PPI Reclaiming discussion Part II

B8516353

Hi, i am currently out in the Falkland Islands, serving with the RAF - making this whole process 100 times harder!. Before i joined the raf (roughly 5/6 years ago) i took out a loan with Barclay Loan, and was charged a huge amount of PPI, at the time this was recommended by them due to my age (19) - and due to my naievity i thought it would be a good thing!

Upon joining the services - May 2005, we were told (during training) that due to the security of our job, we should cancel any such 'protection', this i attempted to do, however was told face to face in the bank that this would not be possible and the only way i could do this would be start a new loan (which i did not want, so i just left it).

Following all the recent activity, last year i contacted barclays to try and reclaim that PPI against this loan. I recieved a reply earlier this year (before my detachment) saying that i could not claim, barclays were in the right - and that they had no record of me trying to cancel the insurance (as the discussion was verbal), therefore would not pay.

The question i have is...as the discussion took place in the bank there is no record of this...so where do i stand?

This was the beginning of a down hill spiral financially for me, which i am thankfully turing around now, the PPI monies (if i were to get it) would be a massive step to repaying other debts which spiralled from this loan!

Any help or guidance will be much appreciated (sorry for the long post ;-))

Stephen

marshallka

B8516353 wrote: »

Hi, i am currently out in the Falkland Islands, serving with the RAF - making this whole process 100 times harder!. Before i joined the raf (roughly 5/6 years ago) i took out a loan with Barclay Loan, and was charged a huge amount of PPI, at the time this was recommended by them due to my age (19) - and due to my naievity i thought it would be a good thing!

Upon joining the services - May 2005, we were told (during training) that due to the security of our job, we should cancel any such 'protection', this i attempted to do, however was told face to face in the bank that this would not be possible and the only way i could do this would be start a new loan (which i did not want, so i just left it).

Following all the recent activity, last year i contacted barclays to try and reclaim that PPI against this loan. I recieved a reply earlier this year (before my detachment) saying that i could not claim, barclays were in the right - and that they had no record of me trying to cancel the insurance (as the discussion was verbal), therefore would not pay.

The question i have is...as the discussion took place in the bank there is no record of this...so where do i stand?

This was the beginning of a down hill spiral financially for me, which i am thankfully turing around now, the PPI monies (if i were to get it) would be a massive step to repaying other debts which spiralled from this loan!

Any help or guidance will be much appreciated (sorry for the long post ;-))

Stephen

Hi Stephen
Was this a single premium and did you know that you would be paying interest on the premium for the full term of the loan.??? It sounds like one in that when you wanted to cancel they had to give you a new loan. Could you have been missold the PPI in the first place.?? Did you understand the PPI policy they offered you??

Also is it over 6 months since you complained and what did you complain about at that time??

money_back_3

marshallka wrote: »

So when you cancelled the PPI did your monthly premiums go down and also did you get a rebate etc. What figures can you let us have on here so someone can check.?

I can't make out if this was a single preium or just a monthly amount here?

Write the first template letter and send it anyway but if you can let us know more info we can all look and see if we can help. Send the letter recorded delivery so you have a proof too.

my monthly premiums varied every month between £74.00 - 79.00
I got no refund when cancelled the ppi

the ppi was paid monthly (0.55% of the debit balance) it work out between £17.00 - 19.00 a month added to the balance of the loan

Janebo12

tiggrae wrote: »

Hi Amanda,

Yes, I think these figures are correct - with interest you would, in total have paid £9480.24 for the loan & ppi.

the ppi element I've worked out to be 14% of the total - (ie the % the £875 is of the £6250) - 14% of £9480.24 is £1327.23 which is the amount they are paying you back, plus an additional £115 in statutory interest.

Your loan repayments will not reduce because they are paying you back the full value of the PPI in a lump sum even though the loan still has a number of years to run (ie they are not paying you back what you've paid todate, they are paying it all back now - it's easier on them then restructuring the loan - if they only paid you back what you've paid they would repay you £821.62 in a lump sum and reduce your monthly premiums by £15.80 (ie 14%))

Thanks very much Tiggrae, that makes things much clearer (I did wonder why they weren't reducing the payments at first, now I know why!).

You've all been a really big help to me with this - thanks again - will probably be in touch soon regarding my Halifax complaint (currently with FOS).

