help please with PPI

[bach]

Hi, I hope you don't mind could do with some good advice

 

I had a loan with London Mortgage Company from 22/12/2004 to 22/12/2005

The loan was or £35 000 they added £5 600 for PAYMENT PROTECTION INS

So the start of the loan was for £40 600

I have just found the finalized statment and have doubled checked and this is definalty what I have paid to them when I closed the account.

 

Please can any one advise if I can claim this back

 

Many thanks lynn

[mooreda]

you can't claim the payment protection insurance back if you agreed to it upon taking out the loan - were you advised that it was a mandatory requirement of the loan to have the insurance or were you given the option of having it or not? If you were told it was a mandatory requirement then you will have a case against the firm for mis-selling and yes you can demand repayment of your monies plus interest etc.

[bakedalasker]

Would this not be a simple case of their word against yours?

[bach]

Yes I was told it was mandatory to the loan,

surely they would have recorded conversations regardin this.

[bach]

Hi karnevil.

 

It's a good job someone's thinking, will just put it down to my own stupidity I think.

 

Thanks Lynn

[mooreda]

if they told you it was a mandatory requirement then complain! I would write a straight forward letter of complaint stating upon sale of the loan you were advised that it was a mandatory requirement to have payment protection insurance in place and were not made aware of it being an optional product. If you had then you would not have agreed to it. As such you want a full refund plus the interest they have levied from the account or you will be escalating your complaint further to the Ombudsman.

[jamesbond]

hi..this seems a lot for twelve months cover?

was the insurance for a longer term but you settled early?

[bach]

Hi Jamesbond

Yes, it was originally for 15yrs, but settled earlierexactly 12 months later, also because it was a high interest rate.

 

Thoughts please would be apprecited

 

(By the way great name, I was lucky enough to get down to the last 20 ladies for some of the roles in the original James Bonds in the late 60s )

[bach]

if they told you it was a mandatory requirement then complain! I would write a straight forward letter of complaint stating upon sale of the loan you were advised that it was a mandatory requirement to have payment protection insurance in place and were not made aware of it being an optional product. If you had then you would not have agreed to it. As such you want a full refund plus the interest they have levied from the account or you will be escalating your complaint further to the Ombudsman.

 

Yes you are right, having slept on it I am going to complain, will follow yr suggestions and see what happens, about to do a letter right now

 

Thanks for looking at the problem

Lynn

[Nightmare4banks]

Lynn in reply to your post:

 

Complain and persue it.As long as the loan was sold with the PPI being conditional this would be deemed unfair.

 

You need to do a SAR(Subject Access Request) under The Data Protection Act(template letter can be found in the library on this forum) and send it to the Data Protection Officer of the loan company together with the statutory £10 fee together with proof of id and address.Send all the documents with the fee by post order using recorded delivery post.You must allow up to 40 days for a reply.

 

When you receive the reply to the SAR,post the response here or PM me so I can assist you further.

[bach]

Lynn in reply to your post:

 

Complain and persue it.As long as the loan was sold with the PPI being conditional this would be deemed unfair.

 

You need to do a S.A.R - (Subject Access Request)(Subject Access Request) under The Data Protection Act(template letter can be found in the library on this forum) and send it to the Data Protection Officer of the loan company together with the statutory £10 fee together with proof of id and address.Send all the documents with the fee by post order using recorded delivery post.You must allow up to 40 days for a reply.

 

When you receive the reply to the SAR,post the response here or PM me so I can assist you further.

 

Hi

Will do right away, thanks for all yr help

Lynn

[jamesbond]

have you been refunded any part of the ppi amount in the settlement figure?

[bach]

Hi, No refund at all in the settlement figure, total payment included £5 600 to finalize and settle settlement.

 

Thanks

[jamesbond]

with out doubt you must have a claim on them if this is the case. i would pursue this with out fail. follow what nightmare has outlined you to do and take it from there.

[kokomar]

Hi Bach

 

I think this thread might be of help to you.

 

http://www.consumeractiongroup.co.uk/forum/lloyds-bank/25650-reid-lloyds-2-ppi.html

 

Koko

[bach]

Hi Nightmare4Banks or anyone please help

Re above advise, you kindly said you could assist further when I received info on London Morgage Comapny fees etc

 

Have just had comfirmation that I paid London Morgage Company the following fees on the above Loan for 12 months

 

P P I £5,600 single cover told conditional and box not ticked by me

E R C £2403.86p

Int £482.70

Legal Discharge Fee £75 00

 

Can you suggest a letter to use to start a claim for P P I

and whats your thoughts on claiming ERC too.

 

Many thanks

Lynn