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.
I am writing to tell all forum members my success in obtain a FULL REFUND PLUS interest of my Payment Protection Insurance Premiums due to misselling that was added on two loans that I have - backdated from the day the loans were taken out -that is 5-6 years ago for one loan and 6-7 years ago for the second loan.
My advice to anyone seeking to claim should do as follows(By the way,this process only applies to loans and not credit cards mainly to the complexity of the calculations):
1.Exhaust the complaints procedure within the company.Make sure you keep copies of all fob you off letters etc in a safe place.
2.DO NOT enter longwinded arguments over the phone.In fact do not use the phone at all!
3.Do a SAR - for your records under the Data Protection Act - send your £10 + proof of ID and address etc.
4.When you get the response to your SAR,highlight the amount of the premium plus the interest.
5.Then go down the lba route etc.
6.One crucial thing you should mention is that the CAB sought to launch the Super Complaint for the OFT to investigate the misselling of Payment Protection Insurance because so many claims are disqualified and the plans are deemed to utterly useless to the consumer.I will be posting more about this later.
FINALLY...
If anyone has any figures and if any help is needed for calculating the premium plus interest amount,post the figures here but please state:
1.Insurance Premium Amount.
2.Interest Rate - not the APR.
3.Start Date of Loan.
4.Amount of Years/Months Outstanding on Loan.
5.Original Loan Term.
In some cases the amounts stated in agreement are clearer so all you do in this case is make a copy of the agreement and extract the figures you need from it.
Hi
thanks for posting this
I have been thinking about doing this with Bank of Scotland and have a loan with them which I have defaulted on.
It is at the stage at the moment where they are threatening earnings arrestments etc.
I am hoping to put the loan account into dispute but am not sure how to word it
I was just about to post a new thread when I came across your post.
Briefly my problem is this.
I am in the process of trying to get some bank charges back for my son & his partner.
The loan debt in question has been to the county court due to default. Unfortunately my son did not attend court and the judge ordered them to pay £125 per month.
When I was collating all the paperwork I got from Lloyds I realised that there were actually 3 loans. On each one they were sold P.P.I Insurance, Health Insurance and Life Insurance.
I had an interesting phone call with Lloyds this morning.
I was told the the PPI is purchased in full at the start of the loan and is added to the loan amount. It is then charged monthly to the borrower thus creating interest each month
ie.Loan £5000
PPI £1175
Interest £2448
I was told that this will be reclaimed as part of the County Court Judgement which is in force.
I have requested copies of the Credit agreements and details of payments.
I would really appreciate any advice you could give
Thanks
Pam
(Court of Appeal Ruling[2005]EWCA Civ956) in the case of London Securities Ltd v Mr.& Mrs.Meadows and Another.
If there are any defects in the agreement it becomes unenforceable under Section 127(3) of The Consumer Credit Act 1974 because:
1.The Protection amount was imposed on the borrower.
2.The Protection Amount plus compounded interest was within the total charge of the credit facility.
3.Late payment fees may have been added - if there are any they should be mentioned and highlighted to the judge.
By mentioning these points there should be one out of two possible outcomes:
a.The full refund of the PPI amounts plus interest backdated and offset against the loan balances.
or
b.All the loans being unenforceable as mentioned and your son will owe nothing!!
PLEASE NOTE....
1.Also,do not forget to mention the CAB and the super complaint that the OFT has been asked to carry out regarding THE APPALLING MISSELLING(these words are very important) of PPI and its impact on consumers in our country.
Plus the fact that your son has no desire to deprive any ban/insurance company of its monies but equally any bank/insurance company should act in fair and professional manner when selling its products.
2.Whatever the outcome it should sway in your son's favour an he will pay much less or maybe nothing!Although,I personally doubt the latter because it did have other complexities which we do not need to get into.As long as your son gets the PPI refunds he will save alot of money and teach the finance company a good lesson!
I have a loan out with Bank of Scotland direct which i have been paying up to a few months ago and defaulted on because they would not consider lower payments even though we told them we were in fanancial difficulty.
Was thinking of posting them a letter disputing the amount and also one asking for the PPI back.
We are at the stage where they are talking about earnings arrestments, court proceedings, etc.
My husband took this loan out over the phone and he sure did not know that he would be paying as much back because of PPI
Any help would be appreciated. Have also paid a loan to yescarcredit which i am confident would be able to get my PPI back
1.What you have just stated to dispute the amount owed is the best way forward here.
2.Make sure to send the letter by recorded delivery and retain the recorded delivery stub in a safe place just in case you may need it.
3.You should also threaten to counter sue for the PPI part included in the loan agreement should the finance company desire to take you to court.
Do not be afraid to tell the finance company this.
4.Request that the interest be frozen and offer reduced monthly payments that you can easily afford and stick to them.Do not enter into useless debates over the phone regarding the repayments because they will only stress you out.
It is much better to have everything in writing as evidence should the need arise at a later date.
5.If you do not have all your loan account records,do a SAR as I have explained in a previous post within this thread - the main objective would be to make sure that you have the correct amount to be offset against the loan balance because of the PPI.
NM4B - I currently have a thread on "Mortgages" section - Jacqueline07 v Swift - which asks this question about PPI - so thank you for starting this thread.
