PPI Reclaiming discussion Part II

tiggrae

Bargin_Betty79 wrote: »

I've been reading this thread and I'm slightly confused!
I entered into a loan with HSBC and I'm unsure if the PPI is calculated on a daily basis or added on as a lump sum at the start of the loan.
In September last year the loan was changed to a managed loan and the PPI was cancelled.
Am I correct in thinking that if it was added as a lump sum at the start of the loan I may be able to claim for some back due to a change in circumstances?
Is this also applicable to PPI taken out on credit cards.
Thanks for any help
BB x

hi you can only reclaim the ppi if you believe it was mis sold to you - however, if the PPI has now been cancelled you can ask for the loan to be recalculated and premiums reduced as you no longer have the insurance element.

tiggrae

bathgatebuyer wrote: »

Thanks - yes. The details of my employment at the time and the pre-existing medical condition were part of the POC and also the fairly protracted corespondence I had with them in the run-up to the claim.

Thanks for the help once again.

ok - concentrate on getting a better understanding of the statute of limitations and s75 of the CCA 74

shamrock7

shamrock7 wrote: »

Hi,
I'm new to this PPI reclaiming and wonder if anyone can help. I have just investigated a loan I had with welcome finance that was resettled in Oct 2003. I have all the info including the loan agreement number and have also found out I was charged PPI of £331.19 and that although I borrowed only £1300 I was charged £2699.52 in full! What a rip off looking back but silly at time.
Can anyone advise what I can claim for as the PPI was definately mis-sold as led to believe I had to take it. The office and staff that dealt with my particular case is now closed and staff all left. I have however taken it up with head office. Thanks in advance!

Can Anyone help or advise???Thanks!!!

tiggrae

shamrock7 wrote: »

Can Anyone help or advise???Thanks!!!

hi, sorry what's the question - have you already made a complaint ? What was their response?

shamrock7

tiggrae wrote: »

hi, sorry what's the question - have you already made a complaint ? What was their response?

Thanks! Yes I put in a letter beginning of last week. No response as yet but the question was basically have I got a case? and are they awkward to deal with? Should have clarified that!

tiggrae

shamrock7 wrote: »

Thanks! Yes I put in a letter beginning of last week. No response as yet but the question was basically have I got a case? and are they awkward to deal with? Should have clarified that!

If you believe the PPI was mis sold to you then you have a case. Sorry, to tell you but Welcome are VERy awkward to deal with and are likely to deny your claim and unfortunately, because of the time frame of when you took out the loan you will not be able to refer your complaint to the Financial Ombudsman, so your only option will be to make a claim within the County Court (that's if welcome don't pay up, but I'll bet just about anything on it that they will deny your claim)

marshallka

tiggrae, how much would i be claiming roughly on a £4163.30 ppi taken out 2000 and settled 2003 and then would the settlement and the fact BECAUSE of the ppi my loan was extended be able to be done to the same firm and added to the same claim.

Is this too much for the small claims court???

Just spoken to Freedom and they are looking into my complaint and it should not be long before i get a response. (that to me says that they are not willing to budge). Or, i may be surprised and they say "yes we will pay you and we think you are right". If that is the case then i will praise the company.

If i like someone i will do the same and let people know, if i don't then i will do my damdest to let others know and not be in the position i am in now.

tiggrae

marshallka wrote: »

tiggrae, how much would i be claiming roughly on a £4163.30 ppi taken out 2000 and settled 2003 and then would the settlement and the fact BECAUSE of the ppi my loan was extended be able to be done to the same firm and added to the same claim.

Is this too much for the small claims court???

how many repayments did you make and what was the monthly PPI premium - does the £4163.30 include their interest - if it does, then times the monthly premium by the number of repayments made, then add on the lumps sum you paid on early settlement. That should give you the main figure (you'll have to then work out statutory interest - that can be done using the bank charges forum calculator ) but as long as the main figure (excluding the statutory interest calculation ) is below £5k then it is a small claim

as for the additional months added, I'd put it on the same claim - you'll need to work out how much additional interest they charged you / you paid for extending it over the additional 3.5 years

Darth_chaffinch

I entered into a DMP with the CCCS 3 yrs ago, my credit card and loan debts were defaulted. I recently found out that PPI was being added to my credit card, Egg said that PPI is invalid if my account falls into arrears and should have been cancelled when I started my DMP- they refunded me the PPI back to June 05 (great!).

I noticed this weekend (I know I know!!) that I'm still paying PPI on my Egg loan (£100 a flamin month!!), I called this morning to cancel it and request the figure paid since June 05 refunded (ike the credit card). They said that the PPI IS VALID when in arrears, in complete contradiction to the person I spoke to about my credit card, and the dept. at Egg who dealt with the 'complaint'. Surely the loan dept. must be wrong?? How can one dept. admit to the error and pay up and one not (they clearly don't know what they're flamin doing!!! :mad: ).

