If I have the credit agreement....

star_scream · 4th December 2007, 16:42

Which shows the amount of PPI and the monthly repayments, do I stillneed to S.A.R - (Subject Access Request) or just calculate how much I've paid from this?

Do I claim back all premiums paid since it was taking out AND get them to cancel the outstanding balance?

alanfromderby · 4th December 2007, 16:45

Ahh....you made it to the forum then. I just responded to you email.

Anyway, what is your reason for disputing the PPI?

star_scream · 4th December 2007, 16:53

Hi Alan,

Yes made it at last thanks.

My reason is that I was self employed at the time.

alanfromderby · 4th December 2007, 17:01

Okay, should be straight-forward then. Was the amount added in one lump sum plus interest, at the start of the agreement?

Or is it a variable flexi-loan, or a credit card?

star_scream · 4th December 2007, 17:54

It was added as a separate part of the loan and the premium was calculated separately.

It was a fixed rate loan used to pay off an o/d.

On the credit agreement they charged £1297.50 + £537.26 int. I hAVE BEEN PAYING £19.03 PER MONTH since December 2004

alanfromderby · 4th December 2007, 18:20

If that is purely the PPI element, then you can claim £1297.50 + £537.26 +8% per year - which would add a further £440ish.

So that's about £2.2k to come off the balance of the loan.

star_scream · 4th December 2007, 18:34

So, if successful, they would ahve to pay me back the last 3 years premiums and write off the rest?

alanfromderby · 4th December 2007, 18:52

From what you have said, they took the payment as one lump sum at the start of the agreement, and added interest to that sum. The "premiums" you are paying are effectively payments on an "extra" loan to cover the PPI.

This is why you are entitled to claim 8% on top of the whole amount - effectively, in December 2004, the insurance company was given the money up front, and the loan company charged you with £537.26 worth of interest.

Those sums should never have been added to the agreement, and so must be taken off. The 8% interest should also be off-set against the balance of the loan.

Clearly, they are going to have to completely recalculate what you are paying, and the true balance of the loan. It is not going to be straight-forward, but until they start talking figures it is difficult to second-guess how they will want to deal with it.

Keep is posted as things develop - but don't expect that it will be resolved quickly.

star_scream · 4th December 2007, 18:59

Thanks Alan

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