PPI Reclaiming discussion

echoolivia

My husband took out a business loan last with his business partner last year for £21,000. The business loan payment protection plan cost £3030, which was spread over the 5 year term of the loan, which means that there is interest of £786.13. It does cover them as selfemployed but is there any way we can cancel it and claim anything back?

beamo2

My wife took out a loan with Abeey National in feb 2005 for £7000 over 4 yrs, it was done over the phone and the salesperson never mentioned anything about PPI as my wife hadnt took it with the previous loan with Abbey. This loan was used as settlement of the previous loan. She has after hearing about your site, checked her documents and she has been paying £21:25 since the loan started. Letter being sent today. Will let you know how she gets on.

asag

Hi

Has anyone had any success in claiming back PPI from The Royal Bank of Scotland?

My husband had a personal loan for £25,000 which was taken out in September 2005. He made 20 payments of just under £500 per month. We managed to pay this loan off and the settlement figure was a staggering £22,900. Meaning only£2,100 had actually been deducted from the loan and the rest must have been interest and PPI.

When we asked at the bank the tellers gave us various information but offered no refund. We have since downloaded the letter from this site asking for a copy of the original loan agreement.

ladyknight

I'm hoping someone may beable to give me some advice on where i would stand with these companies and circumstances, would i have a clain for ppi?

*yes car credit loan
I remember quite clearly back in 2004 when i purchased a car from these on finance and was told that i would not be accepted for the finance unless i have the payment protection insurance.I have looked on my documents and the sum on there is for 48 monthly payments to the payment protection insurance cash premium equalling £1123.23 and then further don on the document it states, Add intrest+ £447.41. My problem is that as everyone maybe aware this company ceased a few years back and i don't know how or who i would have to write to to claim.
Also i did have an accident in the car leading to it being written off and when i claimed on the insurance that money was paid directly to yes car credit as i was never inform of the gap insurance cover which i later found out would have coverd me in that event. obviously this is when my payments to them stopped and i started to recieve letters from debt collectors until finally, yes car credit mashed up and they sold my debt to another company, which i am now paying off through an IVA.
would this harbour my chances of making any claim?

*welcome finance
I think eventually i had altogether 3 loans with these, with the newest one cancelling off the old by paying it up in full. I have defulted on these payments due to going on maternity leave for a year, my son was born with a very rare genetic condition so i now am his fulltime carer and in reciept of benefits for that. Four months before my due date to return to work the company i worked for went into administration and i was made redundant. i just wanted to find out if this puts me in a position to claim the ppi from these loans. i know my post is like an essay please forgive me but there i so much i need to find out and would be VERY GRATEFUL FOR ANYONES HELP OR GUIDANCE.

nicolajane1

i originally took out a loan with the co-opertive bank in december 05 for £14,000 the ppi was £4555.05 which was added to the loan which totalled £18455.05 over 72 months. the interest ontop was £3228.44 for the loan and £1.024.66 for the ppi which i have just discovered over the last two months when looking for paperwork after reading martins article. I am paying £5479.71 in ppi over the 72 months,:mad: this cant be right. The original loan was a top up for a prior loan with ppi and when i did it over the phone the amount per month was just quoted at £315.46 . I did sign for this when paperwork came but not really looking at it at the time.
I have since phoned them and asked if i could cancel the ppi to which i was told i could BUT would have to cancel original loan and take out a new one without the ppi. I would be charged for doing this. IS THIS RIGHT can anyone help!!!

michelle1985_2

Hi my partner has a loan with lloyds tsb. We have had it for 2 years now there is still 3 years left on it. We rang them a while back and asked if we could take the ppi off and they said they could only do that if we took another loan out partner tried to take another loan but it got turned down. Will we be able to claim the money back as its not really mis-sold is it, and if we can what do i do on the template letter as it says believe i was mis-sold for the following reaons but in a way it wasnt mis-sold

katxxx

Hello all

My partner has been paying ppi on his capital 1 credit card since he had it about 4 years ago. The problem is that he is self-employed and has been since 2001 so according to the advice he should be able to reclaim as the policy wouldnt cover him for unemployment. We phone capital 1 today and they said that he is coverered for unemployment even though he is self-employed. They say that he would be able to make a claim if he was not working for 2 weeks or more. To me this doesnt seem right - he could go on holiday for 3 weeks and make a cliam?? We have asked them for the term and conditions to read through - i'll let you know what it says when they arrive. Just wondered if anybody else has come accross this.

Kathryn

AJHSJH

Hiya. I'm looking for some guidance and also anyone with the same grievance. I originally took out a loan in 2005 with First Plus via Loans.Co.Uk. During 2006 I approached First Plus directly about topping up the loan we had with them. We took out a secured loan for £45k and thought that ppi would be a good idea for such a large amount. The 5 years and money back was explained and used as hard sell for their ppi. Our monthly payment, currently of approx £630, includes ppi payment. Decided to dig out my paper work earlier this year when ppi miselling hit the news. First Plus tell me I owe them £61k!! - £16k of ppi. They explained that they buy (!) the policy(Barclays Life, Dublin?) upfront and I'm paying them (FPlus) back. Said I could cancel but I would still owe them the money and my monthly payment would reduce by a tiny amount! Have i case for reclaim even though I don't have any intention to settle loan early. Can't believe they can add £16k of interest on top of the £45k payback - surely this in itself is a crime?! Ta.

snowmaid

AJHSJH wrote: »

Hiya. I'm looking for some guidance and also anyone with the same grievance. I originally took out a loan in 2005 with First Plus via Loans.Co.Uk. During 2006 I approached First Plus directly about topping up the loan we had with them. We took out a secured loan for £45k and thought that ppi would be a good idea for such a large amount. The 5 years and money back was explained and used as hard sell for their ppi. Our monthly payment, currently of approx £630, includes ppi payment. Decided to dig out my paper work earlier this year when ppi miselling hit the news. First Plus tell me I owe them £61k!! - £16k of ppi. They explained that they buy (!) the policy(Barclays Life, Dublin?) upfront and I'm paying them (FPlus) back. Said I could cancel but I would still owe them the money and my monthly payment would reduce by a tiny amount! Have i case for reclaim even though I don't have any intention to settle loan early. Can't believe they can add £16k of interest on top of the £45k payback - surely this in itself is a crime?! Ta.

I think that this is criminal and the fact that they use wording to get around it is revolting. They are basically 'mugging' us without the physical damage, but leaving the mental damage! :mad: How can this be allowed??? Where is the control on these organisations?? It is wrong! We are subsidising these bankers huge bonuses.

Surely, surely this is criminal behaviour????? No better than the common loanshark.

wendfd

katxxx wrote: »

Hello all

My partner has been paying ppi on his capital 1 credit card since he had it about 4 years ago. The problem is that he is self-employed and has been since 2001 so according to the advice he should be able to reclaim as the policy wouldnt cover him for unemployment. We phone capital 1 today and they said that he is coverered for unemployment even though he is self-employed. They say that he would be able to make a claim if he was not working for 2 weeks or more. To me this doesnt seem right - he could go on holiday for 3 weeks and make a cliam?? We have asked them for the term and conditions to read through - i'll let you know what it says when they arrive. Just wondered if anybody else has come accross this.

Kathryn

Kathryn, I was just about to send off my claim to Capital ! for the same reason. Now you have me thinking, I don't want to quote self employment as the reason for my reclaim if there is no chance of a refund.

At the moment it seems all questions on here, nobody seems to have any answers!