PPI to late to claim, once the loan is paid?

[dollies01]

I am desperately trying to claw back some of the money that Welcome finance have taken from me.
I was planning on reclaiming the useless ppi's that I have had
But only one of the loans is still outstanding and I have a copy of the agreement with my signature on it, saying that I understand its optional etc

For the record I didnt understand it was optional I to was told that no insurance meant no loan.
My question is, can I reclaim ppi's on settled loans, and will the fact that I have signed the agreement make it impossible to claim?
Apologies if this has been asked before, Im not very au fait with ppi's.....YET! lol

any advice would be appreciated.

[reidnet]

Hi Dollies,
I dont see any reason why you cant try and reclaim the Mis Sold PPI on settled loans. After all they Mis Sold you a product which you have paid for in full.

You will need all the information regarding the settled loans, eg Account number, Amount charged for the PPI plus the Interest that was paid on the PPI.

If you have all the original agreements you may be able to find all the info there, if not you will have to do a Subject Access Request under the Data Protection act to obtain copies of all the agreements, Payment History etc.

If you settled the Loans early, then also ask for a breakdown of how they calculated the final settlement figure. If you did settle early and depending when they were cleared, they will have charged you an early settlement interest charge...and good news is you can have a go at reclaiming that as well.

Once you have all the info give me a shout and I will have a look through it if you need help.

Ian

[dollies01]

Thanks Ian

I have had my Subject Access Request back for a couple of weeks, the only thing I cant find is a car loan agreement for a car that was paid off about eighteen months ago. I have repeatedly asked for ALL the information, but Welcome Finance insist that I have it all and looking through the welcome threads, I see that the car loan agreements never come to light! I seem to remember that although I was paying welcome the finance orginally came from somewhere called something like White Chapel.

However I do have three agreements (2 settled, 1 current) and all the paperwork that they came with. I also have the maths ability of a retarded goldfish so your offer of help is very much appreciated!

[reidnet]

The 2 loans that have been settled, were these settled early or did they run to the end of the loan ?.

Were the Payment Protection Insurance Policies single premium policies, ie was the total amount charged for the PPI added onto you original loan?

Ian

[dollies01]

one loan was to consolidate the other
then the loan outstanding consolidated that loan and paid off the remainder of the car loan.

Yes the ppi was added to make the total of the loan.

There is a mahooosive pile of papers included in the Subject Access Request and it may aswell be written in Japanese for all I understand!

[reidnet]

If the loan was to consolidate a previous loan they will have charged an early settlement fee on the old loans. I dont know if that will be shown in your paperwork, It should be and it should also state under which rule they calculated the settlement figure.

To try reclaiming the Mis Sold PPI, the following Information will be required,

1) Original date that the PPI was started on each Loan
2) The amount charged for the PPI
3) The actual date that the loan was settled
4) the % APR interest apllicable to each loan.

If you can get that Information I can calculate out the amount that you could try to reclaim.

They will of course denie any Mis Selling of the PPI.. These claims are pretty new and hopefully the more Complaints that can be raised they may actually start to sit up and take the claims seriously.

You should also read through the Terms and Conditions of the PPI Policy to see if there any further exclusions that could have applied to you and make any payout on the policy Null and Void. Eg Previous Medical Conditions, Self Employed , Not working more than 16hrs a week etc, these are just some of the standard get out clauses..lol

Ian

[dollies01]

11.10.02 optional payment protection insurance 226.45 healthcare 130.00 apr 72.9% (still owed 1248.43 on the 06.02.03, when new loan was taken to settle) optional payment protection insurance 436.38 healthcare 150.00 apr 47.30% (still owed 1165.90 on loan and 668.19 on car loan on the 19.05.05 when new loan was taken to settle and to replace the car we had bought with the car loan that got written off!) optional payment protection 1261.78 lifecare 24 175.00 apr 44.10%

I dont know if it makes any difference, but they used my tax credit payments to calculate how much we could afford to pay, despite me saying that they could change before the end of the loan as my eldest dependant child would be leaving education.

[zubo]

Dollies,

I am obsessed with the CCA thread <and> although YOU seem a well organized person - and have what you believe to be the agreements - I'm not sure that they are so well organized.

For each agreement why not pay the £1 and registered letter fee and submit a CCA request.

If they cannot respond in 12 days + month, then issue a Default and request consolidation (a demand for ALL Interest and other charges (PPI) ) which they unlawfully charged you because they have no agreement to charge....

Whatcha think???

[dollies01]

Yea thanks for that Zubo, I also fly the cca flag whenever opportune, but in this case, its not really relevant as I have the true signed copies of all the agreements.
They were included in the S.A.R.
but thanks anyway.

