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PPI Reclaiming discussion Part II

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  • di3004
    di3004 Posts: 42,579 Forumite
    Have some visitors back as soon as I can folks.:D
    The one and only "Dizzy Di" :D
  • marshallka wrote: »
    We need the loan date and amount, the PPI amount and how it was paid. ie. was it a loan added to your loan (this is single premium) if you know what i mean... Also have you now settled this loan??

    All details would be great. How did they cancel this?? Did they just reduce your repayments??

    Were you missold this premium in the first place? Its sounds like you did not understand as you do not know what a single premium is anyway...

    Although you say you cancelled it were your repayments reduced by a certain amount and if this was a single premium you would still be paying interest on this for the full term of the loan. Was the full cost, actual cost, of the PPI preium explained to you and was this sold as an option.

    As this was sold to you in 2006 you would be able to take your complaint to the FOS if they have missold and most post 2005 complaints of single premium policies are upheld.

    Ah i see.
    ok alliance & leicester loan for £20,000, monthly repayments £395.99 plus ppi @ £87.14 added to loan, total monthly repayment £483.13.
    took out the loan in may 2006. In jan 2007 i cancelled ppi and it reduced my monthly payments to £423.51 (cant understand why it hasnt taken the repayments to £395.99 but he ho) which is what i am still paying now until may 2011.
    Can i claim back my £87.14 for the 7 months that i paid it? Also when i cancelled it why did it make my payments 423.51 as this is only a saving of £60 per month rather than 87.14.........very confused lol
  • marshallka
    marshallka Posts: 14,585 Forumite
    matty4113 wrote: »
    Ah i see.
    ok alliance & leicester loan for £20,000, monthly repayments £395.99 plus ppi @ £87.14 added to loan, total monthly repayment £483.13.
    took out the loan in may 2006. In jan 2007 i cancelled ppi and it reduced my monthly payments to £423.51 (cant understand why it hasnt taken the repayments to £395.99 but he ho) which is what i am still paying now until may 2011.
    Can i claim back my £87.14 for the 7 months that i paid it? Also when i cancelled it why did it make my payments 423.51 as this is only a saving of £60 per month rather than 87.14.........very confused lol
    It would be because you still had the interest to pay on the PPI which would be the difference i think. These policies are in fact "loans on top of loans". Are you saying this was missold to you.??

    If so you need to write the first template letter for misselling here which is on the PPI reclaiming guide. You have to give them 8 weeks for a full and final response too. I would adapt this letter to your own version and put as many reasons as you can from the letter in that you most probably did not realise that you had been sold a single premium ppi insurance and that you would be paying interest on this for the full term of the loan too.

    Can i ask you why you cancelled the policy?? Was this something that was applied to your loan as an "option" or not??

    If you are going for "missold" then you would be put back into the position as if you never had the PPI at all and that would include the interest back too.
  • marshallka wrote: »
    Can i ask you why you cancelled the policy?? Was this something that was applied to your loan as an "option" or not??

    If you are going for "missold" then you would be put back into the position as ifyou never had the PPI at all and that would include the interest back too.

    I cancelled ppi because a) i only realised in the january that i had it, b) I was in the army so would always be paid, whether off sick or not so i wouldn't need ppi.
  • marshallka
    marshallka Posts: 14,585 Forumite
    matty4113 wrote: »
    I cancelled ppi because a) i only realised in the january that i had it, b) I was in the army so would always be paid, whether off sick or not so i wouldn't need ppi.
    Then get your letter sent off now. Send it recorded delivery and then you have proof of posting and dates for their reply etc.

    Good luck. You have good grounds for getting all that you have paid back and not forgetting the interest as well.
  • marshallka wrote: »
    Then get your letter sent off now. Send it recorded delivery and then you have proof of posting and dates for their reply etc.

    Good luck. You have good grounds for getting all that you have paid back and not forgetting the interest as well.
    many thanks
    do i have to ask for interest on top or do they do that?
    many thanks again
    matt
  • marshallka
    marshallka Posts: 14,585 Forumite
    matty4113 wrote: »
    many thanks
    do i have to ask for interest on top or do they do that?
    many thanks again
    matt
    I would state that you want to be put back into the position of never having the PPI at all. I would imagine you may win this after the one letter (being in the army and this covered you already) and they may make an offer. If they do then post the amount on here and someone will probably check this over for you.



    Good luck
  • marshallka wrote: »
    I would state that you want to be put back into the position of never having the PPI at all. I would imagine you may win this after the one letter (being in the army and this covered you already) and they may make an offer. If they do then post the amount on here and someone will proabably check this over for you.

    Good luck

    many many thanks. I will keep you posted.
  • Laini
    Laini Posts: 448 Forumite
    matty4113 wrote: »
    many many thanks. I will keep you posted.

    I agree with Marshallka

    they would or should have known you didnt need it but still put it on anyway.

    good luck
    still fighting for my money !!!
  • di3004
    di3004 Posts: 42,579 Forumite
    matty4113 wrote: »
    many many thanks. I will keep you posted.


    Good luck matty hun, I do really think you have a strong case here.;)
    I will be very surprised if they do not uphold this but if they do let us know and we will guide you further, but keep us posted anyway.

    Marshallka has given excellent advice/info here.:beer:

    Everything crossed for you.

    Di.
    x
    The one and only "Dizzy Di" :D
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