PPI - Some Notes for Claimants..

[hellhasnofury]

Originally Posted by lindyhop

Hi.

im still fighting. but not clear on how the interest is worked out and its doing my head in. is it premium + interest paid on premium for ( ?yrs) plus 8 percent on total amount or for each of the (? loan years).

the ppi i am currently fighting ended in december 2004 so should i be asking for premium + interest on 5 years (of the loan) plus same rate of interst since loan closed + 8 percent on this combined amount????

the one i am currently fighting for looks like this
premium £2,388.10
paid 52.34x60 = £3,140.40
5 years interest £752.30?

do i then just 1 x 8 percent to £3,140.40?
or
do i add 5x 8 percent for the loan years
and
am i due any interest on top from the close of the loan until i get my money back. if so what rate? the same as the loan rate???

and if not entitled to claim from the close of the loan, can someone please take the time to explain why i should not be compensated for the period since the loan was paid off, until i am pay me back?

i bet the answer to this is somewhere on the site, but my last few visit have been to try to find out this information, so that i am clear but i cant find specifics and its sooo annoying. (tried the spreadsheet, but the links dont put you straight into a spreadsheet but a site and i cant find the template for interest calculation on this site either) HELP! all this is making my hair fall out

Hello Lindyhop,

Get back to your thread you naughty girl Your questions will get lost on here.

Now we can't have you bald so

Try this

6. Interest calculation spreadsheets

If you get stuck, shout me

[BankLover_not]

Hi Guys,

I'm sorry to post this here but I can not, again, see how the hell to start a new thread - it's frustrating, can someone tell me how please?!!

I am seeking some advice regarding PPI premiums being recovered. I was sold a Loan Protection Policy at the same time as I took out a loan 4 years ago with Lloyds TSB. At the time I was self-employed and as I understand it, this is good grounds to recover the PPI premiums paid already and cancel the policy.

I have written 2 letters already to Lloyds TSB, using the templates, and they say they will not refund any of the premiums I have paid as they believe the policy was not mis-sold. I am therefore going to lodge an official complaint with the Financial Ombudsman. Having not done this before I was wondering whether anybody had any useful tips before I do. I would be very grateful if you could share them with me.

Thank you.

BankLover_not

[jowalshy]

Hi Bank Lover not. Click here to start a new thread in this forum:-

[car2403]

Originally Posted by BankLover_not

Hi Guys,

I'm sorry to post this here but I can not, again, see how the hell to start a new thread - it's frustrating, can someone tell me how please?!!

I am seeking some advice regarding PPI premiums being recovered. I was sold a Loan Protection Policy at the same time as I took out a loan 4 years ago with Lloyds TSB. At the time I was self-employed and as I understand it, this is good grounds to recover the PPI premiums paid already and cancel the policy.

I have written 2 letters already to Lloyds TSB, using the templates, and they say they will not refund any of the premiums I have paid as they believe the policy was not mis-sold. I am therefore going to lodge an official complaint with the Financial Ombudsman. Having not done this before I was wondering whether anybody had any useful tips before I do. I would be very grateful if you could share them with me.

Thank you.

BankLover_not

"How do I...?" A Dummies' Guide to this Forum

[babygirl10873]

i have had a loan with blackhorse and my ex partner then took out a further 3 on the first one which was sercured on the house for 25000 and had the big payment at the begining. after reading your thred I went over the first one and notice although my partner was self employed and i was not working the ipp was for unemployment they knew this from the very begining all paper work was rushed through and we were never given the choice of not having it or a figure without. I am going to send them a Subject Access Request because we paid this of after two years but paid almost 1000 more than we orginally borrowed. Again we needed the money and because my partner was self employed found it difficult. I almost positive the insurance was not mentioned at all just what we needed to repay every month. if it had of been then i would of questioned the fact with my partner being self employed. not meaning to go on he got a further one after and currently had two runing he is not very well educated and never knew what he has been paying. my question is he is paying for two protection on two loans but they are for life accidental critical illness and not employment can i still argue it was missold because the exclusions were not made clear so they missled him into thinking it covered him for everything.

