newbie and i would like to share my news that I am in the process of claiming back PPI from 4 separate companies.

I have been de-cluttering my bedroom and found an old lever arch file with all my old loan agreements in and upon further reading i noticed i had PPI. My OH laughs at me an calls me a hoarder but i have every single credit agreement and letter from when the loans were taken out. So I have spent the last hour going through the claim questionnaires for each one. However, its not that straightforward as 2 are from 2004 and 2 from 2005. 2 are HSBC personal loans, 1 Alliance and Leicester loan and 1 from Endeavour Personal Finance. All were paid off after a few years once i had re-mortgaged.

Since paying them off I got into financial difficulties and have been on a Debt Management Plan since 2006. So as they are over 6 years old I am not holding out much hope of getting anything back but hey ho I have nothing to lose and all the paperwork to prove it. I have also sat on MSE and trawled through all the positive success stories of people who have got refunds which has spurred me on even more.

If i am successful with my claim i will use it to pay off my DMP.

So Fingers Tightly Crossed eh folks

Just to add that with the HSBC loans we were under the impression that it would help approve our loan if we had PPI cover and we were never told it was optional. The EPF we were told we needed to take to PPI out as it was a big loan and the A & L i dont even remember to agreeing to it as it was all done online.

-taff

You don't have to be told it's optional, and if it was done online you missbought rather than were missold. Having said that, you may have other reasons that will result in your complaints being upheld, or get an auto payout.
I hope you're successful.

[Deleted User]

-taff wrote: »

You don't have to be told it's optional, and if it was done online you missbought rather than were missold. Having said that, you may have other reasons that will result in your complaints being upheld, or get an auto payout.

I doubt the online complaint will be successful (no auto payout there) but the reasons for the other complaints (while weak) will at least make the Banks investigate further and I agree they may find other faults with the sales.

Having all the documentation will certainly help.

The OP should also be aware that if any of this finance had monies or interest written off as part of the DMP, then the Banks could choose to off set any redress awarded against this unpaid debt.

tillymint22_2

Thanks for your replies.

On the EPF loan it is in joint names but my OH is the main name and he has been self employed since 2000 so is PPI mis sold as he is self employed?

Regards

amersall

The Endeavour loan will have been Single Premium PPI, this was in effect a loan on the loan repaid over the term with interest, it is also possible that this PPI would not have covered you for the whole term either but it would still have been on the loan to term end with interest.

Some PPI covers self employed and without the actual PPI facts you won't know if it actually covered your OH.

If you could have repaid this loan should the worst happen, use these as reasons why you did not need the PPI.


You, being second borrower, the PPI would have only covered you for death, this is another thing that is not explained fully at ther point of sale with these types of PPI.

I am sure Endeavour went bust, do you know if they are still trading?.

tillymint22_2

Thanks for your reply amersall

On looking at the EPF loan it does say the PPI is only for 5 years. I did read on a previous thread the HFC were now dealing with EPF claims so I have 2 address that I will send copies of all my paperwork to.

Also, just to add, I dont remember anything being explained about the T&C's of the PPI and I know it was over 9 years ago but I do feel that nothing was explained to us.

I remember when I ended up remortgaging to pay off this loan and I rang them for a settlement figure and the lady i spoke to was so rude to me as I was ending the loan early I came off the phone in tears and nothing normally fazes me like that but she really upset me and we ended up paying about 6 grand more than we had borrowed!!

Amersall is it worth putting on my questionnaire that we would have borrowed money off our families to cover the loan should the worst of happened? OH's brother has his own established business.

I could actually kick myself for being young and gullible for taking this loan out in the first place but you learn from your mistakes don't you?

Once again, thanks for replying x :j

amersall

You are very welcome x.

Use the Single Premium as a reason for mis sell plus the fact the insurance only covered you for 5 years but the PPI and interest to term was still on the loan and no cover for the remaining term of the loan.

You were not told the full cost of this PPI at the point of sale to make an informed decision, had this type of PPI fully explained to you then you would not have taken it.

You paid the majority of the PPI back in the settlement figure, this is PPI mis selling at it's worst.

amersall

Send this.

We/I were mis sold the PPI on the above loan account number and
We/I would like proof to the contrary of my/our reasons for mis sell of the above PPI .


1)We/I were not told that the ppi was in effect another loan that was added to the original loan and was repayable over the term with interest

2) We/I were told that the ppi was a 5 year policy, but not told the ppi would still be on the loan to term end with interest and would no longer have cover.

3) We/I were told that if we did not make a claim,or go into arrears on the ppi ,after 5 years we/I would receive the cash back of ppi but were not told this would not include the interest made on these payments that we paid over the 5 years or that the PPI would still be on the loan to term end with interest

In line with the FOS recommendations it is requested that the overall situation be restored as if PPI had never been included. This will entail:
A refund of the monthly payments that have actually been paid towards the overall loan in excess of those that would have been needed, if the original loan had been sold without the PPI policy.

In addition, interest at the rate of 8% simple per annum to any excess payments made from the time each payment was made to the point that they are paid back to us. We/I believe we were not given enough information on this ppi to make an informed decision. Had we/I known the full cost of this ppi we would not have taken it.

Unless you can prove without doubt that this PPI policy was fair, reasonable and suitable for my/our circumstances we/I will require you to rearrange the loan as if PPI had never been included.


If you were not offered a payment back of the PPI at the 5 year point,or it was called something else, then change that part.

tillymint22_2

Oh wow what a fantastic post!! I am so grateful for all your help. xx

tillymint22_2

Amersall on reading the welcome letter from EPF it has some points and it states:

In addition could you please note the following:-
3 of 5 - The PP Plan is now in force with the premium detail shown on the following page. This insurance covers your contractual payments for the first 5 years of your loan or over the term of the loan if less than 5 years.
5 of 5 - You confirm that by cashing the enclosed cheque(s) you fully understand and accept the details of both the loan and the Payment Protection Plan.

I also have the breakdown of the charges and deductions applied on a separate sheet for my settlement figure (I could email you a copy if you wish to see) It has a part that says 'Less amount of rebate (including insurance if applicable) £2305.94. We took the loan out in Sept 2004 and paid it off December 2005.

Can you advise me as to what paperwork I should photocopy and send with my questionnaire? Is it necessary to attached the welcome letter or just the 'Legal Charge' and 'Unregulated Credit Agreement' documents. Also, i have noticed that the 'optional' PPI for single, life, Accident/ sickness and unemployment section was already ticked when I received the paperwork.

Ever since we got this loan and paid it off we have had really bad financial difficulty so I would just like some monies back what is owed to me.

ps. I'm so sorry for all the questions! x

amersall

Ask away it's ok x.
All you need to send for now is the letter I posted with your account number, see what response you get back.

When they respond, if it is negative, post up here and we will take it from there.

You may have known the PPI was only for 5 years, nowhere does it say the full cost of this PPI, the cashback at 5 years that does not include the interest that you paid for the 5 years and the whole PPI would still be on the loan to term end with interest and no cover.

Just send the letter and let me know what happens.