PPI Letter confusion

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Can someone please help with the details. here is the letter found on this site. I am trying to fill this in as best I can one of my claims need to be in before the end of July as this will max out the 6 year period, so the sooner I can get this right the better

Im no finacial wizard when it comes to calculating APR compound int and the rest.

I have filled out as much as I could if someone could double check for me and perhaps assist in the final refund plus inetrest

Thanks In Advance

 

My details are as follows

 

Period of loan = 60 Months from may 2006 so I am still busy paying this off

 

amount paid to borrower = 2374.49

refinance existing loan = 5625.51

Insurance = 1677.14

arrangement fee 115

total Credit £9792.14

total + Int = 14,740.20

Int = 19.5% apr

another interest rate of 17.44 per annum

monthly int = unknown at this moment

 

(contenets of Letter)

I believe I have been mis-sold a payment protection insurance policy and would like to request a full refund of my premiums, plus interest paid.

 

I took out a £2374.49 loan refinancing an existing loan of £5625.51 at your branch on 17 May 2006 and also bought a payment protection policy which has cost me an extra £1677.14 over the life of the loan.

The total amount of my premiums plus interest is £ 2524.67.

 

When I took out the loan, I was told that my application would be refused if I did not also buy a PPI policy.

The Financial Services Authority’s advice to consumers is that, while it does not breach FSA guidelines, a borrower should not be refused a loan if they choose not to buy an insurance policy.

In forcing me to buy this policy, you have also breached paragraph 8.6 of the Banking Code, to which you are a signatory.

I do not believe being forced to buy this policy as part of the loan was a fair and reasonable obligation as I did not need this insurance and said at the time of taking the loan that I did not want it.

 

I am requesting a full refund of all my insurance payments, plus interest, which total [£ xxx].

If I do not receive a favourable response from you I will pursue this claim through the Financial Ombudsman.

Yours faithfully,

[moose73]

6 years from when you found out you were mis sold. I am caliming from 2001

[postggj]

why does this smell of welcome

 

confirm the creditor please scanner

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This claim is for Citi Finance and the old one (about to expire is Welcome Finance

i found out today about the Welcome PPI dating back to 27/07/2004 whilst looking for the current laon details.

[dx100uk]

just for clarity..........

 

there is NO 6YRS LIMIT ON PPI

 

as said

the clock starts ticking from when YOU realise you've been fleeced.

 

i do not know of one case where a PPI claim has not been met because the OC has sucessfully used the 6yrs rule ............

 

dx

[pompeyfaith]

Indeed the 6 yrs does not start ticking until the point you realise the financial mistake.

 

Tell me did you wrongly think the above because of the £ull%hite advertised on TV.

 

If you did do not believe any of it those CMC's are just out to get hold of your money.

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when I was claiming unfair bank charges there was a lot of mention that you can only claim as far back as 6 years, I assumed this also applied to PPI, I don't believe everything on TV

[pompeyfaith]

well the 6yr rule for bank charges is also coblers you can go back as far as you have proof for i have claimed these back to 1996 because i had all the statements

[joanne5865]

I have a similar problem with PPI is there legislation that allows me to claim back to 1998?

 

Thanks Joanne

[fmc001]

Just to add to the comments above.

Only yesterday I received confirmation from Abbey National that my complaint for mis sold PPI dating from 1997 was being upheld.

The 6 year limit comes into force when you became aware of the mistake. Not necessarily when the PPI policy was sold.

 

FMC

[dx100uk]

why cant people read the full thread before posting the same question again?

 

dx

[pompeyfaith]

To add further you have to remember that banks and other financial organisations are not white as snow

 

They will use all sorts of tactics to try and make you believe different its all a case of damage limitation on their part.

 

And the reasons all claims management companies will tell you 6 yrs is because it is too costly to go back further and the success rate in their minds is not so good

 

They are not carrying out this work out of the good of there hearts they too are there to maximise profits.

 

The statute of limitations is very clear in that TIME DOES NOT START UNTIL YOU HAVE DISCOVERED THE FINANCIAL WRONG.

 

Further more if you have evidence or can get evidence to prove that wrong no matter how far it goes back that is a good case you can deal with yourself.

 

PF

[joanne5865]

Thanks for your help, I have now read the Act and will be able to quote section 32C in my defence and counterclaim.

 

Joanne

[pompeyfaith]

You are welcome and good luck

 

PF