[babygirl10873]

sorry forgot all these loans are regulated by the consumer credit aggrement act 1974 does it say they can do this in that aggreement. I need help with this because i know i have a fight again all these loans put the charges on at the begining and say even if you cancel you still have to pay protection for the period took on the agreement.
any help would be greatly appreicated.

[Stuvts]

Hi guy's, great forum!!......Just a quick question. Is there a time limit on when you can claim from? does the loan have to be active or can you claim for loan paid off a couple of years ago?

Thanks.

[thatsourmoney]

I've been considering claiming back on several dubiously sold PPI's, but that will come later when I've gone through all the paperwork. I have progressively cancelled several because I have adequate cover already - not least my employer's sick pay arrangements which last as long as the PPI payouts would, and it was getting quite expensive to pay the premia.

This post is really just to bring to your attention that two of the accounts on which I have cancelled PPI's have quickly increased the variable interest rates (12.9% to 19.2% and 14.9% to 29%) and revised the credit limits downwards. This may be coincidence - the letters blamed it on competitive pressures, business conditions, market changes or such like, but it may equally be claw-back as the financial institutions are anxious to maintain their profits, bonuses, flashy offices and reluctant to cut staff. They are about where the British motor industry was in the 1970's in terms of customer service, value and reliability - and surprise, surprise, nationalisation is creeping in to "save" them. Will they learn, or will UK banks be replaced by or owned by foreign ones within 30 years??

[Sparklez30]

I am helping a friend to cancel PPI. She wrote to welcome finance in Feb 08 asking to cancel (it is a single premium type policy). Her loan was taken out in Oct 07 therefore she should be due a decent refund on the £3000 plus interest they have charged her but their first and "final" Letter says she had 30 days to cancel and thats it.

Am I wrong in my assumption that the FSA said they had to be cancelable?

[car2403]

You all need to start your own thread - your questions will get lost and will - as they have been - go unanswered if they are in the wrong place.

[Sparklez30]

advice taken

[car2403]

Originally Posted by Sparklez30

advice taken

Thank you!

Here's the link for everyone else;

help with PPI & Welcome

[bathgatebuyer]

Here's a copy of the GISC guidelines for Private Customers. This is from their Rules which were operative between 03/07/2000 and 14/01/2005.

[N.P]

Hi,

That was a very interesting post you put up there.

I`ve noticed all the sections you have outlined and was wondering, does anyone know if based on that, could I use that information to reclaim PPI sold on a LLoyds TSB Mastercard? Or indeed, you that information to reduce the balance in the event of a Court Claim? IE. Missold PPI?

I`m referring to the PPI on the dodgy CCA I received from Lloyds which can be found here Lloyds TSB Mastercard

I beleive the PPI section is in Section 5. Additional Features, if anyone can read it.

Hope someone can help. Any comments can be posted here, or on my Lloyds thread.

Thanks in advance.



N.P

[bathgatebuyer]

Also, from the Treating Customers Fairly section of the FSA website, there is a section focusing on PPI. Where poor practice, it deems, included:

• Not explaining the PPI product clearly, including significant exclusions and limitations of the policy.
• Failing to ensure the customer was eligible to claim against the product.
• In advised sales, not finding out whether the PPI policy was suitable for the customer
• In advised sales, poorly put together statements of demands and needs that did not explain the firm's recommendation or tailor the information to the individual customer.
• Inadequate systems and controls in place around the sales process. These could result in sales staff not following the firm's own processes, and ultimately for inappropriate sales practices.

Payment Protection Insurance (PPI)

I can't stress how important the TCF Initiative is in the eyes of the FSA - the cases at the bottom certainly make interesting reading!

[BaldyBaldwin]

great post bathgate, i,m slowly getting halifax to hang them selves, and stuff like this helps tighten the noose

good one, regards BB