PPI Newbie

[Banish]

Hello people, wonderful place you have built here, congratulations to all of you that have aided the development.

I hope in time i can also add something to the place.

Right long story short, myself and some friends/family have all had these ambulance chasers ringing us to try and reclaim our PPI, typically there are all asking for fees up front and large chunks of whatever they can get back.

I want to take up the challenge and do this myself, so that we can keep all the premiums and interest and not pay these morons.

I have read some of the Stickies and other threads... but have some basic questions that remain a litttle hazey... hope you can help.

[Banish]

Questions:

1. If we have a loan, that is still being paid off, will the premium and interest be paid back to us or will the lender automatically deduct it from the outstanding balance and work out new payments? Do we get a choice to ask for a cheque instead? and keep the payments as they are?

2. Can we claim back the full premium added to the loan.. or do we claim only the what we have paid plus loan interest and also is there then this 8% stat interest on top of all that to claim back?

Thank you so much in advance... hoping this forum can help a few of my circle in these awful economic times... giving away a large chunk to other companies seems hard to do right now.

We are all skint !!!

[rhos123]

Originally Posted by Banish

Questions:

1. If we have a loan, that is still being paid off, will the premium and interest be paid back to us or will the lender automatically deduct it from the outstanding balance and work out new payments? Do we get a choice to ask for a cheque instead? and keep the payments as they are? ANY REFUND PAID BACK WILL BE IN FULL UNLESS THERE ARE ARREARS ON THE LOAN.

2. Can we claim back the full premium added to the loan.. or do we claim only the what we have paid plus loan interest and also is there then this 8% stat interest on top of all that to claim back? YOU CAN CLAIM ALL THE PREMIUM AND THE 8% STAT INTEREST. HAS THIS BEEN mis-sold ?

Thank you so much in advance... hoping this forum can help a few of my circle in these awful economic times... giving away a large chunk to other companies seems hard to do right now.

We are all skint !!!

hi answers in red any more questions please ask

[Banish]

Originally Posted by rhos123

hi answers in red any more questions please ask

thank you Rhos 123

question: you say paid back in full... how is this paid back, is it added to the loan or will we get a cheque?

some posts i have read say one thing others say another.. is there a way of determing for fact how you will get refunded?

question: i had a 2K premium added to my loan for 7k.. to date i have paid back about 700 pounds of that 2k premium.. so, is my claim and subsequent refund for 2k + interest or is it for 700 + interest?

thanks again in advance.

[landy_alert]

Hi Banish

If you are up to date with your loan repayments the full refund should go to you. If you had any arrears they would only be entitled to keep that amount for themselves - anything over and above that should be payable to you.

Your refund should comprise the premiums you have paid plus 8% on each premium from the date it was paid up to the date your claim is settled. On a loan the PPI interest is included in each monthly PPI element you pay, so you would determine how much of your loan repayment each month is PPI and multiply that by the number of months paid plus 8% on each one.

Any unused PPI premiums should be refunded back to the loan thereby reducing the outstanding balance and your payments should be rescheduled accordingly.

Hope this helps and good luck!

Landy x

[Banish]

Originally Posted by landy_alert

Hi Banish

If you are up to date with your loan repayments the full refund should go to you. If you had any arrears they would only be entitled to keep that amount for themselves - anything over and above that should be payable to you.

Your refund should comprise the premiums you have paid plus 8% on each premium from the date it was paid up to the date your claim is settled. On a loan the PPI interest is included in each monthly PPI element you pay, so you would determine how much of your loan repayment each month is PPI and multiply that by the number of months paid plus 8% on each one.

Any unused PPI premiums should be refunded back to the loan thereby reducing the outstanding balance and your payments should be rescheduled accordingly.

Hope this helps and good luck!

Landy x

perfect, thanks very much.

[Banish]

ok been reading loads of other threads.

question: how far back can i actually claim for? i have read 10 years, 6 years and nothing before 2005 because of some GIST regulation. what is the definative ruling on this please?

[Banish]

question: why bother going to the fos if they refute the reclaim? i understand fos take forever, so if you have grounds for a valid claim... is it not worth paying the court fees and issuing proceedings after 14 days?

has anybody lost a PPI litigation claim?

[banker_rhymes_with]

Hello Banish!

I think the best plan of attack, assuming you are managing the payments per month for now, is to tread softly while you find the biggest stick with which to bash them with.

Jumping in too fast and too soon, and you may weaken the bigger prize at the end.

So long as you are paying them, they have nothing whatsoever to complain about, and cannot touch you nor harm your financial reputation, as they like to do to everyone else.

Right, where to start...my advice would be as follows:

(1.) Gather all of your paperwork. Offer letters, any copy you may have kept for the Agreement(s), any PPI Terms & Conditions, any copies of the Agreement they sent you, any Cancellation Rights they may have sent, any Statements sent, plus details of all payments you have made.

(2.) Organise the above into an A4 Folder.

(3.) Set up a Spreadsheet to see where you are, total received, total repaid, and any break down between Loan and PPI. Check for any gross errors in the numbers...you never know, they may have their sums wrong!

(4.) If you are missing anything and, even if you are not, send them a Subject access request to get as clear a picture of what paperwork they hold as you can.

