PPI Reclaiming discussion

HappyMummy_4

Hello.

I've just been on the phone to Picture about the insurance that we're paying on our loan. It's a single premium insurance which cost £8,857.25 on top of the loan amount which was £35,500. We knew that it was for 5 years but hadn't realised that the total was being spread over the entire 15 year term. This took the total loan amount in July 2006 to £43,041.82. Part of the reason we took the insurance out was because if we hadn't made a claim in 5 years we would get 50% of the money paid in returned to us. It now seems that this is only the case if you miss or are late with no more than 2 payments in the course of the loan term. With one thing and another, mainly the birth of our first child and my maternity leave, we have been late with 9 payments - although there are no arrears on the account at the moment. We have never received a policy booklet which Picture say is not their fault (the loan was arranged for us through Capital One) despite the fact that we have telephoned on several occasions to ask for one. I rang today to cancel the insurance and they have told us that they will refund £927.83, reduce our monthly repayments by around £10 and bring the total final balance of the loan down to £42,113.99. We told the guy on the phone that this really didn't seem fair - we want to cancel the insurance but we are still paying for it. Is there anything that we can do?

Thank you

Happy
xxx

petermb_2

HappyMummy wrote: »

Hello.

I've just been on the phone to Picture about the insurance that we're paying on our loan. It's a single premium insurance which cost £8,857.25 on top of the loan amount which was £35,500. We knew that it was for 5 years but hadn't realised that the total was being spread over the entire 15 year term. This took the total loan amount in July 2006 to £43,041.82. Part of the reason we took the insurance out was because if we hadn't made a claim in 5 years we would get 50% of the money paid in returned to us. It now seems that this is only the case if you miss or are late with no more than 2 payments in the course of the loan term. With one thing and another, mainly the birth of our first child and my maternity leave, we have been late with 9 payments - although there are no arrears on the account at the moment. We have never received a policy booklet which Picture say is not their fault (the loan was arranged for us through Capital One) despite the fact that we have telephoned on several occasions to ask for one. I rang today to cancel the insurance and they have told us that they will refund £927.83, reduce our monthly repayments by around £10 and bring the total final balance of the loan down to £42,113.99. We told the guy on the phone that this really didn't seem fair - we want to cancel the insurance but we are still paying for it. Is there anything that we can do?

Thank you

Happy
xxx

Hi,

Yes of course there are things you can do to these vultures.
Put in a claim for the full amount of the ppi premium plus interest. If you have any difficulties come back to me and I will gladly take them on for you.

alverde

jrobinson4 wrote: »

Write back using the outline of the second template letter. LTSB refused to refund me at first but following the second letter I got a cheque for £482 last week. Don't give up - that's what they want.
Good luck
Jo

Hi Jo

Thanks for posting. I have already send me two letters and they still not paying so I think I'm gonna go the Financial Ombudsman route. Did you claim on the basis of being self employed? It would be great to hear if anyone has.

Thanks again,

A x

HappyMummy_4

Hi Petermb.

Thank you for replying. Do I cancel the insurance and take the £921 in the meantime or do I just post the first letter to them?

Thank you
x

LISAW_2

After 10 days i have had an email from the MD of LTSB saying he was going to investigate with his colleague who is head of customer care and get back to me. If nothing else, he needs to be aware of how his staff are treating people to make sure ut does not happen to anyone else. In the meantime, I have recieved a letter from them apologising i could not set up tele banking first time and they have included a regustration form. I havent had a current account with them for years!!

I really hope the MD has a clue what hes doing and that when he gets back to me, i can write something positive about LTSB. I genuinely hope he looks at the facts of the case and over turns the decision that his colleagues have made. In the mean time I am still on the FOS waiting list so the fight is not over yet. Will keep you all posted.

L x

nova

Hiya,just wondering if anyone knows what 'sold on a non advisd basis means', and what do l quote in my letter regarding mis representation act, sorry to repeat myself but l thought l'd better get my wording right or else 'd look silly, well more silly than normal!!!!
Thanks x

HappyMummy_4

Also, is there any chance that they could make the outstanding balance of the loan repayabe immediately?

Sorry for all the questions

kittycatsam

Hi

I took a a loan with HFC for 5k in Oct 2003 with front loaded PPI which I was told was a condition of being accepted for the loan.
Not sure what the interest was but the payments were £130 pm for 5 yrs = £7800 total repayment. The insurance cost was £1300 included in this.

A year later I repaid the loan and the amount I had to pay was around £5500 despite making 13 payments of £130 (£1690)

I wrote to HFC advising I felt it was missold due to being told it was compulsary.

They referred me to the broker I went through - Central Trust - I wrote to them witha copy of my letter to HFC and their reply.

Capital Trusts response was that prior to Jan 05 PPI was not regulated by FSA and it was my responsibility to check that the product was suitable. They also do not believe that their operator told me it was compulsary although they do not have recordings that far back to support this. In conclusion they tell me it would have been made clear to me that PPI was optional and therefore I have no complaint. Also with regards to FOS the product was not regulated as it was prior to being under their jurisdiction.


Any ideas what the next step might be and if I pursue a claim with HFC or Central Trust?

Many Thanks

GhostHunter_3

Hi

I am just starting a claim for Lloyds TSB loan we were forced to take out in 2005 by Lloyds Bank to clear our unauthorised overdfrafts (we had 3 accounts in all with them, now closed and in the process of reclaiming on those also!).

My questions are:

Can I claim back the interest charges that are ongoing and taken each month on the loan?

I am in a catch 22 situation as I am claiming on the grounds that at the time the loan was set up I was self employed as admin for my husband who is a car valeter also self employed. Due to the nature of his business being a mobile valeter he has no shelter / workshop so you could argue it is seasonal work as wet weather and winter gales bring cancellations to his bookings.

At present I am currntly claiming Incapacity Benefit and have been since November last year. I have been put onto long term payments due to a progressive degenerative back complaint.

Am I better off trying to claim the Payment Protection or am I, as I suspect, not covered as this condition was diagnosed before 2005 when we took out the loan?

Although we are making sure we keep to repayments the cost of current living is making life miserable and we are finding it hard to spread our limited finaces even more thinly as they are already stretched. Therefore we would not be able to keep up repayments on this loan or any other Credit Cards etc should anything happen.

Finally I had a loan with HSBC back in 2001 when they were Midlands Bank, I defaulted on the loan a couple of times and was eventually asked to repay it in full, which I did (luckily we had just sold our home so had some spare money). Although I defaulted I completed repayments so am I still entitled to reclaim any PPi and interest on this account now long closed? How do I find out the ppi info relating to it as I have no idea where it would now be.

Many thanks in advance for your help.

Heddwen.

NEIL1960_2

Can someone please tell me,whats the best way to go about obtaining a copy of a Credit Agreement.I have the Company Address and dates the loan was taken out and settled however I don,t have the Account No.

Thanx for your help
Neil