Can i reclaim PPI on HSBC business loans?

[onestressedwoman]

Hi all

 

I was self employeed throughout this time I had several Small Business loans on which I paid PPI however I was told that the applications would be looked at more favorably if I took out PPI.

 

I could never of claimed on these as I had a pre-existing medical condition on top of which I was self employeed

 

The loans were always taken out in my name not business name, but repayments came from business account.

 

Can I apply for refund of PPI in this case ?

 

fingers crossed OSW

[ims21]

Hi

 

Yes you can claim.

 

Have you got all the agreements and a record of the repayment i.e. bank statements/loan account statements?

 

If not you will need to SAR the lender...template in the CAG library, the link to which is at the top of every CAG page in green

 

Which lender is this and how long ago?

 

Regards

 

ims

[onestressedwoman]

Hi IMS

 

Yes have all bank statements sitting on my lap and loan agreement doc's these are with HSBC dating 2001-2005

 

As I am looking through them I am filling in template letters to match each one - I have however come across some confusing bits ?

 

One of loans does not have any loan reference number? However have exact loan date on signed doc. and statements detail monies deducted from account but no loan statement provided ? Also on Loan agreement there is no breakdown of PPI contribution but it is clearly there given the figures ?

 

Another loan was taken out in one branch but I was told I had to transfered this loan when account was transfered to another branch ?? what do I do here quote both loans on same letter ? Do I need to include my bank account numbers on these letters.

 

Is there anything else I will need ?

 

Personal loans are no problem to deal with but these are proving to be a pain.

 

OSW

[ims21]

Hi

 

Could you perhaps post up the agreements as a PDF (MINUS ALL PERSONAL INFORMATION). I'll take a look at them.

 

You say you are filling in template letters? which ones please.

 

Also, have a read of No.1 in my signature as there is a lot of information there which will help you understand what may have gone on with all these loans.

 

ims

[onestressedwoman]

IMS

 

Template letter taken from THE GUARDIAN http://www.guardian.co.uk/money/interactive/2011/apr/21/reclaim-your-ppi-template-letter

 

I will upload doc's asap but in the past this has proven difficult for me has my brain is slow and quite frankly I can be a bit thick sometimes

 

OSW

[ims21]

Hi

 

Just a couple more questions...

 

You were self employed so a sole trader...not a Ltd Co is that right? In which case these will be dealt with just like personal loans.

 

How many loans are we talking?

 

Did any of them refinance previous loans?...if so we need to take into account PPI which may have been rolled from one loan into another.

 

Happy to help you with the figures.

 

Also, you don't need a letter for each loan...as these are all with the same lender you can do it all with just one letter plus one or more spreadsheets and one or more fos consumer questionnaires. That questionnaire is available from the fos website so I'd pop along there and get it downloaded.

 

Regards

 

ims

[ims21]

You can use the dx100uk method for upoading your PDF if its easier for you...

 

scan the required letters/agreements/sheets

as a picture[jpg] file

remove all pers info inc barcodes etc using paint program

but leave all figures and dates.

 

goto one of the many free online pdf converter websites

it would be better to upload a multipage pdf

than many single ones

or if you have PDF as an installed printer drive use that

or use word and save as pdf

open a new msg box here

hit go advanced below the msg box

hit manage attachments below that box

hit the add files button on the top right

hit select files, navigate to your file on your pc

hit upload files

NB:you can set where it goes in the post by hitting insert inline.

the hit reply button

 

 

 

ims

[onestressedwoman]

Yes IMS

 

Sole Trader

 

3 loans found so far (business) - but 2 of these are the same loan taken out at one branch then it details account closed early with a debit figure loan was reissued from new branch to satisfy the same then payment ran from there - (refinanced loan ???)

 

One Personal loan found so far that seems clear cut - do I have to provide breakdown sheets like i did with unfair bank charges refund letters? amount date & interest for each charge ?

 

Followed your signature link only took me to digital signature info is this right?

 

Popping along to FOS website now

 

And waiting for husband to come home to carry scanner for me

 

OSW

[ims21]

Hi

 

Here's the direct link to No.1 in my sig.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?318646-PPI-Single-Premium-Your-questions-answered

 

Yes you should do a spreadie to submit...don't worry, I'll help you with that.

 

We'll get all the stuff in line and then I'll help you with figures based on whether they are rollovers or stand alone loans

 

ims

[onestressedwoman]

PPI.zip

 

 

Yay files to be attacthed now

 

PPI P1 (PPI Personal 1 )

PPIB1A (PPI Business tied into PPIB2)

PPIB1B (PPI Business from above)

PPI 2 (PPI Business)

 

However on second viewing think there is one one I can make claim on ?

 

I also have a CC PPI that needs addressing but this is further complicated by being tied into a charging order

 

But I suppose you have to start somewhere

Edited January 6, 2012 by ims21

[ims21]

Hi

 

Ok thank you...I'll get a look at those later this evening

 

ims

[onestressedwoman]

Made a mistake there

 

PPI B1A & PPI B1B Tied

and PPI B1S is statement attached to PPI B1A

 

does that make sense

 

and Thank you

 

OSW

[ims21]

Hi

 

Before I get stuck into these, the statement you posted shows a monthly repayment of £190.29 but this doesn't match to any of the agreements you have posted.

