Thread: 3 Old HBOS loans with PPI

Hey there

I have received this weekend via special delivery all the documents that HBOS hold on my Hubby. Well what can I say. I am rather confused to say the least.

It all started in 2002. We borrowed than later on borrowed a bit more but repaying the last loan and then we done it again borrowed some more but repaid the previous. Each time we had PPI. Now I thought that would mean included in the current loan(which hubby actually has a CCJ for now) would be three loads of PPI. YIPEE thought me.

It seems not. It seems that they have refunded some by reducing what we paid back when it come to repaying it off early(sorry hope you are still with me) I am going to write below what the paperwork says. if you need any more info just ask.
LOAN 1
16/08/02 n/b acceptance 10965.16dr 10965.16
16/08/02 8197.80
16/08/02 documentation fee 39.00dr 11004.16
16.08/02 n/b cheque payt a/c 6000.00dr
16/08/02 credit care insurance 2197.80dr

It then lists all payments for 16 months. We the borrowed some more money.

04/02/04 JNL sett by customer 6075.72 2604.24
05/02/04 INS E/Sett rebate cr 1101.12 1503.12
06/02/04 Rebate A 1503.12 0.00
06/02/04 Account closed

Loan 2
04/02/04 n/b acceptance 13696.84dr 13696.84
04/02/04 n/b acceptance 10930.40
04/02/04 documentation fee 44.00dr 13740.84
04/02/04 n/b cheque payt a/c 1924.28dr
04/02/04 contra jnl dr. 6075.72.dr
04/02/04 HIIL Creditcare 2930.40
we then made two payments after a two month payment holiday before we decided to borrow again
16/06/04 jnl sett by cust 8585.49 4920.13
17/06/04 credit by d/d 190.22 4729.91
24/06/04 ins e/sett rebate cr 2330.57 2399.34
24/06/04 rebate A 2589.56 190.22cr
29/06/04 refund direct credit 190.22 0.00

loan3(current)

12/06/04 advance £11000.00
Hill credit care 3980.00
amount of credit 14980.00
total charge for credit 5482.50
total amount payable 20442.58

So as you can see I have not got three lots of full PPI on each account. Hubby was actually deducted some of the PPI from each loan as he borrowed more. I am really not sure what to work out though. HELP !!!!!!


olives xxx

Originally Posted by OLIVE.FAMILY

Hey there

I have received this weekend via special delivery all the documents that HBOS hold on my Hubby. Well what can I say. I am rather confused to say the least.

It all started in 2002. We borrowed than later on borrowed a bit more but repaying the last loan and then we done it again borrowed some more but repaid the previous. Each time we had PPI. Now I thought that would mean included in the current loan(which hubby actually has a CCJ for now) would be three loads of PPI. YIPEE thought me.

It seems not. It seems that they have refunded some by reducing what we paid back when it come to repaying it off early(sorry hope you are still with me) I am going to write below what the paperwork says. if you need any more info just ask.
LOAN 1
16/08/02 n/b acceptance 10965.16dr 10965.16
16/08/02 8197.80
16/08/02 documentation fee 39.00dr 11004.16
16.08/02 n/b cheque payt a/c 6000.00dr
16/08/02 credit care insurance 2197.80dr

It then lists all payments for 16 months. We the borrowed some more money.

04/02/04 JNL sett by customer 6075.72 2604.24
05/02/04 INS E/Sett rebate cr 1101.12 1503.12
06/02/04 Rebate A 1503.12 0.00
06/02/04 Account closed

Loan 2
04/02/04 n/b acceptance 13696.84dr 13696.84
04/02/04 n/b acceptance 10930.40
04/02/04 documentation fee 44.00dr 13740.84
04/02/04 n/b cheque payt a/c 1924.28dr
04/02/04 contra jnl dr. 6075.72.dr
04/02/04 HIIL Creditcare 2930.40
we then made two payments after a two month payment holiday before we decided to borrow again
16/06/04 jnl sett by cust 8585.49 4920.13
17/06/04 credit by d/d 190.22 4729.91
24/06/04 ins e/sett rebate cr 2330.57 2399.34
24/06/04 rebate A 2589.56 190.22cr
29/06/04 refund direct credit 190.22 0.00

loan3(current)

12/06/04 advance £11000.00
Hill credit care 3980.00
amount of credit 14980.00
total charge for credit 5482.50
total amount payable 20442.58

So as you can see I have not got three lots of full PPI on each account. Hubby was actually deducted some of the PPI from each loan as he borrowed more. I am really not sure what to work out though. HELP !!!!!!


olives xxx

Hello Olives family.

You will find if you have refinances loans ie used one loan to pay off and earlier loan you will in fact get a pro rata rebate of the loan amount and PPI attached to the loan.

Now this does not mean you get a full and fair rebate it is just what the banks decide within their terms and APR and rebate conditions etc.

However if you have been paying PPI premiums on the loan for xxx months and the PPI has been mis-sold and you have a valid claim for mis-selling then you should be able to claim back the PPI premiums paid on each loan for xxx months plus the interest on those PPI premiums and if you go to the fos or court you could also get back the statutory 8% interest on top from the date the loan started up until you accept any offer of settlement.

So IMO you should if you have a good claim for mis-selling claim away on all of your loans especially if you have a reason to claim mis-selling and if they were all refinanced ie one loan to the next etc etc.

Do you have copies of all the Consumer Credit Agreements on each of the loans?

If not you will need to get them to give you an idea on the extent of the PPI costs.


aa

Hi there Alana
Thanks for replying. Yes i do have the CCAs for all three of these. I do believe Ican win this one as well. I am just really not sure how to work out what they owe me. Shall I just send of my OI mate you have to pay this back letter and see what figure they come up with ????

Thanks

olivesxx

Hi there Alana
Thanks for replying. Yes i do have the CCAs for all three of these. I do believe Ican win this one as well. I am just really not sure how to work out what they owe me. Shall I just send of my OI mate you have to pay this back letter and see what figure they come up with ????

Thanks

olivesxx

As you have the CCAs the fos would be able to come up with a figure for what is due.

You will no doubt have the CCA showing the loan amount the PPI amount the monthly repayments to each of the loan and PPI and of course the interest on the loan and the PPI.

You should IMO be looking to recover any PPI repayments made over however many months the loan was running plus the interest added to those PPI monthly repayments and the the Statutory 8% interest on top.

I would point out that if the PPI was a single premium it is unlikely you will get this full single PPI figure back because on refinancing you will have had a refund which would be deductable from the outstanding amount.

You should be able to reclaim 16 months PPI payments on loan 1
2 months on loan 2

and however many months on loan 3

I would however suggest that the rebates on the loans seem to come short of a valid pro rata rebate so you should perhaps flag this up to a financial whizz kid to look at

The FOS will look at the case of mis-selling but IMO will not be too interested in the actual rebate figures. Their aim is to adjudicate so if you complain to the FOS make sure you make known your concerns on the PPI rebates on refinancing and explain you believe they fall short of an accurate figure for rebate.

Thankyou Alana xx if there is a financial wizz kid knocking around here somwhere a quick look would be very much appreciated

olivesxx