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OH has been offered PPI refund on claim rejected in 2008.

As this loan was paid from a Lloyds current account (no longer used) it has also incurred lots of charges.

Having done some research am I right in thinking that these charges can also be reclaimed as per the new FSA guidelines FSA 10/12 FSA 10/36 PPI COMPLAINTS RESOLUTION sections 3.35 to 3.3.13 and ASSOCIATED DEBT 3.9.2.

 

 

Any Advice would be very much appreciated

Thanks

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Is this going to help our claims ???

 

Associated Debt 3.9.2

In assessing redress, the firm should consider whether there are any other further losses that flow from its breach or failing that were reasonably foreseeable as a consequence of the firm’s breach or failing, for example, where the payment protection contract’s cost or rejected claims contributed to affordability issues for the associated loan or credit which led to arrears charges, default interest, penalty interest rates or other penalties levied by the lender."

FSA 10/12, FSA 10/36 PPI Complaints Resolution Instrument, sections 3.3.5 to 3.3.13

3.3.5 G The firm should not reject a complainant’s account of events solely on the basis that the complainant signed documentation relevant to the purchase of the policy.

3.3.6 G The firm should not reject a complaint because the complainant failed to exercise the right to cancel the policy.

3.3.7 G The firm should not consider that a successful claim by the complainant is, in itself, sufficient evidence that the complainant had a need for the policy or had understood its terms or would have bought it regardless of any breach or failing by the firm.

3.3.8 G The firm should not draw a negative inference from a complainant not having kept documentation relating to the purchase of the policy for any particular period of time.

3.3.9 G In determining a particular complaint, the firm should (unless there are reasons not to because of the quality and plausibility of the respective evidence) give more weight to any specific evidence of what happened during the sale (including any relevant documentation and oral testimony) than to general evidence of selling practices at the time (such as training, instructions or sales scripts or relevant audit or compliance reports on those practices).

3.3.10 G The firm should not assume that because it was not authorised to give advice (or because it intended to sell without making a recommendation) it did not in fact give advice in a particular sale. The firm should consider the available evidence and assess whether or not it gave advice or made a recommendation (explicitly or implicitly) to the complainant.

3.3.11 G The firm should consider in all situations whether it communicated information to the complainant in a way that was fair, clear and not misleading and with due regard to the complainant’s information needs.

3.3.12 G In considering the information communicated to the complainant and the complainant’s information needs, the evidence to which a firm should have regard includes:

(1) the complainant’s individual circumstances at the time of the sale (for example, the firm should take into account any evidence of limited financial capability or understanding on the part of the complainant);

(2) the complainant’s objectives and intentions at the time of the sale;

(3) whether, from a reasonable customer’s perspective, the documentation provided to the complainant was sufficiently clear, concise and presented fairly (for example, was the documentation in plain and intelligible language?);

(4) in a sale that was primarily conducted orally, whether sufficient information was communicated during the sale discussion for the customer to make an informed decision (for example, did the firm give an oral explanation of the main characteristics of the policy or specifically draw the complainant’s attention to that information on a computer screen or in a document and give the complainant time to read and consider it?);

(5) any evidence about the tone and pace of oral communication (for example, was documentation read out too quickly for the complainant to have understood it?); and

(6) any extra explanation or information given by the firm in response to questions raised (or information disclosed) by the complainant.

3.3.13 G The firm should not reject a complaint solely because the complainant had held a payment protection contract previously.

 

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Offer received on loan PPI - refund of all premiums plus 8%.

Would I be able to claim for associated debt ?

Overdraft is made up of charges that relate to the loan direct debits.

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Jezza,

 

Not sure about whether you can claim the charges or not, but your OH can certainly claim the compound interest charged on the PPI at the rate they charged him.

 

Do you know what the interest rate he got charged was?

Over how many months was the loan taken out?

What was the original cost of PPI?

 

DJ

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Loan for £3000 sept 04

PPI £830.95 + Interest Last statement said 16.61%

60 months

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OH has been offered PPI refund on claim rejected in 2008.

As this loan was paid from a Lloyds current account (no longer used) it has also incurred lots of charges.

Having done some research am I right in thinking that these charges can also be reclaimed as per the new FSA guidelines FSA 10/12 FSA 10/36 PPI COMPLAINTS RESOLUTION sections 3.35 to 3.3.13 and ASSOCIATED DEBT 3.9.2.

