A question about : My First Post
Hello everyone. My first time so bare with me.
Got into horrendous debt 9 years ago through a mixture of a break up after taking a loan out for a partner and then a pretty shocking gambling addiction.
Hit the lowest of the low but have turned the corner.
I rang Stepchange (CCCS back then) and made the first step towards getting my life on track.
I started my DMP and to date have paid nearly 50k off. (Still 60k to go - estimated to be clear in another 11 years).
Despite having no assets and living in a council flat I have no intention of going Bankrupt. I manage ok enough on my DMP and ok I cant afford a car or to go out regularly but to be fair who can these days. My mistake so I want to put it right.
I told a relative about my financial situation and she suggested PPI claim to see if I could reduce my debt in any way.
Majority of debts were taken out between 2002 and 2005 and then I started my DMP January 2006 after finally losing the juggling battle of minimum payments.
I had my head in the sand and binned applications and paperwork and have no exact dates. All I have is account or reference numbers thanks to my Online DMP and verbal confirmations that PPI was paid by 9 of my Creditors.
I have today received the first 2 forms (1 from Lloyds and 1 from HSBC , the latter being from an old HFC loan) and dont know what to do.
I didn't even realise I had taken out PPI as i have always worked full time and even though I have rarely needed it I get full sick pay and benefits.
Reason for borrowing was debt consolodation. At various dates depending on when sold I have no idea who at that time I owed and how much. I want to be honest but I don't want to leave a blank form.
Am pretty much going to accept any offer made from any of them, I don't have any aims or aspirations or figures. Anything I get goes to reduce my debt and length of DMP.
Best answers:
- Put the truth, if you had a good sick package from work and perhaps life insurance, put this, show you had no need of this insurance.
- Thanks for your reply. Looks like the plan of action.
Received a letter from biggest creditor as well as a copy of the agreement from 2004. Computer generated X in the yes column dated 2004 and I signed it so that one is done :/
But onwards and upwards - Had my first positive letter back.
Monument offering a final response figure.
They say Ј562.45 was paid and are without admission, etc
prepared to refund those fees plus compound interest (26.48%)
Yet further down on statement it says..
Charges Ј562.45
Acc Rate Interest Ј1.29
Total Refund Ј563.74
from June 2004 - Ј2.77 a month
from 2005 - Ј4.62 a month
from 2006 - Ј5.39 a month
from 2007 - Ј6.99 a month
from 2008 - Ј7.27 a month
from 2009 - Ј7.52 a month
from 2010 - Ј7.81 a month
from 2011 - Ј8.26 a month
to June 2011
Am i missing something with the compound interest.
Why say they are going to pay a % and then not.
They going to credit account (Which nearly pays it off)
and say i have 6 months to contact FOS - "Without admission of liability, we are prepared to refund you these fees plus compound interest (at today's account interest rate of 26.48%) from the date of the fee, as shown below
Charges Ј562.45
Account Rate Interest Ј1.29
Total Refund Ј563.74 (Charges plus interest)" - they confirm that I subscribed to the Payment Break Plan Product and list payments (starting June 2004) made to the payment break plan
and over 7 years they add up exactly to Ј562.45
They say this will be taken off any balance and if that results in a credit balance then a cheque will be sent within 10 days and this is their final response.
They finish it off with "You may be able to refer this complaint to the FOS...address and contact details which are...etc..etc
Please note you have 6 months from the date of this letter to refer to the FOS.
There is no accept or refuse this offer. They automatically going to pay it. Am Ј563.74 better off than when I started this post so I will leave sleeping dogs lie....With this creditor.
I have received forms this morning from 3 others and having rang them are getting copies of most agreements sent out within 7-10 days. Only Barclaycard said write in (paying Ј10) and request a SAR - Quick update.
Had the paperwork from Lloyds and its 3 consolidation loans.
Each one about 12-18 months after the other.