Regards
Amanda

marshallka

money_back wrote: »

my monthly premiums varied every month between £74.00 - 79.00
I got no refund when cancelled the ppi

the ppi was paid monthly (0.55% of the debit balance) it work out between £17.00 - 19.00 a month added to the balance of the loan

So was this a loan to pay the PPI or just a monthly premium and was it on a a credit card. If it was a monthly premium that you paid then you would not get anything back when you cancelled anyway. You can still claim even if it was a credit card......Just send the first template letter from this site and add delete what is appropiate to you. I think the template is about loans but you can make a letter from it yourself about the PPI premiums added on your account and your reasons (lots of reasons on the letter) why you feel it was missold to you.

Just shout if you need any more help and there are lots on here to help you.

di3004

Getting on with tea, back later.:D

marshallka

One for you Di.

http://www.crippslaw.com/publications/phoenixtrading.php

We need to know whether a director from a company that went into liquidation but was already a director of another company with a similar (very similar) name can carry on as a director at the other company (the one still trading) as well.


Restriction on re-use of company names
216.
(1)
This section applies to a person where a company ("the liquidating company") has gone into insolvent liquidationon or after the appointed day and he was a director or shadow director of the company at any time in the period of 12 months ending with the day before it went into liquidation.

(2)
For the purposes of this section, a name is a prohibited name in relation ro such a person if -

(a) it is a nmae by which the liquidating company was known at any time in that period of 12 months, or

(b) it is a name which is so similar to a name falling within paragraph (a) as to suggest an association with that company.

(3)
Except with leave of the court or in such circumstances as may be prescribed, a person to whom this section applies shall not at any time in the period of 5 years beginning with the day on which the liquidating company went into liquidation -

(a) be a director of any other company that is known by a prohibited name, or

(b) in any way, whether directly or indirectly, be concerned or take part in the promotion, formation or management of any such company, or

(c) in any way, whether directly or indirectly, be concerned or take part in the carrying on of the business carried on (otherwise than by a company) under a prohibited name.




"without leave to court"??????????????????????????????? Did these directors have permission to do this is what we have to find out????

How would you find this information out.

di3004

marshallka wrote: »

One for you Di.

http://www.crippslaw.com/publications/phoenixtrading.php

We need to know whether a director from a company that went into liquidation but was already a director of another company with a similar (very similar) name can carry on as a director at the other company (the one still trading) as well.


Restriction on re-use of company names
216.
(1)
This section applies to a person where a company ("the liquidating company") has gone into insolvent liquidationon or after the appointed day and he was a director or shadow director of the company at any time in the period of 12 months ending with the day before it went into liquidation.

(2)
For the purposes of this section, a name is a prohibited name in relation ro such a person if -

(a) it is a nmae by which the liquidating company was known at any time in that period of 12 months, or

(b) it is a name which is so similar to a name falling within paragraph (a) as to suggest an association with that company.

(3)
Except with leave of the court or in such circumstances as may be prescribed, a person to whom this section applies shall not at any time in the period of 5 years beginning with the day on which the liquidating company went into liquidation -

(a) be a director of any other company that is known by a prohibited name, or

(b) in any way, whether directly or indirectly, be concerned or take part in the promotion, formation or management of any such company, or

(c) in any way, whether directly or indirectly, be concerned or take part in the carrying on of the business carried on (otherwise than by a company) under a prohibited name.




"without leave to court"??????????????????????????????? Did these directors have permission to do this is what we have to find out????

How would you find this information out.

Thanks for this hun, its very interesting - will go back for another read shortly and your question is something I would also like to know.;)

zeblet

zeblet wrote: »

Thankyou i presune I claim from Lloyds TSB Bank ltd then as i went into the branch and a member of staff instigated the loan/ppi.
My claim is for misselling on medical grounds and pre existing medical condition not being explained. Can anyone help with POC. I have to get this to court by Friday this week. any help will be greatly appreciated Thanks

judge said in court that my previous POC was not specific enough

marshallka

zeblet wrote: »

judge said in court that my previous POC was not specific enough

We need tiggraes advice on this. She will no doubt be on later... If not tomorrow. Can anyone else help with this one????????????

A brilliant example here

http://www.consumerwiki.co.uk/index.php/PPI:_Particulars_of_Claim

Adapt to suit your own situation though.

:beer: