GoAllTheWay-v-The Rock

[goalltheway]

Hi,

 

Can any help me out here? Can I claim back the PPI paid and if so how do I go about it. I have read the consumer wiki page and I have a copy of my PPI aggrement which I took out 3 years ago and I have 2 years remaining. I am not sure if I can claim because I signed a copy and sent it to them. I remember telling them that I had insurance with my employer and they asked me to fill out a questioneer to check if I still needed any further protection. This is what they came up with;

 

 

Following a review of your personal circumstances during your Unsecured Personal Loan application we have identified that you have a need for our Loanprotect insurance for the reasons stated below, if due to unforeseen circumstances you are unable to meet your loans repayments:

 

 

• For simple peace of mind that your repayments are being made
  
• You have limited sick pay
  
• You wish to retain your savings for other purposes
  
• You are the sole/main income earner
  

In making our personal recommendation we acknowledge you may have an existing insurance policy with another firm that, when compared to our policy, may offer appropriate cover for this loan commitment. Given that we have not taken details of this existing policy into account, you should carefully check this policy to ensure that our recommendation remains suitable now and in the future.

 

Following our recommendation you have selected to protect your loan with Loanprotect Silver.

 

I contacted them and I was told that I have already paid off most of the interest on the PPI. Below are the figures of the loan and PPI;

 

 

Key Financial Information Loan Amounts

 

Loan Amount

 

Loanprotect Loan £930.06

Cash Loan £6000.00

Total Loans £6930.06

 

Total Amount Payable

Loanprotect Loan £1122.60

Cash Loan £7242.60

Total Loans £8,365.20

 

Monthly Payment

Loanprotect Loan £18.71

Cash Loan £120.71

Total Loans £139.42

 

 

Term of Agreement

 

60 months commencing on the date of this Agreement. On completion of your loan you will be notified of your first payment due date. All subsequent payments will then be due on the same date monthly thereafter

 

The APR is 7.9%

 

Other Financial Information

 

The Total Charge for Credit (which IS made up of Interest) is

 

Loanprotect Loan £192.54

 

Cash Loan £1,242.60

 

The rate of interest is 7.9% fixed for the Period of this Agreement. The Interest payable under this Agreement will be debited to the account at the commencement of this Agreement.

 

You have applied to purchase Loanprotect Silver. The cash price for this is £930.06. This includes Insurance Premium Tax at 5%. The amount of the Loanprotect Loan equates to this cash price.

 

Do I have any chance of a claim?:?

Edited December 18, 2008 by goalltheway

[alanalana]

;)Hello goalltheway,

 

Welcome to the PPI forum. You will settle in soon and then wonder what the hell just happened. Stick with it there are people on this forum who have gone through Court claiming and won, FOS claiming and won again the way to go to win is your choice.

 

 

 

Can any help me out here? (yes) Can I claim back the PPI paid (yes) and if so how do I go about it. (either Financial Ombudsman Service or Court. If you go to the FOS firist and lose you can still then reclaim through the Court route. If you go through the Court route first and then lose the FOS will not take up your claim. I have read the consumer wiki page and I have a copy of my PPI aggrement which I took out 3 years ago and I have 2 years remaining. I am not sure if I can claim because I signed a copy and sent it to them. I remember telling them that I had insurance with my employer and they asked me to fill out a questioneer to check if I still needed any further protection. This is what they came up with;

 

 

Following a review of your personal circumstances during your Unsecured Personal Loan application we have identified that you have a need for our Loanprotect insurance for the reasons stated below, if due to unforeseen circumstances you are unable to meet your loans repayments: (you will need to ensure they provide proof of this needs and wants questionnaire proving they have indeed identified your need for their Loanprotect Insurance and that they were aware you were already covered as stated below.

• For simple peace of mind that your repayments are being made
  
• You have limited sick pay
  
• You wish to retain your savings for other purposes
  
• You are the sole/main income earner
  

In making our personal recommendation we acknowledge you may have an existing insurance policy with another firm that, when compared to our policy, may offer appropriate cover for this loan commitment. Given that we have not taken details of this existing policy into account, you should carefully check this policy to ensure that our recommendation remains suitable now and in the future. And therein lies the the catch but remember this is their recommendation despite the fact you are already covered and so PPI wins again

Following our recommendation you have selected to protect your loan with Loanprotect Silver.

 

I contacted them and I was told that I have already paid off most of the interest on the PPI. Below are the figures of the loan and PPI;

 

 

Key Financial Information Loan Amounts

 

Loan Amount

 

Loanprotect Loan £930.06 You can IMO reclaim this plus interest Plus 8% Statutory interest

Cash Loan £6000.00

Total Loans £6930.06

 

 

Total Amount Payable

Loanprotect Loan £1122.60 Same here reclaim the lot

Cash Loan £7242.60

Total Loans £8,365.20

 

Monthly Payment

Loanprotect Loan £18.71

Cash Loan £120.71

Total Loans £139.42

 

 

Term of Agreement

 

60 months commencing on the date of this Agreement. On completion of your loan you will be notified of your first payment due date. All subsequent payments will then be due on the same date monthly thereafter

 

The APR is 7.9%

 

Other Financial Information

 

The Total Charge for Credit (which IS made up of Interest) is

 

Loanprotect Loan £192.54 IMO Recoverable

242.60

 

The rate of interest is 7.9% fixed for the Period of this Agreement. The Interest payable under this Agreement will be debited to the account at the commencement of this Agreement.

 

You have applied to purchase Loanprotect Silver. The cash price for this is £930.06. This includes Insurance Premium Tax at 5%. The amount of the Loanprotect Loan equates to this cash price.

 

Do I have any chance of a claim? I would suggest you have a sound case to reclaim however things do go wrong.

I hope this helps you Your post is a bit messed up but I believe you have a good chance of success. Keep me posted and I will try and help where I can.

I Hope you can follow all the posts any questions please post and I will try and address them asap.

 

aa

 

 

[goalltheway]

Thanks alanana, I will proceed with the claim and see how far I get. I'm away at the moment so will have to be in the new year.

[alanalana]

Good luck for a Happy New year,

 

aa