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Redress with a PPI consolidation loan that was sold?


crazydennie
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This is my first time posting and I need some advice Re my ppi claim.

 

I have received an offer from HSBC Re two loans that I took out in 06 and 07.

 

 

I have not completed a SAR but have the loan docs and bank Statements from the time, although I have not submitted them to hsbc

 

 

The first loan was consolidated into the second one with a rebate of about half the ppi premium after a year.

The second loan I defaulted on and this was sold and I have a ccj that I am currently repaying.

 

The offer information just states ppi redress with no breakdown of how it is made up.

But the figures I have for the premium less the rebate are more the total redress amount before the 8% compensation is added.

 

 

This is the same for the second loan where ppi was 2600 and redress amount before 8 % is 2347.

Is this difference because of the default?

 

Any advice would be greatly appreciated.

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doesn't sound right to me

and no a default shouldnt makes any diff to redress.

 

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?318646-PPI-Single-Premium-Your-questions-answered(1-Viewing)-nbsp

 

 

might help.

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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you pay what the judge ordered

a dca cannot vary that without going back to court.

 

 

think we need the full story please

 

 

and name names.

 

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

Sorry this is so long

 

I took out a loan in 2006 with HSBC who id banked with for nearly 20 years.

 

I was five months pregnant at the time and needed to consolidate a variety of cards and catalogues to make it more manageable during Maternity leave.

 

Discussed this all in branch and was advised that i stood a better chance of getting the loan if I took the ppi.

i was quite desperate to consolidate and this to take PPi loan taken.

 

There was no discussion of sick pay which was 6 months full and 6 months half at the time, as well as death in service payment and a health scheme.

 

Loan taken for 8750 + interest 1572 PPI was 1850 + interest 332. Total £12500 with repayments were £209.

 

After full pay maternity finished I struggled to make the payments although all were paid on time until I couldn't manage any more and went to the bank after 12 months and consolidated this loan so i could get a car to enable me to take a promotion.

 

Loan was consolidated but i was told I had to have PPI this time and she was quite forceful.

Loan was consolidated again leaving me with £18K of Debt that included PPI of 2600 + interest 886.

I know this was silly but i was just trying to get through and payments were now £300

 

Managed to limp along for another 15 months and then following a relationship breakdown really struggled to pay.

 

this was compounded when i was then made redundant 3 months later and was signed off during the redundancy consultation period, with stress anxiety and depression.

 

HSBC's collection dept reminded me about the PPI but when transferred through was advised that I wasn't eligible.

 

My state of mind was not great at that time and i was able to defend this properly.

I just stopped paying everyone.

 

Prior to redundancy i was arranging a DMP through CCCS but they were unable to complete this when i was advised of pending unemployment.

 

Stopped paying all debts in 2009 and ignored all calls until Court papers arrived in 2013

Received notification that the debts had been sold in 2011 and Lowell own various debts of mine.

 

CCJ was granted in 2013 for £250pm on 11k debt.

Income went down and I'm now paying a court ordered £50pm and debt is 7k.

 

My mum convinced me to try to get my PPI back as I was missold and it didn't pay out when i was made redundant and have successfully claimed against Barclaycard and BOS so far.

 

Any dealings with HSBC raises my anxiety levels but i also know how i was treated over my redundancy and do not trust them one bit.

 

The figures from HSBC are just not adding up and given that i am paying this debt, albeit to Lowell i think that they should pay what is correct.

 

PPI on Loan 1 was 1850 + 332 = 2182 minus consolidation rebate 1051 =1131 (HSBC PPI redress amount is £971)

PPi on loan 2 was 2600 + 886 = 3486 (HSBC PPI redress amount is £2356)

 

Total offered is £5164

but i have not accepted yet and have questioned their calculation of the redress and I've been told i need to wait til the end of next week to get a response.

 

Offer has not been accepted and but Lowell have written asking to review payment on CCJ.

 

Hope this makes sense and apologise for any spelling mistakes or missing words as i am dyslexic.

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CCJ bit is answered above,,so the CCJ is on the same 'loan'.?

 

 

as for the refinanced loan

 

 

run through that link I sent

it tells you how to calculate your redress over several refinancings

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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thanks DI, yes the CCJ relates to the the second loan.

 

I have completed the spreadsheet for the 1st loan and payments from the second one but am unsure what to the do with PPI balance from the defaulted part of the second loan as I didn't pay the bank for this and then the loan was sold on?

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the same % of the sum on the claimform was for PPI

 

so the OC needs to inform the claimant that £XXX needs to be removed from the outstanding judgement figure

 

 

you should place this on ONE spreadsheet as the loans are a refinance chain

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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