Barclays Businessloan PPI

[thelightbrigade]

I am trying to help a relative with their finances and came across an old Barclays business loan, it was an overdraft converted to a loan, the documents show an insurance premium of about 1300. I assume this is PPI but cant find any policy documents, it is just a summary letter with loan amount plus premium at 16%

The loan was settled some years ago when their situation picked up. How do I clarify if this was PPI? and can this be claimed back? and if so how does the interest work?

The loan was taken out in about 2000 and paid in full in 2003, but dates need to be confirmed

[slick132]

Hi TLB,

 

I'll move this to the PPI forum where you should find the answers you need.

 

Look in the forum Stickies for guidance on what to claim for PPI and for interest.

 

[ims21]

Hi

 

Can you post up the documents which refer to this insurance please?

 

Use this method by dx100uk

 

scan the required letters/agreements/sheets - as a picture[jpg] file

don't forget you can use a mobile phone or a digital camera too!!

.

ENSURE: remove all pers info inc barcodes etc using paint program

but leave all figures and dates.

 

Same info above applies to photos

.

goto one of the many free online pdf converter websites

it would be better to upload a multipage pdf if

you have many images too rather than many single pdfs

.

or if you have PDF as an installed printer drive use that

or use word and save as pdf

.

open a new msg box here

hit go advanced below the msg box

hit manage attachments below that box

hit the add files button on the top right

hit select files, navigate to your file on your pc

hit upload files

 

Was your friend self employed?

[thelightbrigade]

They were self employed yes, now retired. All I have is a letter headed -credit agreement regulated by the CCA 1974. It then gives a summary with 2 columns Cash Loan and Insurance Premium Loan, gives the amounts of each, total charge for credit, total amount payable, monthly amount, no. of payments and the interest rate.It was taken out in January 2000. I don't have any policy info,just this cover letter. The premium was about 11% of the loan.

[ims21]

Any chance you can post it up please...see the guide I gave you but please remove all personal identifiers first

 

Thanks

[thelightbrigade]

this is it [ATTACH=CONFIG]45939[/ATTACH]

[ims21]

OK relatively easy one.

 

Yes that is PPI and generally the self employed were not covered.

 

Take hold of this spreadsheet and enter each repayment of the PPI loan of £32.32 which was actually made giving the date, description and the amount.

 

StatIntSheet v101.xls

 

The loan was settled early so you will need to do some calculations for the PPI paid on closure before entering that part in the spreadsheet. Do you have the closing loan statement or a document from the bank telling you how the settlement figure was calculated?

 

Also have a read of No.1 in my signature as there are some detailed notes in there which will help you with the calculations.

[thelightbrigade]

Thanks, the only other document I have is 1 annual statement and I do not yet know the settlement date. Do I need to do a SAR to obtain these?

Thanks for the spreadsheet, I am amazed at how this could add up for them

[ims21]

If you have missing information then I would SAR them.

 

They may try and pull the six year bit but deal with that if and when it crops up.

[thelightbrigade]

Is there a template for SAR?

[dx100uk]

click the sar

 

dx

[thelightbrigade]

Had to leave this for a bit but looking to get it claimed now. I have the SAR ready to go, I have the 8% interest calculator ready. With PPI is it possible to claim compound interest?

[slick132]

Nope

 

[thelightbrigade]

is the APR of the loan relevant?

So the claim is for the premium paid plus 8% of the premium??

[dx100uk]

see post 7 and link 1 below

 

 

it already includes their int in the £32.32

 

 

but get the sar back first