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Hi All

We are really struggling at the moment (self employed, cashflow) and maybe considering an IVA. This is extremely drastic and would obviously affect our lives for 5 years and well beyond. We do have a fairly 'bomb proof' single premium ppi claim against Loanmakers who went bust, with the FSCS. They have stated it would be 6 months. The problem is if the refund is sufficient we would be able to give ourselves a fighting chance avoiding the IVA. If not then at least we know and can plan for that.

We have phoned the FSCS 3 times and had 3 differing accounts of how they calculate the refund each time, our brokers Credit Agreement, give differing accounts depending on who you speak to also.

Would anyone help with a 'fairly accurate figure' so we can make an infornmed decision.

My wife is starting to get ill over this not knowing what to do, so thanks in advance.

 

Secured loan with Paragon 30,000 over 300 mnths @9.9% (0.793%mnth)

PPI premium 5,100 added to loan

Monthly payment 307.06

PPI for 5 years total int added to ppi is 8286.

 

 

Pete

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Hi Pete and big warm welcome to the wonderful world of CAG.

 

What are your reasons for trying to get a refund on your PPI? do you think you were miss-sold it in any way?

 

A single premium PPI is a nasty little critter, I also have a thread started in the PPI forum claiming against Paragon.........talking of evil little critters!!!

 

You will need to read as much as possible on here

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

 

and here

http://www.consumeractiongroup.co.uk/forum/payment-protection-insurance-ppi/80582-ppi-claims-further-information.html

 

I am no expert but I think firstly I would advise to stop phoning and stick to letters sent by recorded post.

If you believe you have cause to claim for miss-selling you will need to send a SAR.

 

Advice here

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

 

Keep posting on your thread and asking questions cause there are a lot of people who can help you and answer your questions.

 

Good Luck.

Keep up the fight against Bank Charges.

 

 

Got Debt problems?

Don't panic, put the kettle on and read this

 

:-) Everything I write comes from my heart and head! The large filling cabinet that is my knowledge of life, however warped that may be!! :-)

 

<<< Please tickle my star!! if I have managed to help you or just made you chuckle!

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Hi Nightowl

Thank you for your helpful reply, and yes mis- sold, as i was self employed at the time of the loan so the policy wouldn't have paid out anyway - absolutely incredible really (a) that they sold it and (b) i was too naive/ worried we wouldn't get the money and didn't have the_ to stop it. A coy called credit Agreement are our 'mediators'.

I have spent 2 days reading everything on the forum! feels like it as well. It is brilliant, what a wonderful site - helping everyone out.

My concerns are we don't know what we will get, as everyone, FSCS etc all say different things and we are hanging on a string in the jaws of an iva.(wife getting really stressed about it all, stressed ill not just worried).

 

If we had as i mentioned earlier an idea, of what we may be due we may be able to hold on for 6 months.

 

Pete

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Hi All

We are really struggling at the moment (self employed, cashflow) and maybe considering an IVA. This is extremely drastic and would obviously affect our lives for 5 years and well beyond. We do have a fairly 'bomb proof' single premium ppi claim against Loanmakers who went bust, with the FSCS. They have stated it would be 6 months. The problem is if the refund is sufficient we would be able to give ourselves a fighting chance avoiding the IVA. If not then at least we know and can plan for that.

We have phoned the FSCS 3 times and had 3 differing accounts of how they calculate the refund each time, our brokers Credit Agreement, give differing accounts depending on who you speak to also.

Would anyone help with a 'fairly accurate figure' so we can make an infornmed decision.

My wife is starting to get ill over this not knowing what to do, so thanks in advance.

 

Secured loan with Paragon 30,000 over 300 mnths @9.9% (0.793%mnth)

PPI premium 5,100 added to loan

Monthly payment 307.06

PPI for 5 years total int added to ppi is 8286.

 

 

Pete

hi just to let you know i had ppi of £5,490 added onto my loan of £34k monthly payment was 329.99. and after fighting for 18 months with fos then was told loanmakers had gone bust so try fscs which i did and after 5 and half months with them they have this week awarded me the full ppi plus 900 interest im so made up:-D Edited by deedee222
oh and they said i should of got 7.1k back but they can only pay 90% hope this helps
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Hi Deedee

Thanks for your reply

When you say the full ppi was repaid do you mean the full premium (5490) + 900 interest?

If it was the full premium had you paid the loan in total. How long was the term etc it sounds very similar to mine.

Any further help app

Pete

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Hi Deedee

Thanks for your reply

When you say the full ppi was repaid do you mean the full premium (5490) + 900 interest?

If it was the full premium had you paid the loan in total. How long was the term etc it sounds very similar to mine.

Any further help app

Pete

sorry yeh i meant the full premium altogether i got £6,440.and yeh i had paid the loan in full, the term was for 300 months at £329.00 per month, but we paid it after 2 years in feb 07 loanmakers had originally offered me just over 2k in dec 07 saying they didnt think they was in the wrong but i refused it and took it straight to fos who had my case for 16 months only to be told loanmakers had gone into administration and to see if fscs could help me and after 5 and half months between deloittes and fscs i eventually got it all back. even though the fcsc had my case since june 09 and said they would deal with it within 6 months when i phoned them just after xmas they said that my case went from sept 16th 09 because thats when they found loanmakers in default which made their 6 month deadline 16 march 2010..... hope this helps a bit more
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