Wanting to claim back my PPI

[dippychick]

Hi

 

Although I have been a member for sometime, I am a total novice at actually acting/reclaiming anything so would be grateful if someone could hold my hand

and talk me through what I need to do.

 

My issues are these:

1. I took out a loan with HFC bank in 2004. I do not have any if the paperwork but do have an old credit report that clearly shows the date loan started'

the amount of the loan and repayments of said loan.

I know that there was PPI involved as when I settled the loan I was suprised at how little of the premium was refunded. How do I go about getting this information?

 

2) I have found paperwork relating to 2 Nat West loans, both with PPI on them. The first loan started in 2003 and I have a copy of the credit agreement with all the details. The second loan started in 2006 and part was used to repay the previous loan. This also had PPI on it. I have copies of bank statements back to 2005 showing loan payments. How do I go about reclaiming the PPI?

 

I was never asked in any of these instances if I actually needed the protection but was advised it was wise to take it out. I am in fact a public sector worker with good sick pay provision and would receive full pay for 6 months and half pay for another 3 months. I did claim on the PPI with Nat West when I was ill but the fact still remains that I did not actually need it in order to be able to make my repayments. I would be grateful for any help or advice you can give me

[ims21]

Hi

 

Although I have been a member for sometime, I am a total novice at actually acting/reclaiming anything so would be grateful if someone could hold my hand and talk me through what I need to do. My issues are these:

1. I took out a loan with HFC bank in 2004. I do not have any if the paperwork but do have an old credit report that clearly shows the date loan started' the amount of the loan and repayments of said loan. I know that there was PPI involved as when I settled the loan I was suprised at how little of the premium was refunded. How do I go about getting this information?

 

If it were me I would SAR HFC....Template is in the CAG library, the link to which is at the top of every CAG page in green. Make sure you put in a paragraph to say that you want any and all agreements with them as well

 

2) I have found paperwork relating to 2 Nat West loans, both with PPI on them. The first loan started in 2003 and I have a copy of the credit agreement with all the details. The second loan started in 2006 and part was used to repay the previous loan. This also had PPI on it. I have copies of bank statements back to 2005 showing loan payments. How do I go about reclaiming the PPI?

 

Have you got the agreement for the second one? If you have then you are good to go on the Nat West claim. Have a read of No.1 in my signature and shout back here when you've had a read. We can then guide you through the process. You will need a fos consumer questionnaire which is available from the fos website

 

I was never asked in any of these instances if I actually needed the protection but was advised it was wise to take it out. I am in fact a public sector worker with good sick pay provision and would receive full pay for 6 months and half pay for another 3 months. I did claim on the PPI with Nat West when I was ill but the fact still remains that I did not actually need it in order to be able to make my repayments. I would be grateful for any help or advice you can give me

 

Hi

 

See my answers in red above

 

ims

[dippychick]

Hi

 

Thanks for the quick reply.

 

Yes I have the agreement for the second loan - it's a typed customer copy. I returned a similar copy to the bank at the time I took out the loan.

 

I have read the information in your signature. Very informative but I am still going to need your help as the second loan contained PPI rolled over from the first loan (I assume) and so it isn't so straightforward

 

Thanks in anticipation

[ims21]

OK

 

Here's the spreadsheet you will need

 

StatIntSheet v101.xls

 

Deal with loan 1 first. Does the agreement break down the PPI loan and give you the monthly repayment for the PPI or does the agreement just have one monthly payment on it?

 

ims

[dippychick]

It gives break down of loan and PPI separately. In fact both do

[ims21]

Ok

 

Take hold of the spreadsheet and list each payment of PPI made i.e. the monthly ppi figure shown on the agreement. Go as far as when the loan was settled by the second loan. Do you have the settlement figure for loan 1?

 

Also you will need to know the percentage of PPI relative to the total loan for loan 1. Add together the cash loan and the PPI loan to give the Total Loan. You then work out the PPI percentage using the formula

 

PPI Loan / Total Loan x 100.

 

Apply that percentage to the loan 1 settlement figure and make a note of it.

