(Defaulted) Loan PPI help

aurorablues

Hi,

I was reading the CPP board yesterday and noticed a post someone made about PPI.
Previously i never thought PPI applied to me and was ignorant in thinking that is was more a mortgage/secured loan thing, but this post i read told me otherwise and made me look at my old personal loan paperwork.
After looking at it, it kind of left me with that sinking sick feeling in my stomach.

So, In 2000 at the age of 21 i took at a loan with HSBC. It doesn't stop there.

In 2001, about 10/11 months later i had taken out another loan to pay for the previous loan in full which i believe left me with a few hundred pounds.

In 2002 there is another loan contract that was taken out to pay for the previous loan in full at the advice of the bank and to leave me with a few hundred pounds.

In 2003 there is another loan contract that was taken out at the advice of the bank to pay for the previous loan in full and to leave me a few hundred pounds.

All of these had PPI on and all of them were paid in full early by getting another loan out with the advice of the bank.

In 2005, there is aother loan contract for £3,660 which again was used to pay the previous loan in full at the advice of the bank and leave me with a few hundred pounds (I can't quite remember the amounts but it wasn't much in the grand scheme of things).
This loan contract is different as it is not as detailed as the others. It has the amount of the loan and the monthly payments. Nothing about interest and nothing about PPI. I think this one was done over the phone where the previous ones i was advised to go into my local branch at the time. So i have no idea of the PPI status on this loan.

In late 2006 early 2007 i started to become very unwell mentally. Something which had been plaguing me since 1998 and started missing payments on all my debts at the time. I was unable to deal with them so used a middle man company to help me get everything in order for a fee. By early 2008 i was severely unwell and not able to work and found myself in supported housing. By then i had completely defaulted on everything i owed and a support worker took over with helping me with my debts and had set up small payments to go to each which i am honouring still today.

I've not really looked into all my debts that much since then as i thought it had been dealt with and to keep stress levels to a minimum in light of my illness i have left them in storage and not given them all much thought. So inlight of the PPI thing i have looked into everything and it's all a bit of a shock really.

I genuinely feel i have a case for misold PPI as i have vague recollections of being lead to believe it is a condition of the loan, also the only paper work i was ever given about PPI was very basic and doesn't explain it in much detail at all. Just a few paragraphs of information on the same sheet that has very limited and basic information about the loan T&C's. It was never really explained to me in full and i don't ever remember recieving a detailed policy document for each loan. So i would have had no idea whether it was actually something that could have benefitted me.

What i would like to know is how to proceed. I've read through the guides but my situation isn't as simple as one single loan or a couple of seperate loans. Also i have read through the FOS templates and they are very detailed. All the information i know is what i have told you here. Should i use the FOS templates or can i write a letter?

Any advice would be much appreciated.

aurorablues

I would also like to add that i have a defaulted Argos Store Card, which also had PPI on it.

I remember this one very clearly.

In 2002 i went in store to get a TV and DVD player. I was asked if i wanted to have a store card. Was given the spiel and i accepted and paid for the goods with that.

When i was filling out the form i was standing at the customer services desk in a busy store with a queue behind me and was pretty much rushed into filling in my details, the staff member was rushing and prompting me what to do on the form. "Fill in that, tick here, sign there".

Looking at the form yesterday, i had ticked yes to PPI. I had no idea what i ticked at the time and was never given any information. So from 2002 until 2007/08 when i totally defaulted on the card i was paying monthly PPI.

I have read that people are getting their Argos complaints rejected on the basis of the fact that the tick box on the form has been ticked 'yes', so any advice on how to proceed with this would be much appreciated also.

Sorry it's so long

dunstonh

If you have defaulted, then what do you expect to get from your complaint? If your complaint is successful, they can use the redress against the debt you failed to repay. If you are within time limts, it could reactive the debt and they now have all your contact details.

If the redress is higher than the default, then you would get the debt cleared and receive the surplus. However, if it is less then it may just be better to let sleeping dogs lie.

-taff

You make a complaint about PPI as single premium on a consolidated chain of loans.

They will use any redress against amounts owed, but as you are already paying these debts, it may shorten the duration of time you need to pay back.


The argos card, you can also complain about that, but you're not ikely to be successful because it's pre regulation.

aurorablues

dunstonh wrote: »

If you have defaulted, then what do you expect to get from your complaint? If your complaint is successful, they can use the redress against the debt you failed to repay. If you are within time limts, it could reactive the debt and they now have all your contact details.

If the redress is higher than the default, then you would get the debt cleared and receive the surplus. However, if it is less then it may just be better to let sleeping dogs lie.

Did my post not make sense and have i used the word defaulted incorrectly?

Due to ill health and that putting me in a position of not being able to work i got into trouble with my payments.

It was then arranged that i pay what i can afford towards the loan debt. I am still paying off the debt today. Albeit not in the amounts they want but i am paying the loan in small amounts weekly which amounts to about £20 a month.

I never stopped paying them and never hid from them, so they have all of my details and it was recently sold onto a debt management company who are currently honouring my previous payments.

These PPI amounts over the course of all of these loan rollovers i would asume are still part of the debt i am paying off (?)

Therefore i would like some advice to put in a complaint so i can reduce my debt amount.

aurorablues

-taff wrote: »

You make a complaint about PPI as single premium on a consolidated chain of loans.

They will use any redress against amounts owed, but as you are already paying these debts, it may shorten the duration of time you need to pay back.


The argos card, you can also complain about that, but you're not ikely to be successful because it's pre regulation.

I'm a bit dim when it comes to things like this.

Would a letter suffice or would i need to send off a single FOS questionaire? If i sent off an FOS questionaire would it be ok if i couldn't fill in some of the questions as it is very detailed, does ticking "can't remember" on some of the questions look bad?

Also, because of the lack of detail on the last loan (2005) i am unsure whether PPI was added to this one.

All previous loan agreements state the amount i borrowed with full calculated interest over the loan period, Plus full calculated PPI over the loan period in glorious detail.

The 2005 loan agreement i have, only states that i have taken out a loan of £3,660 and that it's payable at £60pm with 16.9% interest over a period of 124 months. There is no PPI info on there (nor any other calculations for that matter) so am unsure whether PPI was added to the last loan that paid for the previous loan.

I understand that because of the time period i could intitially ask HSBC whether there was PPI on this 2005 loan and they could tell me they no longer have that information or they could say yes or no.

So would it be a good idea to ask them first or should i just send off a complaint as is?


EDIT: I thought that would be the case with the Argos Card. I will still make a complaint and see how it goes.

-taff

Send off your complaint either on one form, or separate forms for each. They are obliged to look into all loans in a chain/ all the loans you've had with them.

Saying you don't remember is fine.

You may need a SAR and £10 to find out wht info is left, but if you have the loan numbers, you could send your complaint with that.

If the last loan was a chain loan, there may have been PPI added from the previous loan, you won't know till you complain, or send a SAR.

Personally, if you have the loan numbers, i would just make a complaint. Make sure to say you are complaining about single premium being added to a consolidated chain of loans.

aurorablues

Thank you -taff

That's a lot clearer for me.

I have all the loan numbers. I'll get started on the complaint.