Ppi Claims

[raymonda]

I had a secured loan for £25,000 in 2004 with a ppi. I was self employed then. Company phoned and told me that the ppi was no longer required. Looking at my monthly repayments I requested a copy of my credit agreement ,also my ppi!

Company replied that they require another 42 days for them to look into it.

What is going on!!

[Rooster-UK]

Moving thread into the PPI forum.

[Jan4a]

You mean they phoned you recently? Interesting - wonder if its to do with the FSA announcement last week? Bet your PPI was front loaded and didn't cover self-employed.

 

I'm doing a PPI reclaim on a loan I took out in 2004 for £12,000. PPI was front loaded and with the interest they charged me on the PPI repayments, plus the 8% you're allowed to claim, my PPI reclaim is for around £13,000.

 

I'm telling you this so you know to be wary of any offers they make to pay you the PPI back, make sure you get interest and 8% as well.

[raymonda]

Thank you for the advice.It was August when they contacted me. Looking at the account I think this needs to be pursued from the credit agreement and the possible misselling of a ppi.So far I've paid £38,160.00 just another 60 payments to go !

[Jan4a]

Not heard of companies volunteering to pay back PPI yet! Although that should change since the FSA announcement which was only last week. Which company is it?

 

Yes, do a SAR if necessary to get all your paperwork and take it from there.

 

In the meantime have a look at the stickies at top of PPI forum, there are probably loads of reasons for missell - straightaway you've probably got front loaded policy, self-employed. If you read the policy it probably only covers for 12 months unemployment etc as well.

[alanalana]

Hello raymonda,

 

It is important to keep on with your claim.

 

Get the data SAR. Links are here... Full SAR for ppi and also here....

 

Data Protection Act 1998 - Subject Access Request

 

You can be specific with what data you request although the Subject Access Request is really asking for everything. The Statutory fee is £10.00 Postal Order is fine but keep the details of the number for future reference. The post office will be able to confirm when it was encashed (just call 01246 542091 they will even send written confirmation if you request it) Send all correspondence by at least recorded to be signed for so you can track delivery through Royal Mail

 

You should request the following documents:

 

A true copy of your Consumer Credit Agreement with the Terms and Conditions that were applicable at the time you took the loan/card/mortgage.

 

Copies of all statements applicable to the loan/card/mortgage.

 

Copies of all correspondence that apply to you as a data subject ie letters, emails, faxes etc.

 

Copies of all recorded telephone calls or transcripts of the recordings.

 

Copies of any notes made by bank/loan company staff in their dealings with you as a data subject.

 

Do not be fobbed off by them citing issues such as relevant filing systems.

 

If they have any records/data on you as a data subject and it is held under your name, address, post code, account number/s or any other system where the data is identifiable to you then it is a relevant filing system. Even if it is a specific serial number on microfiche records and the serial number is applicable to you.

 

Decide on the mis-selling issue such as single premium, pre-existing medical conditions, self employed, retired, part time worker etc etc.

Put in a claim, wait for the negative response then take it a step further to the ICO, FOS, FSA and OFT copy your complaint letters to everyone all the links can be found in the stickies...

 

Mis-sold PPI? Want your money back? use these links to help you just have to search a lot of links most are identifiable.

 

 

A lot of information but it could help you claim back ££££££

 

 

aa

[raymonda]

I have for several years requested copies of the loan agreement and the ppi but to no avail. All paper work regarding the loan was in my shop when the landlord changed locks!As the loan was secured against my house I felt I could not default on it ! I haven't mentioned who the loan was with as I noticed solicitors from the company can monitor the site!! If I was to withhold the monthly repayments and pay into a seperate account with intent to pay if and when that they come up with the relevant paperwork. Do you think that may shift them?

[Jan4a]

No, just do the SAR request, send recorded delivery and keep copies of everything. They have to reply to that within 40 days. If they don't you report them to Information Commissioner. You will get your agreement and statements.

 

Don't just stop paying without getting more advice. I'm not an expert on that but I suspect they'd just default you.

 

If you don't want to say which bank/organisation it is, search for them on the site and see how others have got on getting documents from them. Some are worse than others. For example Barclaycard are known for not supplying agreements until Information Commissioner get involved.

[alanalana]

No, just do the SAR request, send recorded delivery and keep copies of everything. They have to reply to that within 40 days. If they don't you report them to Information Commissioner. You will get your agreement and statements.

 

Don't just stop paying without getting more advice. I'm not an expert on that but I suspect they'd just default you.

 

If you don't want to say which bank/organisation it is, search for them on the site and see how others have got on getting documents from them. Some are worse than others. For example Barclaycard are known for not supplying agreements until Information Commissioner get involved.

 

I will second that

 

aa

[raymonda]

Thank you eveyone for your advice. Looking at the threads for an SAR they are not going to send me anything . Are they?? But I will continue to make the request for copies of my agreement and PPI If I don't receive a reply AFTER 40 DAYS then they are in default of my request watch this space !!

[Jan4a]

Hello

 

I don't know as I don't know which bank it is. Some do send them - I got mine within 2 weeks from Northern Rock. Depends who it is really.

[raymonda]

Hi everyone

I did everything as advised .Citi have sent me all documents as requested. My loan was £30,OOO and not £25,000 as stated.

Agreement.

Amount of Loan 30,000

Arr Fee 400.00

ppi 940.21

Amt Financed 30340.21

Int Rate 1.281% per month

No of monthly instalments 144

Amount of monthly instalments £477.84

Total Amount Repayable £68808.96

 

There is no APR on the any of the paperwork. Is paper work correct?

[Jan4a]

Have you got a copy of the agreement with your signature on?

 

Is that PPI figure right (940.21) ? It looks low on a loan of £30,000 to me.

[raymonda]

Good Morning Jan4a

Yes ,I couldn't agree more with you. The agreement reads ppi £940.21. The ppi was on a life cover.

As the loan was taken out in 2004 I really couldn't remember what I signed at the time.Thought my loan was for £25,000 and the rest was for ppi charges/ admin bringing it up to the £31,340.21. . What a surprise when I got all the paperwork from Citi. Yes, it looks like my signature.But is it?

raymonda

[Jan4a]

Morning Raymonda

 

At least it sounds as though you've sent you everything.

 

It doesn't sound as though you had full PPI though - just life cover element, which is why amount is low (full PPI cover could've been £10,000 on a loan that amount!). I'm not sure where you stand because of that - only dealt with full PPI before.

 

Wait and see if AA comes on later - he might know more. There's obviously something wrong if they're saying you no longer need it but I'm not sure what.

 

I do have a template PPI reclaim letter but not sure it would be relevant to you as its for standard PPI policies.

 

Jan

[alanalana]

Morning Raymonda

 

At least it sounds as though you've sent you everything.

 

It doesn't sound as though you had full PPI though - just life cover element, which is why amount is low (full PPI cover could've been £10,000 on a loan that amount!). I'm not sure where you stand because of that - only dealt with full PPI before.

 

Wait and see if AA comes on later - he might know more. There's obviously something wrong if they're saying you no longer need it but I'm not sure what.

 

I do have a template PPI reclaim letter but not sure it would be relevant to you as its for standard PPI policies.

 

Jan

 

IMO irrelevant if it is life cover or whatever.

 

PPI was massively mis-sold to millions by banks, mortgage companies, Loan companies, Car sales companies etc.

 

The aim now is to reclaim your money if you have a valid claim for mis-selling PPI.

 

 

Please read the following links to prepare for the claims.

 

PPI - Some Notes for Claimants..

 

BANKS are giving incorrect advice on PPI

 

Mis-sold PPI? Want your money back? use these links to help

 

Also read all the other stickies at the top of the forum they may just have information you can use.

 

aa

[raymonda]

Hi Can tell me how to calculate the contractual interest and the statuary interest?

[Jan4a]

I don't know.

 

I think the best plan might be to send PPI reclaim letter off to bank and then wait and see what they come back with. It should say something like "your monthy PPI premium including stat interest is £X" "you made Xamount payments of this amount" and "8% interest on this amount = £x".

 

They work it out for you.

 

Jan

[carisma]

I am currently reclaiming my PPI back with the help of a certain company who take a fee of £450 5% of my claim in advance then take 20% of my claim upon there completion. They claim that I am entitled to £9000 of which they will see 20%. This is all from £18,000 from company A and £5400 from company B is that about right? cant find much on reviews about successfull PPI claims and quite hesitant on proceeding.