PPI

[patbl]

after spring cleaning the bank account , i found a monthly payment (£75) to Intrum Justitia (credit managment services). My husband had no idea what this was , so i investigated.

the debt was transferred to them from Mercantile Credit .
£7817.30
paid £5698.00
balancd outstanding as now £2119.30

As far as i can see the original loan is
cash loan A premium loan B totals A+B
ammount of loan £7.700.00 £1.537.54 = £ 9.237.54

add :interest (APR 15.9 %) £3.272.80 £653.66 = £3.926.46
total ammount payable £ 10.972.80 £2.191.20 = 13.164.00
any advice.???
this loan is dated 06-02-1997!!! we are still paying it!!!

[enaid]

Re: PPI

If you are paying £75 per month for a debt totalling £13,164.00 over the last 12 years then you will still owe, as you say just over £2,000, in fact i make it £2364.00 but i could be wrong.
Can you please be more specific as to what kind of help you are after with this?

[patbl]

Re: PPI

thank you for your reply,
I am looking at the cost of the PPI and how it increased to cost of the original loan. i know it is a long time ago, we had some real diffilculties during the early years of the loan, you might guess we never made use of the PPI.
Is there a case for missing selling the PPI?
If we must continue to pay this off then we must , just hoping there is something we can do.

[enaid]

Re: PPI

I am with you now, I am giving you this link it is all about PPI and mis selling, please read it, if you have not already done so. http://www.legalbeagles.info/forums/...ad.php?t=10645

Was Mercantile Credit the original lender of this loan?
Do you still have any of the original agreements or indeed any Terms and Conditions for the PPI.
Usually the PPI is only valid for 5 years, unless it states in the T&C's it will run for the duration of the loan. That could be a starting point for mis selling, but you would have to know this for sure.

[patbl]

Re: PPI

Thank you,

Mercantile Credit was the original lender. impossible to contact, though they are/were a subsidary of Barclays.
I have all the original paperwork. (miracle).

[enaid]

Re: PPI

Well have a read of the T&C's for the PPI, from that if there is any reason at all why you would not be paid out if you claimed on it then you can have a go at mis selling IMO.

[patbl]

Re: PPI

will do.
Thanks.