Thread: loan / ppi issue

Hello remeo,

Originally Posted by romeoliverpool

Hi All - Newbie here wanting some advice.

Approx 2 years ago i took out a loan with Barclays for12k, the loan was granted even though I am only on benefits and stated that i have no employment, the loan also had PPI added which was just to cover the loan in the case of my demise.

2 questions - firstly can i reclaim my PPI (im sure i can but would just like confirmation)?

2nd question and more interesting - should this initial loan have been granted if the only way im repaying it is through my benefits and if not what recourse do i have.8)

Thanks in advance

From your post.
First question, yes IMO mis-sold.
Second question, you should not have been offered the loan if on benefits.

Here is some homework and help. Please read through the links anything you are unsure about just post. It is important that you read up before you start to reclaim your money.

The Subject access request this is always the starting point. It helps you to get all the information before you start action.

There is a template here Subject access request and here..

Data Protection Act 1998 - Subject Access Request

You can be specific with what data you request although the Subject Access Request is really asking for everything. The Statutory fee is £10.00 Postal Order is fine but keep the details of the number for future reference. Send all correspondence by at least recorded to be signed for so you can track delievery through Royal Mail.

The things you should get from a Subject Access Request are:

True copies of your Consumer Credit Agreements (CCA) with the terms and conditions that were applicable to the agreement at the time the loan started. A true copy does not have to bear the signatures.

Copies of all you statements.

Copies of all correspondence with regart to the loan, letter, fax, transcripts of phone calls or transcripts of phone calls, or other notes taken by them during the calls.

Also be specific in your request for full disclosure on any PPI added to the loans this should be identifiable on the CCA.

Specifically request the needs and wants/Customer duty of care questionnaite which should have been completed at the point of sale. This questionnaire should be filled out by the bank advisor to ensure all the relevant questions have been asked to ensure the product is fit for purpose and suitable to your needs. See this as an example.....

When you send your Subject Access Request you should ask for evidence of the questions asked at the point of sale.

Please see this link for an example:.....http://wwwa.mbna.co.uk/insurance/files/CP0608_INSU_MB_LP_S.pdf

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...

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.
The data requested should be data in any format that their organisation uses for filing, electronic, paper, microfiche, CD, Floppy, Magnetic tape.

Please have a read through the following links for further information.

PPI - Some Notes for Claimants..

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

Quote:
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.
All of the above and more in this sticky at the top of the forum.

links

It's a lot of reading but some useful stuff in there

Hope this helps

aa

Hello tigerbar,

Originally Posted by tigerbar

my daughter took out a loan and PPI she lost her job so got in touch with the bank were she got the loan from and asked about her ppi they said it had run out but the ppi was still been taken out of her bank by dd she as now reduced her dd by 6 pound due to this there was no notification about her ppi not been active can she get her money back thanks

To save any confusion please read the site rules and start your own thread this will prevent any confusion with posts in existing threads.

You will have your own area where any questions and advice will be more easily posted and advised on by the members of the site.

http://www.consumeractiongroup.co.uk...ewthread&f=111

aa

Originally Posted by romeoliverpool

Hi All

Quick update with a sting in the tail:

Letter received at the end of last wk stating that the PPI will be refunded

Letter received this w/end stating that my account is to be closed

Ok, couple of questions, firstly would the fact that they are now intending to close my account be seen as a retalitory action as Ive never had a problem with the account ie never been over my o/draft facility and have basically run my account in good order, should I be sending an appeal letter and also stating that i will report them to the FSA should they proceed with this tactic?

Secondly whats peoples feelings on this initial loan being granted, should it have been, seeing as when i originally applied I was unemployed and receiving only benefits. The bank was fully aware of this yet still granted the loan knowing that all repayments would be coming direct from my benefits???

Any advice would be greatly appreciated

Yes this is undoubtedly a retaliatory to close your account the response byand you should report it to the OFT, FSA and as such the report should be reported as widely as possible.