Midland Bank Loan Credit Protection Insurance

[SXGuy]

Hi Guys.

Come over to my mothers this morning, to see she had found an old loan from the Midland Bank dated 21st December 1998.

On this agreement there was Credit Protection Insurance, which as i understand is what they call PPI today.

Really what im looking for is some advice on what to do next.

Principle loan was £11143.16

The credit protection insurance part is as follows:

Amount of premium inc IPT £1314.89
Amount of Loan £1310.00
Total Charge for Credit: £407.36 (14.9%)
Total amount payable £1717.36

Which breaks down to
Intital payment of £35.70
Then 47 payments of £35.78.

Is this too far back for my mother to claim? if not, whats the next step?

[SXGuy]

Re: Midland Bank Loan Credit Protection Insurance

Cheers FP. Also, do you know of a decent calculator i can use? i found one on CAG but to be honest, its too complicated lol

[di30]

Re: Midland Bank Loan Credit Protection Insurance

Hiya and cheers for message.

Yes SXGuy

I would give it a go. And that is correct, it's just another way of wording the PPI, it's exactly the same thing.

I have been searching out the calculator I used to have and think I must have got rid of it by accident when sorting some computer issues out.
But basically what your mum should get back is every penny she paid to the PPI, the interest it attracted each month, plus the additional 8% interest of what a court would award to date.

I would either send a reclaim questionnaire (As most businesses/banks have turned to these now, the one's issued by the FOS), or there is no harm in a letter if you prefer.

I was successful on older loan ppi reclaiming from the mid 90's and it is known that many are, so do give it a shot at least.

Template letter here if you wish to use this.
http://forums.all-about-debt.co.uk/s...483#post210483

Or reclaim questionnaire here:
http://www.financial-ombudsman.org.u...stionnaire.pdf

Remember to keep copies of everything as well.

Hope this helps, if I do find the calculator I shall post it up.

[SXGuy]

Re: Midland Bank Loan Credit Protection Insurance

Thanks Di, ill get the questionaire sent off.

Should i include a copy of the loan agreement just incase they say they cant find it or something?

[di30]

Re: Midland Bank Loan Credit Protection Insurance

Thanks Di, ill get the questionaire sent off.

Should i include a copy of the loan agreement just incase they say they cant find it or something?

Your welcome and yes send a "copy" just in case. Good idea to do that.

[SXGuy]

Re: Midland Bank Loan Credit Protection Insurance

Ok its all been sent off, will keep my fingers crossed

Will update thread when i receive something.

Thanks again for the help.

[pompeyfaith]

Re: Midland Bank Loan Credit Protection Insurance

Definitely give this ago as the interest at 8% will no doubt add up to more than the premium paid.

I successfully claimed back as far as March 1999 with the CO-OP so is possible specially as you still have the paperwork.

You will no doubt know this but ill state again, never send originals to the finance co send photocopies only if they want proof.

Good Luck.

[di30]

Re: Midland Bank Loan Credit Protection Insurance

Ok its all been sent off, will keep my fingers crossed

Will update thread when i receive something.

Thanks again for the help.

It's my pleasure, let us know if you need any further help whenever,
and yes all crossed here too ;-)

[SXGuy]

Re: Midland Bank Loan Credit Protection Insurance

Just an update, HSBC have acknowledged the PPI claim, and said will take around 8 weeks for a decision.

They enclosed another questionaire and said if you havent already done so please fill it in, so im guessing the letter is a template acknowledgement and ill just ignore it for now.

[SXGuy]

Re: Midland Bank Loan Credit Protection Insurance

hey peeps / Di

HSBC have around 2 weeks to either make an offer or decline, havent heard anything from them since they acknowledged it in my last post.

Just a question, do they usually leave it this late? and if i hear nothing, do i need to send a chaser letter? whats the procedure?

[di30]

Re: Midland Bank Loan Credit Protection Insurance

hey peeps / Di

HSBC have around 2 weeks to either make an offer or decline, havent heard anything from them since they acknowledged it in my last post.

Just a question, do they usually leave it this late? and if i hear nothing, do i need to send a chaser letter? whats the procedure?

Hiya

Thanks for your update.

It can vary from one to another business, but they may wait until the full 8 weeks.
There is no harm in emailing to ask for a update if you want to, it may give them a little nudge.

[SXGuy]

Re: Midland Bank Loan Credit Protection Insurance

Thanks Di

Ill leave it another week, and hit them up with an email.

[di30]

Re: Midland Bank Loan Credit Protection Insurance

Thanks Di

Ill leave it another week, and hit them up with an email.

Good luck x

[SXGuy]

Re: Midland Bank Loan Credit Protection Insurance

Hey Di

Do you happen to know the email address i can use to chase this up? Getting close to the 8 week limit.

Gonna check bank account first just incase they paid it in before sending a letter out.

[di30]

Re: Midland Bank Loan Credit Protection Insurance

I will double check but up to now only come up with this, but not sure it it belongs to the UK......

custserv@midlandnb.com

and

Info@midlandnb.com

Trying to find the CEO addy.

lol saying that I don't think they have any of these banks apart from in Britain, or do they??