PPI Reclaiming discussion

dreamer33

wendyhampo wrote: »

I have a loan with first plus with PPI but the loan was organised through Loans .co. uk who do I send a claim to Loans.col.uk or First Plus. anyone know?

You would need to send your request for a refund to Loans.co.uk. I am currently requesting a refund for PPI with Firstplus but the loan was taken out through Freedom Finance, Firstplus will tell you to send your letter to Loans.co.uk. I was suprised but Firstplus actually faxed my letter to Freedom. Good luck!!!!

dreamer33

Any request for a refund of PPI held with Firstplus but taken out through a another loan company, would need to be sent to the company who sold the loan with PPI. Firstplus won't send you an answer but tell you to go through the other company. Sorry to waffle

funky1471

I just want to cancel my PPI for future payments, anybody ever done this with Halifax loan?

jilly07

funky1471 wrote: »

Hello,

I am thinking of cancelling my PPI on my personal loan. When I phoned up I was told since it has been more than 30 days (it has been 3 months) then what would happen is I would go through the process of applying again under the same basis as last time, however this time the insurance would not be added.

Does this mean that when I apply again I would be applying to loan the total amount which would be as per my previous post:

Total amount you pay for the total loan: 7,648

Or would my application this time be for the £5000 again but just without the insurance premium? Basically will I be applying for a loan of £7648 + interest or a loan of £5000 + interest.

I did ask on the phone and they said the settlement figure is £5335, would this be the amount I would apply for the second time? I am very confused. How could the settlement figure be £5335 if the amount left to pay is £7506 (£7506 is the amount left to pay if I continue paying off the loan as is)

If they are telling you that you need to go through the process again, make sure that they do not go through the full loan procedure where they check your credit record as this will leave a footprint & can have an effect on your credit score.

What they should do is remove the portion of PPI that is cancelled (remember you won't get a pro-rata refund), then recalculate your repayments based on the amount that is left. So the amount of the loan would be roughly the £5335, as the settlement figure may change daily. The interest will then be calculated on that amount.

The £7506 amount as you said is the amount you would pay in total if you continued paying the loan as it is, so would include the PPI plus the 56 months interest on both the loan & the PPI. I presume you've made one repayment which has reduced the total loan from the original £7648 to the £7506. You only pay interest for the time that you've held the loan, not for the full 56 months if you pay it off early.

As for your original question, it looks like it is a single premium policy as the PPI amount is included in the loan & you're paying interest on it. Read the notes about it on this site to see if you were mis-sold it, in which case you can claim the full amount back.

worrygirl

can anyone tell me what address to write to ...

I had a 25k loan with Natwest only a couple of years into it but now I am on a DMP I had PPI with this loan, I got this loan by actually going to my local bank for help -(so they gave me more money??!!:mad: ) with PPI.

Will I need to send the template letter to my local branch or is there another address to send it to? Also with me on a DMP now can I still do this?

Also quick note - I used to sell cars for ford and I would suggest if anyone bought a car on finance with PPI through the dealership they should claim - We were taught to try everything to get people to sign onto PPI we didnt explain the product at all to people:o - (before FSA regulations came in) - Go for it:D

Bridget_Perez

This is probably a silly question but can we claim back on insurance linked to mortgages? Is this also classed as a loan? I was told with both my mortgages that I could not take either of them without insurance.

Thanks, Bridget

daveyh_3

I took out a loan for £10000 in 2001, over ten years. After reading the articles I beleived the PPI was missold to me.
Can anyone answer the following to assit me:

Situation
1. I have copies of Proposed Credit Agreement for the loan, none of the PPI boxes are ticked.
2. I have copies of the Credit Agreement for the loan signed on 10/01/01, with none of the PPI boxes ticked.
3. I received a phone call, which i probably cant prove, to say I had to take out PPI with this loan. I signed the Credit Agreement for the PPI on 06/0/01, which should prove that I had to take it out?
4. I applied for the loan through The Personal Loan Express
5. The loan was given by First National Bank
6. I have more recent communications showing that GE Money Home Finance Limited now have my account.
7. After reading artical, I have checked my PPI and it does say it is for 5 years. It also adds "If the term of your loan with First National Bank Pc exceeds five years you may be offered a further period of cover unpon expiry of this Insuranance at the terms then applicable. ".
8. I obviously cant cancel the PPI now as it appears it has finished in 2006. No one contacted me though. Although I am still paying it off over the 10 years as it was added to my original loan.

