PPI Reclaiming discussion Part II

Jaycee2411

Hi, I really hope someone can advise me on this.

Reading througn the thread I saw an old familiar name mentioned in someone's post.

In July 1990 I took out a loan for £6000 with Universal Credit Ltd which was subsequently taken over by Paragon Personal Finance (I don't have a copy of the agreement anymore though). I continued to make my monthly payments until I became unemployed a year later. When I tried to make a claim I was told that I hadn't been actively in work at the time the policy was taken out which was not true. I was in employment but they declined my claim anyway. By now I'm in arrears and a couple of months later they accept much reduced monthly payments of £5. Later it's increased to £10 a month. All the while I continued to recieve letters showing what my arrears were and my balance growing slowly but surely.
Some 6 years of regular payments later (i know, I know..) I get a letter chasing arrears. So by Nov 1999 my balance is over £3000 which I was prepared to take a loan out for to pay off but in the end they told me that £300 a month will pay off the amount in 12 months. Ok. The next letter I recieved from them was in Aug 2000 informing me that my balance was nearly £40,000! I think they must have added all the interest or something. I remember being so scared at the time! I couldn't believe it! I ended up having to get a solicitor (ended up paying them nearly £5000!) to get Paragon off my back.

My solicitor actually managed to get them to accept a payoff of only £500 on that supposed £40,000 debt to them. She demanded to know (a) why I wasn't afforded the insurance cover I was entitled to when I became unemployed (b) why they unlawfully demanded that I pay such an astronomical sum and (c) that I had already paid over £14,000 on a loan of £6000 between 1990 and 2002 and that a credit of over £4000 was due to me.

After my long winded post I was just wondering if I dare try to claim PPI back off this company on the above grounds. I'm betting it was probably a single premium polcy and they did deny me insurance cover when I became unemployed or do you think I should leave well alone and not look so greedy considering I got out of that financial scrape by only having to pay them £500 in the end?!!!

Any advice would be much apreciated. Thank you!

Absolut_Wench

tiggrae wrote: »

hi there, you need to calculate how much of your monthly premium you paid for the PPI element - then feed those figures into the bank charges calculator for each month you paid - this will work out the statutory 8%

Probably a daft question, but I need to know as I've moved on from loan PPI (with FO) to credit card PPI.

Should this be done for credit card PPI also? I've just got back my old Barclaycard statements (plus snooty letter!) and have paid £700 in PPI since 2003 :eek:

Should I feed each month's PPI charge into the charges calculator to calculate the 8% value?

Thanks

tiggrae

Absolut_Wench wrote: »

Probably a daft question, but I need to know as I've moved on from loan PPI (with FO) to credit card PPI.

Should this be done for credit card PPI also? I've just got back my old Barclaycard statements (plus snooty letter!) and have paid £700 in PPI since 2003 :eek:

Should I feed each month's PPI charge into the charges calculator to calculate the 8% value?

Thanks

If you believe the ppi was mis sold then there is no difference between reclaiming on loan ppi & credit card ppi & yes you just feed the monthly amount in to work out the 8% Statutory Interest

Absolut_Wench

When I first heard Martin talking about PPI mis-selling I thought I might be able to reclaim for my two personal loans, where the PPI was front-loaded. I didn't think I'd have any sort of luck with my four credit cards.

I was more focussed on getting reclaims in for my father's loans and cards, as he has been on treatment for angina and high blood pressure for years (had a couple of heart attacks in the past). So, I thought he had a stronger case from the front-loading and pre-existing condition perspective.

However, since looking into my own case, I have found that I never signed up for PPI on two of my credit cards. I'm still waiting for the SAR on the other two. So, I shall push ahead with the reclaim. Fingers crossed!

Thanks tiggrae! :dance:

Benson

When I met my H he had some loans which i tried to sort onto lower APR as they were 14, 16 + 18% :eek:

I noticed that he had PPI and when i asked him about he, he said that he didn't know, that it was just on the loan and thought it had to be there etc

I immediately wrote to the loan co on his behalf to get them cancelled (3 years later)

My query is:

The loans were taken out in 1998 (i still have the paperwork)
I cancelled the PPI in 2001 for him
Loan paid off 2003

Can he make a claim with it being so long ago?

And with the sucess stories ive seen that A&L just tell you to take a running jump. Is it worth trying or will it give him a black mark on the address?

Any advice greatly appreciated as we're struggling with the mortgage increase etc :mad:

tiggrae

Benson wrote: »

When I met my H he had some loans which i tried to sort onto lower APR as they were 14, 16 + 18% :eek:

I noticed that he had PPI and when i asked him about he, he said that he didn't know, that it was just on the loan and thought it had to be there etc

I immediately wrote to the loan co on his behalf to get them cancelled (3 years later)

My query is:

The loans were taken out in 1998 (i still have the paperwork)
I cancelled the PPI in 2001 for him
Loan paid off 2003

Can he make a claim with it being so long ago?

And with the sucess stories ive seen that A&L just tell you to take a running jump. Is it worth trying or will it give him a black mark on the address?

Any advice greatly appreciated as we're struggling with the mortgage increase etc :mad:

Unfortunately as you cancelled in 2001 you are now 'out of time' to reclaim - the Statute of Limitations Act states 6 years.

delboyuk2005uk

I written to barclays about subject access, and they came back saying they could only find information against my name are the statements for the loan above. thats fine.

but looking at the statements these are not even my loan statements? Its Mr A Dunn but its not my loans statements, my father is Mr A Dunn as well do you think they sent me his thats a bit weird ????

tiggrae

delboyuk2005uk wrote: »

I written to barclays about subject access, and they came back saying they could only find information against my name are the statements for the loan above. thats fine.

but looking at the statements these are not even my loan statements? Its Mr A Dunn but its not my loans statements, my father is Mr A Dunn as well do you think they sent me his thats a bit weird ????

No they are just totally incompetent and have now seriously breached the data protection act by sending you someone elses details !!!

delboyuk2005uk

tiggrae wrote: »

No they are just totally incompetent and have now seriously breached the data protection act by sending you someone elses details !!!

well what can I do now, inform them they have sent me the wrong details?

doingmybest_3

tiggrae wrote: »

It really depends whether you paid off your loan within the last 6 years. If so then there are two court options 1. either for not having received a refund on the PPI for repaying early, which is under the FSA have stated is unfair under the Unfair Consumer Contract Terms Regulations 1999, this a link to what the FSA have to say on the subject Refunds of Single Premium Payment Protection Insurance.

2. Or for the mis selling which is Negligent Misrepresentation under the Misrepresentation Act 1967. In all honesty the UCCTR is the easier one to go down

Hi tiggrae,
What happens if they pay the ppi back into the loan? Is this classed as being fair? I have had this happen to me where they have just cancelled the PPi, (when I was consolidating) and then took it of the final figure.