They were all done over the phone but the second one doesnt actually have my name, signature or date on it
The 3 policies will have overlapped and whilst I dont have proof of having the branch manager ringing me saying I wouldnt get the loan thats why I was reluctant to sign and seems he put the loan through without me doing it !!!
Northern Rock have also been in touch. They are going to refund Ј200. Standard payments + 8% interest.
They are also going to reduce balance from 5.9k to 4.2k
My only problem with that is it is now Marlin who have that account so even though NRAM saying it will Marlin honour that decision.
Want to find out before signing paperwork but finding it impossible to get anyone from Nram on the phone. 8 different numbers today and the 9th I have been given that is the proper PPI number (0844 892 2645) just rings out for 3 mins and then disconnects !! - Had a phone call off Lloyds yesterday.
Lady wanted to go through the form yesterday.
Said I was in the process of filling it in and sending it back
but she said she would still have to talk through it so would be ringing back Monday. Are they running scared or getting ready to shoot me down ? - As amerall says. you can complain about single premium attached to a consolidated chain of loans.
- Have tonight went through paperwork received and filled in
1 x Lloyds TSB form covering 3 loans
PPI was bundled up front and included in the loan.
They were each 4 year agreements and dated
July 2001
October 2002
April 2004 so do clearly overlap
I have wrote that they overlap and that on the 2nd one i was wary over the phone about taking PPI and was told that I wouldnt get the loan without it. I was then called back by the branch manager who invited me to call into branch within the hour and he would see what he could do. Thats the one where I didnt actually sign the agreement.
1 x Barclays form
1 x Barclaycard form
I will fill in the other 3 forms tomorrow (HSBC / HFC , MBNA and Bank Of Scotland)
Anything I get back obviously comes off my Debt and reduces the length of my DMP. I have done DMP for 9 years and still have 11 to go. I don't want to or intend to go bankrupt despite having no assets and renting a council flat. Way I see it is its my mess and I should pay it back but if I can reduce my sentence by a year or 2 then its a boost. - I also got proof from work that I got 12 months sick pay and in the unlikely event of redundancy would get 24 months pay.
Death in service is the same as have been there over 25 years.
At time of credit application i had been there 16 years so sickpay would have been the same but not sure if Redundancy would have been. - Forms sent off.
Did have a phone call of both Lloyds & Bank Of Scotland who talked through questionaire. Was as honest as I could be.
Said that I didnt want or need PPI but had been advised that it might affect the application.
This is why I actually stalled on the 2nd Lloyds loan and the Branch Manager rang me up to invite me down personally to complete the loan that day.
Said that I received full benefits at work and was just trying to complete my DMP and pay my debt off but if I can reduce that period by successfully reclaim then I would be very happy.
Both Lloyds and BoS said they would be letting me know their decision in the next couple of weeks. So now its fingers crossed and wait.
I think if I do get turned down by Lloyds then I will go down the FOS route as if nothing else the 3 upfront loans for PPI ran concurrently. But for now we'll see.
Thank you to everyone who has read and commented on the thread. I am glad that
a) I decided to claim back
b) I decided (with a bit of forum research) to claim myself rather than use a company. Now that I know which firms are happy to send copies of documents when asked over the phone and which automatically make an offer immediately there and then Im half tempted to freelance as a claims company myself !! - Received a letter from Bank Of Scotland today saying complaint upheld. Have agreed to optional insurance on the application form and that is that for them.
2 offers
1 rejection
4 decisions still to come - Offer of over Ј6k today from HSBC (HFC loan)
less settlement figure Ј2.476.62
Refund due Ј3,231.38 (after tax)
So far...
Monument - Ј563 (All against Balance)
Northern Rock - Ј1,900 (Ј1,700 against Balance - Ј200 Comp)
HSBC - Ј6,028 (Ј2,400 against balance - Ј3231 comp)
Bank of Scot - Computer said no
Still waiting on Lloyds and Barclays
But these mean I am going to finish my DMP 18 months earlier that I was before i put these claims in.. - Monument aka CompuCredit - 0800 279 4783
Good luck
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