Questions
1. Would 1, 2 and 3 above be enough evidence to prove that I was forced into taking out PPI to get the loan?
2. Who do I make the complaint to? The Personal Loan Express(if they still exist), First National Bank, or GE Money Home Finance Ltd?
3. Are GE Money Home Finance Ltd the same GE that have been fined by FSA?
4. Can they really spread the cost of PPI over 10 years if it only last for 5?
5. Whats my chances of getting something back, am I right in thinking I was proably misold the PPI?

I hope someone can reply to this

Thanks

Dave

boots_ranger

Hi,

Been through this previously with Smile, when I tried to cancel the PPI on a £10000 loan, wrote about 3 letters last April, stating that I was mis-sold along the lines of not knowing the full extent of the insurance and if I wanted to cancel I would have to settle the loan and apply for a new loan.

After a bit of back and forth they wouldn't budge and the only way I could get out of it was like I said to settle the loan and apply again, with no guarantee that I would get the second loan and couldn't afford to settle the first loan. Just left it and thought there was no way I could get the ppi removed.

Just saw the article and ruling by the FSA "no refund" etc and thought I should try again, will send the letter tommorow and will see what Smile have to say this time. Fingers crossed.

daveyh_3

I took out a loan for £10000 in 2001, over ten years. After reading the articles I beleived the PPI was missold to me.
Can anyone answer the following to assit me:

Situation
1. I have copies of Proposed Credit Agreement for the loan, none of the PPI boxes are ticked.
2. I have copies of the Credit Agreement for the loan signed on 10/01/01, with none of the PPI boxes ticked.
3. I received a phone call, which i probably cant prove, to say I had to take out PPI with this loan. I signed the Credit Agreement for the PPI on 06/02/01, which should prove that I had to take it out?
4. I applied for the loan through The Personal Loan Express
5. The loan was given by First National Bank
6. I have more recent communications showing that GE Money Home Finance Limited now have my account.
7. After reading artical, I have checked my PPI and it does say it is for 5 years. It also adds "If the term of your loan with First National Bank Pc exceeds five years you may be offered a further period of cover unpon expiry of this Insuranance at the terms then applicable. ".
8. I obviously cant cancel the PPI now as it appears it has finished in 2006. No one contacted me though. Although I am still paying it off over the 10 years as it was added to my original loan.

Questions
1. Would 1, 2 and 3 above be enough evidence to prove that I was forced into taking out PPI to get the loan?
2. Who do I make the complaint to? The Personal Loan Express(if they still exist), First National Bank, or GE Money Home Finance Ltd?
3. Are GE Money Home Finance Ltd the same GE that have been fined by FSA?
4. Can they really spread the cost of PPI over 10 years if it only last for 5?
5. Whats my chances of getting something back, am I right in thinking I was proably misold the PPI?
6. Would I need to send copies of the paperwork?

I hope someone can reply to this

Thanks

Dave

learningallthetime!!

jilly07 wrote: »

If they are telling you that you need to go through the process again, make sure that they do not go through the full loan procedure where they check your credit record as this will leave a footprint & can have an effect on your credit score.

What they should do is remove the portion of PPI that is cancelled (remember you won't get a pro-rata refund), then recalculate your repayments based on the amount that is left. So the amount of the loan would be roughly the £5335, as the settlement figure may change daily. The interest will then be calculated on that amount.

The £7506 amount as you said is the amount you would pay in total if you continued paying the loan as it is, so would include the PPI plus the 56 months interest on both the loan & the PPI. I presume you've made one repayment which has reduced the total loan from the original £7648 to the £7506. You only pay interest for the time that you've held the loan, not for the full 56 months if you pay it off early.

As for your original question, it looks like it is a single premium policy as the PPI amount is included in the loan & you're paying interest on it. Read the notes about it on this site to see if you were mis-sold it, in which case you can claim the full amount back.

Hello, I am in the same position as Funky.

I took out a loan approx 3 years ago when I was a single parent, so I thought it was a good idea to take out the protection. When I moved in with my partner, he advised me to remove the protection because it was such a large amount against what I'd originally wanted to borrow.

When I went into HSBC to do remove the protection I had to take out a whole new loan all over again without protection, firstly she said I wouldn't be accepted because of my credit rating (applying for another loan probably didn't help) but after we'd driven a mile down the road she called to say that if I came back she would agree it?? At the time I just wanted the situation done and dusted so that's what I did.

I am going to try to claim back my protection because of the issue of not being able to cancel without taking out a new insurance policy, but how much am I claiming for? Is it the whole 3 years I'd already been paying?

Please help