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This missold PPI if left alone would accrue thousands in interest onto the already extortionate set up of the loan. The secured loan will be another story in another thread. I will gather figure info and then ask for guidance.
The first three figures add up to £38400. If you add the £595 it is £38995!
Dated 29-1-03. The int rate has risen over time to 12.60%. I've paid iro 21k. I would have to get an update of a redemption figure but iro 46k last time I enquired. Any other details needed and I can request by post.
I will have to look at whatever this clause 3 is as if the broker's fee is included in the initial 34k the total amount borrowed would be £37995. What an enigma:-?
Here goes, I've got my box file. I will start from the top of agreement.
Loan facility(including your broker's fee, if any) £34000.00
Optional protected payment insurance premium
(if any) 3400.00 The PPI is optional. So no grounds there for reclaim.
Total loan amount 37400.00
Your broker's fee (which is included in clause 3) 1000.00
The first three figures add up to £38400. If you add the £595 it is £38995!
Dated 29-1-03. The int rate has risen over time to 12.60%. I've paid iro 21k. I would have to get an update of a redemption figure but iro 46k last time I enquired. Any other details needed and I can request by post.
On what grounds are you claiming mis-sold PPI?
self employed, student, over 65, retired, pre existing medical conditions?
Quote:
When determining whether a policy is suitable, a seller – whether a lender or an agent for the insurer – must obviously take into consideration any information the prospective policyholder volunteers. However, we do not consider the seller’s duty is limited simply to recording what the borrower discloses. It is only by asking questions that the seller can properly determine suitability. These questions cannot cover every aspect of a borrower’s personal position and should not be expected to do so. To paraphrase the ABI Statement, only those matters deemed to be relevant by the insurer should be the subject of questions.
Can I reclaim on any PPI policy?
Your claim for compensation is dependent on when you took the insurance. PPI sales only came under the jurisdiction of the FSA on 14 January 2005. Any sales made before then are not covered by the latest rules.
However, it may still be worth complaining to your lender if you feel you have been mis-sold. If you bought before January 2005 it is likely that they will have been covered by a previous regime of rules. This means that the Financial Ombudsman Service will be able to consider these complaints. If you took PPI after January 2005, your claim is subject to the latest rules.
I do have a list of reasons for misselling, but my main one is that the loan would not be processed unless this PPI was taken. I will concentrate on your info tomrw when I'm less tired so I can get to grips with this. In the meantime AA will you be able to do any calculations or guide me to who can, for the amount I could claim and how this is presented on paper. I will write to Swift and request at what dates int rates changed and the %, and get a redemption statement for good measure!
I do have a list of reasons for misselling, but my main one is that the loan would not be processed unless this PPI was taken.
This is a good enough reason to start a claim for mis-sold PPI.
You will have to seek help from others on the forum for advice on amounts you can reclaim, spreadsheets and interest. There is the odd Einstein on this forum whom I am sure will offer help.
Thanks AA. I have seen those who are doing this for others so I will invite them to my thread and hopefully they will help me with calcs. When I write my letter to Swift I will also ask them how they arrived at my loan figure as it's not adding up on the agreement as posted.
It could be a long haul my own case started in Jan and will be mid to late next year for a result (hopefully positive in my favour).
Just to say whatever comes your way from Swift do not give in and if the legal stuff starts to arrive remember to use the other forums. LEGAL/DEBT/General there is a multitude of assistance you can tap into
When the Liberals and Conservatives were in opposition, they both agreed that banks should pay back high bank charges to customers. Nothing seems to have happened since they came into power as a coalition. PPI Insurance has been sorted. Now they should turn their attention to bank charges and help customers get exorbitant charges refunded.
Advice & opinions given by citizenb 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.
PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE
Is your thread for claim on CAG. If so can you post link. So why does it take so long to sort out, as PPI misselling seems so straight forward. I've seen where someone sends in a couple of requests and it's refunded.
