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PPI Reclaiming discussion Part II

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  • tiggrae
    tiggrae Posts: 1,771 Forumite
    busbyh wrote: »
    Hi M
    Yes we have gone for mis-sellin. I am scrutinising every part of the Original and the copy to help the claim. There are so many variations in the two, I am hoping this in itself constitutes a mis-sell.
    This claim is for my daughter and son-in law, but I have become so passionate about it, I now refer to it as 'mine' I am doing all the corresondence for them. they are just signing the letters, as their heads are all over the place. Also at the time she signed for the loan, she was being treated for post-natal depression (second time in 5 yrs) None of us were made fully aware of this until months into her treatment. I'm sure this must go towards manking a case. What do you think?
    Bus
    x
    you could add the following in - making it in reference to your daughters post natal depression - never used this arguement myself but it appears to be avalid legal one

    as they breached Consumer Credit Act 1974. "A clause in the contract which states that a signature indicates full acceptance is not valid where it would be unlikely that the customer would have the skill and inclination to go through the fine detail". See case Howard Maine v A Ogden 1975.
  • tiggrae
    tiggrae Posts: 1,771 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
    this is because the policy was what is know as front end loaded - you think you're paying £395.99 in loan capital and £87.14 in ppi - oh no in all probability you were paying all the £483.13 for the PPI and nothing off the capital - if you asked for a settlement figure on your loan this will confirm what I'm saying - and although you've cancelled it you're actually still paying for it (as lenders pay all the insurance premiums to the insurance company at the beginning of a loan they want to re-coup their outlay staightaway - and as they paid for it upfront you've paid for it upfront and if there is still something to pay when you cancel you'll carry on paying for it - hence why they only reduced your monthly premiums by £60

    what you need to do is make a claim for mis selling asking for repayment of all premiums paid and any subsequent payments (ie the 27.14 you've continued to pay)and for you to be put back into the position you were before the mis selling took place.
  • tiggrae
    tiggrae Posts: 1,771 Forumite
    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 probably check this over for you.



    Good luck
    is it just me n thee tonight ???
  • marshallka
    marshallka Posts: 14,585 Forumite
    tiggrae wrote: »
    is it just me n thee tonight ???
    I have been on all day again Tiggrae:o . I wake up in the morning and first thing i do is switch on the puter and i swear i will not post - just take a look - and then i have to post. I think its an illness in itself. I am addicted to this:D

    Di's been on and so has Laini too... Seems quite a few newbies over the last few days as well.
  • tiggrae
    tiggrae Posts: 1,771 Forumite
    marshallka wrote: »
    I have been on all day again Tiggrae:o . I wake up in the morning and first thing i do is switch on the puter and i swear i will not post - just take a look - and then i have to post. I think its an illness in itself. I am addicted to this:D

    Di's been on and so has Laini too.
    well being addicted to helping others isn't such a bad thing !!! :beer:
  • marshallka
    marshallka Posts: 14,585 Forumite
    tiggrae wrote: »
    well being addicted to helping others isn't such a bad thing !!! :beer:
    Like i say sometimes the blind leading the blind but its good to talk as they say. I remember when i first came on here and posting and getting the bits of sympathy meant a lot and to know others are experiencing exactly the same too. :grouphug: (by the way this is group hug and not threesome here lol)
  • tiggrae
    tiggrae Posts: 1,771 Forumite
    marshallka wrote: »
    Like i say sometimes the blind leading the blind but its good to talk as they say. I remember when i first came on here and posting and getting the bits of sympathy meant a lot and to know others are experiencing exactly the same too. :grouphug: (by the way this group hug and not threesome here lol)
    looks well dodgy to me !!! :rotfl:
  • pinknico
    pinknico Posts: 3,261 Forumite
    Is there a formula for working out how much of your monthly payment pays off the PPI on a single premium?
    DS1 12/10/04
    DS2 13/07/06
    DD1 06/12/07
  • marshallka
    marshallka Posts: 14,585 Forumite
    pinknico wrote: »
    Is there a formula for working out how much of your monthly payment pays off the PPI on a single premium?
    This depends on whether its a front loaded policy or not. If it is then most of your repayments go towards paying this off and not your loan. Usually its about 20% though i think.
  • You guys are great, many thanks. One last thing. Before the 20k loan i had a 15k one with a&l which started in 2005. I then borrowed a further 5k in 2006. They said they cant just lend me another 5k. i have to take out a new loan for 18,789, clear the 15k one thus getting my 5k if that makes sense. I presume it was 18k rather than 20k as i had already paid that off the previous loan.

    Anyway that was the same with ppi which i paid for 13 months before upping the loan, however i dont have the paperwork from this agreement as i threw it all out when i got the new loan. Can i write and ask for statements as you can with the bank charges? Only problem i dont know the previous account no.
    Bet you've never heard this one before lol
    Nothing is simple in my life
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