PPI Reclaiming discussion

dundeegarry

Failure through the ombudsman. Took out a 15,000 loan with Paragon Finance. They agreed the loan over the phone and sent me the form to sign with the PPI box unticked. I returned it. They they called and said I would only get the loan if I took PPI and added £1500 (PPI amount) to the loan total making it 16,500. they also changed the loan duration from the orginally agreed 84 months to 120 months. They sent out another form to sign with PPI included despite me telling them I didnt want or need it. Contacted the Ombudsman and sent him copies of all the documentation. Unfortunately the Ombudsman said it was not under his jurisdiction as it was covered by consumer credit act at the time or something and he couldn't intervene.

paulmm_2

fuzzgun19 wrote: »

Thanks Martin!

This is what I suspected, so I'm just going to give it a try with my letter and will report any findings.

Rang First Direct 2day to apply for a new loan, they would not give me PP as I am self employed. I said I've been paying for this the past 2yrs 11 mths ( 1 mth left) on my current loan, and I have been self employed all that time. No Comment from FD. So looked here.
So I'm ALSO going to give it a try with my letter and will report any findings !

Annie021063

I have a loan with Cahoot, until last year I only looked at the amount owing on the online summary of the account. I then discovered how to look at the statements (didn't get any by post) and realised that for every £100 a month I was paying £50 was PPI and £30 was interest hence my loan had reduced by only £200 in the year but I had paid £1200 I immediately queried this and cancelled PPI (I'm now covered elsewhwere much cheaply and am paying it off more MSE wise now) I was told that I had told them I wanted cover but I am sure I didn't. They have not proved this and I can't prove I didn't. What do I do? I did write and they ignored my letter. Anyone else had dealings with them?

not sure if this in right place please move if not - thanks

funky1471

Okay I found out Halifax charge you 58 days interest on top of what you owe if you pay off your loan but you have only paid for the insurance up until you settle the loan, so you don't have to pay any more towards the PPI atall.

dreamer33

Has anybody had a Firstplus loan, sold through Freedom Finance with PPI?

debs81

how can we prove that it was misold if we are claiming that they said ppi was compulsory. surely its our word against theirs. took out a joint loan from black horse (part of lloyds) in feb 03. we had told them that we had been refused by two other companies due to our not so brilliant credit rating and feel that they have abused this info. they came back saying we can give you a loan with a monthly repayment of £156 over 5yrs. this figure included ppi. were weren't given a option without. we still went ahead with the loan as we had run out of options. will this still be classed as misold or was it my fault that i didn't ask.

any ideas. thanks

learningallthetime!!

Any help please??

I took a loan out in 2005, I was given an interest rate of 9.9% with this loan I also took out PPI as I was a single parent and felt I should have it to fall back as I had no other household income. I moved in with my partner and as my circumstances had changed asked HSBC to remove the PPI. To remove it I was told I would have to take out a whole new loan, so I did, this loan was now at 11.9% because the interest rate had gone up in the two years I had been paying the existing loan.

I spoke to HSBC and the Financial Ombudsmen this morning and they have both told me that I have no complaint??

Perhaps I've misunderstood somewhere along the line, on Martins PPI page it states that you shouldn't have to take out a whole new credit agreement. Also on another page regarding PPI it states that HSBC is one of the companies which allows you to cancel your PPI separately to the loan.

I told HSBC this morning that if after the 30 days cooling off period a whole new credit agreement has to be taken out to remove the PPI, shouldn't I have been told that? It doesn't state anywhere in my policy that this is the case and I wasn't told this either.


Where do I stand??

funky1471

learningallthetime!! wrote: »

Any help please??

I took a loan out in 2005, I was given an interest rate of 9.9% with this loan I also took out PPI as I was a single parent and felt I should have it to fall back as I had no other household income. I moved in with my partner and as my circumstances had changed asked HSBC to remove the PPI. To remove it I was told I would have to take out a whole new loan, so I did, this loan was now at 11.9% because the interest rate had gone up in the two years I had been paying the existing loan.

I spoke to HSBC and the Financial Ombudsmen this morning and they have both told me that I have no complaint??

Perhaps I've misunderstood somewhere along the line, on Martins PPI page it states that you shouldn't have to take out a whole new credit agreement. Also on another page regarding PPI it states that HSBC is one of the companies which allows you to cancel your PPI separately to the loan.

I told HSBC this morning that if after the 30 days cooling off period a whole new credit agreement has to be taken out to remove the PPI, shouldn't I have been told that? It doesn't state anywhere in my policy that this is the case and I wasn't told this either.


Where do I stand??

I am kind of in a similar situation with Halifax as they will not let me cancel the PPI seperately. I don't know what interest rate I would get if I went for another loan, and not sure what to do. I have a good credit rating but do not want to tarnish it by going for another loan.

I have only made 1 payment on this one so far but it is past the 30 days "cooling-off" period. It does say on the agreement after 30 days you are advised to take out a second loan if you do not want the PPI....Am I stuck with the PPI? If I go for another loan it could ruin my credit score couldn't it?

daveyh_3

I was hoping for a quick reply to my queries on page 3. Unfortunately none arrived yet. Therefore can I as someone if they could quickly answer this one:

Took Loan out through someone called The Personal Loan Express
Loan and PPI was supplied by First National Bank
My recent paperwork shows this has changed to GE Money Home Lending

Who do I make my claim to? Some entries on here say it should be who I took the loan through, ie The Personal Loan Express. But Martins draft letter states send to the company that you make your payment to: This would have been First National, but now GE Money. Other post state its a waste of time writing to GE Money.

I am confused now. Please could someone indicate where I should go.

Does the letter have to go by post? If I find an email address would that be acceptable?

Thanking you in anticipation

Dave

funky1471

Should I just take a new loan but this time without PPI to clear the exisiting one? I have only made 1 monthly payment so far. The Loan is from Halifax and was for £5000.

Settlement figure is £5335 but I could possibly save about £1000-£15000 over the life of the loan depending on what interest rate I got on the new one...

They have told me constantly I can not cancel the PPI. I have been into two branches to speak to different people in each one to see if their answer would vary atall, unfortunately no luck.

I also tried phoning them and they said they can not deal with in branch loans on that number but that I would need to go into the branch and apply for another loan but without the PPI, but the lady on the phone said it was guaranteed to be accepted.

Thats 3 different people, 2 in branch, and 1 on the phone that have told me I can not cancel the PPI. Is this true? I could get another loan with lower monthly payments probably (Due to not having the PPI) but I currently have a good credit rating and do not want to ruin this.