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Hi, my husband and I took out a loan with First National in 1998, and were sold a PPI at the same time. We took out the loan at home with the salesperson who had called. The person informed us that we would be unlikely to be offered the loan unless we took out the PPI and was very forceful in getting us to agree this. This agreement is now subject to a court claim (Asset Link now own the debt and have brought a claim against us in the county court)
The thing is, I have been advised to put in a separate claim for the PPI, but not sure what to do or what I am claiming exactly. I have sent a CPR letter to the claimant (civil procedure rules) asking for details of everything to do with the account, including PPI, but nothing has been forthcoming so far.
The original loan was for £1559 (amount of credit for goods/services) protected payment premium was then added at £182.49 in a separate box underneath. Total loan facility was then stated as £1741.49.
Rate of interest per month: 1.69%. Apr: 22.9%. The anticipated number of repayments was 120 @ £33.97 pm.
I don't have a policy or anything else for the PPI, whether or not I actually got anything at the time, I really don't know.
could someone help in sorting out how much I would need to claim back etc, or is that for the company to work out? We made regular repayments until around April 2004, when the account fell into default, although the loan is now bigger than when we started, despite making payments for six years or more. We continued to make payments to the account, but for a reduced amount, although the creditor has continued to add interest to the loan, so it was pointless making the repayments really, as they didn't even cover the interest being charged.
I would really appreciate any help, as this may go some way to helping with our court case.
Advice & opinions given by patrickq1 are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional
4,076.4 this was after 120 months ?
how many payments have you made to date ?
do you have records of all payments made if not why not you need these
patrickq1
Advice & opinions given by patrickq1 are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional
yes, I made 69 monthly payments before hitting problems with the account, first payment was for £53.97, and remaining 68 payments for £31.55, so we paid without fail for almost six years. Then hit problems financially and have made 45 further monthly repayments @ £1 pm, as this is all we could afford. However, unknown to us, they were charging interest still so payments were pointless. In fact, although we paid the loan religiously for 6 years or there abouts, we owe more now than we did to start with. Magda
Actually, just looking at some figures they have just sent me (break down of payments) and I notice that we were paying £33.97 for around 8 months, which suddenly reduced tothe £31.55 figure, so it looks as though the PPI might have been cancelled at that point, although I don't know for certain as I can't find anything out about the PPI either from First National or Asset. The amount that Asset Link are claiming includes the PPI figure and they are charging interest on that amount still, so surely that can't be right. Magda
2,145.4
53.97 +
--------------------------
2,199.37
+ 45
= 2,244.37
a rough estimate you have paid within the payments PPI approx 1,131.84
so you have aprox this amout to claim back,,when account went into dispute this is the cut of point for intrest charges also try to equate the excess that has been added by asset link then deduct this from the figure am i right in thinking this was a managed loan through the iva ?
so i think you can work of the figures i have put down as a rough estimate and this is part of your counterclaim
for th return of this money and add this into your CPR along with the information their refusal to divulge any information and without it you cannot enter a proper defence
patrickq1
Advice & opinions given by patrickq1 are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional
thanks patrick, I will get something off to Asset as soon as poss, also received the aq form Northampton today, got until 27th June to get that back, It states that they expect you (and the claimant) to try to resolve the matter before a hearing becomes necessary, I am quite willing to try to resolve this if they meet me half way, but I doubt that will happen. Anyway, thanks again, Magda
Claiming Back Ppi From Asset Link
at the same time. We took out the loan at home with the salesperson who had called. The person informed us that we would be unlikely to be offered the loan unless we took out the PPI and was very forceful in getting us to agree this. This agreement is now subject to a court claim (Asset Link now own the debt and have brought a claim against us in the county court
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