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GE/Loans.co.uk secured loan PPI Claim - upheld, need to calc redress figure is correct?

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I have recently been investigating a consolidated loan that was taken out in 2005

and have today received a copy of the credit agreement from GE.

 

 

The document is headed igroup and GE have confirmed that this is there company and that Loans.co.uk brokered this loan.

 

I am now in the process of starting my PPI complaint as it was a single premium of £4320 on top of a loan of £35k.

The interest was 16.25%.

 

 

At no time were we given any advice or options i.e. monthly PPI.

 

 

I have only just established that the PPI only covered 5 years of the loan which was taken out over a 15 year period.

Therefore it appears that the PPI was inappropriate.

 

I do feel that we were completely mis-sold and forced into this option to secure the loan.

 

GE have told us to make the complaint to Loans.co.uk as they were the broker.

 

Am I correct in thinking that due to this being a single premium PPI there is a case?

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Hope you're well up on the rules of ping-pong as the loans.co.uk website has a message to say:

Information about Loans.co.uk

We stopped arranging loans in 2008. Any servicing enquiries relating to

a loan brokered by Loans.co.uk should be directed to the lender.

 

More bad news. The address registered with Nominet for the domain name loans.co.uk is:

Bank of America, N.A.

5000 US HWY 17

STE 75

Fleming Island

FL

32003

United States

 

There is a company called LOANS.CO.UK LIMITED, company no. 03391635

Registered Address: Stansfield House, Chester Business Park, Chester, CH4 9QQ

 

Some info worth reading from 2006: http://www.fsa.gov.uk/pages/Library/Communication/PR/2006/105.shtml


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Have a read of Section 56 and Section 75 of the Consumer Credit Act 1974.

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Have a read of Section 56 and Section 75 of the Consumer Credit Act 1974.

 

 

 

 

 

Thank you - what points in the CCA do you think are most relevant to my case. Should I refer to this in my complaint?

 

 

Many thanks

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I have had a complaint upheld from Loans.co.uk and am awaiting figures but need some help in checking what I should receive.

 

 

Original loan taken out in March 05 for 35,000

Plus PPI single premium of 4320.00

Interest rate was 16.25%

 

 

Loan was paid in full the following year in March 06

 

 

Can anyone help me in terms of what I should expect the refund to be please.

 

 

Thanks in advance

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old and new threads merged.

 

 

dx


..

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the agreement should tell you the monthly figure for PPI.

 

simply use the statint sheet above link

 

and input EVERY PPI PAYMENT

on the date you made it

on its own row

the sheet does the rest.

 

 

dx


..

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