Thread: Help with PPP problem with barclays

don't need anymore!
didn't need in the first place!

if you WERE told you must have the PPI, then clear case of mis-selling.

i'd sort that out by reclaiming it + 8% before you look to offer a settlement figure.

and its makes no diff its a secured loan.

dx

Originally Posted by Coddie

I have read the threads regarding PPP claims but I am still unsure if I can do anything about my situation.

In Feb 2007 I took out a loan from Barclay's for £48,000 secured against my house. I am now selling my house and I asked Barclay's for a settlement figure. They have written to me saying that I owe them £58,000 as there is a £10,000 cost for the PPP (it was 11,755.20 but they have credited me £1175.20 for an early settlement).

I have spoken with Barclays and they say that the PPP was bought outright at the start of the loan and therefore I am liable for the whole cost of the PPP element of the loan.

Like most people I can not remember which salesman from Barclay's sold me the loan, but I do remember being told that I had to take out the PPP to get the loan. This was a conversation at my offices in person between me and the salesman and I have no proof of what was said. (You can start to get the proof by sending a Subject access request under the Data Protection Act 1998 requesting all the data they hold on you as a data subject and this would include all the information on any accounts, mortgages, loans held with them as a financial institution....


There is a template letter here....

Data Protection Act 1998 - Subject access request

and another here from the PPI forum...Full SAR for ppi

Better to collect all the information and then claim the mis-selling route providing you have a valid case for claiming mis-selling.

Once you have a game plan then go for a reclaim of PPI via fos or Court. More on that once you are happy you have a valid claim..

aa

Can I take any action to prevent me having to pay the PPP aspect of the loan as it seems outragous to charge me for an insurance policy that I do not need anymore?

Any help would be very welcome.

David

Yes you can start by reading up on some of the information in the stickies at the top of this forum.

PPI - Some Notes for Claimants..

links within this link there are many more...here are a few...

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


Another useful site to help you reclaim missold PPI UPDATED 16 JUN 08
Reclaim your PPI premiums - payment protection insurance | This is Money

THIS LINK IS IMPORTANT TO YOU ON RECLAIMING IT IS FROM 2001 FROM THE FOS
loan payment protection insurance and a quote from this link...

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.

Another useful site to help you reclaim missold PPI UPDATED 16 JUN 08
Reclaim your PPI premiums - payment protection insurance | This is Money

This is a little snippet from the above link....

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.

Have a read and then start to claim your PPI back