rgeckouk Loan & PPI Help

[rgeckouk]

Hi I stumbled across this site and was looking for a little help,

 

I took I loan out with Barclays in 2004 and was told at the time of filling out the loan application that due to it being the maxiumum amount that it was a good idea to take the PPI as it was more likley to go through. As I was in desperate need for the money I did this. The repayment amount was more than I was already paying and was told after 6 months I could come back into the branch so they could review and adjust this to a lower repayment. I was not made aware that the PPI would be added to the value of the loan and interest would incurr on this as well, as was told it was just like my car insurance policy.

 

I never recieved any PPI documents or policy number in the mean time paying nearly £780 a month to Barclays was becoming a struggle after 2 years I really hit a brick wall and started to miss payments. I made appointments at my local branch they where no help and the loan account everytime they looked at it showed that it had no PPI against it.

 

I finally got them to restructure the loan and remove the PPI but feel after 2 years paying the amount I had been to them totalling nearly £17500 for 2 years on an original loan of £25000 something is not right. I have finally got fed up with them now and have stopped paying the new monthly payment and have made an appointment with my local branch manager to get this sorted. If this meeting nothing comes of it where can I go?

 

Many Thanks R

[rgeckouk]

Just to add to this I now owe more than I origianlly started out with I had a £25000 loan that is now according to Barclays as of today I owe them in the region of £32000 which is split over two £16000 loans now when it was restructured. They really are starting to get to me and I want to run and hide.

 

Any help appriciated.

[pinknico]

If the meeting is not a success you need to contact the FOS.

 

You need them to show you all the figures relating to the loans as proof that PPI was/wasnt added. If it was added you should try to reclaim it back .Even if you had it and they removed it they may still be charging you interest on it. They should not have said that the loan was more likely to go through with PPI, was this in the bank or on the phone?

[rgeckouk]

This was all done in my local branch not over the phone, so unfortunatly no recorded call evidence.

[pinknico]

Dont give up,firstly go to this meeting and get those figures.

 

1. you were verbaly mis sold and have no policy documents.

 

2. the loan showed no PPI, the figures will show what the truth is and they should compensate you for this as it should have been cancelled sooner.

 

3.The FOS will help if Barclays dont.

[Bog]

This was all done in my local branch not over the phone, so unfortunatly no recorded call evidence.

 

That should not be to much of a problem, because it's up to them to prove it was not mis-sold!

[rgeckouk]

I didn't get anywhere with Barclays basically told that I would never had been miss sold the ppi, and that i signed the agreement so it's legaly binding. Now what do i do with the ombudsman? Help!

[pinknico]

Right you need to ring the FOS and let them know you want to make a complaint, they will fill out bits on the phone and then send you the forms to fill in. Your complaint is for mis selling and when the forms come there will be a section to explian your complaint, tell them everything, including the last meeting.

From now on only deal with Barclays in writing, no phone calls, no meetings in branch relating to PPI.

 

The FOS only look at complaints 8 weeks after your first letter of complaint to the company or if the company have given their final response. So if neither of there apply the FOS may have to write to Barclays for their final response on your behalf. This is fine.