PPI FAQs discussion thread

dilus · 29 February 2012 at 11:58PM

mrbutch wrote: »

I recently visited my Lloyds TSB branch in Bristol to check if I have ever had any loans with them. The only record they could find was a loan taken out in 1997 for 3 years. Repayment of £ 106.00 per month. The person in the Branch could not say if I was paying ppi on the loan but gave me a helpline to call. I called and the Advisor said I was paying PPI and asked if I wanted to make a complaint and the reason for the complaint. She advised she would send out a letter within 5 working days. On the back of this call I checked old statements and paperwork which showed I refinanced this loan in April 1999 for a further 3 years, value £ 4000. I then lodged this with the same lloyds PPi helpline. Agian I was advised that PPI was part of the loan. Reopayment was £ 164.56 per month.

This caused me to chck old paperwork and I found the orginal loan agreemnet for the second loan breakdown as follows:-

Amount of Loan £ 4000
Total Charge for credit £ 1,165
Total Amount payable £ 143.48 per month

Seperate Coloumn - To Pay Premium for Loan protection

Amount of loan £ 587.80
Total charge for credit £ 171.08
Total Amount payable £ 21.08 per month

Total Monthly premium £ 164.56 per month

I have signed this loan agreemnt and it says " have opted for Loan protection and have received terms and conditions"

In truth I remeber the conversation and only took the PPI as I was told it was a condition of the loan.

is it worth claiming ? Bearing in mind I have the loan agreement ? I questioned the interst rate (18.9%) and the PPI in March 2000 but was told by lloyds TSB " to answer your original request, the APR on your loan is fixed at 18.9%. It would aapperar that you signed all the documentation, and agreed to loan protection at the time of application.

Any advice in this matter much apprecited.

Hi mrbutch,
Never mind the PPI being a condition of the loan being granted (difficult to prove), this was UPFRONT single premium PPI which is frowned upon. Despite the length of time ago, you have the original agreement that you can copy and send with a questionnaire stating it was UPFRONT PPI and see what they come back with, I would go for it on this basis

Tbeef · 1 March 2012 at 4:04PM

Hi,

My dad had just retired and moved to Spain. I told him before he went that he may be due PPI back... He said he didnt think he had any. I asked him to get the account details.

We filled in the form (downloaded from this site) and sent it off. Today (6-8 weeks later) we got a letter....

"As our final response we are offering you a payment of £13,132.08!!!! I cant believe it.

thanks MSE!!!!!

harrpau7 · 1 March 2012 at 4:30PM

If I put a cliam in on a loan that was closed in 2007 and its successful, do I get interest paid out for the 5 years that it has been closed?

Tbeef · 1 March 2012 at 5:29PM

harrpau7 wrote: »

If I put a cliam in on a loan that was closed in 2007 and its successful, do I get interest paid out for the 5 years that it has been closed?

Based on the win letter my dad just got, YES.

harrpau7 · 1 March 2012 at 5:52PM

Tbeef wrote: »

Based on the win letter my dad just got, YES.

If you dont mind me asking, what percentage of the payment did that make up?

revtree · 2 March 2012 at 12:01AM

dunstonh wrote: »

You are wrong. You left creditors unpaid and it is morally wrong to expect those creditors to give you more money. They are allowed to use the money against arrears, defaults and amounts written off.

Equally the creditor has misssold the PPI & is effectively getting money back for selling policy debtor could not use.Note that some creditors PPI caused the debt by adding to the financial pressure when a loan minus these PPI payments would not have pushed the borrower over the edge.
Too add to the fun the OR if you are a discharged bankrupt will now get the PPI misselling claim money to give back to creditors +PPI money from earlier loanstaken out & that were repaid.
This is a win win situation for creditors & a lose lose situation for debtors
If it was known earlier that PPI was missold then debtors may not have got into difficulties:mad:

dunstonh · 2 March 2012 at 12:47AM

If it was known earlier that PPI was missold then debtors may not have got into difficulties

The small monthly cost of PPI in most cases wouldnt have prevented the inevitable.

gazza2982 · 2 March 2012 at 9:18AM

I was sold PPI on a store card i was told over the phone that if i didn't take out the PPI that i could not have the account, and i would have to pay the remaining balence in full which i could not do at that time, the PPI was £1.50 for every £100 of remaining balance, i have written to the company and they refused to repay any money claiming they sold it legitimately, do i have a claim this being a store card and is this methord of selling PPI unlawful.

dunstonh · 2 March 2012 at 9:35AM

do i have a claim this being a store card and is this methord of selling PPI unlawful.

PPI selling is not unlawful. You may have an opinion that you were not sold to correctly and if you can prove that then you should get your PPI refunded. However, if you cant prove it and the card provider is not being generous then chances of success are slim. Most he said/she said complaints require another provable reason to get paid out or rely on the provider having an auto payout floor limit.

barney15 · 2 March 2012 at 12:53PM

i had an interest only loan, how will i know if ppi was charged

PPI FAQs discussion thread

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free