PPI - Some notes for Claimants - Frequently Asked Questions & Discussion thread

[Fred_Funk]

but, i just realised, that although when i made the initial application i was employed, i was actually unemployed at the time of signing the agreement and actually receiving the money... do i have a case for reclaiming the full amount?

 

Possibly. But that would depend on you having adjusted your employment status to 'unemployed' at the point you took out the loan. If you failed to do so then it could be claimed you took out the loan fraudulently, in which case you'd hardly be able top claim the PPI was mis-sold. If, however, the loan provider was fully aware of your status then you've probably got a very good case.

[elliebell]

i best just say nothing then, it was actually the day i got the sack that i signed the loan agreement and posted it off...

[Vain]

I have just recieved a letter form central trust in regards to mis-selling of my ppi ive just settled the loan which the ppi was added to they say they feel that they are unhappy with certain aspects and have offered £2000 now i have had to pay £10000 as the ppi was added to my loan so need to take this to FOS any help would be great i have the phone conversation and i would say that they did not go over the ppi and did not take all my circumstances into account.

[consumer59]

I took out a mortgage with HSBC in 1999 and I was told that one of the conditions of the loan was that I had to take out a PPI. At the time I was only working on a part-yearly basis (January to September) So for three months of the year I was going to be unemployed anyway. I eventually cancelled my PPI without any hassle a few years ago. Since it was so long that I was made to purchase this insurarance, which was really of no use to me, I am not really sure if I can make a claim to the bank to recover my money.

[afool]

Hello

 

The reason for the name AFOOL is in regards to how i really feel.

My wife and i took out a consolidated loan over 25 years for £58,000 and we were advised to take a policy in the words of the salesman like a saving scheme of £14,000 which we would recieve back after 5 years if we took out a ppi scheme. We trusted Barclay's without question as i had been with the bank for nearly 30 years.My wife and i readily accepted the loan to pay off credit cards. My wife and i quickly ran into trouble as her earnings were only £800 per month and mine was £1500 per month of which we had to pay £1000 mortgage and £500 loan and had 2 small children. Within 2 years we were in credit card arrears and we have been helped by family but at a huge emotional cost. Having got back on an even keal we attempted to restructure our mortgage only to be told by the bank we would be charged the £14000 ppi if we wanted to take out a mortgage with the Woolwich so the loan we took out for £58,000 now becomes £72,000. We are distraught and are finding life hard as the bank has continuid to increase our interest payments which are up from 8.2% to 10.5%. I have contemplated using a law firm to assertain whether this loan is legal as we are feeling more and more desperate can anyone please help!

[banker_rhymes_with]

Hello AF!

 

A warm welcome to CAG, you have come to the right place.

 

Don't be too hard on yourself, I think you'll soon see that you have been led up the Garden Path by Barclays.

 

They've been keen on mis-selling anything they can over the last few years, and do like to add all sorts of silly Loan Protection and PPI onto things. They do this because it's a nice little earner for them.

 

I think your best bet is to start a new Thread in this PPI Forum. Just follow the link below to get you to the main Forum:

 

Payment Protection Insurance (PPI)

 

When there, look at the Top Left or Bottom Left, and you'll see a New Thread Button. Click that, give the Thread a suitable Title (say Afool v Barclays Loan with PPI or similar), and then outline the problem in the first Post.

 

People will then give you direct help there, and your plea for help won't get lost as it could do in this Thread.

 

If I can't help, there should be plenty of people who can.

 

Cheers,

BRW

[lexis200]

Hi

 

Would someone mind clarifying for me about working out PPI claims on credit cards (monthly variable payments, not single lump payment)?

 

I just would like to know if you do it in the same way as charges, ie. add on compound contractual interest?

 

Thanks very much

 

Lexis:)

[citizenB]

lexis, I think there are one or two spreadsheets avaiable in the PPI section somewhere. Unfortunately, I cant remember where I got the link for the one I used so sorry I cant help.

 

However, I do remember having to put things like the balance outstanding each month, how much was repaid each month, the interest applied as appearing on the statement each month.. The final columns said something about compound interest..

