Northern Rock PPI Claim

[Jan4a]

Hello

 

I want to reclaim PPI on a personal loan taken out in 2004. I seem to remember seeing somewhere that loans taken out then don't come under FSA (or CCA?) so are not as straightforward to claim back. Is this true?

 

Because of this I instructed Brunel Franklin to do it on my behalf in March. They said it would take 3/4 months. I found out yesterday that they hadn't even started it yet so am very upset with them and would like to try it myself but am unsure because of the year, worried it might be more complicated.

 

Loan is still being paid, no late payments or anything. That side is straightforward. Reason I'm doing this now is because I was made redundant in January, got the claim form for the PPI and realised it would only cover for 12 months so there is no way they are ever going to pay back what I paid in.

 

Looked briefly at CCA but am unsure - don't mind paying what I owe but don't like being ripped off on PPI. Maybe I should reclaim PPI then have a look at what's happening re CCA in the market.

 

Agreement looks like PPI was frontloaded and I paid interest on it. I wouldn't have needed this whilst employed because I had full sick pay for 12 months.

 

Wasn't told anything when I took it out - just implied that I wouldn't get loan if I didn't.

 

Thanks for any help.

Edited July 2, 2009 by Jan4a
To add "Northern Rock"

[maroondevo52]

Hello and Welcome, Jan.

 

Unfortunately, I'm not too good with PPI

 

Have a look at this 'link'............

 

http://www.consumeractiongroup.co.uk/forum/payment-protection-insurance-ppi/204771-all-new-posters-important.html

 

Our PPI expert Alanalana is not on-line at the moment, but if you click on his name,(in the link) then have a look at his posts to other users, I'm sure you'll find all the info you need.

 

Regards.

 

Scott.

Edited July 1, 2009 by maroondevo52

[Jan4a]

Thanks. Had a look but couldn't see anything about pre-2005 loans. I'll wait and see if anyone else thinks that makes a difference before I do anything.

[leviculus_puella]

not sure if this helps but one of my claims is from 1998 onwards which included 3 refinancing loans, they have already made one offer which ive rejected, im sure you could make a claim it sounds as though you have grounds and currently they are going back 6 years in england and wales and 5 years in scotland, however it very much depends on the bank/company as to the response, however you always have the fos if youre not succesful. the first thing to do would be send a sar which will give you the info you need to get started such as how many payments youve made. hope this helps;)

[Jan4a]

Thanks. I think I'll send the request and see what happens. I might manage to find out more whilst I'm waiting for that anyway.

 

Good luck with yours!

[dec22]

I have claimed PPI on 2 loans from 2003, both were succesful - Direct Line and RBS (both dealt with by RBS).

 

There is a lot of help on the forum and perhaps type up your letter and put it on the forum for someone to have a read through. If you have a read through the forums, you should fins some templates to help you.

[Jan4a]

Thanks - I am gradually going through the site, found a PPI calculator -didn't realise the interest I'd paid on it was so much. I think I will definately put the figures on the site when I'm ready and hopefully someone will check them for me. Can't believe its so much, makes me think I did it wrong.

 

Mine's with Northern Rock (wasn't sure I could put that on at first).

 

[pompeyfaith]

Hiya Jan4a,

 

I had 9 loans with the Co-operative Bank PLC all had PPI attached and the amount being claimed comes to £31,000 just under.

 

My claim is currently with the FOS.

 

Now if you need any help with the figures i am more than willing to guide you with this Alanalana will point you to me anyway bless him lol

 

And you will be surprised at how the interest builds up that is because it is compounded and not simple interest

 

So it the compounded interest rate at the interest rate they charged you that you want back as only this will put in the position you would have been in had you not had the policy mis-sold to you.

 

Oh and you can put the 8% statutory s69 judicial interest rate on the total sum to as this is compensation for being without that money over a period of time.

 

Regards

 

PF

[Jan4a]

Thanks - that is so much money! I'm working mine out to be about £9k on one loan.

 

One question I've forgotten to ask so far - I am still paying loan and PPI - should I cancel PPI now or wait until claim starts?

[pompeyfaith]

In my case on the current loan i did not cancel it IMO they will cancel when they recieve your claim.

 

Regards

 

PF

[alanalana]

Thanks - that is so much money! I'm working mine out to be about £9k on one loan.

