Written by John Kruse, one of the leading experts on Bailiff Law, this consumer friendly guide is essential reading for anyone who comes into contact with a bailiff.
The book is easy to understand and clearly explains the rights
a bailiff has, and also what they cannot do when collecting debts and repossessing goods etc.
Hi had a loan in may 2005 cant remeber amount but payments were 117 over 51 months so around 5900 i think i then refinanced the loan last year in april for 5000 and payed off what was left on the previous loan.I am now thinking of canceling the PPI and going for seperate cheaper ppi with another company as it would work out a lot cheaper.I have the ppi info for this loan now and it says i can only have from 12 to 18 month 58% of what i have payed back ok fair as i have been covered.My question is would i beable to recover ppi from the loan i first took out or is it to late.I was preasureised but was given the option not to have it.
An update with this weh i took out the polcie as its joint with the wife i said that my employer would pay me 6 monhts full pay then 6 half pay on the sick and also the wife remembers arguing with the man he said that we couldnt have the loan unless we had the PPI and if we could get cheaper to cancel it before 30 days.Obviously we didnt as we looking for a refund.So my question is how do i now go about this and are these lot easy to sort it out with.
Just contacted BH on this and feel i have been ripped off.Was told that its been added to the amount and as im so far into the loan term that if i cancel it i will only get a few hundred back an that will come off my monthly payment which will only be reduced by 15 pound.Explained what happened in the begining was not properly explained to me about the cancelation proces and eveything and i also told him what i said about my employers sick cover payments.He was apologetic but kept on about the 30 day limit and after this i wouldnt get it all back as basicaly the monies had been payed to the insurance underwriters and the amount put on top of the loan as a lump.So mad about this i wont do it again thats for sure and i told him this.Any ideas what to do next.
Ok lets take this one step at a time from the beginning, Firstly saying you had to have the policy is grounds for mis-selling.
Now you do not want to cancel you want a full refund of the prmium paid plus the contractual interest paid on this policy at the APR you where charged.
As i understand it you have no agreements or statements of payments made so this is where we will start because to get a successful claim you will need these i will add here that it will be a battle but stick with it as there are kind folk here who will help you.
Right what you need to do first is get that S.A.R request off to the loan company it is a legal request and they have to comply with it.
The link to a template letter is below just copy and paste it into word then addapt to sit your needs adding account numbers and personal info.
Get this off to them via recorded delivery so you have a receipt of posting then count down the days.
They have 40+ 2 days to comply the 2 days is allowing for postage.
Also included in this letter the £10 statutory fee which they are aloud to charge for searching there records.
Hope this helps if you need anymore info post here and someone will be along.
Just contacted BH on this and feel i have been ripped off.Was told that its been added to the amount and as im so far into the loan term that if i cancel it i will only get a few hundred back an that will come off my monthly payment which will only be reduced by 15 pound.Explained what happened in the begining was not properly explained to me about the cancelation proces and eveything and i also told him what i said about my employers sick cover payments.He was apologetic but kept on about the 30 day limit and after this i wouldnt get it all back as basicaly the monies had been payed to the insurance underwriters and the amount put on top of the loan as a lump.So mad about this i wont do it again thats for sure and i told him this.Any ideas what to do next.
Yes they really do make you mad especially when you know that they have taken your hard earned cash and did not give you an option.
The 30day cop out excuse, is used a lot by these companies but the Financial services authority and the oft is well ofay with these single front loaded policy.
Basically useless for the customer and unjust enrichment for the company..
I see that Pompyfaith has advised you to send this company a SAR, this is the first leg of the journey, Send it as soon as possible and start the process.
Send all correspondence recorded delivery and keep everything in a file for future reference. Do not under any circumstances telephone them now as you need a paper trail and undoubtly evidence from their letters.
Please read around the stickies, lots of really good advice and information.
It is important to also read other ppi claiments thread so you will understand the process of reclaiming. Be mindful that this process with not happen overnight, and they will try and frustrate matters, and you must have determination to reclaim back this money.
Above all if you have any questions post them on this thread. Their are lots of informative ppi reclaimers that can help and guide you:grin:
If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW
Ok as for the 28/30 day cancellation period you can put something along the lines of this which i used to great effect: also add that I did not use the 28 or 30 day statutory cancellation period as it was not known by me at the time of this PPI racket and thought that you had my best interests at the forefront og my dealings with you.
I must point out that as you are signed to the Banking Code of practice you fail miserably on the above and I would have hoped better of you.
Thanks for the replies guys.Couldnt reply earlier was in work but was a ble to see wat you wrote.Ok i think when i wrote these posts i was in a bt of a mood so shall explain better the situation.
