Grrrr - Prestige Finance Ppi

**TUTTSI** · 24th February 2011, 11:01:AM

Re: Grrrr - Prestige Finance Ppi

Hi Denmar

Welcome to Legal Beagles.

Is this Prestige Finance a loan taken through Melbourne Mortgages?

**Denmar** · 24th February 2011, 11:08:AM

Re: Grrrr - Prestige Finance Ppi

No just Prestige Finance but interestingly their address is Melbourne House, Bushey Hertfordshire, I understand they are one and the same?

**cappo** · 24th February 2011, 11:09:AM

Re: Grrrr - Prestige Finance Ppi

Originally posted by Denmar View Post

Hi, I'm new here and really need some help!

In 2006 I took out a small loan with Prestige Finance (£7500) I had been seriously ill with a brain tumour and had not been able to work for some time, and my mortgage was in arrears and I was quite desperate for a loan to repay them.

It was without doubt the worst thing I have ever done!! At the time it was inferred to me that I had to have the PPI, I never asked for it and I was self employed, I also declared my illness stating that the PPI would not cover it but he said there was many 'other' illnesses.

I had a second brain tumour removed in January 2010, again I could not work and fell behind in some repayments, as the loan was secured on my house they took me to court and got an order to repay the arrears at £50 per month. This thing is now getting out of control, I have complained in writing about the PPI and basically they are refusing to do any thing about it. The PPI was added to the loan and cost way over £2000, from documents requested I can see that I have repaid over £8500, the loan is over 96 months (I thought it was over 60 months!) which means there is still approx 4 years to pay, this adds up to over £16,500 for a loan of £7500. I have tried to cancel the PPI several times but they just haven't done it and repeatedly keep asking for it, eventually I refused to pay the PPI premium and just paid the loan amount, but they are now threatening to take me back to court, I have really had enough of this company, and I don't know where to go with it, I have looked at companies that recover the PPI but I am worried what they will charge me.

I need some good advice, I am practically losing the will to live on this one, I know I am right but feel vulnerable and don't know if I can keep on persisting with this company, they have sent people to my house and bombarded me with telephone calls and texts - what should I do?

hi denmar firstly write to the lender and ask them to communicate in writing only, it is against the law to harrass you via telephone i had hsbc do this i had to end up changing my phone number in the end, as for the ppi i think i,m right in saying that you shouid be able to cancel the ppi i did this on a mbna loan about a year in, the terms of the loan did,nt have to be re visited they just basically took the ppi off, you can do a claim to recover the ppi if it was missold and it sounds like it was, you don,t need a claims management company you can do it yourself with advice and letter templates on here,as to the court threats i also had this with hsbc again i,m not saying you shouid ignore it but the banks very rarely ever do this. If you are struggling finacially approach the lender tell them you are having problems and try to re structure the borrowing most lenders will go for a reduced payment plan and if the bank then takes you to court you can show you have made an offer lastly don,t worry un neccesarily about it like you i have also been there it comes right in the end,i,m sorry to hear about your illness ihope you are feeling better now(these opinions are mine not the beagles) there,ll be some of the more experienced beagles along soon i,m sure they,ll put me right if i,ve erred but i found this to be the case 3 years ago.

**di30** · 24th February 2011, 11:22:AM

Re: Grrrr - Prestige Finance Ppi

Hi and welcome

Looks like a pressurised sale to me, they should not have forced you into taking the ppi, and with an existing pre med condition at the time of taking out the loan, its unlikely to pay out for this reason anyway.

I would be inclined to ask for a copy of the telephone calls in writing, if they do not hold these on recordings/disc, then they should hold details of written transcripts of the sale.
I would keep everything in writing, keep copies of everything, in case you need to refer to this again at some point, for example - complain to the Financial Ombudsman Service (FOS) if your not happy by the time you receive the final decision from the business.

They had a duty to make sure the policy was suitable for you, and they failed this, and it obviously was not sold in your own interest.

If you have any figures on-hand, please feel free to post them up, the guys on here would be happy to check them out for you.

