PPI Reclaiming discussion Part II

di3004

Wyrdsister wrote: »

I paid off a loan in April that I took out with Egg some years ago to pay off my credit card with them when I was a student. I was surprised that after 3 years of paying nearly £50 a month that I still had so much left to pay off - over £1300 when I thought it should be about £900. I was in a position to pay it so I did. I orignally negotiated the loan over the phone and was quoted ~£2700 as total with interest. At the time when the loan agreement came through I simply checked that the total loan amount stated the ~£2700, signed it and sent it off agreeing to the terms.

I have just looked at the original agreement and in the small print it says that because I had payment protection on my card, they have assumed I want it on my loan as well and it will cost a total of £454. I admit I missed this at the time, all I checked was the total loan amount which married up to what they had quoted me on the phone but did NOT include the extra £454. I didn't want payment protection on the loan and thought they would ask me during the consultation if I wanted it - but they didn't - they tagged it on because I had opted for it when I had a credit card. I KNOW I should have read all the small print of the loan agreement - but really, all I was concerned with - all anyone is concerned with is how much am I paying back in total and how much each month will it cost me, I feel they slipped this in quite sneakily as I would not have agreed to it had it been mentioned during my phone conversation with the adviser. Do I have a case of claiming the portion of this back which I have paid for the last three years? Anyone know?

If that were me I would be sending in a reclaim complaint letter in anyway and hope they pay back every penny of the PPI.

Most of us have missed the small prints and have been caught out this way, so jsut get a letter in hun and complain, tell them you want your money back and certainly not happy with the way this was sold to you, as nothing was explained, even if this was in smallprint, they should have still checked to see if you actually wanted this or not, or even check to see if you were eligible.

Here is the template on here for you.;) Check the mis selling list out, and the template on that link too.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Di.
x

di3004

angelwillow wrote: »

I think I'm in a higher risk group for that anyway as unfortunately my sister had a massive stroke last year and will never be the same again - she has 'money problems' too.

OMG angelwillow, sorry to hear of that hun.... .
I am also in a family of who has these issues and its not easy is it, I have meds for my high BP, I'm 9 stone, I know weight is nothing really to do with it, but as this is a family history thing I am unfortunate too, also have an ECG every 3 months and told of these risks of strokes etc, but aww hun I do hope your sister is getting over this and it must be so difficult for you. Hope its all okay with you too.

nomorevictims

Sorry to sound like a baffoon but what is SAR & DMP? I've been looking at the blogs and these comes up frequently. Have I missed something?

marshallka

nomorevictims wrote: »

Sorry to sound like a baffoon but what is SAR & DMP? I've been looking at the blogs and these comes up frequently. Have I missed something?

A SAR is a subject access request and is all the data that a firm has on you including copies ot phone calls etc.

A DMP is a debt management Plan.

marshallka

Wyrdsister wrote: »

I paid off a loan in April that I took out with Egg some years ago to pay off my credit card with them when I was a student. I was surprised that after 3 years of paying nearly £50 a month that I still had so much left to pay off - over £1300 when I thought it should be about £900. I was in a position to pay it so I did. I orignally negotiated the loan over the phone and was quoted ~£2700 as total with interest. At the time when the loan agreement came through I simply checked that the total loan amount stated the ~£2700, signed it and sent it off agreeing to the terms.

I have just looked at the original agreement and in the small print it says that because I had payment protection on my card, they have assumed I want it on my loan as well and it will cost a total of £454. I admit I missed this at the time, all I checked was the total loan amount which married up to what they had quoted me on the phone but did NOT include the extra £454. I didn't want payment protection on the loan and thought they would ask me during the consultation if I wanted it - but they didn't - they tagged it on because I had opted for it when I had a credit card. I KNOW I should have read all the small print of the loan agreement - but really, all I was concerned with - all anyone is concerned with is how much am I paying back in total and how much each month will it cost me, I feel they slipped this in quite sneakily as I would not have agreed to it had it been mentioned during my phone conversation with the adviser. Do I have a case of claiming the portion of this back which I have paid for the last three years? Anyone know?

If you claim it back you claim it all back (the whole amount of £454 if this amount is without interest) plus the interest that was due on this too. It is actually another loan so when you settle your loan there is an amount of PPI interest in it.

Yes, get the letter into them and send it recorded delivery and try to do a copy for ref. You then give them 8 weeks for a full and final response.

Good luck

marshallka

Toffee_Penny wrote: »

Tiggrae didn't want to appear rude and not reply but I didn't think he ever ticked a box requesting protection cover on cards it was just there every month and the loan was a top up one, was asked about his job told them self employed and that was it.

Yes I know sounds really stupid doesn't it? but like I say you assume this covers anything and everything until it hit the fan and then wonder well why I was paying for and only questioning about clawing little bits of it back if you can.

He doesn't make a personal contribution to ni, his employer takes care of that. I'm not really too hot on NI so don't know exactly but I know he doesn't make contributions himself.

As for ppi being compulsory I don't think the nice Halifax woman mentioned any other policy being available and more relevant to certian circumstances at a lower cost at the time.

God what a mess!

Toffee penny, if he was not paying contributions then was he actually self employed here . If his employer was making the contributions for him then that would be classed as employed.

marshallka

Toffee_Penny wrote: »

His employer pays his insurance and tax etc and the cards are with Halifax, Monument, Barclaycard and MBNA


He actually phoned one up (MBNA) and said he would have trouble meeting payments, the woman on the phone said can't help because your account is not in arrears, he asked about the protection but was told it was only for being out of work.

I am confused here if his employer pays the contributions then this could be classed as employed as self employment the tax and NI is left to you??

The only exemptions are very low earners...

marshallka

Toffee_Penny wrote: »

sorry just read through what I wrote his very first card was Halifax and that was around 1997??/ the others mmm not too sure but I suppose at a guess they were after 2000ish???

Sorry can't remember exact dates, my brain is frazzled tonight

Did you see tiggraes post about the statute of limitations act in which some are over 6 years old??



you problem you may have in reclaiming against Credit Cards is the length of time the PPi was 'sold' on them - ie outside the 6 year stated within the Statute of Limitations Act 1980 - who are the Credit Cards with ?

marshallka

angelwillow wrote: »

I think I'm in a higher risk group for that anyway as unfortunately my sister had a massive stroke last year and will never be the same again - she has 'money problems' too.

Same here angelwillow. We have what is called hereditary hypertension and my mum started on tabs and 37 and me at 31. By this time it was quite high though.

marshallka

angelwillow wrote: »

That's exactly the same as me only it was on credit card board! lol

I laughed when I saw your post. Musn't have been our night!!!