Thread: PPI - some relatively straightforward questions

This is very interesting. I'd like very much to see a scan of this application form please. Could you arrange that?

If it pans out then yes, you probably have a watertight claim. Is the copy which you have a copy or is it the top (original) copy?

I'm afraid that I don't understand interest etc calculations or spreadsheets and I can't answer the detail of your question. however, I can tell you that you would be entitled at least to all of the money which you have paid - premiums and cost of credit on those PPI premiums as well as a further 8% pa total on the money which you have paid over.

You could also consider claiming for resitutionary damages instead of 8% statutory interest which is likley to produce muh more in the way of compensatioon. If the misselling is as blatant as you make it sound, I think that a very strong case for restitutionary damages could be made out.

With PPI where it is unclear, people generally decide to go to the Ombudsman.

This is unsatisfactory because it is not transparent, very little compensation is awarded - max 8% normally and it takes a long time - over a year in many cases.
Of course, in your case, the lender might put their hands up straightaway - or within a couple of months - but still the most they will give you is 8% on top.

If you decided that you were interested in restitutionary damages, then the courty court route would be the most suitable. You would be claiming for the net of payments made plus eithe restitutionary damages or 8% in the alternative. Your 8% if it does bring it to the +5000 figure which you have suggested would take the claim into the fast track which would put you at rsik of some limioted costs if you lost but which would allow you to claim some costs if you won.

I would rate your chance of recovering your net outlay as extremely high, of getting 8% interest also at extremely high, and of getting restitutionary damages as very good.

Whcih company is that you are claiming against?

Another thing might be to leverage the threat of RD and get them settle for a larger payout in order to avoid the risk of an RD decision against them.
An RD decision on a misselling claim would make the headlines and would send the entire industry into apoplexy.

Finally, it is a shame that you are at the end of the repayments. A county court last week made a decsion which suggested that where there had been misselling of PPI, this itself might be sufficient to taint and to render uneforceable the entire loan agreement

The Consumer Forums - PPI misselling can render CCA loans unenforceable - Very significant for new CCA agreeements

However, to avoid complications at this late stage you sould probably complete the payments and limit yourself to the PPI issues.
On the other hand, if it is causing you great difficulty, then I would say that the reasoning of the South Shields judge was impeccable and you should consider your position.

Also, on restitutionary damages
The Consumer Forums - Banks face deluge of charges claims and massive liability

And by the way, yes you can claim - although, in your case, it could be said that you could reasonably have appreciated your position quite soon after the commencement of the loan so you should hurry