PPI amalgamated into loan repayment?

[FlyboyAgain]

Have you had a look at the statement scans? It's there, in the statements. The calculations are wrong.

 

I'll have to have another look at this.

[IdaInFife]

yes on the statement scans shows you interest being added on the balance them ppi prem added after that's how i cannot see any interst on the ppi

 

ida x

[alanalana]

hello flyboyagain,

 

I have had a look at your posts and links. Now I am no financial expert but I would say you are indeed paying interest on the PPI.

 

The loan of £13000 would appear to include the insurance and IMO the loan and the PPI should be broken down into separate areas.

 

One for the loan amount with the interest rate

 

One for the PPI amount with the interest rate.

 

Your loan by virtue of the fact it is one loan amount that the PPI premium would be a single premium PPI which have now been banned.

 

I do not believe they can amalgamate the PPI into the loan amount and if they have they should clearly show the breakdown between loan figure and PPI figure on the Agreement.

 

You are paying interest on the PPI amount but who can tell what the loan amount was or the PPI amount was as single figures?

 

They have however managed to show the monthly PPI premium separately from the loan amount figure.

 

If you feel you were pressured into taking PPI cover on their say so then that is clearly mis-selling.

 

Please have a look through these links to get the info on the ways PPI has been mis-sold... PPI - Some Notes for Claimants..

 

Mis-sold PPI? Want your money back? use these links to help

 

these are from the mis-sold ppi link

 

THIS LINK IS IMPORTANT TO YOU ON RECLAIMING IT IS FROM 2001 FROM THE FOS

loan payment protection insurance and a quote from this link...

 

Quote:

When determining whether a policy is suitable, a seller – whether a lender or an agent for the insurer – must obviously take into consideration any information the prospective policyholder volunteers. However, we do not consider the seller’s duty is limited simply to recording what the borrower discloses. It is only by asking questions that the seller can properly determine suitability. These questions cannot cover every aspect of a borrower’s personal position and should not be expected to do so. To paraphrase the ABI Statement, only those matters deemed to be relevant by the insurer should be the subject of questions.

For claims before 2005 and the FSA ruling from which campaign

How to tell if you’ve been mis-sold PPI

 

Quick check: were you mis-sold? - How to tell if you’ve been mis-sold

 

PPI

 

there is a stack of other stuff that could help you as well.

 

 

From your post 11

 

My two main points are:-

 

1) Is the PPI allowed to be lumped in with the loan?

 

2) Is the agreement enforceable?

 

If Yes to 1), then the loan (credit) limit is incorrect. It's incorrect, anyway, as the repayments, as stated , are only meant to incude the laon, the admin fee and interest. Nowhere does it state that PPI is to be included in that figure! Also, there is no credit limit stated

 

 

for answers to your 1 and 2 see this: It is from the debt collection forum.

 

Is My Agreement Enforceable - Useful

 

 

you should get some answers there and you can also start a thread of your own to ask for further assistance.

 

bit long but hope it helps you.

 

aa

[IdaInFife]

thanks alanalana

 

Ida x

[IdaInFife]

sorry fly to nip yir heed again,

 

think iv'e got it.

 

the 13000 was for the loan and PPI. I thought the 13000 was what you got!

 

please tell i am right

 

 

Ida x

[Dipply75]

See this is what was confusing me...and to be honest, if the agreement was correct it shouldn't be this confusing or needing a huge discussion to see whats been borrowed!

 

They have not shown the Total Credit, Total Charge for Credit, what your PPI premium was, whether it was a single premium being added to the total credit - no Total amount payable, nothing!

 

Its one of the worst, most confusing agreements I've ever seen lol

Edited July 21, 2009 by Dipply75
spelling

[bazaar]

OK now we've sorted that out:). Whats the next move, do you want to claim all the |PPI back or stop paying because of a dodgy agreement?

[FlyboyAgain]

sorry fly to nip yir heed again,

 

think iv'e got it.

 

the 13000 was for the loan and PPI. I thought the 13000 was what you got!

 

please tell i am right

 

 

Ida x

 

 

 

The loan was for £13K. The PPI was a condition to us getting the loan as was the loan being tied to the house.

Edited July 22, 2009 by FlyboyAgain
Revision

[FlyboyAgain]

OK now we've sorted that out:). Whats the next move, do you want to claim all the |PPI back or stop paying because of a dodgy agreement?

 

 

Stop paying? Good Lord, no! Not with the house involved! This one is going to be a slow burner.

[FlyboyAgain]

See this is what was confusing me...and to be honest, if the agreement was correct it shouldn't be this confusing or needing a huge discussion to see whats been borrowed!