Single premium policy is where the whole cost of insurance is added as a lump sum at the start of your loan, you’re therefore effectively borrowing more;
PPI possibly only covered the first 5 years of your loan (you need to check terms and conditions) unfortunately you are paying for the PPI with interest for the whole term of the Loan. (e.g. 25 years) this is frowned upon by the FSA
Is your thread for claim on CAG. If so can you post link. So why does it take so long to sort out, as PPI misselling seems so straight forward. I've seen where someone sends in a couple of requests and it's refunded. (rare occurence I would suggest)
It takes a long time to sort out because the banks will use delaying tactics to try and put you off. They make life difficult as you will see if you have time to read my full story. If you get no compliance with your SAR request complain to the Information Commissioners Office. They are also innundated with complaints (More delays) but they have the power to tell the banks to give you the information under the legal statute of the Data Protection Act 1998.
Then after months no response to letter or goodwill gesture on one of my claims so off to the fos and yes they are swamped so another 6-9 months all the while the banks have your money getting interest and in the end you hope the FOS uphold your complaint.
You can choose the Court route but if this fails the FOS will then not take up your case. If you go to FOS first and the complaint is not upheld you still have the option of going to Court. In addition complaints in big numbers will probably make the FSA take note especially if you complain to them as well and just see what has happened to A & L £7m fine largest so far.
Hope you find this useful please feel free to use any letters on my thread if you can put in your own information. They are not CAG templates but if they suit please use them.
When the Liberals and Conservatives were in opposition, they both agreed that banks should pay back high bank charges to customers. Nothing seems to have happened since they came into power as a coalition. PPI Insurance has been sorted. Now they should turn their attention to bank charges and help customers get exorbitant charges refunded.
Advice & opinions given by citizenb 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.
PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE
Is your thread for claim on CAG. If so can you post link. So why does it take so long to sort out, as PPI misselling seems so straight forward. I've seen where someone sends in a couple of requests and it's refunded.
It takes a long time to sort out because the banks will use delaying tactics to try and put you off. They make life difficult as you will see if you have time to read my full story. If you get no compliance with your SAR request complain to the Information Commissioners Office. They are also innundated with complaints (More delays) but they have the power to tell the banks to give you the information under the legal statute of the Data Protection Act 1998.
Then after months no response to letter or goodwill gesture on one of my claims so off to the fos and yes they are swamped so another 6-9 months all the while the banks have your money getting interest and in the end you hope the FOS uphold your complaint.
You can choose the Court route but if this fails the FOS will then not take up your case. If you go to FOS first and the complaint is not upheld you still have the option of going to Court. In addition complaints in big numbers will probably make the FSA take note especially if you complain to them as well and just see what has happened to A & L £7m fine largest so far.
aa
It is also good to go the route aa has advised with the FOS first as the FSA are now stepping up the pressure on PPI mis selling. I think it is Abbey that have just been fined £7 million . I also believe they have been advised to contact any customer that has been sold PPI within a certain time frame
1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy -HERE
2: Take back control of your finances -Debt Diaries
3: Feel Bullied by Creditors or Debt Collectors?Read Here
When the Liberals and Conservatives were in opposition, they both agreed that banks should pay back high bank charges to customers. Nothing seems to have happened since they came into power as a coalition. PPI Insurance has been sorted. Now they should turn their attention to bank charges and help customers get exorbitant charges refunded.
Advice & opinions given by citizenb 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.
PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE
It is also good to go the route aa has advised with the fos first as the FSA are now stepping up the pressure on PPI mis selling. I think it is Abbey that have just been fined £7 million . I also believe they have been advised to contact any customer that has been sold PPI within a certain time frame
It is actually Alliance and Leicester who were hit for the £7m
When the Liberals and Conservatives were in opposition, they both agreed that banks should pay back high bank charges to customers. Nothing seems to have happened since they came into power as a coalition. PPI Insurance has been sorted. Now they should turn their attention to bank charges and help customers get exorbitant charges refunded.
Advice & opinions given by citizenb 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.
PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE
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PPI claim re Swift Advances
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Originally Posted by alanalana