[annoyedagain]

hi

i have a loan which ppi has been added, i applied for the loan online and defiantly would not have took out ppi as im self employed and they are basically worthless

the only way it could have happened is if the box was already ticked and i didn't notice it

 

it is there on the cca but i must not have noticed it there asell due to my excitment

 

anyway could you please have a look at my thread to see if thee is anything i can do about it, i cant work out if it has interest on the ppi or not and would i be able to claim it back

 

http://www.consumeractiongroup.co.uk/forum/general-debt-issues/177294-alliance-leisester-loan-agreement.html

 

thanks

 

im annoyed again

[annette123]

my husband has a loan from LloydsTSB, borrowed £5.700 on his contract it has a LOAN FOR LOAN PROTECTION INS OF £1,696.14 adding APR of 16.2% and interest on loan amount he is paying back TOTAL OF £10.582.80. I have read his Personal Summary and says because he was not in continuous employment for at least 6 months therefore unemployment cover is not provided, he is self employed can he cancell this and get another ins seperately?

 

Annette Asks

 

I was wondering if you managed to get this problem sorted as I maybe able to help you! I have been wondering about these problems with PPI and have now found a solution regarding aLL MAJOR CREDIT CARDS LOANS ETC, iM NOT PROMISING THE WORLD but maybe able to help. if you would like to write to me here!

[glmmummy]

hi

i dont know if i am in the right place here , but my partner has an ongoing loan with halifax which was taken out in 2006 over a five yr term the loan is £17,000 which with interest works out at about 26,000 (arggh)

anyway i was going through the paper work recently as i still have it and i think there is a single premium ppi on this loan as this is on a seperate sheet of paper to the loan agreement , the thing is he is self employed (subcontractor) and has been since 2002 , i am sure this policy is miss sold it does say self employed are covered but there is a clause regarding n.i contributions and also i am sure the business has to be completely insolvent so he would have to wind it up completely , in which case we would be practically bankrupt anyway ! ....also he wasnt told he could get this policy elsewhere or explained any terms and conditions i need to go through the paperwork again with a fine tooth comb , it also says we are not allowed to cancel this ppi without them re financing another loan ?? ...if anyone has any advice it would be appreciated do you think i have a claim here ?? thanks

[lexis200]

I've just drafted a letter to the Halifax about a very similar situation, albeit monthly payments on a c/c - OH is a Director of his own ltd company, and would have to fold it in order to gain from PPI. Of course, this was only mentioned when he tried to claim after 5 years of payments.

 

It clearly states 'Director' on the application form, but he never had this explained to him. I doubt they'd have much take up if they did - what self-employed (or similar) person folds when the going gets tough? You try and ride it out and bring your business out the other side.

 

This seemed like a major caveat for them to have not made clear, so that's the basis of my argument.

 

My letter is on my thread http://www.consumeractiongroup.co.uk/forum/mbna/156409-lexis200-mbna-just-starting-12.html (it is Halifax, I just get more views on this thread and wanted the opinions:D) if it would help you to have a look. Bear in mind I'm waiting to see if anyone spots any major flaws in what I've written, just in case you decide to use it!

[glmmummy]

hi lexis

it does seem like we are in a similar situation , although i am going to have to go through the paperwork as i am not sure what his job title is on the agreement , i do know however that they would have known he was self employed , he is a sole trader / contractor/subcontractor and they must know this as the money is transferred into our halifax current account from his natwest business account which is registered in his name , so they either overlooked this and sold him the policy anyway , and they didnt explain all the various loopholes that would prevent him from being paid out , i have looked at your letter and it all looks very good ! . I think i am just going to bite the bullet and write a letter to them and see what happens , i am a bit scared to though as we hold our current account with them and have an overdraft too and i am scared they will turn a bit nasty and close our o/d , but to be honest we are always in it so they are getting enough out of us as it is , also i am going to try and claim for a halifax credit card , i cancelled the payment protection on that about a year ago but didnt think about claimimg on that one , but in august last year they actually shut the credit card down as we were having problems and paid two payments late so we are now paying off the balance but cant use the card

do let me know how you get on with them i have heard that they are quite difficult to deal with regarding chrarge reclaim and ppi

good luck to you ! when are you sending the letter ?

[lexis200]

Hi again, and thanks:)

 

I'd like to get it off as soon as possible, but like I say, this isn't my comfort zone at all so I just want a bit of confidence that I've not said something muppet-like in the letter that will get it laughed out:)

 

I do keep seeing mentioned throughout the forums about opening a parachute account just in case your current bank turns nasty - maybe that's a possibility for you? (I know it's tricky if you've not got the greatest credit rating, especially if you need the o/d)

 

OH's card is exactly the same. In fact he phoned them, told them about the business being dead for a while and could he claim, and the reaction was no, and btw, send your card back your account is closed. They didn't freeze the interest for some time after doing that though, so he had even told them there were problems rather than ignoring it, but they still charged him!

