Help please - PPI claim and tescos *** SUCCESS ***

[Whoosh]

I have an outstanding loan with tesco that was defaulted as a result of financial difficulties. I was paying a reduced figure for some time and then was made redundant and began to be chased by DCAs.

 

As a result of which I requested my cca and after five months it has been sent through and confirms that there was PPI on the loan. Since it has been about as much use as a chocolate teapot I am keen to reclaim the PPI and any interest due to reduce the debt (I don't deny it and never have.

 

I have spent the evening reading and am really confused - would anyone be kind enough to assist me and walk me through. The fact I defaulted part way through is a lot of my confusion, I'm not sure how to work out what to claim and I definitely don't trust them to tell me an accurate figure.

 

thanks for any and all help in advance

[ims21]

Hi

 

Yep, more than happy to help.

 

First, take a look at number 1 in my signature.

 

Then go along to the fos website and download their consumer questionnaire ready for completion. While you're there have a look at the case study PDFs to get some more understanding.

 

You now have your agreement but do you have all the statements or a detailed record of your repayments, i.e. dates and amounts you have repaid, including the reduced payments?

 

Regards

 

ims

[Whoosh]

I've read that link although I shall be reading it again, takes a while for me to get things straight in my mind.

 

I know I have some statements of accounts but in all honesty my record keeping has been somewhat hit and miss so it's doubtful I have a full record, I also trusted the OC so carried out a lot of business over the phone (I know better now).

 

I shall sort out what I have and download the questionnaire and come back. Thank you.

[ims21]

Hi

 

Don't worry, we can help you all the way with this.

 

If you haven't got a complete record then you'll need to send Tesco a Subject Access Request (SAR). This should yield all the information they hold on you. It is an information request made under the Data Protection Act and has a cost of £10. They will have 40 days to comply. Amongst other things you should get back a transaction history on the account and from this it will be possible to establish the dates of repayments and the amounts.

 

There is a template for this in the CAG library, the link to which is at the top of every CAG page in green.

 

It would also be wise to prepare a schedule of claim (SOC) so that you know what you should be getting back. We can deal with that when we know what payments were made and when.

 

As you say, there is a lot of info on the site and it does get confusing sometimes. One thing that may help is for you to make notes of information you think is relevant as you discover it. That way it helps it stick in your mind and also enables you to query things you don't understand.

 

Regards

 

ims

[Whoosh]

hi there, I'm back again.

 

Being somewhat laid back (horizontal may be a more appropriate term) and letting Tesco and various DCAs tie themselves in knots I let this slide for a wee while, however I have now received from Tesco a full statement which has allowed me to fill in the spreadsheet for interest.

 

I am working on the questionnaire, partially filled in

 

One question ref the amount I can claim - the original premium plus all repayments and interest on those repayments - is that right?

 

(sorry ever so slightly dense when it comes to these things )

[ims21]

Hi

 

The relevant spreadsheet is attached

 

You need to work out what percentage of each monthly payment related to ppi. This is given bythe formula " ppi loan amount / Total loan amount (inc ppi loan) x 100"

 

You then apply that percentage to each repayment you have made which gives you the monthly figure you have paid for the ppi part of the loan. List these amounts in the spreadsheet giving the date of payment, the description and the amount.

 

ims

 

StatIntSheet v101.xls

[Whoosh]

That's the one I've completed I was just wanting to confirm that the claim is for that plus the original premium? It is a little messy as I have made various smaller payments due to change in circumstances and have worked these out by applying the proportion from the original repayment since I assume they have been allocating it this way

 

The fos questionnaire asks for a policy number which I cannot find on any of the documents so far sent to me by Tesco's so looks like I still need more information

[ims21]

The spreadsheet calculates what you have actually paid and thus what you will get back in your pocket.

 

Under fos/FSA rules the remainder of the loan is restructured to remove the remaining ppi and associated interest from the loan

 

Don't worry about a policy number...you don't need that (Very few people have their policy number)

 

ims

[Whoosh]

Right, after a slight hiatus while I sorted out other details I'm back to looking at this again.

 

I have completed the spreadsheet and the FOS questionnaire and started a letter. All of the numbers are confusing me however, obviously the original loan amount and policy premium need to be on the letter but does the amount on the spreadsheet?

 

Or do I simply submit it all and wait for their reply?

[ims21]

Hi

 

All you do is send the completed fos questionnaire together with a copy of the spreadsheet to the lender with a brief covering letter just simply saying domething along the lines of "Here's my claim, give me my money back"

 

ims

[Whoosh]

Been a while and it has been pretty quiet.

 

Got a successful response yesterday but before I sign it and send it back couple of questions:

 

1. the amount offered differs (in their favour) by about £75 - is it worth arguing given the total is nigh on 3k?

 

2. thie offer only relates to the premiums paid by me - no mention has been made of the initial premium attached to the loan and what happens with that. This is still part of the outstanding amount can I trust them to recalculate this or should I get them to confirm they are doing this. Is there any wording to be clear about this the knowledgeable people can advise?

 

Thanks to everyone who helped me get this done, I now have 3 out with Barclays and discovered last week that at some point a credit card had ppi as well so waiting on those now.

[ims21]

If the difference is only £75 on a £3k amount then I would think that is an acceptable margin of error and I wouldn't bother challenging it.

 

You pay the initial premium by way of instalments so they will give you back the instalments plus the bank's interest plus 8% otherwise you would be getting the premium back twice.

[Whoosh]

thanks that's pretty much what I was thinking with the difference - it is a small part of the deal really and I didn't quite see the point of arguing but always worth seeing what those more experienced think.

 

That also makes sense on the premiums - as might be obvious I'm not that good with this financial stuff and get easily confused

[ims21]

No Probs

 

£3k sounds like a good result though.

 

Let us know when you get the money and we can update your thread title to reflect your success

 

ims

[Whoosh]

I'm happy

 

Will let you know once it is sorted

[Whoosh]

Received a statement today showing the ppi adjustment on the loan so could this be updated to success please & thank you.

 

Thanks again for your help

[ims21]

Excellent news....congratulations

 

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