[bennett01]

Hi Dollies
look at FSA site some good information o PPI

Financial Services Authority

[reidnet]

Hi Dollies,
Sorry its taken so long to get back to you on this one, Been doing a bit of Ducking and Diving and Muck Gathering the past few days..lol.

Are you also reclaiming the Healthcare ?, That is some whopping APR Interest rates that you have been charged too, I would reclaim the Interest on each PPI at the Contractual rate, you will need to work out what Interest to claim along the same lines as the bank charges.. Eg Date that PPI was taken out until the date it was Replaced with the newer one.
Hope that makes some sense ?, If not shout and I will try and explain it in more detail..

Ian

[MilkTrayMan]

Hi dollies01!

Did U manage to get a result on your PPI Claim???

[dollies01]

To be honest, I haven't done anything about it!
I tried to work out the spreadsheet a few times,
got confuddled and then a few family problems cropped up and it got put on the back burner.

Welcome finance are slowly moving in for the kill though, so I have gotta sort out a letter this week. In light of the fact I have absolutely no idea how much to claim for, I am going to do a guesstimate and wait to be corrected. Of course if it gets to court then I will need to master the spreadsheet, but Im hoping it wont come to that lol

[hellhasnofury]

Hello Dollies01.

Just found your thread and I do think that it has lain idle enough. So we shall get cracking on this

I do feel that we may need to have nerves of steel and show great determination, but what the heck, in for a penny in for a pound

Get back soon

[TheAnalyst]

Yeah, would be nice to have an update on this, I'm in a similar position.

[dollies01]

K heres the update!


Basically Ive done nothing about it...............until this week that is
Thanks to a very kind lady cag member who shall remain annoymous to protect her being inundated with pleas of help, I have got a figure to reclaim the ppi on all my loans with Welcome, both past and present.

At present I owe them £6031.41p ..............which I have not paid since this time last year, and has just been passed to a dca.
The total of the reclaimable ppi is just over 9k.

I have a draft of a letter to send, to Welcome, and Im going to send the dca a letter to say the debt is in dispute.

I have done alot of reading about Welcome and ppi the last few days, and its become apparent that the agreements we are issued with may not be properly executed as they don't state a repayment figure, I have also read that some apr amounts could be considered as extortion. I am not sure about either of these facts. ( ie: does the repayment figure HAVE to include the total amount including interest?, just how high does the apr have to be to be considered extortion?)

If it transpires that Welcome have failed me not only on the ppi but the apr and the lack of total sum figure, would it be fair to add these points to my ppi letter, suggesting that If I have to go to court I will be claiming for all three?

Am I talking twaddle?! lol
Anybody with any thoughts on the matter please feel free to advice/shout me down etc!

figures to reclaim are below:

This first loan
at 8% Statuatory interest rate

1/11/02

Healthcare £150.00 plus interest of 8% £57.67 = £207.67

PPI £226.45 plus 8% interest of £87.06 = £313.51

ppi int £163.24 at 8% int of £62.76= £226.00

Total claim at 8% =207.67+313.51 + £226.00 = £747.18

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This first loan and 72.9% contractual interest

Healthcare £150.00 plus 72.9%interest £518.99 =£668.99

ppi £226.45 plus 72.9% interest £783.50 = £1,009.95

ppi interest applied £163.24 plus 72.0%= £564.80

Total claim at 72,0% = £668.99 + £1,009.95 + £564.80 = £2,093.74

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Second Loan 06/02/03

8% interest
Healthcare £150.00 plus 8% interest £54.48 = £204.48

ppi £436.38 plus 8% interestof £158.48= £594.86

ppi interest charged £206.40 plus 8% int £74.98 =£281.46

Total of claim £204.48 + £594.86 + £281.46 =£980.80

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47.0% interest

Healthcare £150.00 plus 47.0% int of £320.05= £470.05

ppi 436.38 plus 47.0% int = £931.09 = £1,367.47

ppi interest charged £206.40 plus 47.0% int £440.39 =£646.81

Total of claim £470.05 + £1,367.47 +£646.81= £2,486.33

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3rd Loan 19/05/05

Lifecare £175.00 + 8% int of £31.42 = £206.42

ppi £1,261.78 + 8%int of £227.88 = £1,489.66

interest on ppi £555.18 + 8% int = £100.23

Total of claim £206.42 + £1,489.66 + £100.23 = £1,796.31

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44.0% interest

Lifecare £175.00 + 44.0% of £172.84 = £347.84

ppi £1,261.78 + 44.0% int of £1,253.35= £3,515.13

ppi interest £555.18 + 44.0 int £551.29 = £1,006.40

Total claim at 44.0% int is £347.84 + £3,515.13 + £1,006.40= £4,868.44

The total for the 8% claim is £3,524.29
The total for the Contractual int is £9,448.31