PPI Reclaiming discussion Part II

m.colak

sparky0107 wrote: »

Hi all hope you can help received loan agreement paperwork back from GE Money Home Lending (igroup), can you good people take a look at the figures below and see if I have a chance of reclaiming PPI. Considering my wife and I get paid by our employers if we are off sick, have an accident or go into hospital

Igroup loans ltd

• Advance amount £5000

• Optional Protection Insurance £1320

• Amount of credit £6320

• Broker Fee £500

• Total £6820

• Monthly repayments £73.09

• Repayment period 300 months

• Insurance cover - Accident, sickness, hospitalization and unemployment – paying a maximum of 12 months benefit

• Term of cover 60 months

Loan started on 1st July 2003 and settled on 3rd February 2005

Do I still need to write to GE and ask for SAR to get all the final paperwork for the original loan etc? Any pointers would be graetly appreciated, sorry the post is so long

Hi sparky just some quick questions did you tell the company that you had insurance already? Did you feel in a needs and demands form? Did you apply for this over the phone?

sparky0107

m.colak wrote: »

Hi sparky just some quick questions did you tell the company that you had insurance already? Did you feel in a needs and demands form? Did you apply for this over the phone?

Hi m.colak
We didn't tell them we were covered, this is just part of our wage payment, we both get paid when off ill, and we both have death in service cover, also have medicash insurance which pays out if either of us have to go into hospital. Can't remember filling in a needs and demands form and yes we did apply over the phone.

m.colak

sparky0107 wrote: »

Hi m.colak
We didn't tell them we were covered, this is just part of our wage payment, we both get paid when off ill, and we both have death in service cover, also have medicash insurance which pays out if either of us have to go into hospital. Can't remember filling in a needs and demands form and yes we did apply over the phone.

Ok first of all without the needs and demands questionnaire they can't determine if or not you needed insurance. Second of all there a precedance set by the FSA (I believe) will have to check again about over relience by companies to explain things by post and therefore the policy wasn't probably explained to you. I would recommend getting your SAR as it could show that they've filled a needs and demands questionnaire on your behalf and without your signature its invalid. Alsoyou can get a copy of the transcript of the phone call (Up to six years ago don't get fobbed off) and you can check if the asked you about insurance and what your replies were and you can go on from there. Until you have all the details from them its a bit hard to fight the case unless you can prove that the whole thing was mis sold(Ie transcripts of phone calls).

sparky0107

m.colak wrote: »

Ok first of all without the needs and demands questionnaire they can't determine if or not you needed insurance. Second of all there a precedance set by the FSA (I believe) will have to check again about over relience by companies to explain things by post and therefore the policy wasn't probably explained to you. I would recommend getting your SAR as it could show that they've filled a needs and demands questionnaire on your behalf and without your signature its invalid. Alsoyou can get a copy of the transcript of the phone call (Up to six years ago don't get fobbed off) and you can check if the asked you about insurance and what your replies were and you can go on from there. Until you have all the details from them its a bit hard to fight the case unless you can prove that the whole thing was mis sold(Ie transcripts of phone calls).

Thanks again,
I will send Laini's SAR request letter off, it does look very professional I must say, you guys are very helpful.
:beer:

volfram

joint loan with NatWest trying to claim back ppi . loan will be finished with Nov 08. Fos will be looking into it very soon. Just wondered if any one could think of anything else, sent all template letters. Natwest kept me waiting and waiting. claiming mis-sold salesperson implied taking policy would help credit application/ pushy sales person / loan was for refinancing borrowing policy extra expense we could'nt afford staff encouraged to sell ppi.
Feel like its my word against theirs . final letter back from them they say we were given all imformation at time staff are salaried not commission based,we could cancelled blah blah blah. feel very deflated no proof that we were called 2 or 3 times a week to come in for "customer review" and when i did large loan was pushed and pushed.:mad:

Kaia_2

m.colak wrote: »

Kaia i have done some quick calculations and you do realise that your paying £2.21 for every pound you borrowed:eek: . Meaning an interest rate of 121%. The only time I seen an interest rate that big is via a mortage company. I mean including interest you still have over £25000 left to pay off:eek: .

OMG is that allowed....no wonder they didnt state the total cost .....should I try to get a better deal elsewhere NOw....or go through the court process I've started and then sort it out?
I wish I hadnt read that before going to bed....I wont sleep all night now!!!:eek:
121% that is crazy........I am confused though because the APR said something like 10% and then there was a variable rate which started off at about 12% and changed as interest rates went up/down.....
I dont understand any of that stuff. Oh dear!

m.colak

Kaia wrote: »

OMG is that allowed....no wonder they didnt state the total cost .....should I try to get a better deal elsewhere NOw....or go through the court process I've started and then sort it out?
I wish I hadnt read that before going to bed....I wont sleep all night now!!!:eek:
121% that is crazy........I am confused though because the APR said something like 10% and then there was a variable rate which started off at about 12% and changed as interest rates went up/down.....
I dont understand any of that stuff. Oh dear!

Sorry to worry you just take your monthly payments and times it by the length of your loan that will give you a figure and then you'll see what i mean. Please don't fret about it. I would phone up and ask for a settlement figure as they should be able to give you that. Then I would have a scout round and see what other offers there are about at the moment.

If you worked on the fact that 180 payments = 15 years it would equate to approx a yearly interest rate of 8% (averaged) on the gross figure. Again i think this is a case that the full terms of the loan and breakdown weren't shown on purpose. I would carry on with the court process though please don't give up you will get through this.

angelwillow

Is Laini's SAR request letter post #412 on page 21?

m.colak

angelwillow wrote: »

Is Laini's SAR request letter post #412 on page 21?

Yep thats the one

m.colak

volfram wrote: »

joint loan with NatWest trying to claim back ppi . loan will be finished with Nov 08. Fos will be looking into it very soon. Just wondered if any one could think of anything else, sent all template letters. Natwest kept me waiting and waiting. claiming mis-sold salesperson implied taking policy would help credit application/ pushy sales person / loan was for refinancing borrowing policy extra expense we could'nt afford staff encouraged to sell ppi.
Feel like its my word against theirs . final letter back from them they say we were given all imformation at time staff are salaried not commission based,we could cancelled blah blah blah. feel very deflated no proof that we were called 2 or 3 times a week to come in for "customer review" and when i did large loan was pushed and pushed.:mad:

Aha you've got them. All you do is get a SAR requesting information on telephone calls made to you concerned with the account you have with them including dates and times. If you can prove that they were continually harrasing you with phone calls to come into the bank it suppiments your case that they pressurised you into taking the loan ergo the PPI.