 

We have charges to do with them too. I'm chancing my arm and going for the whole period rather than the 6 years. I have no idea if it will work (I suspect not), but if it does that's the whole debt and then some in charges and PPI. Even if they only go back for 6 years it's about two thirds gone, so I'm really crossing fingers.

 

Do post up a link if you start your own thread so people with a bit of knowledge about this can help you. You should be able to get some good advice here to get you on your way.

 

Good luck to you too

 

Lexis:)

[lawt32]

Hi everyone.

 

I have a question about ppi I took out a loan with barclay last year the loan and ppi payment is 173.82 month for 5yrs paid 2073.84 still paying on it I am struggling to pay but just about managing for how long don't no ppi is supposed to help customers not put them in more debt true.

 

When I took out the loan with the ppi they asked me a few quest before blar blar pre- med con yes do you have any more insurers no.

 

I cant see very well special small print so i put all barc bank papers in folder i got my policy through 4 days after I have been in the bank but reading your threads and all controversy at the mo made me get my folder out and use a mag to see I came across you would get insurance if you had a pre med condition I honestly told the bank I had and the notes what came with the policy states I have.

 

Puzzled now if they knew from my own admittance I have a pre med condition their would be no payout on insurance why did they give me the policy.

 

Have I a claim for ppi mis selling how would I go about this eg letters forms HELP.

 

BY THE WAY JUST TRIED A LINK TO BARC WEBSITE IT SAYS WEBSITE REMOVED OH DEAR.

[glmmummy]

hi lexis

how are you getting on with the ppi situation ?

[phatram]

Hi,

 

 

If I get some time in the next few days I will have a look at making up thread with Template letters.

 

Ian

Was this thread ever done?

[blencathra]

HELP NEEDED. Can anybody help me with some information on PPI miss spelt policies.. As with the bank charges you can only claim as far back as 6 years. Is it the same rule with PPI policies, or can you claim further back.

As i am looking at two catalogue PPIs going back for almost 10 years.

 

Sold to a pensioner, who had no chance of making any claim whatsoever.

I would appreciate an urgent responce. Regards Blencathra

[noomill060]

There are no timelimits as far as mis-sold PPI claims are concerned.

 

"Mis-selling" is a polite way of saying- profiting from a deliberate concealment and misleading wording or just plain old fraud.

[hellhasnofury]

There are no timelimits as far as mis-sold PPI claims are concerned.

 

"Mis-selling" is a polite way of saying- profiting from a deliberate concealment and misleading wording or just plain old fraud.

 

:lol:

 

 

I love it:D

 

Noonmill if you have a spare moment or two, can you give us a more detailed explanation of "failure of consideration"

 

This will be very useful for caggers to use to reclaim back their ppi. I know it was discussed on a thread, but cannot find it now.

[Vain]

well i have now got my claim in with FOS and it has been fast tracked due to my circumstances they rang today and allocated an adjudicator anyone know how long they take

[bathgatebuyer]

Are you me? Same thing happened to me today and I was wondering exactly the same thing.

[MissDemeaner]

• Most policies do not cover you for loss of income caused by a wide range of illnesses or ailments, including mental illness and back trouble, which keep thousands of people off work each year. A lender or insurer should warn you that illnesses like these, and other pre-existing conditions that might keep you off work, will not be covered.

 

 

 

My hubby has a back problem Shuermann's disease would this make the PPI mis-sold? MissDemeaner

 

Edit: He had back problems before he got the loan in November, He found out what it was in Jan/Feb, no-one even mentioned back problems! MissDemeaner

[Vain]

well rang FOS and my ajudicator has told me that the cliam is being upheld so he has upheld my complaint which is a step in the right direction just hope that central trust comply with this am gonna now go after swift advances got noting to loss as they too it all so its worth a try

[citizenB]

well rang FOS and my ajudicator has told me that the cliam is being upheld so he has upheld my complaint which is a step in the right direction just hope that central trust comply with this am gonna now go after swift advances got noting to loss as they too it all so its worth a try

 

This is good news Vain:D