loans.co.uk ppi

wilt44

Can anybody please offer me some assistance. I took a Loan back in 2006 through loans.co.uk.I did have single payment ppi on this with interest on top of this. Also the ppi only covered me for 36 months. I did in 2008 cancel the ppi as I didn't think I needed it and was given £755 back. The actual ppi was £2528 and interest of £2036 on top of this. They claimed incurred expenses and incurred risks. I am also still paying the £34.58 as part of my total loan payment towards the ppi with the rest going towards the loan.my loan agreement was never changed yo show the ppi taken off and also interest removed. I have asked my loan company today who have told me that I need to speak to the financial servicing compensation scheme and when ringing them they have given me a phone number for loans.co.uk even though I don't believe they still broker loans.

The questions I have are.

Do you think I have a reason to claim for mis-sold ppi?
Who do I write the letter to if I do have a case?
Who do I speak to with regards to where the £34.58 is going to ? My loan company just pointed me towards the fscs.

Any help much appreciated.

[Deleted User]

wilt44 wrote: »

My loan company just pointed me towards the fscs.

This is the correct advice since the company who sold you the loan and PPI coverage is no longer trading.
http://www.fscs.org.uk/can-we-help/?query=comet+storecard#

dunstonh

Do you think I have a reason to claim for mis-sold ppi?

You havent given any reasons for complaint in your post. So, we cant say.

Who do I write the letter to if I do have a case?

The FSCS as it says.

wilt44

The reason for the complaint are that it was a single payment ppi which is a loan on top of a loan and that it only coveted me for 36 months.

I asked who to write to as I wasn't sure if I was to write to broker or not.

-taff

If the broker is bust, you write to the FSCS. Yes, single premium is good one.

wilt44

I am not sure they have gone bust just don't think they deal in loans anymore. Where is the best place to check?

Sarros

Loans.co.uk have not gone bust they were taken over by Bank of America. Let me know if you need a contact email or telephone number I still have both. Our comlaint was based on single premium and self employed status.

wilt44

Sarros if you do have them it would be much appreciated. How did you get on against them? Did they still have all your details with regards to when the loan was taken out?

Sarros

Hi

We submitted our complaint 16th April via email to

[EMAIL="loans.co.uk_customercorrespondence@bankofamerica.com"]loans.co.uk_customercorrespondence@bankofamerica.com[/EMAIL]

Their telephone number is 01244 576251 and address is Loans.co.uk Ltd, Chester Business Park, Wrexham Road, Chester CH4 9FB

I contacted the lender first who were GE Capital they were very helpful and gave me the details I needed including the PPI policy number. Our loan started at end of January 2005 and we settled in full May 2007. The PPI added to the loan was £2472.

LCUK acknowledged receipt of our complaint with the usual letter stating they would give us their final decision within 8 weeks. They wrote back 4 weeks later upholding our complaint.

From start to finish it took approx 4 months for us to receive a cheque from them.

We received back the full amount of PPI and interest and also the payments we had made towards the PPI plus interest. The total redress was just over £5000 (£300 of this went to HMRC) so we received just over £4700.

LCUK were actually very easy to deal with there were a few delays but they were dealt with effectively in fact my last correspondence with them was to chase them up for the cheque and they ended up sending it out to us by courier nex day delivery.

After they upheld our compaint they got in touch with our lender and the PPI people in our case Cigna and Sterling. They put the settlement figure together based on the information they provided. We did not have to give them any more info other than what we had initially put in our complaint which was the loan account number and a few details on the PPI.

They should be able to deal with your complaint with just the loan account number if you can provide anything else that can only help. We literally only had an old statement but after a phonecall to the lender I had all the info I needed.

Good luck

magpiecottage

Loans.Co.UK is still authorised and regulated by the Financial Conduct Authority under reference 302668.

The FCA register gives the contact for complaints here.

It even gives the name and e-mail address of the person to contact.

wilt44

Brilliant thank you for all your help.I will start composing the letter tonight.