Advice required re The funding Corporation/Axa PPI reclaim

[chez33]

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?

[ims21]

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

[chez33]

Thank you! very grateful.

 

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

[chez33]

Sorry should have read your post more thoroughly! I see the figures now, thanks!

[ims21]

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.

[chez33]

Sent it off yesterday!!! fingers crossed. Thanks for all your help.

[Red76]

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?