ppi against ford credit

[jue]

hi

i am going to go through reclaiming a ppi for my son,, of course he will sign everthing. just would like to know, when he took his loan out and signed for silver insurance, is it added upfront.. ie.. he traded his car in for another one so will he be reclaiming the whole lot or just the portion that he had the car just cant work it out.. any help would be great

jue

 

[Chutzpah]

Hi Jue, I have literally just started my own claim against my bank for PPI.

Firstly, don't feel bad for your son "signing everything"! The providers have been very underhand in how they've sold this product, I read everything and they still 'conned' me! Often when you need finance you're desperate so it's an easy sell.

I too had a single premium policy, i.e. I had the loan and the cost of the insurance added on top, with the interest added on the lot.

What you will be claiming for is ALL payments you've made towards the PPI so far plus 8% interest (which the court would award if they judge that he was missold the policy).

Hope that helps, and I hope your son gets the same result as I'm hoping to get!

 

[jue]

ppi

Hi Jue, I have literally just started my own claim against my bank for PPI.

Firstly, don't feel bad for your son "signing everything"! The providers have been very underhand in how they've sold this product, I read everything and they still 'conned' me! Often when you need finance you're desperate so it's an easy sell.

I too had a single premium policy, i.e. I had the loan and the cost of the insurance added on top, with the interest added on the lot.

What you will be claiming for is ALL payments you've made towards the PPI so far plus 8% interest (which the court would award if they judge that he was missold the policy).

Hope that helps, and I hope your son gets the same result as I'm hoping to get!

i must make myself clear it was my sons loan with ford credit, i had nothing to do with it i am just reclaiming it on his behalf. it is his loan, i just found out he has been conned so i am doing it on his behalf. i just needed to know basically when he took out the loan was the whole premium added upfront or do they just add it on monthly, the loan was for 3 years. but he traded the car in just after the first year, also it was one of these options deal just needed to know if anyone had similar dealings with this company


thanks

 

[Chutzpah]

Jue, the fact it was your son was very clear, as evidenced by my reply.

With regards to the PPI, it should say on the loan documents. My understanding was that they were forced to stop selling single premium policies recently (ones where the whole cost of the PPI is added at the start of the loan) so whether it is one of those will depend on when your son took it out. Another way to tell it is one of these loans is he only had to sign one form, and there was no separate form for the PPI.

In other cases, he will have signed a separate form for the PPI and in that case he is just making insurance payments monthly.

In a nutshell, without knowing what is on the agreement I can't tell you whether it was all added at the start or being paid monthly.

 

[jue]

Jue, the fact it was your son was very clear, as evidenced by my reply.

With regards to the PPI, it should say on the loan documents. My understanding was that they were forced to stop selling single premium policies recently (ones where the whole cost of the PPI is added at the start of the loan) so whether it is one of those will depend on when your son took it out. Another way to tell it is one of these loans is he only had to sign one form, and there was no separate form for the PPI.

In other cases, he will have signed a separate form for the PPI and in that case he is just making insurance payments monthly.

In a nutshell, without knowing what is on the agreement I can't tell you whether it was all added at the start or being paid monthly.

hi thanks for your reply sorry if i meant to be abrupt was not intentional
there has been no mention of my son signing anything for the ppi to be cancelled when exchanging cars,, do you think that they would have documentation on this anyway, when he has exchanged cars they never have mentioned a ppi being cancelled atall,, esp when he bought the car that he has now, so as i am doing this for him i dont know whether to reclaim the 12 months or go for 36 months, cos 36 months was the term for the loan.

many thanks

jue

 

[Chutzpah]

hi thanks for your reply sorry if i meant to be abrupt was not intentional

Don't worry about it, I've got a thick skin

there has been no mention of my son signing anything for the ppi to be cancelled when exchanging cars,, do you think that they would have documentation on this anyway, when he has exchanged cars they never have mentioned a ppi being cancelled atall,, esp when he bought the car that he has now, so as i am doing this for him i dont know whether to reclaim the 12 months or go for 36 months, cos 36 months was the term for the loan.

many thanks

jue

I think go for the whole thing. They have sold these "insurances" in a completely underhand way, and from what you've said I think he's paid for the whole thing up front in his insurance already.

Technically you can cancel in these circumstances, but it's a ridiculously small amount that you receive back. I'm not even halfway through my loan, yet if I was to cancel now I'd only receive 12% of the premium back.

 

[jue]

Don't worry about it, I've got a thick skin



I think go for the whole thing. They have sold these "insurances" in a completely underhand way, and from what you've said I think he's paid for the whole thing up front in his insurance already.

Technically you can cancel in these circumstances, but it's a ridiculously small amount that you receive back. I'm not even halfway through my loan, yet if I was to cancel now I'd only receive 12% of the premium back.

thankx i think i will go for the whole term. they can only knock him down anyway, but i think they will have to have the proof. many thanks i will keep you informed all the way

jue