PPI Reclaiming discussion

lesley65

rachelthomas1 wrote: »

Hi
Can anyone help me? I bought a car off YES CAR CREDIT in 2004 and remember i was hammered with extortionate interest rates and was told i had to take out PPI on the Finance which was provided by Direct Auto Finance. Yes car credit folded but Direct Auto finance haven't. The main problem here is that i no longer have any paperwork relating to the finance. I only have proof of when the finance was settled 12mths later when i remortgaged my house. Please help!

hi rachel
send off to direct auto finance for an sar, this will cost you £10 but it should have all the information about your agreement you need to make a claim.

good luck
lesley x

markjamesgriffiths

Hi,

Wondering if anyone could help me, We have a secured loan from Picture Financial and we are pondering on paying back just under half of the 20K that we currently owe, When i obtained my settlement figure it turned out the a single premium of nearly 4K was added to the loan. Of this i was not aware and when i obtained my settlement figure i was told that the rebate i was entitled to (Half the Premium Back Over 5 Years) IE 25% at 3 Years 15% at 4 Years and the remaining 10% at Year 5) would become void as there would be an insufficient amount left to run on the remaining loan.

There are also other points to note:

When the original loan was taken out i'm sure that i was told that because i took the loan out over 7 Years and not the Minimum 10 Years that i Had to take out PPI because i could not have the combination of No PPI and a Lesser Minimum Term (According to there underwriters)

Also I was a contractor working for an electrical outfit and therefore only had an employment contact that runs from job to job and not permanent.

Could any one shed some light and give me a hand with this....

Many Thanks

Mark

Kate1983

blakeyjo wrote: »

I'm thinking of doing this with my loan - took out £10k over 7 years last year and they were very insistent on me getting the PPI which is costing me £30 per month! They made me feel (although it wasn't directly said) that I wouldn't get the loan without it, and she wouldn't let me off the line without agreeing to it.

I'm a bit worried they'll revoke the loan though and make me pay back everything. I know that some banks made their customers close their accounts after reclaiming bank charges.

I would also like to know whether a lender can demand full payment if you reclaim - my husband has a credit card with MBNA on which, until recently, we were paying around £100 a month in PPI!!!!!

There is no way we could afford to repay the balance if they demanded it in full.

Can anyone help?

wotsundermykilt

Thanks Lesley65 for your reply. I will send off a letter to enterprise but when push comes to shove how come paragon get away with it scotfree when the actual loan is with them, on their headed paper & clearly states ppi on it. I would have thought wrongly evidently, that the broker is only negotiating you a deal with a lender for a fee, but at the end of the day the actual lender is giving you the money on their terms & conditions.Surely its not the broker who is getting the ppi payment?

lesley65

wotsundermykilt wrote: »

Thanks Lesley65 for your reply. I will send off a letter to enterprise but when push comes to shove how come paragon get away with it scotfree when the actual loan is with them, on their headed paper & clearly states ppi on it. I would have thought wrongly evidently, that the broker is only negotiating you a deal with a lender for a fee, but at the end of the day the actual lender is giving you the money on their terms & conditions.Surely its not the broker who is getting the ppi payment?

i totally agree, when i first started reclaiming i wrote to both the broker and the lender, i have 3 ppi's i'm trying to reclaim, the broker replied straight away saying they were dealing with it and yet i've had no reply from the 3 companies i had the loans with. have you asked for an sar from enterprise, it would be worth doing this as they hold all information between you and paragon and themselves, it costs £10 but at least you will have all the information you require to make your claim.

good luck, keep us posted x x

rachelthomas1

Hi lesley

Many thanks for that. I know i may seem a bit dumb, but what is an sar?

Rachel

rachelthomas1

Trishie wrote: »

We took out a loan for £33000 in 2001 and with a PPI of over £ 8000. We paid the loan off early (2003) but judging by the amount of over £42000 settled surely we were ripped off. Anyone able to help as to whether I should try to claim and if they have been successful with theirs.

Thanks

Trishie

Hi

Just wanted to say that the same thing happened to us. As i can remember we borrowed something like £14000.00 from firstplus with PPI of £3000.00. Paid it of twelve months later and it cost us nearly £19000.00. How do they work this out? It states that any refund on the ppi was applied to the rebate amount which i think is total rubbish. They tell you that because unless you work for them you wouldn't be able to work it out. I questioned it at the time nad the guy told me it was normal because of higher interest at the beginning of the loan. I have written to them anyway and will go to the ombudsman should i not get any satisfaction. So my advise is try to reclaim anyway. What have you got to lose? My dad told me a while ago that there was a programme on about firstplus ripping people off but i personally missed it.

Rachel

Rachel

wotsundermykilt

rachelthomas1 wrote: »

Hi lesley

Many thanks for that. I know i may seem a bit dumb, but what is an sar?

Rachel

Its called a subject access request Rachel, which in other words if I am correct, is all the data the company holds with ref to the account you hold with them, which they must furnish you with by law within 40 days. All payment amounts, dates etc etc
Hope this helps

wotsundermykilt

lesley65 wrote: »

i totally agree, when i first started reclaiming i wrote to both the broker and the lender, i have 3 ppi's i'm trying to reclaim, the broker replied straight away saying they were dealing with it and yet i've had no reply from the 3 companies i had the loans with. have you asked for an sar from enterprise, it would be worth doing this as they hold all information between you and paragon and themselves, it costs £10 but at least you will have all the information you require to make your claim.

good luck, keep us posted x x

I have not sent any letters yet lesley but i would have thought that even though it was jan 2005 before the recommendations were made, that any ppi prior to that may be still classed as miss sold as otherwise the recommendations would not have been made in the first place if there was not a problem, but maybe someone can clarify this for us. I have the certificate for the cashback scheme as well, which is obviously not worth the paper its written on, because i would never have possibly qualified, so maybe thats in my favour who knows. Worth a shot & worth a fight to the bitter death because i am sick of being trampled on by these so called caring companies who at the end of the day are supposed to be customer orientated.Whatever happened to the old saying "Customer Is King?"

diligent_2

Being new to the site,I was wandering if there was someone out there who could give me some advice.My daughter was recently divorced and I am trying to sort out her finances.Morgage ok,but discovered a 65K secured loan taken out by Nemo finance with a £12837 payment protection premium.Does she cancel the PPI before she submits the miss selling letter as it seems clear tha the policy was miss sold