2005 took out the first loan then in march last year refinanced the loan.So what BH did was took what ever refund i was due and set it off with the new loan i have now enabeling me to have more captial from it.This is when the PPI selling i believed to be wrong.As i have anemployer that will pay half year full and half year half pay i said that i wouldnt need the ppi but as the wife reminded me, he said that i wouldnt beabl to have the loan without it and if i take it then i could cancel it with in 30 days but forgot tbh to do that.
So where i stand now is if i cancel the ppi ill be better off by 15 quid but wont have the cash as hey wont give me that they take it off the loan.
The question is can i still claim about this even when i still have the loan on the go. At the momment i have dealings with a well known DCA which is nothing to do with this so my head in that at the momment but any other thoughts on this would be great. Thanks.
You can indeed still have the PPI refunded even if the loan is ongoing as they will have to refinance the loan minus the PPI at the APR rate they originally used.
Also they have a duty to put you in the position you would have been had you not had the PPI mis-sold to you which means the money should be in your pocket not theirs unless of course you want to reduce the loan but as i say that is your decision to make.
thanks for the reply id rather the money in my pocket a the wife lost her job and me working all the time to make ends meet 7 dasy a week almost not nice.Also forgot to say they are sending out a statement to me as im supposed to hae one but i havent yet.I have phoned the FSA on this earlier and they went on about complaints procedure and if not happy then the FSO.
yes indeed you need the statements of every payment to the loan you made so you can work out the contractual interest they charged you as you want this back too.
Well if you get no joy from them the fos is the next place to go.
If you need a letter to send them let me know as i have a few cracking templates.
Im logging off now as i need my bed but ill be around tomorrow if you need anymore help.
Thanks for the replies guys.Couldnt reply earlier was in work but was a ble to see wat you wrote.Ok i think when i wrote these posts i was in a bt of a mood so shall explain better the situation.
2005 took out the first loan then in march last year refinanced the loan.So what BH did was took what ever refund i was due and set it off with the new loan i have now enabeling me to have more captial from it.This is when the PPI selling i believed to be wrong.As i have anemployer that will pay half year full and half year half pay i said that i wouldnt need the ppi but as the wife reminded me, he said that i wouldnt beabl to have the loan without it and if i take it then i could cancel it with in 30 days but forgot tbh to do that.
So where i stand now is if i cancel the ppi ill be better off by 15 quid but wont have the cash as hey wont give me that they take it off the loan.
The question is can i still claim about this even when i still have the loan on the go. At the momment i have dealings with a well known DCA which is nothing to do with this so my head in that at the momment but any other thoughts on this would be great. Thanks.
Hello Stu,
Hope you had a good nights sleep and are feeling all refreshed now:grin:
When you receive your SAR it should contain all information regarding the Breakdown of the previous loan, what ppi and interest was left, which they should have added and reduced the amount of your new loan balance. This is the info that you need.
If you cancel the ppi now on this current loan, they will again rebate the existing amount of unpaid ppi and ppi interest into the loan balance, therefore reducing it as you have stated by £15
Can you give us an idea of how much the ppi premiums were.
Now as regarding this well known dca, do you have a thread on this and is there anything we can do to help you
If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW
HI thanks for the reply the DCA thing is in hand i have more of an idea on that side of things and about the SAR requests after reading and posting on here to do with the DCA than i did before so dont worry as far as that goes.
Ok PPI i cant remember the amount from the previous loan but it was 117 per month over 51 months refinanced after 20 months they did reduce the amount i had left on the new loan with the refund so when i took out the new loan i was able to have more capital.
At present the monthly cost of the ppi is 37.49 a month.
Breakdown 1326.00 with a total charge for this which is 548.50 all over 50 months so the total is 1874.50 interest is 18.9 percent
the refunds go as follows 12 months 58% 18 months 40% 24 months 25% 36 months 7%.That the breakdown as it comes in the conditions of the agreement.
I have BH car loan and am currently in the process of getting a PPI refund, they have given me some as i canceled 2 years ago and they forgot to stop it! - they did say they woudln't give me a penny back but i demanded it to be paid to me and not off the loan which they eventually did! my problem is they wont tell me how they award my monthly payments between laon, loan interest, PPI and PPI interest - i have asked a million times and still no responce - their refund and new monthly figure dont add up - its like pulling teeth! - good luck, your in safe hands here.
People who haven't made mistakes, haven't made anything!
Black horse ppi advice
and going for seperate cheaper ppi with another company as it would work out a lot cheaper.I have the ppi info for this loan now and it says i can only have from 12 to 18 month 58% of what i have payed back ok fair as i have been covered.My question is would i beable to recover ppi from the loan i first took out or is it to late.I was preasureised but was given the option not to have it.
Reply With Quote
Any ideas what to do next.
Originally Posted by stuscfc
but the Financial services authority and the oft is well ofay with these single front loaded policy.
