Thread: Help With Mis-sold Ppi

Originally Posted by MAGDA

I had a loan with FNB in 1998 - the loan was for £1559.00. A PPI was added to this, bringing the total loan amount (PPI for £182.49) to £1741.49. The interest rate being charged on this total amount was 22.9% APR (1.69 monthly). The monthly repayments were for £33.97 pm. for 120 months.
We had not wanted PPI initially, but were told by the salesperson that it was unlikely the loan would be granted without it, also we had not realised that the insurance ran for only five years, whereas the Loan was over 10. Also, interest is of course charged on the PPI for the full 120 months, deptite the fact that cover is only provided for five.

I don't recall ever receiving any policy documents for the insurance, if I did, then I do not have them now. I do seem to remember ringing FNB and asking for the policy to be cancelled, as we didn't require it and had been forced into taking it out. We did not receive any refund, but on looking at some of the figures relating to the account, it would appear that there was a slight reduction in interest made, as the repayments changed from £33.97 to £31.55 per month.

The above account is now subject to a court claim (brought by Asset Link) and as the account came to a premature end, we therefore did not recoup our losses with regard to the PPI. In effect, it seems that the PPI is still to a large extent included in the balance of the loan, and we are still paying interest on this.

Can I claim the PPI back? If so, how do I go about working out how much to claim, and does the fact that there was a slight change in the payment amount for a time make any difference to this?

Many thanks, magda

Hi there

Not sure due to the timescales on this one but its well worth still trying to pursue on this.

I would see if they could supply you with a written form of Breakdown in calculations, as if they would be able to provide this and to send it as a hardcopy through the post.

If you've not done a SAR (Subject access request) it may be worth you requesting this, although they will only more than likely send you all the information they have on you for the past 6 years.

Yet if any of these were still active over the last 6 years they should be able to supply you with the breakdown calculation/figures for you.

Just going to bump this up the same time for you, in order for others on here to hopefully see this and post further advice for you.

Good luck.

Hello Magda,

Welcome to the PPI forum

I will highlight in red and ask questions in blue.

I had a loan with FNB (What is the full name of FNB so I can do a search in the FSA Register - this will be a starting point) in 1998 (This is a date prior to the FSA taking Regulatory Control on 14 Jan 2005 this may mean you will have to go through the Court process rather than the Financial Ombudsman Service. But no worries as there are a lot of caggers with the knowledge on Court procedures who will help out if needed)- the loan was for £1559.00. A PPI was added to this, bringing the total loan amount (PPI for £182.49) to £1741.49. The interest rate being charged on this total amount was 22.9% APR (1.69 monthly). The monthly repayments were for £33.97 pm. for 120 months.
We had not wanted PPI initially, but were told by the salesperson that it was unlikely the loan would be granted without it, also we had not realised that the insurance ran for only five years, whereas the Loan was over 10. Also, interest is of course charged on the PPI for the full 120 months, deptite the fact that cover is only provided for five. (Rules of selling PPI already broken).


Please have a look at these links.....

For claims before 2005 and the FSA ruling from which campaign
How to tell if you’ve been mis-sold PPI
Quick check: were you mis-sold? - How to tell if you’ve been mis-sold PPI

There is also a lot more information here.....

links

I don't recall ever receiving any policy documents for the insurance, if I did, then I do not have them now. (You need to get these documents from the lender by sending an SAR - see below) I do seem to remember ringing FNB and asking for the policy to be cancelled, as we didn't require it and had been forced into taking it out. We did not receive any refund, but on looking at some of the figures relating to the account, it would appear that there was a slight reduction in interest made, as the repayments changed from £33.97 to £31.55 per month. (This would indicate the PPI could have been cancelled but ask for confirmation through a Subject access request - there is a template letter in the stickies at the top of the forum)

The above account is now subject to a court claim (brought by Asset Link) and as the account came to a premature end, we therefore did not recoup our losses with regard to the PPI. In effect, it seems that the PPI is still to a large extent included in the balance of the loan, and we are still paying interest on this. (This is the hidden cost of PPI that is not divulged at the point of sale)

Can I claim the PPI back? ( At this point I would suggest you could claim it back but more information is needed) If so, how do I go about working out how much to claim, and does the fact that there was a slight change in the payment amount for a time make any difference to this? (This requires someone good with figures and you will need again to give more detail

Many thanks, magda

Hope this gets you started on the road to reclaiming. PPI is a new issue and new territory but folks are getting there slowly. You will find people will share information to help you along the way where they can

Good luck

aa

Thanks di0430 for your reply and bumping for me. Thanks for your reply alanalana, that certainly gives me somewhere to start as I wasn't sure what to do initially or whether I could even claim anything back, so it's a great help. FNB is actually First National Bank plc, who I believe are now part of GE Money, though this wasn't the case at that time. Will have a look at the links you provided.

Many thanks to you both again,

Magda