PPI Reclaiming discussion Part II

lakelander_2

marshallka wrote: »

Hi, this is another that was sold over 6 years ago and you have little chance of going to the FOS on this. The courts are your only option here and there is a chance it could be thrown out and they state the limitations act. It is risky but it depends on how far you want to take it.

Yes, it looks bleak doesn't it. I have managed to sort out the direct debits anyway, so at least that's fixed. I can;t beleive I let this slip by for so long - it is very galling, but that's life I guess.

As it seems unlikely I'll be successful with a court action I'll don't think I'll be taking any further action on this.

Thanks for the feedback

Lakelander

tiggrae

marshallka wrote: »

You will have to stay around and help the others with theirs then...;)

I'm just smiling, a certain bank are 3 weeks late in paying a client back so I'd taken to ringing the case manager 2 or 3 times a day for the last 2 weeks (they really shouldn't give me their direct lines !! ) He's finally told me today he's got the cheque in front of him and it should go out today - I think he was so sick of hearing from me he would have paid me himself just to make me go away !!! :rotfl:

tiggrae

lakelander wrote: »

Yes, it looks bleak doesn't it. I have managed to sort out the direct debits anyway, so at least that's fixed. I can;t beleive I let this slip by for so long - it is very galling, but that's life I guess.

As it seems unlikely I'll be successful with a court action I'll don't think I'll be taking any further action on this.

Thanks for the feedback

Lakelander

you really shouldn't give up you know - if someone had stolen from you wouldn't you report it to the police and want it back - this is really just the same principle !!!!!

di3004

Going for a bite to eat, back soon.:D .

marshallka

tiggrae wrote: »

you really shouldn't give up you know - if someone had stolen from you wouldn't you report it to the police and want it back - this is really just the same principle !!!!!

This was from post 5816 and it was sold in 1992 i think. Can you go back that far then without the courts.... Also with the courts would there not be chance of them quoting the limitations act here from 1992??????

marshallka

tiggrae wrote: »

I'm just smiling, a certain bank are 3 weeks late in paying a client back so I'd taken to ringing the case manager 2 or 3 times a day for the last 2 weeks (they really shouldn't give me their direct lines !! ) He's finally told me today he's got the cheque in front of him and it should go out today - I think he was so sick of hearing from me he would have paid me himself just to make me go away !!! :rotfl:

I always did that with Freedom Finance and emailed them as well. I was not going anywhere:D

Parrot

I took about a loan nearly 5 years ago for £15,000 – (20 year term)

I got a letter from the lender the other day (Paragon) informing me of the balance if I was to pay off early.
Total remaining loan amount payable including future interest due £34,685.42
Less Rebate of future interest charges £15,809.99
Less PPI rebate, if any £ 17.92
Total amount payable after deducting rebate £18,857.51

I would like to know how I owe £18,857.51. I spoke to an advisor who referred me to the Consumer Credit (Early settlement) Regulations 1983. It didn’t make sense to me.

There is an additional 25.71% on top of my loan, what is this and how is it calculated?

I tried canceling the PPI, it’s not cancelled as yet. The lady informed me that it’s nearly all paid off and that is why there is a £17.92 rebate, if cancelled. I thought I got this back if I do not claim and it’s only covers me for 5 years.

Also, I am challenging the PPI with the broker as I was mis-sold it, no good news as yet. They are ignoring letters and have not sent information as per the SAR form I sent (with cheque) and the 40 days has passed.

Any help would be appreciated.

marshallka

Parrot wrote: »

I took about a loan nearly 5 years ago for £15,000 – (20 year term)

I got a letter from the lender the other day (Paragon) informing me of the balance if I was to pay off early.
Total remaining loan amount payable including future interest due £34,685.42
Less Rebate of future interest charges £15,809.99
Less PPI rebate, if any £ 17.92
Total amount payable after deducting rebate £18,857.51

I would like to know how I owe £18,857.51. I spoke to an advisor who referred me to the Consumer Credit (Early settlement) Regulations 1983. It didn’t make sense to me.

There is an additional 25.71% on top of my loan, what is this and how is it calculated?

I tried canceling the PPI, it’s not cancelled as yet. The lady informed me that it’s nearly all paid off and that is why there is a £17.92 rebate, if cancelled. I thought I got this back if I do not claim and it’s only covers me for 5 years.

Also, I am challenging the PPI with the broker as I was mis-sold it, no good news as yet. They are ignoring letters and have not sent information as per the SAR form I sent (with cheque) and the 40 days has passed.

Any help would be appreciated.

They have used the rule of 78 on the settlement figure here. This was abolished for new loans from 2005 but can still be used on loans prior to that. It often works out a settlement higher than what you actually borrowed.
http://www.moneyfacts.co.uk/loans/guides/rule78.aspx


Right, who was the broker that sold the PPI to you???

You have good grounds for a complaint in that it was a single premium policy (and probably front loaded too by the sound of it) on a loan term of 20 years but only covered you for 5. You say you have sent off a letter.. How long ago was this now. You have to give them 8 weeks for a full and final response but usually they send you a fob off letter before.

Don't worry about that as you can then either write back to them or if their letter to you is a final response then probably take this claim to the FOS if it within their jursidcition. If you have written this over 8 weeks ago and still got no response and can prove that you sent this off then you can take your complaint to the FOS (if as i say above) without a final response. You can use the courts of course when you want.

Was it a condition that you got back the PPI after 5 years if you did not make a claim on it??

Also what actual date was the loan/PPI????

tiggrae

Parrot wrote: »

I took about a loan nearly 5 years ago for £15,000 – (20 year term)

I got a letter from the lender the other day (Paragon) informing me of the balance if I was to pay off early.
Total remaining loan amount payable including future interest due £34,685.42
Less Rebate of future interest charges £15,809.99
Less PPI rebate, if any £ 17.92
Total amount payable after deducting rebate £18,857.51

I would like to know how I owe £18,857.51. I spoke to an advisor who referred me to the Consumer Credit (Early settlement) Regulations 1983. It didn’t make sense to me.

There is an additional 25.71% on top of my loan, what is this and how is it calculated?

I tried canceling the PPI, it’s not cancelled as yet. The lady informed me that it’s nearly all paid off and that is why there is a £17.92 rebate, if cancelled. I thought I got this back if I do not claim and it’s only covers me for 5 years.

Also, I am challenging the PPI with the broker as I was mis-sold it, no good news as yet. They are ignoring letters and have not sent information as per the SAR form I sent (with cheque) and the 40 days has passed.

Any help would be appreciated.

What's happened here is that they have been using your monthly premiums to pay off your insurance and nothing off the loan - that's why the insurance is almost all paid off and you've still get a really high amount of loan capital to repay !!! It's called Front End Loading - it's also called unfair under the Unfair Consumer Contract Terms Regulations 1999.

What is the name of the broker you're claiming against ?

Parrot

tiggrae wrote: »

What's happened here is that they have been using your monthly premiums to pay off your insurance and nothing off the loan - that's why the insurance is almost all paid off and you've still get a really high amount of loan capital to repay !!! It's called Front End Loading - it's also called unfair under the Unfair Consumer Contract Terms Regulations 1999.

What is the name of the broker you're claiming against ?

I see. The broker name is E-Loan.co.uk based in essex but i think they are not in business as their numbers are not valid anymore. I wrote to them 2 months ago, no reply. I also sent off an SAR form, the cheque had not come out of my account. Every possible way of contact i have tried and nothing, e-mails ping back too. I am getting worried.

I took the loan out Jan 2004 (not sure the day though)

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