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Hi, Hope someone can help me as I am trying to see if I can claim back the PPI that we had added to our loan.
Loan Amount: 25,000
Single Cover PPI: 5125.00
Total : 30125.00
APR 9.5%
We took the loan out in July 2003 when I was pregnant and needed to get our finances sorted rather quickly and the loan was repaid on September 2004.
There are various reasons I am putting down trying to get a refund but do I just ask for the 5125.00 to be refunded or can I add interest as we paid the following:
Payments made : 5165.58
Total paid to finish loan: 29010.20
Any help is greatly received as I have got my self very confused with this
I don't profess to be any sort of expert on this sort of PPI - my claim is for credit card / monthly premium PPI, but I'll help if I can.
Firstly, in order to reclaim PPI premiums you first have to show that the insurance was mis-sold to you. Have a look at the first few posts on this thread - it makes things very clear -
Secondly, if you have a valid reason for claiming the policy was mis-sold to you then I would have thought that you can certainly claim interest as well as premium payments. You need to know the ammount you were actually charged for the PPI over the 14 month duration of the loan - that is the initial figure of £5125 less any refund granted when the loan was paid off (early?). I think you would then claim the difference between the 2 figures as premium actually charged, and then interest at your contractual rate, 9.5%, on that figure for the duration of the loan.
Hope that helps.
All the best with the claim - Adam.
I do my best to be helpful, but at the end of the day I'm not a professional - please seek further advice if you're not sure. On the other hand, if I have helped, please click my scales - thanks
Current Claims (all for friends!) -
Abbey - over £4k - Court claim issued & AQ filed ('Tish vs Abbey'). Alloc'n Hearing 21 Sept - Claim stayed 29/8/07.
Cap One - just under £2k - WON (just over 2k!)('Tish vs Cap One')
Cap One - just under £1000 - WON (just over £1k) Nov 07 (JimmyBoy vs Cap One)
Lloyds TSB - £3.5k - Court claim issued, defence rec'd and AQ filed; Alloc'n hearing 7th Sept Claim stayed 29/8/07! (JimmyBoy vs Lloyds')
MBNA - over £1k for mis-sold PPI - WON - approx £1500(IpswichWitch vs MBNA . . .)
I have just checked the Breakdown of my account and when I paid the loan up in full we were not given any refunds at all the balance was at 28169.45 and then they added Penalty interest and admin fee taking the amount to the 29010.20
Firstly as I understand it, these days Insurance Companies are obliged to include a 'refund' clause in their policies to cover the situation where a PPI policy is cancelled before its full term. I suggest you check yours to see what it says.
Secondly, assuming you have a valid case for claiming the policy to have been mis-sold, I would think you should claim a full refund plus interest at the 'penalty' rate you mention.
All the best - Adam.
I do my best to be helpful, but at the end of the day I'm not a professional - please seek further advice if you're not sure. On the other hand, if I have helped, please click my scales - thanks
Current Claims (all for friends!) -
Abbey - over £4k - Court claim issued & AQ filed ('Tish vs Abbey'). Alloc'n Hearing 21 Sept - Claim stayed 29/8/07.
Cap One - just under £2k - WON (just over 2k!)('Tish vs Cap One')
Cap One - just under £1000 - WON (just over £1k) Nov 07 (JimmyBoy vs Cap One)
Lloyds TSB - £3.5k - Court claim issued, defence rec'd and AQ filed; Alloc'n hearing 7th Sept Claim stayed 29/8/07! (JimmyBoy vs Lloyds')
MBNA - over £1k for mis-sold PPI - WON - approx £1500(IpswichWitch vs MBNA . . .)
I suggest you contact them and point out that you've never had the refund that the T&C's say you're entitled to. Thats £500 or so that you should get very easily!
My own opinion would be to hold back on going for the lot (thats assuming you've got a claim) until you've got that first bit back. I'd be interested to know if anyone else here sees it differently.
Adam.
I do my best to be helpful, but at the end of the day I'm not a professional - please seek further advice if you're not sure. On the other hand, if I have helped, please click my scales - thanks
Current Claims (all for friends!) -
Abbey - over £4k - Court claim issued & AQ filed ('Tish vs Abbey'). Alloc'n Hearing 21 Sept - Claim stayed 29/8/07.
Cap One - just under £2k - WON (just over 2k!)('Tish vs Cap One')
Cap One - just under £1000 - WON (just over £1k) Nov 07 (JimmyBoy vs Cap One)
Lloyds TSB - £3.5k - Court claim issued, defence rec'd and AQ filed; Alloc'n hearing 7th Sept Claim stayed 29/8/07! (JimmyBoy vs Lloyds')
MBNA - over £1k for mis-sold PPI - WON - approx £1500(IpswichWitch vs MBNA . . .)
Sandi v Paragon PPI
that we had added to our loan.
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