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Hi, this is my 1st thread so please be patient as it is a bit long winded.
I applied for a secured loan of £25,000 from Barclays in Sept 06. The salesman advised that I would be better off having £25,100 as this would be a better loan for me. Stupidly I agreed. He advised that I would need PP insurance, I explained that my Company pay full pay for the 1st 6 months sick and then half pay after that. I also told him that I was awaiting an operation for a back injury which would take place in Jan 2007. He said that I would still need this insurance but that it wouldn't pay out for the operation. He explained all about the payments and that I would be paying £54 a month for the insurance. I have since looked at the policy and it appears that PPI was added upfront for £6,500! I am in the process of remortgaging and asked for a settelment fee for my loan, incredbly they want just under £30,000. I rang and spoke to them and they told me that I should have read the small print (which is not clear that you are being charged upfront). They advised that included in this settlement fee is £4,750.00 for PPI insurance. I would like to claim this back, does anyone know of any forms or letter templates for this.
Hi, this is my 1st thread so please be patient as it is a bit long winded.
I applied for a secured loan of £25,000 from Barclays in Sept 06. The salesman advised that I would be better off having £25,100 as this would be a better loan for me. Stupidly I agreed. He advised that I would need PP insurance, I explained that my Company pay full pay for the 1st 6 months sick and then half pay after that. I also told him that I was awaiting an operation for a back injury which would take place in Jan 2007. He said that I would still need this insurance but that it wouldn't pay out for the operation. He explained all about the payments and that I would be paying £54 a month for the insurance. I have since looked at the policy and it appears that PPI was added upfront for £6,500! I am in the process of remortgaging and asked for a settelment fee for my loan, incredbly they want just under £30,000. I rang and spoke to them and they told me that I should have read the small print (which is not clear that you are being charged upfront). They advised that included in this settlement fee is £4,750.00 for PPI insurance. I would like to claim this back, does anyone know of any forms or letter templates for this.
Many thanks
Lorn 250
I have put some info on your ppi thread
If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW
I got heavily sh*t on in exactly the same way though not by a high street brand name. The objective of getting you over the £25k barrier is that it then becomes an 'unregulated' credit agreement and thus giving you less protection under (i believe) consumer credit laws.
In principle exactly the same thing happened, the PPI was sold to me on the basis that I would get every penny back in 10 years time (this was on a £35k loan over 20 years). However, life changes, and I was in a position to finally get out of life long debt, so 15 months after taking out a £35k loan I asked for a settlement fee, and yep, you guessed it, they put the £10k cost of the insurance onto the loan amount (so you also pay interest on that aswell) and my settlement figure was just under £45k - But whats worse (and believe me, I threw myself down the stairs many times over this, the b***ard insurance was only for 5 years!!!) cleverly put in small writing (and i mean small 1mm high text) that said "Should the loan duration exceed 60 months, your insurance will terminate on the 60th month" This was how they told my that the £10k insurance fee would only cover the first 5 years of a 20 year loan! - Despite numerous visits to the CAB and even to solicitors at my expense, there was no way out for me. so I paid up and swore never to get caught out again.
From your perspective though I would definately say that getting you to agree to the extra £100 (to push you out of the regulated credit agreement envelope) was as good as miss-selling because this makes it easier for them to avoid any fallout from the Consumer Credit Act 1974
Not sure if the following hyperlink will appear on here but it will explain what protection a regulated credit agreement would of given you if you hadn't taken out the extra £100
PPI Insurance
in Sept 06. The salesman advised that I would be better off having £25,100 as this would be a better loan for me. Stupidly I agreed. He advised that I would need PP insurance, I explained that my Company pay full pay for the 1st 6 months sick and then half pay after that. I also told him that I was awaiting an operation for a back injury which would take place in Jan 2007. He said that I would still need this insurance but that it wouldn't pay out for the operation. He explained all about the payments and that I would be paying £54 a month for the insurance. I have since looked at the policy and it appears that PPI
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Re: PPI Insurance
Originally Posted by lorn250