My real issue started with the amount of interest we had to pay back but on reading around - I believe that we were pressurised into the PPI "just to complete the loan quickly" as the broker said.
Figures are as follows:
Loan Facility: £15600
Optional PPI: £3276.00
Total loan amount £18876.00
Monthly rate of interest 1.364
Number of monthly payments : 90
Monthly payment: 365.46
Amount of Credit £18876.00
As you can perhaps see from the thread (sorry I don't know how to link!) - we decided to move house 2 months later and it happened really quickly and the redemption figure was as follows:
Settlement figure : £20,162.33 (we only borrowed £15600 4 months before and never missed a payment so no other charges) - their explanation is that the figure due would have been £32315.36 but with "rebate of finance charges" this brought the figure down to £20,162.33. Before joining this site, I didn't think to question it - you assume that they (the mighty) are correct.
Would be most grateful of any comments that you have - I'm preparing my Prelim to them and am so miffed with them that I'm tempted to ask (no, demand!!) both the PPI costs and the early redemption interest costs back. Don't know if this is too optimistic.
Many thanks
Jackie
Abbey: Settled - now for no. 2
Dudley Building Society : claim dismissed - no costs
London Scottish: settled in full
Capital One - settled in full
"Energy and persistence conquer all things" Benjamin Franklin
Any advice, information and thoughts given by me are just my humble opinion
1.You should claim now for the PPI ONLY + interest on the PPI for the several months that you were repaying the loan.This would be £3276 + Interest at 1.364 per month as per the agreement.The interest on the £3276 is around £120 but do not mention this just in case the company calculates different to the way I calculated it.
2.Regarding the claim for redemption penalties/early settlement costs etc for a regulated loan i.e. a loan for £25,000 or less.Simply ask for a revised settlement amount based on the loan without PPI.This amount is to be added to the PPI amount + Interest as outlined in point 1.
3.If the company agrees to refund you,post the figures here so I can go over them for you before you agree to accept the offer.
4.If you have to issue a summons,don't worry I wil guide you all the way.
Hi there,
I am so glad I came across this thread and am in need of advice regarding PPI, my story:
I took out a loan with Blackhorse in Feb this year for £5000 and was told that if I didn't take their payment protection plan then no loan!! I was in financial difficulty and desperately needed the funds as I was unable to get a loan elsewhere (default on credit file from 2003), therefore I agreed and signed the agreement when it came through the post.
Having dug out the agreement and related paperwork I am shocked at the cost of the PPP and I did tell them I didn't want it at first but had no choice.
Is there going to be a problem with a secured loan or can I still give it a try????
Any advice would be greatly appreciated as I believe this is a case of mis-selling!
Hi, I hope you don't mind could do with some good advice
I had a loan with London mortgage Company from 22/12/2004 to 22/12/2005
The loan was or £35 000 they added £5 600 for PAYMENT PROTECTION INS
So the start of the loan was for £40 600
I have just found the finalized statment and have doubled checked and this is definalty what I have paid to them when I closed the account.
Please can any one advise if I can claim this back
1.Was the Payment Protection Insurance compulsory in order to obtain the loan?
2.Did you receive advice from a salesperson experienced in Payment Protection Insurance prior to obtaining the loan?
The answers to the abovr questions should hopefully enable me to assist you further.
1.Was the Payment Protection Insurance compulsory in order to obtain the loan?
2.Did you receive advice from a salesperson experienced in Payment Protection Insurance prior to obtaining the loan?
The answers to the abovr questions should hopefully enable me to assist you further.
Can you claim your PPI back on loans that have been paid? Its just I took a loan with Citi\Associates and then a top up one which paid off the old one. I tried to take it without PPI as it was expensive. The guy went to speak to his boss, then came back through and said I couldnt get the loan without the PPI. I took the loan out in their offices. I also tried to cancel the first one but they said I couldnt cos I had signed it in their offices - think I was still in their offices and waiting for the cheque when I changed my mind.
Nikkiandmidgets Vs BOS (3) - S.A.R sent 11/09/06
Nikkiandmidgets Vs Capital One (2) - S.A.R sent 11/09/06, Prelims sent 20/10/06, LBA's sent 16/11/06
Nikkiandmidgets Vs Citi credit card - S.A.R sent 11/09/06, Prelim sent 9/10/06, LBA sent 28/10/06
Nikkiandmidgets Vs Halifax - S.A.R sent 11/09/06
Nikkiandmidgets Vs Egg (4) - S.A.R. sent 20/10/06
Nikkiandmidget Vs Littlewoods (3) - S.A.R sent 20/10/06
Nikkiandmidgets Vs Blackhorse - Prelim sent 20/10/06 requesting £125 charges to be refunded. LBA sent 16/11/06.
Nikkiandmidgets Vs Welcome Finance (Macadam Finance) - S.A.R and C.C.A request sent 20/10/06
My Mum Vs Halifax - S.A.R sent 11/09/06
My Mum Vs Capital One - S.A.R sent 20/10/06
My Mum Vs Citi - S.A.R sent 20/10/06
Good News Folks! Ppi Refund Success
of my Payment Protection Insurance Premiums due to misselling
Reply With Quote
Re: Good News Folks! Ppi Refund Success
Originally Posted by Nightmare4banks