 

 

Any Advice would be very much appreciated

Thanks

 

Hi Jezzaa,

 

It's certainly worth further investigation in my opinion :wink:

 

Landy x


LTSB PPI on various loans (current/settled) - Refunded inc 8%

 

MBNA 1 Charges - Refunded inc CI

 

MBNA 1 PPI - Refunded

 

MBNA 2 Charges - Refunded inc 8%

 

MBNA 2 PPI - Refunded

 

MBNA 2 Accident Ins - Refunded

 

Swift Advances (settled) Mortgage Charges -Partially refunded

 

Swift Advances (settled) Mortgage PPI - Refunded inc CI & 8%

 

Sainsburys (settled) Loan PPI - Refunded inc CI +8%

 

Sainsburys (closed) Card Charges - Refunded inc CI + 8%

 

M&S Money (closed) Card Charges - Refunded inc CI

 

M&S Money (closed) Card PPI - Refunded inc 8%

 

Direct Line (settled) Loan PPI - Refunded inc CI + 8%

 

Debenhams Card (closed) PPI - Refunded inc 8%

 

Swift Mortgage Charges -Refunded

 

Hitachi Finance (closed) Charges - Refunded

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Jezzaa,

 

According to my calculations and following the FOS guidelines, your claim should be:

 

Cost of PPI : £830.95

Compound interest : £397.69

8% on monthly repayments: £476.29

8% on difference : £106.37

 

Total claim: £1,811.30

 

Now go get your money back

 

DJ

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Would I be able to claim for associated debt ?

Overdraft is made up of charges that relate to the loan direct debits.

 

I have a similar situation and am considering attempting going down this route - will be interested to hear how you get on!


LTSB PPI on various loans (current/settled) - Refunded inc 8%

 

MBNA 1 Charges - Refunded inc CI

 

MBNA 1 PPI - Refunded

 

MBNA 2 Charges - Refunded inc 8%

 

MBNA 2 PPI - Refunded

 

MBNA 2 Accident Ins - Refunded

 

Swift Advances (settled) Mortgage Charges -Partially refunded

 

Swift Advances (settled) Mortgage PPI - Refunded inc CI & 8%

 

Sainsburys (settled) Loan PPI - Refunded inc CI +8%

 

Sainsburys (closed) Card Charges - Refunded inc CI + 8%

 

M&S Money (closed) Card Charges - Refunded inc CI

 

M&S Money (closed) Card PPI - Refunded inc 8%

 

Direct Line (settled) Loan PPI - Refunded inc CI + 8%

 

Debenhams Card (closed) PPI - Refunded inc 8%

 

Swift Mortgage Charges -Refunded

 

Hitachi Finance (closed) Charges - Refunded

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Thanks for the info DJ.

 

the statement in sept said £816.40 outstanding

after settlement of loan the offer of £ 687.43 to an account of your choice

 

In Which case the offer works out to be £307 less than calculated

Loan has been in arrears would this make a difference ? Or are Lloyds taking the P as usual !!!

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Will keep you posted Landy

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Will keep you posted Landy

 

Thanks Jezzaa - I do firmly believe that the FSA quote above on 'Associated Debt' coupled with the FOS note on 'Default Charges' in their online PPI resource are good grounds for the start of a complaint regarding those charges incurred as a result of the addition of PPI.

 

Good Luck with this!

 

Landy x


LTSB PPI on various loans (current/settled) - Refunded inc 8%

 

MBNA 1 Charges - Refunded inc CI

 

MBNA 1 PPI - Refunded

 

MBNA 2 Charges - Refunded inc 8%

 

MBNA 2 PPI - Refunded

 

MBNA 2 Accident Ins - Refunded

 

Swift Advances (settled) Mortgage Charges -Partially refunded

 

Swift Advances (settled) Mortgage PPI - Refunded inc CI & 8%

 

Sainsburys (settled) Loan PPI - Refunded inc CI +8%

 

Sainsburys (closed) Card Charges - Refunded inc CI + 8%

 

M&S Money (closed) Card Charges - Refunded inc CI

 

M&S Money (closed) Card PPI - Refunded inc 8%

 

Direct Line (settled) Loan PPI - Refunded inc CI + 8%

 

Debenhams Card (closed) PPI - Refunded inc 8%

 

Swift Mortgage Charges -Refunded

 

Hitachi Finance (closed) Charges - Refunded

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Jezzaa,

 

Charges through loan arrears could change things. For how long had you been in arrears?

 

DJ

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Tried to claim back PPI 2 years ago but was rejected.

When the loan got to £830 outstanding (PPI amount) about 9 months ago stopped paying and disputed the account. Roughly how much would this alter the refund ?

Thanks for your assistance

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