PPI Reclaiming discussion Part II

homer_j_3

when were the loans taken out?

Sooboo

I am currently sick and receiving a large monthly PPI payment towards my HSBC credit card balance. I think I was probably mis-sold the PPI policy years ago. If I put a claim in for mis-selling does anyone know if I have a leg to stand on since they are now paying out on this policy.
Thanks in advance

Sooboo

I am currently sick and receiving a large monthly PPI payment towards my HSBC credit card balance. I think I was probably mis-sold the PPI policy years ago. If I put a claim in for mis-selling does anyone know if I have a leg to stand on since they are now paying out on this policy.
Thanks in advance

YEOSAL

tiggrae wrote: »

That is totally bizarre, as a bank they have been covered by the FSA since it's inception !!! Are they claiming that the claim should not go forward under the 6 year rule ??

ps you might want to contact the fos as to when LloydsTSB came under their jurisdiction - the 15th Jan 2005 date is only for the 'independent lenders' who were forced into compulsory jurisdiction at that date - the banks always have

Hi
I originally complained to my bank, which then got passed to LLoyds TSB Insurance Services, who the court action is against. I would imagine they are saying not regulated as they are the "insurance arm" of Lloyds and not the bank themselves, but to me they are the same thing. They noted on the allocation questionnaire that the claim should be time barred. I stated on mine that it was within time due to the discovery of the misrepresentation being December 2007.

They are using Eversheds solicitors so they are splashing out to defend this.

niemowle

Hi , I would love someone to help me with calculating this PPI on my loan, I paid it off earlier.

• took it out 26/10/05 and paid it on the 26/01/07

• it was single premium policy

APR18.9%

• Amount of loan: cash loan £2,000.00 + premium loan £517.61 = 2,517.61
• Total amount payable: £3,016.80 £780.60
• Monthly repayment: £50.28 + £13.01 = £63.29
• Number of repayments: 60

• Total charge for credit: cash loan £1,016.80 premium loan £262.99
• Interest rate: 17.527%

I have just received their final response and it is the usual fob off letter and I would just like to know what kind of sum I can expect or maybe just a partial refund. I am going to write to them to say that I am not happy with their response and I am going to give them another 14 days
I WOULD APPRECIATE YOU HELP, PLEASE! Thank you
niemowle

Kaia_2

Sooboo wrote: »

I am currently sick and receiving a large monthly PPI payment towards my HSBC credit card balance. I think I was probably mis-sold the PPI policy years ago. If I put a claim in for mis-selling does anyone know if I have a leg to stand on since they are now paying out on this policy.
Thanks in advance

If you have claimed on your policy, I believe you cannot then claim as mis-sold, I am sure I have read this in several past posts.
Someone with more knowledge than me (tiggrae) or (homer_j) or (mcolak)
will confirm this for you I'm sure.

Kaia_2

I have had a reply from the OFT today regarding the prescribed terms on a Customer Credit Agreement pre 2005.....

The Consumer Credit (Agreements) Regulations 1983 ("the 1983 Regulations") sets out the form and content for most regulated loan agreements made prior to 31st May 2005.

The 1983 Regulations require personal loan agreements to state (inter alia):
· the amount of credit
· the total charge for credit (TCC) if it is not variable – or the rate of interest and other charges if the TCC is variable. Where a broker fee forms part of the TCC it must be included in the calculation of the TCC, though there is no requirement to explicitly state the brokers fee in the agreement.
· the total amount payable if the TCC is not variable
· the timing of repayments
· amounts of repayments
· the APR
· any variable rate or items

You should check that your agreement complies with these and other relevant requirements of the 1983 Regulations but you should also note that there is nothing in the CCA or its Regulations that requires the creditor to disclosure a broker’s commission.

I trust this helps clarify the issues you have raised in your email. If you have any further questions on the general requirements of the CCA, I would suggest that you seek advice from your local Trading Standards Service (TSS) in the first instance; they can be found at http://www.tradingstandards.gov.uk/. If you have any specific queries which your local TSS cannot answer, your local TSS may refer the query to us - but we can only deal with questions of interpretation on the legislation.

MWH1

Kaia wrote: »

If you have claimed on your policy, I believe you cannot then claim as mis-sold, I am sure I have read this in several past posts.
Someone with more knowledge than me (tiggrae) or (homer_j) or (mcolak)
will confirm this for you I'm sure.

I believe that Martin mentions this area in his video on the PPI reclaim page. If you have claimed against the policy I understand it isn't possible to pursue a claim for mis-selling. Sorry!

supaspark31

I have loans with HFC and HSBC, but because of money problems I had to go to CCCS to help me make the payments on monies owed.
I was sold PPI with these loans.
I am a type 1 diabetic, and quite sure that neither of these companies asked me about any medical conditions that I had at the time of taking out the loans.
Would you say this is grounds for reclaiming the PPI on the loans

marshallka

Just noticed on my signed "application for the loan" that we have filled in the amount of loan £17,000 over 10 years. (120 months) totalling £280 per month.

The ppi box has a tick in by them and they have filled in mortgage details.

Then on the actual agreement it adds the ppi and the term of the loan is 160 months. 40 extra months. This is because the ppi has been added and they have kept the repayments around £280 but for doing that its added an extra 40 months onto the loan. Is this a flaw.

We applied for a 120 month loan and repayments were £280 and got a loan over 160 with repayments of £280 because of this.

Surely if we had asked for this then a new arranged application would of been sent out to sign.