 

Can you also give the dates on each of the agreements please

 

thanks

 

ims

[onestressedwoman]

IMS

 

I thought exactly the same re: £190 when I was going through my statements

 

Dates

 

PPI B1A = Incorrect !! (duplicate of PPI P1) sorry how did that happen ! Will have to scan again Relates to Statement start date 29/10/2001 this is where figure £190 came from loan and PPI detailed separately Loan £182.97 PPI £7.32 interest rate 12.7 APR Total Loan Drawdown £3425.18

 

PPI B1AS = December 2001 - May 2002

 

PPI B1B = 9th August 2002 correct

 

PPI B2 = 23rd May 2003 correct from statement above loan satisfied

 

PPI P1 = 30th September 2001 correct

 

Told you I can be a bit thick at times

 

OSW

Edited January 6, 2012 by onestressedwoman
corrections

[ims21]

He he,

 

No worries

 

I'll be at work today but will have another look late afternoon

 

ims

[onestressedwoman]

[ims21]

Hi

 

So sorry...really difficult day today. Will be more relaxed tomorrow to have a look at the figures...hope that's ok

 

ims

[onestressedwoman]

IMS

 

No problem really appreciate your help !!

 

Thank You !!!!!!!!!!!

[onestressedwoman]

Hi IMS

 

Sorry not been around the last couple of days winter setting into the bones

 

Smiles

 

OSW

[ims21]

Hi

 

You beat me to posting!!

 

Very hectic weekend as it turned out but I'm looking at it all again now for you

 

Regards

 

ims

[onestressedwoman]

You Hero

 

Can't thank you enough - Hope it was a pleasurable busy weekend !

 

OSW

[ims21]

Hi

 

OK...just in case you haven't got it yet, here is the spreadsheet you will need to help you work out your claim.

 

StatIntSheet v101.xls

 

Let's get the easy ones out of the way first.

 

Your loan for £6,800 doesn't appear to have refinanced any of the others and so was a "stand alone" loan. There is no PPI shown on agreement so we can forget this one.

 

Next easy one is the loan for £3,500. This did have PPI and you were paying £18.45 per month towards the ppi part of the loan. In the spreadsheet, follow the instructions on the notes tab and when you come to list your ppi payments you enter the date of the payment, the description (i.e. PPI Payment) and the amount (£18.45). You'll end up with a list of £18.45 entries. You will see that the sheet works out the 8% interest on top of this.

 

Now to the two loans that were linked.

 

First one is easy. The PPI monthly payment was £7.32 on the first loan. Take a fresh spreadsheet and use it to work out the claim for these two loans. List the payments of £7.32 for the months that were paid.

 

Now when this loan was refinanced, the balance to clear it was £2,473.77. The ppi on loan 1 was 3.85% of the total so it follows that 3.85% of this settlement figure was for the PPI part of the loan. This equates to an amount of £95.24.

 

Now although the refinance loan of £2,500 didn't have ppi on it, the £2,500 you borrowed included £95.24 to pay off the ppi part of loan 1. So some of your repayment amount for loan 2 included a small amount for paying off ppi from loan 1.

 

The percentage is given by £95.24/£2,500 x 100 = 3.81%. So for each repayment on loan 2, 3.81% of it was for ppi and that amounts to £8.43.

 

So you list £8.43 in the same spreadsheet, again giving the date of payment, a description and the amount.

 

When you have finished the whole exercise you will have two spreadsheets, one for the £3,500 loan and one for the connected loans 1 & 2.

 

Fill out a fos questionnaire for the £3,500 loan and another one for these two connected loans. Send the questionnaires, printed copies of the spreadsheets and a covering letter to the lender requesting a refund. Submit them as two packs and make sure the right questionnaire is attached to the right spreadsheets and letter.

 

Send recorded an they will have 8 weeks maximum to investigate and give you a decision.

 

Regards

 

ims

Edited January 10, 2012 by ims21

[onestressedwoman]

IMS

 

First THANK YOU

 

?? Doing the easy one found a problem ???

 

Was flying through details got to Nov 2003 payment reversed ??? Account was in good order and funds available so looked through statements that follow and no further payments to loan ???

 

Went back through statements found loan repayment on 27th November2003 amount £1859.59 ?? from my figures this should have been £1337.84 ??? detailed below this on statement PPI refund £81.70 = how do I detail this on spreadsheet ?? Any idea how these figures add up ???

 

So the way I read it

 

payment £1859.59 minus

ppi refund £ 81.70

Repaid £1777.89 minus

Amount left on loan agreement £1337.84

Over Payment £ 440.05

 

???????????

 

OSW

 

Also Loan was to run for 42 months 25 months paid monthly leaving 17 months PPI on account therefore 17 x £18.26 = £310.62 but PPI refund £81.70 ??? what am I not seeing

Edited January 10, 2012 by onestressedwoman

[ims21]

Hi

 

We are talking the loan for £3,500 yes?

[onestressedwoman]

Yes

 

Am I reading this wrong ?

 

Found one mistake I made was inputting PPI @ £18.26 instead of £18.45 ?? but that still doesn't cover it ?

Edited January 10, 2012 by onestressedwoman