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I am asking on behalf of my sister so I do not have the correct figures for this question but here goes. On her loan agreement it says loan figure + interest and then P.P.I figure + interest although she pays only one payment per month for both. It does say so much for loan per month + so much for P.P.I per month and then it's added together for one payment. So is this a monthly premium or a single premium P.P.I? Hope someone can understand this and answer my question thanks.
I has to be monthly premium....you can get a yearly figure by multiplying the PPI by intrest by amount of years per loan agreement.
How Much is your PPI and Intrest, how many years has she been paying PPI?
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Thanks it'sme, she has been paying the loan and P.P.I for 31 months as I say they are put together for payment but on her agreement they are two seperate amounts. As I understood a single premium is actually added to your loan to give one figure, but the way this is written it gives the impression it is monthly even though the interest fo the P.P.I is added on at the beginning
Even with a single premium policy it can be laid out in that format, what you need to look at is the total amount of credit.. Ie, If the whole PPI policy cost has been added to the original loan amout it could well be a single premium policy. If you have any doubt I would recommend that you contact the loan company and ask.
Ian
Lloyds TSB -PPI - Full refund . 05/09/06 (As Seen on TV)
Halifax settled in Full.. 22/09/06
TSB First Claim SETTLED IN FULL 19/10/06
Second Claim to Lloyds TSB - Settled in Full
Firstplus - early settlement interest charges - Challenged the use of the rule of 78 - SETTLED IN FULL 12/1/07
PPI - GE Money / Purpleloans / Firstplus - Now Settled after 1 year long hard fight.
If my post has helped you, please click the scales! :grin:
Anything said is my opinion and how I understand the law, always consult professional legal advice before taking something to court.
Thanks for that Ian, it is Barclays we are dealing with here, and my sister has tried to cancel the P.P.I but they have said she needs another loan to pay off what she owes and start paying again which she has worked out will cost her an extra £1700 by the end of the repayments. I think this absolutely stinks so she is going to try the mis selling route as the policy is in her husbands name and he was self employed at the time they took out the loan. Also the loan is over 84mnths and the policy may only for 60 months.
With them stating that the only way to cancel the PPI is by clearing the loan and taking out a new one, that says to me that she has been sold a single premium policy which does not surprise me at all, the profit on Single Payment policies is the highest of the lot.
She can have a go at them also stating that the PPI only covering 60 months does not offer full term protection of the loan. I was had with one of these with GE.
Another option for your sister is a long the lines of what I did, I shopped around, got a new loan without PPI from Northern Rock at a much lower interest Rate and seperate PPI cover from paymentcare.co.uk which was at least 10 times cheaper than the PPI from any lender. I cleared the loan and am now fighting to get my PPI and Interest, costs and compensation from GE through the courts.
Ian
Lloyds TSB -PPI - Full refund . 05/09/06 (As Seen on TV)
Halifax settled in Full.. 22/09/06
TSB First Claim SETTLED IN FULL 19/10/06
Second Claim to Lloyds TSB - Settled in Full
Firstplus - early settlement interest charges - Challenged the use of the rule of 78 - SETTLED IN FULL 12/1/07
PPI - GE Money / Purpleloans / Firstplus - Now Settled after 1 year long hard fight.
If my post has helped you, please click the scales! :grin:
Anything said is my opinion and how I understand the law, always consult professional legal advice before taking something to court.
I have read most of the posts on the P.P.I thread and most of yours with G.E money. I thought it sounded like a single premium policy but the way it was written on the agreement I had to check.My sister actually rang Dublin today for a T&C for the policy as she was never given one in the beginning only a leaflet from the bank that only gives an outline of the policy. She said the chap in Dublin told her she should have been made fully aware of the conditions of the policy from the start,, he is sending her the information and she should get it by next tuesday. When it comes could I get back to you because I will probably have trouble understanding the gobbldegoo on it I really need to know if self emlpoyment is excluded and also about how many years the policy covers. Thanks
Hi,
Most single premium policies only cover a 5 year period, Some will cover for self employed bu it is unusual.
I had anothe thread up to do with Lloyds and PPI but it has been removed and Im having some further discussions with lloyds and their solicitors on that matter..
If you need any further help just shout, I will be away for a few days next week too.
Ian
Lloyds TSB -PPI - Full refund . 05/09/06 (As Seen on TV)
Halifax settled in Full.. 22/09/06
TSB First Claim SETTLED IN FULL 19/10/06
Second Claim to Lloyds TSB - Settled in Full
Firstplus - early settlement interest charges - Challenged the use of the rule of 78 - SETTLED IN FULL 12/1/07
PPI - GE Money / Purpleloans / Firstplus - Now Settled after 1 year long hard fight.
If my post has helped you, please click the scales! :grin:
Anything said is my opinion and how I understand the law, always consult professional legal advice before taking something to court.
Barclay P.P.I monthly or single premium?
and then P.P.I figure + interest although she pays only one payment per month for both. It does say so much for loan per month + so much for P.P.I per month and then it's added together for one payment. So is this a monthly premium or a single premium P.P.I? Hope someone can understand this and answer my question thanks.
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