PPI Reclaiming discussion

tiggrae

stevros wrote: »

Hi Guys,

I hope somebody can point me in the right direction. I took out a £2500 loan in 2002 repayable over 2 years at about 17.5% I had PPI on this loan.
I paid the repayments for 11 months and then repaid the loan off after 12 months with one lump payment. Where do I stand at claiming some of the PPI back as I paid the loan off over 1 year instead of 2?
Also I have no paper work for this loan as it was 5 years ago now. the loan was with Lloydstsb where should I start in looking to see if i'm entitled to anything?

If I remember correctly I paid around £3350 back in total over 12 months. so roughly £450 interest and £400 PPI

Any help will be greatly appreciated

Regards

Stevros

Hi there, the FSA have stated no refunds or partial refunds on PPI to be unfair under the Unfair Consumer Contract Terms Regulations 1999 - please see my previous posts regarding a link to the relevant FSA ruling - copy that in to them when requesting your money back

stikiuk

gt568 wrote: »

Before you contact anybody else you should threaten court action yourself. Tell them they have 14 days to reconsider before you are going to issue claim through the courts. ,

Just adapt it to serve your purposes.

Thanks for that i will send a copy similar to yours tomorrow. hopefully that will give them a kick up the backside. x

LeanneR

I have sent letters to the Clydesdale Bank, the Royal Bank of Scotland and Welcome Finance regarding mis-sold PPI. Welcome Finance also charged me for Medicare and Lifecare!!! Do I still have a fair chance of getting some money back from these companies? I believe that in all 3 cases, I was advised that I had to take out PPI for me to qualify for the loan.

I also have a Topshop Card (GE money), Capital One credit card and a Littlewoods catalogue account. Would any PPI show up on my monthly statements?

This site is a gold mine! :money:

Maggie_Holmes

Last year I took out a Secured Loan with First Plus, I can remember the saleperson telling me about a payment protection plan and that after five years I would get this lump sum of £5,000 + or I could pay it off my loan. So I agreed to have this protection. I was told it would be so much per month so I thought this sounded good. Now 15 months on I am re-mortgaging because my fixed rate has ended little did I know that a 2nd charge would cause such a problem. So I have decided to consolidate the secured loan in with the re-mortgage because in the end my monthly mortgage will be cheaper than keeping the secured going as well.
Now I mentioned the secured loan to the broker and also the ppp which prompted me to look at the paperwork, and I noticed in one column it said PPP Loan and this sum of money that I am supposed to get in 5 YEARS time and I noticed that this had been added to the loan. So I rang First Plus to enquire about the PPP only to be told that after 5 years I wouldn't be covered and that I would have to carry on paying the premium payment I then discovered if I see this loan through to the end I will have paid First Plus double the amount of the Lump Sum I would have been "given"
Now since I have thoroughly read Martins thread on PPI I now realise I have taken on a single premium insurance loan, I wasn't told at the time that this would be added to the loan I took out nor was I told that after 5 years that i would not be protected anymore and that I would have to carry on paying the premium.

I had as a matter of course asked for a settlement figure for my re-mortgage only to discover that I am owing more than I took out due to this PPP. So I rang First Plus to ask why the settlement figure was so high, and they explained about the PPP and they have only taken off £1,000 so in effect they have taken £4500 for this PPP plus the monthly payments I have made.

Is this right, I want to finish this loan but I didn't know they were taking money off me in this way.

I have complained to them via the telephone and have received a letter saying they are loooking into my complaint.

Am I entitled to have the PPP removed from my loan amd my monthly payments refunded to me? or will I only get a partiial refund?

I feel I was mis-sold this PPP and not told the full facts re: not being covered after 5 years and not told this was actuallybeing added to the loan? Maggie

gilly110

Knightowl wrote: »

I have a similar offer and worded exactly the same.....as I read it they are offering to repay the intitial Premium and any interest paid on insurance payments todate...this is credited to the account. The payments dont change but the loan is paid off earlier. They are offering NO compensation or interest on the individual loss.:mad:

ringing tom to see the offer think we are being sold short as i see it interest is on the whole loan as its calculated from the start not just the time paid will post the results tom t c gilly110 lol thought you had an answer but you are in the same posistion as me think they are blagging us

cadgaboo

cadgaboo wrote: »

