PPI Reclaiming discussion Part II

marshallka

homer_j wrote: »

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.

I only want whats fair back and thats my ppi and a decent settlement amount back. My loan company used the rule of 78 in 2003 on me and left me after repayments of 38mths a total of £20410.71 to pay from an original loan of £17,000 plus £4163.30 ppi. I want something done but took the loan out in jan 2000.
http://www.hughchou.org/calc/rule78.cgi

It crippled us then and still is now. They said they applied a cap to this formula but no way looking at this chart

homer_j_3

Why don't you get someone to look at it?

I am not sure what the situation is on here but there are companies that will audit your agreements and see if there is anything that can be done.

If your claim is over 5k then I believe that the law allows the claiming party to add their costs onto the amount of claim so you have nothing to lose as far as I can see?

welshlady_4

rosemahairy wrote: »

Has anyone had to go as far as starting court proceedings in relation to getting their ppi back from any provider? i am about to proceed with court action after Yes car credit (direct auto finance) refused to refund all the insurance amount and the FOS did not regulate them at the time so were unable to help. I am taking them to court under a breach of the miss representation act 1967 on the grounds the salesman told me it was the law i have the insurances after i queried the amount on the contract. This was a false statement made to induce me into signing. Has anyone been this far yet that can give me any pointers or advice on what to expect?

Good luck with your claim against Yes Car/Direct Auto Finance. I have sent the first letter and had the usual response. Sending 2nd letter now. Will be pleased to hear how you're getting on with your court claim.

Cheers.

wildanna

Jilbo wrote: »

Hi all!

First time on here, only came across this site yesterday and im finding it useful already! Anyway just after some advice really from anyone who has taken out a loan with HFC. In September 2003 I took a loan out with Household Bank (HFC) and was told that due to my age (I was 25 at the time!) that without taking out PPI my application would more than likely be refused. When I asked if I could try applying for the loan without PPI I was told that it would be a waste of time and unless I was willing to take out PPI I would be wasting mine and their time. At the time I was slightly annoyed that I was being forced to take out PPI however thought nothing of it since. Yesterday I came across this website and saw the section on claiming back PPI. I've used to template letter and sent it off to HFC today via recorded delivery, however my question is has anyone else out their been in a similar situation and successfully claimed PPI back or is this just me clutching at straws??

Thanks!

good luck we got no where with these our case with the fo let me know how you go on

sparky0107

homer_j wrote: »

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

Hi homer_j
The percentage rates are a very confusing:-

Top R/H corner of agreement reads Plan barclays Bank Plc rate on above date (19th June 2003)
3.75%
Base rate plus margin 12.25%

Then further down it reads
Interest rate 12.25% per annum fixed for an initial period of 1 month from the date of this agreement and thereafter at a rate of 8.5%

The further down again it then states APR 14.2%.

I started scratching my head at this but ended up with splinters lol

homer_j_3

How is anybody supposed to understand that lol..

Has your loan rate ever increased or decreased with the BOE base rate?

sparky0107

homer_j wrote: »

How is anybody supposed to understand that lol..

Has your loan rate ever increased or decreased with the BOE base rate?

Payments always stayed the same as far as I can remember, and we only stayed in the agreement for 17 months (glad to say, worked out we would be paying £21117.00 back):eek:

homer_j_3

http://forums.moneysavingexpert.com/showthread.html?t=852567

This is what I have been going on about. If your credit agreement is even slightly wrong then their may be recourse and people like GE money and all these other "specialist" lenders are well known for not completing their paperwork correctly.

sparky0107

homer_j wrote: »

http://forums.moneysavingexpert.com/showthread.html?t=852567

This is what I have been going on about. If your credit agreement is even slightly wrong then their may be recourse and people like GE money and all these other "specialist" lenders are well known for not completing their paperwork correctly.

Thanks homer_j
Will wait for the paperwork to come back from GE and then post details on here and hopefully get some advice off you good people.

sparky0107

It's me again I'm afraid,
A few questions about Halifax cetelm.

December 2002 we purchased a 3 piece suite from CSL, we received a letter from Halifax cetelm with the following

Agreement number XXXXXXXXX

Your monthly payments - 43 X £50.40 = £2167.20

Payment Protection Insurance - You have elected to take payment protection insurance - Enclosed is policy document which details your cover

There is NO breakdown of the cost of the PPI - Should this be documented in the paperwork at all.

Original receipt from CSL states
Total for 3 piece suite & leather care
£2408.00 - Deposit £473 = £1935

So I take it that

£2167.20 - £1935 = £232.20 (PPI cover? not detailed on any paperwork). All agreements were signed in CSL.
Would you say we had a reasonable claim for mis-selling of PPI?

Thanks in advance again for any help, and apologies for the long post