I may be owed PPI

P

pai

New member
In late 2004 I took out a loan to pay for something, and I remeraber taking PPI with it, although I wasn't sure what it was. The loan was ultimately for £5000.

Later on, I got into repayment issues because the interest was growing faster than I could pay it back, and eventually the bank arranged a ten-year agreement for me to pay back the remainder of the loan with no interest, and as of now there is just over £2000 left with less than six years to go.

The question is, seeing as how I can't find the original loan agreement, can I still somehow claim the PPI on it? Or is it too late now?

I also wouldn't want to jeopardise the current agreement with the bank with the repayments, but if I could get a PPI refund it would help.

I know the bank name and the loan amount, could they track down the original loan agreement in my name?
 
I would imagine your chances of getting any PPI back were lost when you "defaulted" on the original loan, but it can't hurt to ask.
 
If you are struggling to pay off the loan then shouldn't the PPI kick in?

I'll admit I dont know much about PPI as I've never taken it out, I've only ever been sent txt messages claiming they can get the money I lost to PPI back....
 
i have two mates who have had there ppi paid back one got about 2000 and the other got about 7000. me i never took it on any loan. total scam... which is why most of the banks are just paying it back. most of it was mis sold in one form or another. banks threatened customers in a round about way by saying that you had a better chance of being approved (they did this too me) other times it was sold to people who wouldnt even qualify such as self employed.

make a claim mate and just see where it goes. is my advice.
 
Beneficial were part of HFC who were bought out by HSBC and are being wound up though I believe small pockets still exist.

There were all sorts of conditions on PPI which meant that many people wouldn't have been able to claim even if they had been paying premiums. Also if they pushed the PPI, or made you believe that you wouldn't get the loan without it then that would be Mis-selling. Beneficial and HFC did mis-sell a lo of PPI loans.

Asking about the original loan and PPI shouldn't effect your current agreement.

I think, though I'm not sure, that if you were under paying your loan repayments (as opposed to not paying at all) the PPI premium would have been given priority by the bank so would have reduced the payments that you were making against the loan and interest.

Get in touch with the bank and see if you can get details of the original loan and PPI then take it to citizens advice. You could try writing to them at HFC Bank Limited, PO Box 5207, Coventry, CV3 9FB.
If you give them existing account nuraber they should be able to give you all previous account nurabers.
 
It's a total scam, unless like me you were made redundant and got to claim 10% of your credit carRAB balance each month for up to a year to help get you through the time it took to get a new job.......

It's only a scam if you are not told you are paying for it or why. If you are told what it is up front and how it is paid out (ie only if you are made redundant, not fired or leave of your own will, or if you are taken ill etc) then how is that a scam? A loan isnt something you are forced to take out by the government or face being killed...lol

I agree that it does add quite a bit to the cost of repayment in some instances, but then if you do need it, its worth its weight in gold, certainly better than the bankruptcy alternative (if you prefer to be someone who pays his way in life and not just life off other peopls hard graft that is).

Edit: for the OP, the interest grew faster than you could repay? So presumably this was a credit card and not a fixed loan? For the interest to keep growing it would mean they raised the interest rate, but would also mean you kept on using the card? To be honest, I'm not so sure you could reclaim the PPI, as you entered in to difficulties that ended up meaning a new agreement was made for the amount on loan, which means there was a possibility you might have required the PPI at some point as its clear you were not able to make your repayments. The best you might hope for is to find out who controlled the company that loaned you the money when the interest rates increased (assuming thats what happened) and ask them to prove if they sent you a letter advising the rates were increasing and if any of the increases were significant (say more than 4% iirc), then they should have made it clear you could cancel the agreement at the standing rate (before it rises) and repay at that level but have no further access to funRAB on the card.

If you are lucky, and they cannot prove they gave you this advice, you might get back interest paid higher than that amount, but generally speaking, a claim for anything on any product/service neeRAB to be raised within 5 years of the time it happened, so you might be able to claim for any overpayment for the last 5 years, but not beyond that. And its only a chance possibility, most banks will include that you can cancel if the increase is very large, but if its a few percent a year, then you have no grounRAB.
 
In my opinion, the biggest PPI crooks are the nasty little companies cold-calling and pressurising people into making PPI claims.

I had several loans through the whole 'PPI miselling' period and as far as I am concerned I was aware of what I was buying every time. I was often offered PPI which I turned down.

Personally I don't think it was as hidden or malicious as people are making out.

Yes I'm sure there was some mis-selling but I'm also sure that the majority of claims are by people who knew (or should have known) about the PPI element, had no need to claim on it and now they want their money back.



So to the OP, if you remeraber taking out PPI how can it have been mis-sold? I thought the mis-selling case was all about PPI being built into the repayment cost without the borrower's knowledge.

Cheers,

Nigel
 
Well we first took a mortgage out, we had our own business and the bank advisor knew the situation as she came to our office to discuss the mortgage. She still gave us the PPI forms to sign saying it would cover us.
However I read the small prints that said that self employed and people directors of their own company wouldn't be covered. So we didn't take it but she'd have sold it to us if I didn't read the 4 pages of size 1 font terms and conditions.
 
Just because he remerabers taking it out, doesnt mean it wasnt mis-sold at all- its about how it was sold to you- be it just telling you its part of the policy, not explaining what it is, having it pre ticked, or it not even being relevant for your circomstances for example
 
True, I don't know his actual situation.

But I still beleive that the majority are claiming just because they can rather than really being mis-sold a product.

Cheers,

Nigel
 
Just because you know you had it doesnt mean that it was not misssold. If someone was sold it and was self employed they could not have claimed redundancy benefit and so it would have been an unsuitable product.

I am not saying jump on the band waggon like evryone else, but if you put a claim in it is usually up to the seller to prove it was appropriate and suitable at the time of the sale.

Although there is absolutely no need to go through a claims management company on this type of policy as there is very little you need to do and most claims that are accepted would have been accepted without a third party!

As on average they take 25 - 30% of your settlement this can be quite a chunk
 
Just claim it back yourself,i've claimed back both my loans northern rock gave me £1200 ,yorkshire bank£7000 also the missus got back £6500 and the balance of her loan wiped out with hfc...
Its really easy and there is now a specific department for dealing with these claims within each individual bank..
 
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