PPI Reclaiming discussion

tattonlady

My loan with the Coop Bank was with London and Edinburgh and Norwich Union.I wrote to them i.e The coop. Bank, on 18th August and asked them to look again at my complaint and gave them 14 days before the Financial Ombudsman.I definitely feel I was missold, if I didn't buy their policy I wouldn't be given the loan.!!! I hope its not a long battle!!
Tattonlady

tattonlady

:hello: My loan with the Coop Bank was with London and Edinburgh and Norwich Union.I wrote to them i.e The coop. Bank, on 18th August and asked them to look again at my complaint and gave them 14 days before the Financial Ombudsman.I definitely feel I was missold, if I didn't buy their policy I wouldn't be given the loan.!!! I hope its not a long battle!!
Tattonlady

wriggle

Hi, I had a loan with GE Money which i paid off in full after 4 months but i was still charged the full term ppi of £1970 can they do this.

daveyh_3

I took a loan out with The Personal Loan Express Ltd. It was lent by First National Bank, now I am paying back to GE Money. I was told I needed the PPI for the loan. Was not told it only cover 5 yrs of the ten year loan. It was a joint loan, was not told PPI would only cover first named.

I sent my letter to The Personal Loan Express Lted on Friday 24th August. Will willing update results later.

Warriorsith

Warriorsith wrote: »

Hi

I had a loan with Welcome Finance back around 200/2001 can I still reclaim from them? I believe the loan finished in 2002. Also I don't have the original agreement so don't know how much I paid?

Any help would be grateful

Hi

No one replied to this, so I'm asking it again.

Also can you claim on PPI on a defaulted loan, which has not had a repayment on it for years?

Former_MSE_Wendy

The PPI article will be updated to try and answer as many of your questions as we can. This will hopefully help people that come to read the article in the future as well as those that have already submitted questions above.

Whilst this is in progress there seem to be a few key questions that several people are asking that we would like to try and answer:

How far back can you go? - If you are still paying off your loan / using your credit card, no matter when the agreement was started you can make a claim. If you ended the loan or credit card within the last six years you can make a claim. If you ended the agreement over six years ago, particularly if you do not have any paperwork you would be unlikely to have a claim as financial companies only need to keep records for six years.

Who should you write to? - In the first instance write to the company that sold you the loan or the credit card. If you need to contact a different organisation (e.g. the insurance provider) the seller will tell you. Use the address of the branch you visited for your first letter, any follow up can be sent to a head office if necessary.

Can a bank make you take a new loan agreement if you want to cancel PPI? - Yes it can as long as the new loan is on the same or better terms (e.g. interest rate and length of loan) and does not cause you any detriment in any way (e.g. it should not be more expensive). You should ask if it can do this without making a new search to your credit file.

This is a statement from the FSA website:

"When consumers cancel the PPI without repaying the loan, some firms will need to reissue the loan without the PPI. Firms should ensure they treat their customers fairly in relation to the terms on which they reissue the loan."

Shazza50

We took a loan out from HFC in Dec 2004 over 7yrs not realising that the ppi had interest added (we weren't actually told). I phoned up to ask about cancelling the ppi to be told that if we did our repayments would only reduce by £10 per month (the ppi costs £66). When I asked why, I was told that the original loan would have to be paid off by way of another loan plus the rebate from the ppi and that the new loan would be over the remaining four years thats why the payments would only reduce by £10. Is it right that they can use the ppi rebate or should we get this money?

jandj_2

Hello can someone please help

I took out a loan last year with paragon for the following

cash laon 35000
protection 12495
total 47495 over 240 months

paided of loan this year for 45,891.03 was told i still had to pay outstanding ppi just over 10,000 is this correct

carolinamoon1982

I was hoping you may be able to give me a bit of advice!

As someone who is terrible with money and has had loan, credit cards, storecards, car finance etc I'm sure I must be eligible for this!

I just wanted to ask a couple of questions about it if you don't mind.
1) Can I claim on loans/finance etc from the past or is it just current borrowing?
2) If I defaulted on my payments in any way but have since addressed the issue by way of paying off a 'Settlement Figure', am I still eligible to claim?
(I stupidly got a car from Yes Car Credit, I know very stupid!!, and I couldn't afford the huge payments once I lost my job and they wouldn't honour my payment protection which I was forced to take out or they wouldn't give me the finance. The car was taken back and I am still paying them off at £30 a month regardless that I had already paid about £2,000 and they sold the car realising another £3,000.

Sorry for the long email! I am despertely trying to get my finances in order and be solvent and so this would be a massive boost in paying off some further existing debts if possible!

Many thanks,

Caroline

Warriorsith

Hi ALL

I have found the Loan agreements with Welcome Finance, I signed on the 29th Jan 2001 : Can I claim?

also having read the terms on the back of the agreement there is NO 30 day cancellation period for PPI under the section 'Optional Payment Protection Insurance' .

Have I a chance of getting atleat £400 back?