(5.) Review the above. Cross-reference it all with CAG PPI Threads, and spot any similarities between your situation and that of others on CAG. Such as, same lender and type of finance etc. Are you Self-Employed, Employed etc, all this could affect the degree of PPI mis-selling. Then review the Agreement itself, is it compliant with the Act, any signs of s18 issues, i.e. where they have not broken down the two types of finance, and have not stated the interest Rate and Monthly Payments for both the Loan and also the PPI (they should not be combined into a single Monthly Payment and with just one Interest Rate stated).

(6.) Discuss it all here before you do anything.

(7.) Investigate claiming Compound Contractual Interest in Restitution if you feel that the PPI has been mis-sold. The key here is they may have taken money off you unlawfully, and have then lent that money out to others at their commercial rates. Restitution is the issue of asking them to hand over their ill-gotten gains/unjust enrichment that they made on your money. This would be on top of the Statutory Simple Interest of 8% you could ask for if you took them to Court for both.

(8.) fos is the safe option, and it does not stop you from going back for more, i.e. get what you can via fos, do not accept that payment as a Full & Final Settlement, then take them to Court for the rest. You can't do it the other way around, because fos will not handle anything that has already gone to Court.

(9.) You may also wish to challenge the Agreement, but either way, you may wish to send them a s77 CCA Request, to see what comes back from that. You may by then already know what to expect from the Subject access request, so it's all tactics.

(10.) When you have all the above lined up, then you can select which of your Sticks is the right one to hit them with. Maybe hit them with the smallest first (FOS), then the next one up (Restitution), or go for the lot in one go, and use the Biggest Stick from the outset...i.e. go straight to Court, based on the Agreement being pants, you want s69 County Courts Act 1984 8% Statutory Interest and you also want Compound Contractual Interest in Restitution as well...and they can stuff the Agreement because it was compromised from the outset!

Lots to think about, and you will be far better off if you plan this like a Military Campaign and hit them hard when the time comes.

I hope this helps.

Cheers,
BRW

[Banish]

brilliant stuff, BRW

thank you so much, will mull over everything listed and get cracking.

as i am planning to help my circle of friends and family, it will pay to start with one or two reclaims and post them up here as i go along.

cheers.

btw - what is the period we can go back and claim for? still have no idea about what is correct here,

[ozzywizard]

6 years from when you first realized you were missold. Companies may state 6 years from when you took out the PPI, this is not true by the limitations ACT 1980 32c . . . it is not time barred. So if you go tell your friend they were missold today the clock starts ticking today.

[Banish]

Originally Posted by ozzywizard

6 years from when you first realized you were missold. Companies may state 6 years from when you took out the PPI, this is not true by the mimitations ACT 1980 32c . . . it is not time barred. So if you go tell your friend they were missold today the clock starts ticking today.

terrific news, so bascially you can go back as far as possible if need be.

"as long as my friend only just realised today he could claim"

thank you.

i presume all this 2005 GIST regulation stuff is just garbage? and another trick to throw us mere mortals off the scent?

[ozzywizard]

Yeah it is, see a company has to keep the information held on you for 6 (5 Scotland) years AFTER a loan is paid as part of the limitations of information not 6 years from when you take the agreement out. But none of this matters if you allready got proof of PPI and misselling. The whole point of a claim is that "you are now aware"

[Banish]

Originally Posted by ozzywizard

Yeah it is, see a company has to keep the information held on you for 6 (5 Scotland) years AFTER a loan is paid as part of the limitations of information not 6 years from when you take the agreement out. But none of this matters if you allready got proof of PPI and misselling. The whole point of a claim is that "you are now aware"

Ok thanks for all the help.

[Banish]

really pumped about helping friends/family with this, there is no better feeling of satisfaction than being able to rightfully hand over a cheque to somebody who is struggling in the current financial doom and gloom.

[ozzywizard]

Anything we can do to assist just ask and in return if you see somone else asking for advise and you know the answer jump in and help .

[rhos123]

Originally Posted by ozzywizard

Yeah it is, see a company has to keep the information held on you for 6 (5 Scotland) years AFTER a loan is paid as part of the limitations of information not 6 years from when you take the agreement out. But none of this matters if you allready got proof of PPI and misselling. The whole point of a claim is that "you are now aware"

this is indeed the true, i complained to Lloyds tsb, in january about mis-sold ppi on a loan i took out in march 2003. i paid the loan off in january 2007. i did state in my letter of complaint,that it is" now i am aware" i was mis-sold this ppi. i have recived a final response letter from lloyds today. they have upheld my complaint have been full refund of these ppi payments+8% simple interest

[Banish]

question: ok for credit cards i understand i will get all statements, for each month a premium was paid.. i first add the compound interest, at the rate of the card, then add the 8% simple interest... correct?

question: have a loan... here is what my agreement says

total cost of goods: 14,200
optional PPI: 2,200
total loan: 16,400
APR: 18.2%
no of repayments 120
first payment made in 2004 of 295.75

how do i work this one out please?

many thanks again for all the wonderful advice and help.. i shall endeavour to donate a little to the site after my first refund comes through!

[Banish]

anybody help?

[moose73]

try this:

http://www.consumeractiongroup.co.uk...ator-here.html