 

They have not shown the Total Credit, Total Charge for Credit, what your PPI premium was, whether it was a single premium being added to the total credit - no Total amount payable, nothing!

 

Its one of the worst, most confusing agreements I've ever seen lol

 

The PPI premium is there, Dipply: £14.85. But I agree with you 100% on your other observations.

[FlyboyAgain]

Thanks to Site Team as well for their insights. In fact, thanks to everyone!

 

It is a mess of an agreement and has shown how gullible people can be when looking to consolidate. Hindsight is a wonderful thing, though, and I doubt I even stopped to look at that agreement back then whereas I would go over it with a spyglass now. Which is exactly waht I am doing.

 

Y'know I'm not trying to dodge out of my debts, but HBoS did really cruel and uncaring things to my wife and I a few years back and I have longed for my revenge upon them and all that carry-on on with their DCA over the last few years has reignited that desire to get them. That's why I'm doing this. And also to teach them a lesson.

Edited July 22, 2009 by FlyboyAgain
spelling;additions

[FlyboyAgain]

I'm inclined to go about it thus: go after them for PPI mis-selling first then take them to court under s127 and blow them out of the water.

 

Thoughts, Caggers?

[bazaar]

Defo on the PPI, the S127 route will most likely end up with them trashing your credit files, so bear that in mind

[FlyboyAgain]

Defo on the PPI, the S127 route will most likely end up with them trashing your credit files, so bear that in mind

 

They're trashed, anyway. But why and, indeed, how could they be allowed to do that if I won?

[FlyboyAgain]

Ok, have just written to them asking for T&Cs for the loan and the T&CS for the PPI.

 

Feathers to be ruffled.

[FlyboyAgain]

Can't ask for refund on PPI: the agreement is pre 2005.

[FlyboyAgain]

Consumer Credit Act 1974 (c. 39) - Statute Law Database

 

Another one to back up my argument on the agreement itself!

[bazaar]

Sorry I disagree, you certainly can ask for the refund of PPI, most likely they will reject your request, but once you get to their final response, you can then go to the Ombudsman about it. Dont give up too easily:D

[bazaar]

And heres my argument,

Consequently, where (which appears frequently to be the case) a borrower was told at

the time of taking out a loan that the taking of PPI was a condition of the loan or that

the loan would not be granted without the inclusion of the PPI, then the PPI would be

classed as mandatory insurance under paragraph 4 of the 1980 regulations and should

form part of the charge for credit. If in such circumstances the PPI was included in the

amount of credit rather than the charge for credit then the agreement will fail to

comply with the 1983 Regulations and will be unenforceable and in the case of

agreements entered into prior to 6th April 2007, as the amount of credit is a prescribed

term, the agreement will be irredeemably unenforceable.

[JGJ]

FlyboyAgain,

 

Can I ask why you think, that you are unable to claim a refund on your mis-sold PPI, as your agreement is pre 2005

 

"EXEMPLO DUCEMUS"

[FlyboyAgain]

PPI - rules before 2005 - How to tell if you?ve been mis-sold PPI - Your money - Which? Advice

 

Just had a quick look at it; not studied it in detail. Says I can 'make a complaint'. Yeh - right!

[FlyboyAgain]

And heres my argument,

Consequently, where (which appears frequently to be the case) a borrower was told at

the time of taking out a loan that the taking of PPI was a condition of the loan or that

the loan would not be granted without the inclusion of the PPI, then the PPI would be

classed as mandatory insurance under paragraph 4 of the 1980 regulations and should

form part of the charge for credit. If in such circumstances the PPI was included in the

amount of credit rather than the charge for credit then the agreement will fail to

comply with the 1983 Regulations and will be unenforceable and in the case of

agreements entered into prior to 6th April 2007, as the amount of credit is a prescribed

term, the agreement will be irredeemably unenforceable.

 

 

Good arguement; my sentiments exactly, but can you back it up with legislation?

[bazaar]

Here I took that little bit from the linked pdf, have a read.

http://www.stjameschambers.co.uk/PPI%20Nathan%20Banks.pdf

 

The link seems ok for virus.

[alanalana]

Here I took that little bit from the linked pdf, have a read.

http://www.stjameschambers.co.uk/PPI%20Nathan%20Banks.pdf

 

The link seems ok for virus.

 

Useful link bazaar would you mind if I copied it into my links thread in the stickies? It could help others on the road to reclaiming :grin:

[bazaar]

Useful link bazaar would you mind if I copied it into my links thread in the stickies? It could help others on the road to reclaiming :grin:

 

Not at all, anything that'll help people is what its all about:)