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HI
3 years ago when I was made redundant I settled a loan from Swift Advances PLC - The amount I paid was almost the amount I borrowed 3 years beforehand approx £12,000 - I was glad to get it paid off so I never questioned the figure.
I rmemeber approx 1 year before this asking to cancel a PPI on this loan which I unknowingly took out on the loan - it was put onto the loan I think it was around £1500 - they refused to cancel as they said it was now part of the loan capital.
I wonder if I have any recourse to claim this PPI or part of it back from Swift - Can anyone help?
Hi tamlaght,
I reclaimed charges from HSBC and won. The account was closed. Months later after I heared about the PPI rules I claimed this back off them too!
All I can say is that my PPI was sold with the loan too! They did'nt argue... just made an offer (after investigating)
HI
3 years ago ( this will be within the period from when the FSA made a ruling on the control of PPI issues) when I was made redundant I settled a loan from Swift Advances PLC - The amount I paid was almost the amount I borrowed 3 years beforehand approx £12,000 - I was glad to get it paid off so I never questioned the figure.
I rmemeber approx 1 year before this asking to cancel a PPI on this loan which I unknowingly ( what reason can you give here for mis-selling?) took out on the loan - it was put onto the loan I think it was around £1500 - they refused to cancel as they said it was now part of the loan capital.
I wonder if I have any recourse to claim this PPI or part of it back from Swift (you may well have a claim for mis-selling depending on what reason, i.e. self employed, pre-existing medical condition, retired, unemployed etc)- Can anyone help?
Do you have the paperwork for this settled loan, the Consumer Credit Agreement (CCA). terms and conditions, Policy document etc?
Before you proceed you will need all the paperwork and a valid reason for reclaiming mis-sold PPI. If you have the paperwork fine. If not you will need to obtain it from your loan provider. This should be the company named on the CCA.
If you require copies of the CCA then you can submit a request under the terms of the Consumer Credit Act sections 77 to 79 the cost will be £1.00 statutory fee (postal order is best as no 5 days for a cheque to clear and your signature will not be available).
A Subject access request (S.A.R - (Subject access request)) requested under the terms of the Data Protection Act 1998 costs £10.00 Statutory fee but you can request disclosure and information on all Data that your loan company hold on you, in whatever format, paper, electronic, tape, CD, computer records, microfische the information must be supplied to you within a 40 day statutory period or they are breaking the law and you can complain to the Information Commissioners Officer if the information you require is not supplied.
I believe this policy was missold to me as
1/ I wasn't told it was optional
2/ I wasn't made aware that it would be part of the capital and
3/ The policy exclusions were not explained to me therefore I was unable to make an informed decision
Even though the policy amount was part of the total loan capital the policy only lasted for 3 years so I was unable to claim any monies back when I was made redundant and had to use my redundancy money to pay this off.
If you bought this PPI and paid for it was included as part of the loan then you can claim it back.
I only had to write to HSBC and they made an offer which I accepted. I could have pushed for the full amount but didnt want to drag it out.
To be fair to hsbc ( not something you'll hear me say often) they were very good. I didnt need to threaten action, just went through the complaints route. I would try this first and see what they say.
settled loan - is it too late ?
I settled a loan from Swift Advances PLC - The amount I paid was almost the amount I borrowed 3 years beforehand approx £12,000 - I was glad to get it paid off so I never questioned the figure.
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