PPI Reclaiming discussion Part II

marshallka

m.colak wrote: »

Erm no will have too look at something else for you. Give me a day and i'll get back to you.

m colak, firstly congratulations on achieving your WELL DESERVED medal.

Any more info on where i go with mine yet. I have not heard back from either firstplus or freedom finance since my letters of friday.

homer_j_3

Kaia wrote: »

Mcolak.....mine isnt like that, I have loan amount 18,000....
.................................. .ppi amount....2021.33
.......................... monthly payment ....245.43
.......................................... APR %
........................................ over 180 months.....
...and thats it !!!!........nothing else...
no breakdowns....no total charge for loan........
no amount stated for interest (this is in 2002)
AND NO BOX OPTION FOR NO PPI REQUIRED

This to me looks like a clear case of an unenforceable loan agreement. I would certainly be looking at claiming more back than the PPI here.

If my feelings are right, it means that the debt could be unenforceable and the return you get would be far far higher than just claiming for ppi.

homer_j_3

fifikav wrote: »

can anyone help pleas...just had letter from adjudicant asking for details of employment/what qualifications held and what my understanding of ppi is ??? (i do work in a bank call centre and have no qualifications)...any advice on what I should send back...seems a little strange to question these things...

help please ?????

This will be to make sure that it wasn't reasonably expected for you to know more than what you were claiming. For example, I would be laughed at by the FOS potentially if I put a claim in saying that I didnt know that the PPI would be wrong for me.

homer_j_3

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

Did it state anywhere what the APR was for this? Was this all that was on the credit agreement?

m.colak

marshallka wrote: »

m colak, firstly congratulations on achieving your WELL DESERVED medal.

Any more info on where i go with mine yet. I have not heard back from either firstplus or freedom finance since my letters of friday.

Well the good news is I believe bespoke are registered in the UK as a financial service and therefore are bound by the laws of this country concerning policies that they have sold here. If they have refused to look into the complaint then this is a matter you can go to the OFT about it as they are defiently not unholding the UK complaints procedure. The OFT in term will tell them that they have to investigate the complaint. Have you got all your information from firstplus yet? I'm sorry but i can't remember. If they are not willing to assist in the matter i'm sorry to say that your only option is hitting them through the courts and requesting their evidence in relation to the training the person received as it still beholdant on the company to carry out full training of personnel selling/advising on insurance purpose's.

m.colak

homer_j wrote: »

This to me looks like a clear case of an unenforceable loan agreement. I would certainly be looking at claiming more back than the PPI here.

If my feelings are right, it means that the debt could be unenforceable and the return you get would be far far higher than just claiming for ppi.

Homer_j did you agree with my rough calculations on the remaining monies on the loan.

homer_j_3

To be honest, I am not a APR expert. However looking at a caluclator using total credit of 20021 (which is the insurance and inital loan togethe) over 15 years, I have it at 13.1%. roughly.

http://www.mercerhole.co.uk/calc/loan/ was the calc that I used. Dunno if its correct or not but the fact is that the paperwork here is wrong, which makes it unenforceable if I am right in this matter.

marshallka

homer_j wrote: »

To be honest, I am not a APR expert. However looking at a caluclator using total credit of 20021 (which is the insurance and inital loan togethe) over 15 years, I have it at 13.1%. roughly.

http://www.mercerhole.co.uk/calc/loan/ was the calc that I used. Dunno if its correct or not but the fact is that the paperwork here is wrong, which makes it unenforceable if I am right in this matter.

I have just used that calculator for mine and it was total of £21163.30 over 160 months and with APR 13.9 and my repayments were £281.25 per month and this works at £280.19 per month. Another £169.60 extra for them:mad:

marshallka

marshallka wrote: »

I have just used that calculator for mine and it was total of £21163.30 over 160 months and with APR 13.9 and my repayments were £281.25 per month and this works at £280.19 per month. Another £169.60 extra for them:mad:

Also my agreement only says

Amount for loan 17000
ppi (optional) 4163.30
total loan 21163.30

monthly interest 1.097%
APR 13.9%
Eestimated number of monthly payments 160
monthly payment (variable) £281.25

homer_j_3

I hold no connection or warrant any degree of accuracy on that calculator as it was a quick google search.

If this whole post tells me anything, it confirms my understanding that a lot of lenders who have lent under the CCA 1974 rules either did not understand them or did not have the tools to properly implement them.

I believe there will be an awful lot of people out there (including myself) who have or have had loans that should have been unenforceable and will be due to claim back what they have overpaid.

I believe in your personal case marshallka, you are saying the difference you have calculate would fall within the tolerances allowed but I could be wrong.