Any ideas/experience please?? The amount I'm owed is ~£3000!!!!!!!!

Laini

tiggrae wrote: »

TRY THAT

RE: Mis Sold PPI

With regard to the above and in respect to your letter dated 7th May 2008, I note you state you “treat all complaint matters very SERIOUSLY”. I would at the time of our application with Freedom Finance state we were NEVER provided with any litriture in respect to the benefits and conditions of the payment protection policy; also it appears was for 5 years, when the £17,000 loan we applied for was (we thought) over 10 years.
We never ticked any of the boxes for receiving an explanatory leaflet with regards to the payment protection cover. We never ticked any of the boxed to say we had read and fully understood it. WE DID NOT NEED TO READ ANYTHING OR UNDERSTAND ANYTHING THAT WE HAD NOT APPLIED FOR.
We enclose herewith documented proof of this and hope you will actually look properly into out complaint as I am not convinced you have EVER investigated this.

We were not given a choice as regards to PPI and were informed it was a condition of the loan. I actually telephoned FIRSTPLUS in 2003, and have written confirmation of said a telephone stating we had received no documents prior to this loan from your company, I also clearly stated:

I did not know this policy was front loaded;
I did not know the policy was only for one person and not joint;
I did not know it lasted for only 5 years on a NOW 13 year PLUS loan (we applied for a 10 year loan only), as when the ppi was added the loan was lengthened by a further 40 months.


Therefore, under the Misrepresentation Act 1967, upon applying for the loan facility, you the seller did make the negligent misrepresentations to us regarding details of the loan facility, thereby inducing us as reasonable people into a contract for the purchase of separate PPI and longer loan facility then we had requested.

Between our actual application and the credit agreement there were 10 days, of which 6 were either bank holidays or weekends. It was also Christmas week with delayed post. I never received the advance copy of the agreement either.

We have also have noted a discrepancy in respect to the income details FIRSTPLUS hold on file. I actually queried this in a phone call again some years back too. WE WROTE OUR CORRECT INCOME and EMPLOYER DETAILS on the application.

I trust this will now be dealt with as a very SERIOUS MATTER.


In summary:

We applied for a £17k loan over 10 years with NO PPI and repayments of £280.
We received a loan of £17k with PPI of £4163 added with no explanation of it being only 5 years cover, optional, or only for one person, we were told it was added as a condition of the loan. Our repayments were still £280 but the loan was EXTENDED BY 40 MONTHS TAKING THIS OVER 13 YEARS.

I WOULD LIKE ALL THE PPI WE PAID TO BE PAID BACK, AND TO BE PUT BACK INTO THE POSITION I WOULD BE IN IF I HAD NOT HAD THIS PPI ADDED TO LOAN.

I WOULD LIKE INTEREST TO BE ADDED AT THE RATE THAT A COURT WOULD AWARD BEING 8% PER ANNUM AND THE DIFFERENCE BETWEEN THE SETTLEMENT ON A TEN YEAR LOAN AND A 160 MONTH LOAN WITH INTEREST.


ENCLOSED IS A COPY OF THE ACTUAL AGREEMENT AND LETTER YOU SENT OUT TO ME IN RESPECT TO MY COMPLAINT. I NOTE THE LETTER I RECEIVED FROM YOU IS IDENTICAL TO THOSE BEING SENT OUT TO OTHER CLAIMANTS OF PPI MIS SELLING. THIS SHOWS A COMPLETE LACK OF RESPECT TO YOUR CUSTOMER’S COMPLAINTS OR THAT YOU ARE HANDLING THESE WITH COURTESY AND INDIVIDUALITY OR EVEN LOOKING INTO THESE MATTERS.

IF WE FAIL TO HEAR A MORE POSITIVE RESPONSE, I WILL MAKE A FORMAL COMPLAINT TO THE OFFICE OF FAIR TRADING, WHO ISSUE YOU WITH YOUR CONSUMER CREDIT LICENCE TO INVESTIGATE THE DEALINGS BETWEEN FREEDOM FINANCE AND BESPOKE FINANCE, I HAVE ALREADY MADE A FORMAL COMPLAINT TO THE COMPLIANCE SECTION OF GIBRALTARS FINANCIAL SERVICES COMMISSION, AS YOU DO NOT APPEAR TO HOLD A LICENCE WITHIN GIBRALTAR TO CARRRY OUT FINANCIAL SERVICES IN THE NAME OF BESPOKE FINANCE.

god you're good Tiggrae
bet marshalka is jumping up and down saying there is a god!!
hope marshalka gets a good result from this