PPI Reclaiming discussion

gio67

Pls Pls i need some hints, i've got a loan with barlclays very high interest 14.9% for the last 2 years, they make me pay the ppi otherwise i couldn't get the loan, so i want to try to reclaim my money and pay the rest of the loan wihout ppi.
Do you need to write first to the bank or to the obumsdam?
help help

23Nugget26

Hi everyone, I'm new to this discussion although I've been taking Martin's advice for a few months now (got a new ISA with a great interest rate! Yay!)

I took out a £16k loan 2years ago (6 years left to go with an int rate of 6.9%) and when I asked for a resettlement quote they told me that I had only paid off just over £1.5k of it!!

I asked to cancel the PPI and they gave me the speech about not being able to cancel and having to call up to get a new loan application without PPI (with a higher interest rate and no guarantee of even getting the new loan). Sorry but my credit rating is important to me and I refuse to go through another application. I had called some months ago but hadn't seen this thread so I didn't chase it up.

I don't know how much I'm owed (I've not got around to the calculations yet and my maths is rubbish ) but what I do know is that on the original £16k loan the ppi is £4386.72 and the interest for the ppi over the 8 years is £1289.76. Total amount to be paid is £20386.72!!! Needless to say I'd rather pay £10 a month to a different company for ppi than nearly 60 quid, so I've written my first letter and will send it today. I'm not usually one make complaints but I felt so cheated when I got off the phone today. I'll keep you all informed.

Lu_T

Gio - you write to the bank first. Follow the steps in Martin's article in this week's e-mail. The ombudsman is a last resort.

HTH

stives_2

You write to the bank first, the FO will only get involved if you have written to the bank. Then they will send you a form to fill in and send back 8 weeks from the date on the letter. In the meantime they will try to solve your case.
Good luck

tattonlady

I took out a loan with the Cooperative Bank in 2005 for £5700 pp i is £1221.68 over 4years.I wrote to them in June 2007 and said that it was implied I would be refused the loan if I didn't take out the insurance.!!
Their reply says "The bank was not obliged to discuss suitability or exclusions.The only eligibility was age 18 to 69 ,THE LOAN is not dependent on the acceptance of PPI " Go AWAY!!!!
I think I will write again and mention 14 days and the Financial Ombudsman ! Any views AND HELP would be really appreciated!
Tatton lady

dampy78

Hi i had a secured loan on my house with picture financial loan over 25yrs, i was sold ppi with it as a lump sum that i was also paying interest on, i managed to pay off the loan with a year but still had to pay the full term of the ppi which was many thousands.

My questions are:

As its a secured loan am i still able to claim?

Has anyone else been in this situation yet and what happened?

Any info will be a help.

Thanks

v-man

Actually my GF is about to use the template letter to make a claim against her forced PPI. But that's not all she was forced into when getting the loan, RBS insisted that their Royalties account holders got cheaper interest still 15.8% !!
She was told this account was free for the first 3 months after which she could change it to a completely free account. However when she tried to change she was told she had to keep it for the length of the loan. This account cost her £5 per month, later increasing to £6 per month. Was this another example of product misselling??? How do we find out? Who do we go to?

Any and all help appreciated!!!

penguinSmall

My parents were in a really desperate situation some years ago and took out a loan with First National Bank via a company called Midland & General. There were numerous things wrong with the whole deal but I do remember telling them in front of the rep that they did not have to take out the insurance. The rep told them, aware of their desperation, that in their situation and at their age (dad was self employed mam was working part time both were in their 60's) failure to take out the insurance could severely impede their chance of getting the loan. They were also told it was an unsecured loan over 7 years, yet when they tried to come to an agreement for reduced payments during a difficult time later on they were told it was a secured loan over 10 years and forced to pay £100 A WEEK under threat of having their home sold out from under them.
When asked for a copy of the loan agreement as they had not been left one by the rep they were sent three quarters of a page photocopied with the signatures chopped off. I tried to get them to take action but basically they believed they were too old and couldn't afford to take it to court.

bathgatebuyer

I've just had confirmation from the Halifax yesterday that they are looking into my complaint about being mis-sold PPI on a credit card I took out 6 years ago. The sum I have asked for is just under £2,000.

When I took out the credit card, I had just started a new job and planned to use the card for expenses and the like. However, after a few job changes and two spells in unemployment, whenever I claimed, the Halifax said they would no accept my claim on the basis that I'd not been with the employer for 6 months or more. Yet, when I took out the card, I'd been with my employer at the time for about 2 weeks.

During these two spells of unemployment, because I was not able to claim cover, I was paying about £60 a month on PPI and cancelled a few months into unemployment to cut my losses. I have started to reclaim this as one of their main terms and conditions at the time of signing meant that I was ineligible for cover.

I've received a copy of the original CCA, and I have ticked the part asking for PPI cover, although had I known about this condition at the time, I absolutely would not have signed.

At the very least, I want reimbursed the premiums paid during ineligible periods to be refunded, that in itself come to just over £1200.

HomeJames_3

v-man wrote: »

Actually my GF is about to use the template letter to make a claim against her forced PPI. But that's not all she was forced into when getting the loan, RBS insisted that their Royalties account holders got cheaper interest still 15.8% !!
She was told this account was free for the first 3 months after which she could change it to a completely free account. However when she tried to change she was told she had to keep it for the length of the loan. This account cost her £5 per month, later increasing to £6 per month. Was this another example of product misselling??? How do we find out? Who do we go to?

Any and all help appreciated!!!

My OH had a similar situation where he took out a loan with RBS last year and then tried to cancel his royalties account he was accused of receiving the benefits of the royalties account ie lower interest rate. My OH pointed out in no uncertain terms that he was a customer of the bank and had the right to change his account and that the bank were still receiving payment and interest on their loan regardless of the account he had. He caused a bit of a scene and had to be shown into another room but at the end of the day they changed the account for him and if they refuse change to another bank they will still get their loan payments and they cant stop you moving.