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    • Hi, I have found this group very helpful hence I am here seeking help and advice.   I got myself into a situation where I have now more than £50k in unsecured debts (personal loans & credit cards) and things are now getting out of control as I am struggling to make payments. This is purely my own created situation and I am taking 100% responsibility for it. I am keen to get out of this situation as soon as possible hence I would appreciate any help and advice in this process. I am employed at the moment and don’t want to risk going into IVA or bankruptcy as this would risk losing my job. Being sole bread earner of my family, I cannot afford to lose my job. I have been trying to keep up with the payments so far and had few missed payments instances until 3/4 months ago but got caught up with missed payments somehow using my savings. All my debts are still with original lenders. However I know I am getting into same situation again shortly and won’t be able to get out of it again. I have started exploring Debt Management Plan (DMP) option through StepChange but haven’t submitted it yet. Based on budgeting, I have around £820 available to make payments to all lenders after taking care of all other essential expenses. This is definitely lot more affordable than what I am currently paying to different lenders. 1. Is DMP right option for me in current situation? 2. what are the negative consequences of availing DMP? 3. is there something else that I can do to get out of this situation? I’m determined to clear out all my debts but need bit of breathing space and time. Let me know please if you need any additional information. Thanks in advance for all your help and guidance. MM  
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    • nope  and  neither dx
    • Ok Thank you DX will do just that . will keep you up dated.
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Advice required re The funding Corporation/Axa PPI reclaim


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Hi everyone

 

I'm new to all this and am just starting the road to reclaiming several lots of PPI!

My first one is with The Funding Corporation. Unfortunately we are only going by the paper work we have as we can't remember the details.

Basically we took out a loan with TFC for £10,000 plus PPI for £2170, plus interest at 6.9 totaling the loan to £14,505 of which £2587 is PPI.

Husband had a full time fab job with full sick pay etc etc.

He also had life insurance. We would never have knowingly added £2587 to a loan without thinking it was compulsory.

It appears to me this is 'front loaded PPI'? is that right?

However we have lots of paperwork that makes it look like we knew what we were doing.

There is a tick in the PPI box where we have signed. There is a Policy number and agreement.

There's also a dodgy looking 'Demands and needs statement' where 'in the event of my death' box is ticked. Bizarre seeing as if anything happened to other half we would be well taken care of.

By the looks of it we settled end of June 2006:-

balance outstanding £13,501.04

rebate of charges £1,792.77

rebate of insurance premium £50

amount acceptable in settlement £11,658,27

 

TFC name is all over everything except looks like loan is provided by Capital One and insurance by AXA.

 

My questions are (if you've made it this far and aren't as confused as I am)

Do we have a case?

Confused by the excel interest thingy, how much interest should I be adding and where?

Should I go straight to AXA?

 

Does it matter that we looked like we really wanted this insurance, even though we know it was mis-sold as part of the loan. God only knows how we were so gullible!

 

I am useless with numbers and my husband is far too busy to waste as many hours as I am on this (I'm the one instigating and pushing this).

 

Your thoughts would be amazing and I am totally in awe of those that have made it this far!!

 

I have posted this on another forum, hope that's OK? :oops:

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Hi

 

To answer your questions

 

It appears to me this is 'front loaded PPI'? is that right?

 

Yes, front loaded or single premium....all the same thing

 

Do we have a case?

 

I would say you can put a case together, yes

 

Should I go straight to AXA?

 

FC are your initial target

 

Does it matter that we looked like we really wanted this insurance, even though we know it was mis-sold as part of the loan.

 

No

 

 

You should be using this spreadsheet

 

StatIntSheet v101.xls

 

Your PPI payment is 17.83% of each monthly repayment you made and it is that figure which you need to list in the spreadsheet.

 

If you have a read of No.1 in my signature it tells you how to deal with the early settlement as well.

 

Also have a look in the PPI stickies...there is an item in there headed "Notes for Claimants" which will help you with the most common reasons for mis-selling.

 

Any queries, shout here

 

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Thank you! very grateful.

 

So in the spreadsheet where it says amount of charge do I put £2587.80?

 

No.

 

The PPI is 17.83% of the total repayment every month. So take the monthly repayment and work out what 17.83% of it is.

 

For example, suppose your monthly payment was £300 then 17.83% of it is £53.49.

 

So in the spreadsheet you create a list of payments of £53.49. One entry for each monthly payment you made. You will end up with a list of entries for £53.49 and each of them will have a different date....the date you made the repayments.

 

Have you read the article at No.1 in my signature? If not then please do so as it has a lot of detail in there and will help you when you get to the settlement figure calculations.

 

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  • 2 months later...

Hi - just checking whether you made any progress with this? I have got nowhere with my claim against TFC - my loan was taken out in 2004, before they were regulated. However, someone on here has just had success with FOS and AXA - http://www.consumeractiongroup.co.uk/forum/showthread.php?354114-cap1-The-Funding-Corporation-PPI-Rejection-**WON-THROUGH-AXA** .

 

Are you still dealing with TFC or did you go to AXA?

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