 

You had a rebate of PPI on loan 1 I think.....is that right?

 

ims

[dippychick]

Yes I think so. I can't really remember but I think I did

[ims21]

Yes I think so. I can't really remember but I think I did

 

No record of what it might have been?

 

Maybe on the final statement from loan 1? I think you said you had statements.

 

Its not the end of the world of you haven't got it...it will just make our figures slightly out but we should be close enough.

 

ims

[dippychick]

Actually I am now very confused reading the information on paperwork for loan 2. I am sure somewhere in there is the information allowing us to work out what the rebate was on loan 1 but it's as clear as mud to me

 

I don't have access to a scanner to upload the document to see if you can make any sense of it.

[ims21]

OK don't worry too much about the rebate.

 

Do the other bits I have suggested

 

ims

[dippychick]

Ok I will get onto it tomorrow. It's late now but I will give you a shout when I have done what you said

 

Thanks so much

[ims21]

[dx100uk]

oh my favourite target..

 

lookout HFC incomingggggggggggggggggggggggggggggggggg

 

another fleeced customer getting their just rewards.

 

dx

[dippychick]

Ok I have filled in the spreadsheet as you directed me to. What Next ?

[ims21]

Hi

 

OK so you now have a list if the PPI payments made on loan 1.

 

Work out what percentage the PPI was to the total loan as described in post #6 above

 

Next you need to find out the settlement figure for loan 1. Apply the percentage to that settlement figure and you will have the amount of the PPI loan which was included in the settlement. This is the amount of PPI which was carried into loan 2.

 

Work out the percentage of this rollover figure relative to the total of loan 2. It is given by the formula "Rollover amount / Loan 2 Total Amount x 100".

 

This will give you the percentage of each repayment of loan 2 which relates to PPI from loan 1.

 

In the spreadsheet, list the actual PPI payments made on the loan 2 PPI (as you did with loan 1).

 

Then list the rollover amounts using the percentage figure.

 

When done you can convert your spreadie to a PDF and post it up for checking

 

ims

[dippychick]

Ok I am all done but cant get the spreadsheet to convert to PDF. Told you I was somewhat blonde. I am not sure why I can't save the sheet as a PDF. Any suggestions?

[ims21]

Hi

 

yiu can either use an on-line PD converter or post it up as an excel spreadsheet

 

ims

[dippychick]

Ok hope this comes out ok

Natwest 2.xls

[ims21]

Hi

 

First thing is that you are getting a #VAUE! error. Your date format needs to use the / separator not the decimal point.

 

looking at the rest...BRB

 

ims

[ims21]

Hi

 

These were large loans then given the size of the monthly payments towards PPI?

 

If you are happy that you have only included the proportions of the repayments that relate to PPI then the sheet is correct (when you amend the date format)

 

You need to then send this and a completed fos questionnaire to the lender with a brief covering letter requiring a refund. They will have 8 weeks to investigate and gove you a final decision before you can hand it over to fos.

 

ims

[dippychick]

Yes they were large loans.

 

Thanks so much for the help ims ..................... you rock

 

Now on to HFC and I might just SAR Natwest for earlier loans not that I am holding my breath

 

Will let you know how I get on and expect a donation if all goes according to plan

[dippychick]

Hi again

Just a quick question. When looking to determine the amount of PPI rolled over from loan 1 into loan 2, do I apply the percentage figure to total monthly repayment figure for loan 2 (loan repayment and PPI) or just the loan amount minus the PPI payment for loan 2?

[ims21]

Hi

 

Total monthly payment figure.

 

You have calculated the rolled over amount relative to the total loan so the percentage relates to the total of the monthly repayment.

 

ims

[dippychick]

Many thanks one up to me. Husband said I was wrong and should be deducting the PPI element before making calculation.

Many thanks for your support. FOS questionairre filled in for loan one and I am now doing same for loan 2

[dippychick]

Hi

Have heard from Nat West who are assessing my PPI claim so just waiting now. However I have not received any acknowledgement on my SAR request from either Nat West or HFC. It;s more than 40 days since I sent them the request. What do I do now?