Personal loan insurance - confirmation of figures please?

[Von Greenbach]

Anyone an expert with figures, can someone please look at this and see if the figures all add up right?

 

http://i372.photobucket.com/albums/oo166/WhatsUp_bucket/NR-2.jpg

 

I post mainly in the debt forum, someone suggested the figures may not be quite right.

 

I took a loan out for £18.000 and it comes out to nearly £30.000 (£29.951)

 

Thanks

[bobbyh99]

I just checked this in one of the many calculators available and the figures look right for that APR!

Did you want the PPI, if you did, do you know how long this runs for, coz Iam betting it doesn't last as long as the loan term (114 months!)

 

 

BobbyH

[Von Greenbach]

I just checked this in one of the many calculators available and the figures look right for that APR!

Did you want the PPI, if you did, do you know how long this runs for, coz Iam betting it doesn't last as long as the loan term (114 months!)

 

 

BobbyH

Hello bobby

 

Thanks so much for your help, I've ticked the PPI box, but that was because at the time, they advised me it was a great cover, I didn't really want it as I couldn't afford it, which is why I only took the bronze level.

 

As I've signed the box requesting PPI, I'll have to accept it's a mistake I made.

[bobbyh99]

Hello bobby

 

Thanks so much for your help, I've ticked the PPI box, but that was because at the time, they advised me it was a great cover, I didn't really want it as I couldn't afford it, which is why I only took the bronze level.

 

As I've signed the box requesting PPI, I'll have to accept it's a mistake I made.

 

Are you confident you definitely wasn't mis-sold this? Unfortunately, single premium PPI sold as a top up of a loan is a license to print money for these people!

[Von Greenbach]

Are you confident you definitely wasn't mis-sold this?

Bob

 

I suffer with a psychotic condition which means I have difficulty remembering things, I've4 no idea if I was mis sold or not.

[bobbyh99]

Thanks for tipping my scales VG.

 

I think perhaps you need to read the PPI stuff. It sounds as though you might have been mis-sold!!

 

BobbyH

[Von Greenbach]

Hello bobby

 

This is all I have re PPI if you can magage to read it, it's under clause 5

 

http://i372.photobucket.com/albums/oo166/WhatsUp_bucket/CCA-NRTC.jpg

 

tbh, I've no idea what I'm looking for.

[bobbyh99]

This paragraph is a bit vague!

The fact that you can't really remember anything about this PPI at the time makes no difference. You could and probably was mis-sold this. But to start things off, you need all the information. You do this by SAR

 

http://www.consumeractiongroup.co.uk/forum/payment-protection-insurance-ppi/118145-subject-access-request-ppi.html

 

This will cost you £10 but will be invaluable for your claim.

Once you have got the info. back from NR post back up and we will all take if from there!

 

BobbyH

[Von Greenbach]

Thanks bobby, I'll do that and post back in the next 40 days.

[Von Greenbach]

You do this by Subject Access Request

 

http://www.consumeractiongroup.co.uk/forum/payment-protection-insurance-ppi/118145-subject-access-request-ppi.html

 

This will cost you £10 but will be invaluable for your claim.

Once you have got the info. back from NR post back up and we will all take if from there!

 

BobbyH

Hi

 

The holiday period is almost over, I'm starting to chase up outstanding queries, re the SAR as my CCA is enforceable, would it be OK if I sent the following letter re being mis sold PPI, or should I do a SAR?

 

Dear Sir / Madam

 

I purchased the above policy from you in XXXX in connection with the [loan agreement] referenced above.

 

I believe that I was mis-sold this policy for the reason(s) given below, and wish you to investigate my complaint according to your normal complaint procedures.

 

I was not told that the insurance was optional.[/font]

 

I was led to believe that my application for credit would be rejected if I did not take out the insurance.

 

The policy exclusions were not explained to me either before or at the time I took out the insurance. I was therefore unable to make an informed decision as to whether this insurance was appropriate for me.

 

I now believe the insurance was unsuitable for me as I suffer with Asthma, and arthritis, at the time I took out the policy I was not made aware of the specific exclusions relating to on going health issues.

 

If my complaint is upheld I require a refund of all premiums paid to the policy, plus any additional interest charged to me because of the PPI. I would also like to claim statutory compensation in view of the fact that I have been deprived of the use of this money.

 

Yours faithfully