Almost 10 yrs ago I approached the Royal Bank of Scotland to open a current account; a condition of opening the account was that I take on the overdraft loan guard insurance; I was only asked if I was in paid work at that time which I was. They said that if I was ever to be unfit to work or I lost my job or I died then my overdraft would be insured. In March this year I took out a loan with my bank, and was told that having the insurance wouldn’t be suited to me as I was no longer working having been medically retired in the last 6 months.
I have since taken a look at the Insurance Overdraft Loanguard Application Form and Policy booklet (having watched Martins show) and have discovered that this insurance I was conditionally made to take out would never have covered me in the first place as it states in there that you had to be working, including self-employment for at least 16 hours per week in the UK.
Now although I was working when I opened the acc I was only ever in part time work, working 15 hours a week right up until December 2006 and carried on paying this overdraft loanguard right up until March 2007 when I took out a loan.

Does this PPI that Martin is talking about also include the overdraft loanguard?

I sent off a letter on 30th Oct (from the template) requesting they send me a fully comprehensive list of insurance charges on my account.
The 40 days deadline is now up and I have heard nothing at all. Please can someone advise me further as to what I should do now? Do I write a letter asking for the information I requested by return and threaten them with the Information Commissioner if they don't comply or what? Also who is the Information Commissioner and how do I contact him/her?

I have since found 2 letters regarding the loanguard insurance, one dated Dec 2001 stating that the company would be changing and another one dated Oct 2006 telling me of some changes to the policy. Do I continue to try for the last 10 yrs or settle for the last 6 yrs?
I really need some advice here as this is really stressing me out I don't know which way to turn. Can anyone help please?

LISAW_2

stevros wrote: »

Hi Guys,

I hope somebody can point me in the right direction. I took out a £2500 loan in 2002 repayable over 2 years at about 17.5% I had PPI on this loan.
I paid the repayments for 11 months and then repaid the loan off after 12 months with one lump payment. Where do I stand at claiming some of the PPI back as I paid the loan off over 1 year instead of 2?
Also I have no paper work for this loan as it was 5 years ago now. the loan was with Lloydstsb where should I start in looking to see if i'm entitled to anything?

If I remember correctly I paid around £3350 back in total over 12 months. so roughly £450 interest and £400 PPI

Any help will be greatly appreciated

Regards

Stevros

Hi stevros, have just had a similar conersation with LTSB. I paid my loan off ( refinanced ) in 12 months instead of 60. They say that as a matter of course they would have refunded the remaining 4 years as without doing this they would have been unable to close the original loan account. If you wish to claim back for the year you paid, I would suggest you go down the standard route.
Lx

LISAW_2

After Registering my initial complaint on 29th Nov I had the usual, fobb off letter quoting terms and conditions and that I wouldnt be getting a penny.
I sent a second letter friday 7th dec and have just had a call from LTSB stating they would reopen my complaint and investigate further. It has now gone to the "second tier team" and they would honour my timeframe of 14 days. I have no outcome as yet, this is just to encourage people that the first letter is a standard response, and there is a team in place ready to deal with anyone who doesnt accept the first "final outcome" letter. I am hopeful that i may get justice and will let you all know the outcome.

L x

tiggrae

cadgaboo wrote: »

I sent off a letter on 30th Oct (from the template) requesting they send me a fully comprehensive list of insurance charges on my account.
The 40 days deadline is now up and I have heard nothing at all. Please can someone advise me further as to what I should do now? Do I write a letter asking for the information I requested by return and threaten them with the Information Commissioner if they don't comply or what? Also who is the Information Commissioner and how do I contact him/her?

I have since found 2 letters regarding the loanguard insurance, one dated Dec 2001 stating that the company would be changing and another one dated Oct 2006 telling me of some changes to the policy. Do I continue to try for the last 10 yrs or settle for the last 6 yrs?
I really need some advice here as this is really stressing me out I don't know which way to turn. Can anyone help please?

Why were you asking for the charges, if you use the standard letter from the forum for mis sold insurance you don't need to know how much you've paid out

dreamer33

Second template letter was sent to Freedom Finance on 10 September 2007, 8weeks passed no reply.

Letter and form for Ombudsman completed, response received from Ombudsman stating have received my letter.

Awaiting response.:eek: