PPI Reclaiming discussion Part II

di3004

GhostHunter wrote: »

Hi Di

Thanks it was a big shock but also a bit of a worry! What if that account was no longer in use?

Also the loan I am still repaying has not been reduced by the £800 or so and I am confused

If it is actually 'my money' I am going to try and be sensible and pay off another debt with it and avoid the desire to treat myself to something nice like a Wiii (I havent had anyting nice for over a year as we havent been able to afford to go anywhere or have anything I 'wanted' junk or not!

Wii, cool my boyz have that and their fun lol......:D :j lol.
Well if you worried is there anyway at all you can find out and have you any old account statements from that account ?
Your like me, you like to make sure first before spending it, although like I said this has never happened to me as such, but forgetting where the money had come from sort of thing.

Maybe its an overpayment from an old loan perhaps ?
If you take some ID, surely if you visit the bank they may confirm this to you.
I feel this must be yours but if your not certain see if they will be able to confirm this to you.;)

Good luck, and I have that good feeling in my bones, our Laini here knows my bones by now lol.:D

Di.
xxx

di3004

jonnyblue wrote: »

Further to my post on another board i was wondering if anyone could help ?

My girlfriend and her brother both are in the same boat with this. My girlfriends brother has cancelled his PPI on his loan. He has been repaying this loan for around 3 years and has another 5 years to run.

On his current loan he is paying £320 off his loan and £146 month in PPI, a total monthly repayment of £466 as per his credit agreement.

For someone heavily in debt they should never have pushed them into PPI originally as this has added around £13000 extra to his debt

Natwest have now cancelled this PPI as he requested,and have sent through details of his new repayments. They are basically saying that his PPI repayment has only reduced the total by £40 and that his new repayment is £426 per month but without PPI

Is this legal ? We have the original agreement and there is no mention that the PPI will have a heavier weighting early on in the agreement. Surely the repayment should have reduced by the whole PPI ammount of £146

Does anyone know what and where we can go with this ? He is going to ring tomorrow and try and get a reasonable explanation as he was basically told that the bank cant help in store. It would really help if anybody had any facts that he can go forward with though.

Additionally, if he wasnt told about this "weighting" then does he stand in good favour to turn this round and claim back PPI as mis-sold ? He didnt have any intention of doing this but it feels like hes being pushed into it.

Thankyou

So sorry to hear of this.
Seems like he has a claim here.
He should try to gather what he can about this and maybe write to the bank for a calculation on this.
Yet this is common, I cancelled a bit off the cancellation period, and my payments were only reduced by £15, it was so annoying.

But if he feels he was mis sold this from the start he need to write a letter to complain.

There is a template on this site, 'homepage', he needs to get one of these in, and delete what does not occur to him.

If your unable to find the template give us a yell, one of us will post this as soon as we can.;)

Di.

di3004

scotters wrote: »

I took a loan out with HSBC which has the 'personal loan protection plan loan' attached to it. Just getting ready to send my letter, but where do I send it to? The address on my loan agreement is that of my branch but I know I took the loan out in a different branch. Any help greatly appreciated!

Hi Scotters.

Do you mean you have just taken this loan out now ?
If so, I note you said there is a a loan protection plan attached to it.

Has this insurance policy been explained to you and will you be eligible, like for sickness, unemployment etc, and make sure you have no other cover that covers you for all your credit, like work for example.

Normally these loan protections are optional.
They should not tell you that you will only be accepted for a loan if you take this insurance product ! Its your choice but I have learnt there are stand alone cheaper options, if you don't want it or need it or you may not be covered by this don't be pushed into taking it.

Double check this before sending it back hun, and maybe someone else can advise you here.;)

Di.
xx

angelwillow

di3004 wrote: »

Yes I see what you mean hun, I would get in touch with the ICO, the Information commissioners office, that loan company should have something on you, if within the limit time, and for them to say 'lump' if how the heck could they investigate ?

Here are the details for the ICO:
https://www.ico.gov.uk/Global/contact_us.aspx

They also have other information on the site which may help you, but I would give them a ring and see what these have to say.;)
Good luck.

Di.
xx

I contacted them about a month ago about GE for the same thing but have heard nothing - is this usual?

di3004

angelwillow wrote: »

I contacted them about a month ago about GE for the same thing but have heard nothing - is this usual?

Hi Angelwillow.

Did you actually email or speak by phone ?;)

There also maybe a local number on their site to contact, I know I have one here which is Cardiff.
They should give you some answers on the phone, maybe they have so many emails about the same sort of thing and just not getting round to posting back.
Give these a ring, see what they have to say and good luck.;)

Di.
xx

jonnyblue

di3004 wrote: »

So sorry to hear of this.
Seems like he has a claim here.
He should try to gather what he can about this and maybe write to the bank for a calculation on this.
Yet this is common, I cancelled a bit off the cancellation period, and my payments were only reduced by £15, it was so annoying.

But if he feels he was mis sold this from the start he need to write a letter to complain.

There is a template on this site, 'homepage', he needs to get one of these in, and delete what does not occur to him.

If your unable to find the template give us a yell, one of us will post this as soon as we can.;)

Di.

Thanks for the response Di

I have found the template but theres one thing im unsure about. I think it was missold on at least a couple of counts:

- They were very pushy and he genuinely didnt feel like he could say no
- The credit agreement has no mention of this PPI weighting so possibly can claim via that ?

The bit im unsure about is that the loan is a fixed lump sum agreement, though the credit agreement does show 2 seperate entities for PPI and for the actual loan so not sure if thats something that can be claimed. Not sure if im just misreading the "Mis-sold checklist" there, though its an exisiting loan so i dont think he can claim for this reason ?

Additionally, he has updated this loan twice and had to increase the ammount, although never had any extra paperwork other than the original agreement

Is there any set time limit for the bank to respond to the initial letter ?

Thanks again

singlep

supergrand wrote: »

hi singlep thanks for replying, and for info. sorry to sound thick, but what is I.C.O.B. 4.3.6. ?

These are the FSA's Insurance Conduct of Business Rules that all brokers/lenders must comply with since Jan 05. Section 4.3.6 sets out things the broker should consider when advising or giving information to a customer and one of these is COST. As monthly premiums are invariably cheaper this should have been drawn to your attention. When FOS upholds a complaint it will cite against single premium PPI, "failure to provide a monthly alternative". These rules are now updated to ICOBS but it was ICOB when you were sold PPI. Advise Capital One and go to FOS.

Laini

singlep wrote: »

These are the FSA's Insurance Conduct of Business Rules that all brokers/lenders must comply with since Jan 05. Section 4.3.6 sets out things the broker should consider when advising or giving information to a customer and one of these is COST. As monthly premiums are invariably cheaper this should have been drawn to your attention. When FOS upholds a complaint it will cite against single premium PPI, "failure to provide a monthly alternative". These rules are now updated to ICOBS but it was ICOB when you were sold PPI. Advise Capital One and go to FOS.

I didnt know this.
I will keep a note of this -cheers:A
Laini xx

scotters

di3004 wrote: »

Hi Scotters.

Do you mean you have just taken this loan out now ?
If so, I note you said there is a a loan protection plan attached to it.

Has this insurance policy been explained to you and will you be eligible, like for sickness, unemployment etc, and make sure you have no other cover that covers you for all your credit, like work for example.

Normally these loan protections are optional.
They should not tell you that you will only be accepted for a loan if you take this insurance product ! Its your choice but I have learnt there are stand alone cheaper options, if you don't want it or need it or you may not be covered by this don't be pushed into taking it.

Double check this before sending it back hun, and maybe someone else can advise you here.;)

Di.
xx

Hi Di

I took the load out in 2006 - it's a Graduate loan. To my eyes it appears to be asingle premium loan. Thing is, nowhere in the agreement I have does it explain what the protection plan is for! Having had a browse through here I think I may have a decent claim, but I just need to know whether to send the initial letter to my branch (where my accounts are based) or whether I send to a national address, a la the reclaiming?

supergrand

singlep wrote: »

These are the FSA's Insurance Conduct of Business Rules that all brokers/lenders must comply with since Jan 05. Section 4.3.6 sets out things the broker should consider when advising or giving information to a customer and one of these is COST. As monthly premiums are invariably cheaper this should have been drawn to your attention. When FOS upholds a complaint it will cite against single premium PPI, "failure to provide a monthly alternative". These rules are now updated to ICOBS but it was ICOB when you were sold PPI. Advise Capital One and go to FOS.

hi singlep, thanks for that, but the first letter I sent was to Blemain Finance and they replied back saying no to ppi being mis-sold and have given me 4 weeks from date of letter 17.7.2008 to reply back if im not satisfied with what they have said. do i now go to Capital one as they were the broker? and do i write to blemain telling them im doing this? Im confused!!