 

One question I've forgotten to ask so far - I am still paying loan and PPI - should I cancel PPI now or wait until claim starts?

 

If you have alternative cover should you require it then you should cancel now stop paying the ppi premiums and get a substantial rebate.

 

If you do not have alternative cover then have a look at this link for cheaper options. (do not leave yourself without cover)

 

Loan Insurance: Ditch lenders' policies and save £1,000s...

 

hope this helps

 

aa

[Jan4a]

Thanks, I hope to send the first letter this week (not had much luck finding the templates yet, a link someone gave me didn't work) so will cancel it then.

[Jan4a]

Just found templates!

[pompeyfaith]

well done see perserverance pays follow claim though like that and we will have another win

[Jan4a]

Pompeyfaith - ha ha. Will do!

 

Just send subject access report recorded delivery so wait and see now.

 

Thanks

[pompeyfaith]

great they have 40 days to comply this is statutory as per DPA 1998 so put a note on your fone or calender when there time is up oh and allow 2 days i delivery

[Jan4a]

Am getting a bit confused - read too many posts!

 

Why have I sent a Subject Access report and not a CCA request? Is it because I should get a copy of the credit agreement included with Subject Access Request docs?

 

If I don't get a copy of CCA and they say they don't have it, am I in a position to reclaim PPI and make loan unenforceable?

 

I still have my copy of CCA so know what I've paid etc anyway.

 

Thanks

[Jan4a]

Posted Subject Access Report to Northern Rock on 7 July and received their reply today. As far as I can tell they seem to have included everything - including a copy of my original loan agreement. They sent it to me via recorded delivery.

 

I vaguely remembered that years ago I sent a letter asking to cancel PPI and interestingly this is noted on one of their print outs as "Ltd from cust dated 09.11.05 requesting to canx PPI ... passed to sales to deal ... Cus hung up". I did send letter but heard nothing back. I rang at one point and spoke to sales who advised I could not cancel PPI without having to obtain new loan that I might not get. At no time did I hang up on them! They haven't sent me a copy of my letter - assume they should have but don't know if its a big deal.

 

I think my next step is to find the second letter I should send if anyone can help me find it? From that I hope I will be able to work out what figures go in it but will probably need help working them out!!

 

Thanks

[Jan4a]

Right, found a letter on Financial Mail, thisismoney that I like and that someone had linked on here. Now for the figures .... I will play with spreadsheet again later to see what i get but can someone else be very kind and check me as it seemed high last time I tried it.

 

Details on loan agreement are:

Loan amount £12,000

Payment Protection £5821.20

Amount of credit £17821.20

Total charge for credit £6,192

Total amount payable £24,013.20

APR 6.4%

Payble by 120 monthly instalments of £200.11

 

Also, does this mean it was front loaded and I paid interest on it?

 

I have paid 59 instalments of £200.11 (£11,806.49) up to date. I will pay another on 31 July so think I will include that one as well and date my letter 31 July and claim on 60 instalments so will base my figs on £12,006.60 paid to date.

 

Thanks! onto spreadsheets now...........

 

Saw a link to Financial Mail saying Northern Rock and Lloyds TSB worst for rejecting claims ... bit worrying! Not seen a lot of other people on here claiming against Northern Rock though - but seem to be lots TSB/Lloyds

[pompeyfaith]

jan i will do a calculation 4 u soon as i can get to my pc the wife is using it at the moment lol PF

[pompeyfaith]

Hiya Jan4a,

 

Just doing a spreadsheet for you now give me 30 mins and ill have it ready for you.

 

Regards

 

PF

[pompeyfaith]

Yes it does mean it was front loaded with interest payable from the start

[pompeyfaith]

I started this but had to stop as i need the date of first payment can you furnish this please.

 

Regards

 

PF

[Jan4a]

Thanks, thought it was front loaded.

 

Date of first payment is 1/9/04.

 

Sorry, had to go to Tescos.

[Jan4a]

Have had another attempt at Bog's spreadsheet myself. I get the total interest charged on pppi to date is £1,851.14 and understand where this comes from.

 

What I don't understand is how much PPI actual premium I have paid. Total PPI premimum for whole loan is £5,821.20 and I am exactly half way through loan, but I don't think I just halve this figure. Does front loaded mean I have already paid all the £5,821.20? Just checked the subject access docs I got and nowhere does it tell me this.