And check the details on the links below to the guidelines of making a reclaim, this will give you more of an idea on how to go about reclaiming, and any questions from here, please do ask, there are plenty of us that can help you through this.
http://www.legalbeagles.info/forums/...ad.php?t=10645

http://www.legalbeagles.info/forums/...ad.php?t=22339

Wishing you luck and hope your health have improved. x

**TUTTSI** · 24th February 2011, 11:25:AM

Re: Grrrr - Prestige Finance Ppi

Hi Denmar

See my notes in pink below in Cappos post as well as my questions.

Do not use a Claims Management Company unless you have been recomended by someone you know and trust and certainly do not use one where you pay up front fees. But before you go down this route or any other route we need to find out a bit more about your situation?

Do you have your orginal agreement and are you able to post this up without your personal details?

Does it show on this agreement the PPI as a separate item?

Were you aware that you had been sold PPI?

Would the PPI cover you for your current illness?

Have you made a claim against this PPI for your illness?

Did you agree to take the PPI and were you given the T&C's at that time which you agreed to?

Sorry to ask so many questions but trying to see which is the best way for you to go forward.

Tuttsi

Originally posted by cappo View Post

hi denmar firstly write to the lender and ask them to communicate in writing only, Agree it is against the law to harrass you via telephone i had hsbc do this i had to end up changing my phone number in the end there is an harrassment letter you can send and I have one on my Melbourne thread I will look for it for you, as for the ppi i think i,m right in saying that you shouid be able to cancel the ppi i did this on a mbna loan about a year in, the terms of the loan did,nt have to be re visited they just basically took the ppi off, you can do a claim to recover the ppi if it was missold and it sounds like it was, Well we cannot be certain, his PPI could be paying his mortgage arrears as he is sick, so it may be pointless cancelling this until we are aware of the full facts, you don,t need a claims management company you can do it yourself with advice and letter templates on here,as to the court threats i also had this with hsbc again i,m not saying you shouid ignore it but the banks very rarely ever do this. If you are struggling finacially approach the lender tell them Lets see what the answers are to my questions before we do anything elseyou are having problems and try to re structure the borrowing most lenders will go for a reduced payment plan and if the bank then takes you to court you can show you have made an offer lastly don,t worry un neccesarily about it like you i have also been there it comes right in the end,i,m sorry to hear about your illness ihope you are feeling better now(these opinions are mine not the beagles) there,ll be some of the more experienced beagles along soon i,m sure they,ll put me right if i,ve erred but i found this to be the case 3 years ago.

**Denmar** · 24th February 2011, 11:32:AM

Re: Grrrr - Prestige Finance Ppi

Thanks Cappo, I will pursue this even though I'm going to need help doing it, thing is, they sent a letter couple of weeks ago saying they wanted to help, but when I read it, it looked like they were just going to redo the loan and I'm not prepared to re-negotiate with this company because it will presumably be over years and years, regarding the court thing, they actually did do it last time for arrears of £400! these arrears are now actually paid off but they say they can still use the original judgement order, I did not think they can, I am making regular payment to them now but I just don't want to pay the extra i.e. the ppi and the extra £50 which was originally for the arrears. The only problem I might have is that it looks like it will be very time consuming and I'm not sure if I can afford this at the moment, that's why I was going to instruct a 3rd party, but I really don't want to 'jump out of the frying pan into the fire' if you know what I mean. These are really con artists, I will write to them about harassing phone messages and texts, and coming to the house, although they have been clever on that one, the bloke said he was a debt consultant and had come to see why I was in arrears and if he could help!! he was however there to take a payment!! I have written numerous letters about this ppi and they say I had to contact premier writers, I did this and they sent me a cd of the original phonecall, problem was they had I am absolutely sure 'doctored it' which as we all know is very simple to do, even then was clear to me that the person was very pushy, and at no time did I ask for the ppi, I made it clear I was self employed (and he said the ppi covered this) and he also said the loan figures would have to be redone and would cost a lot more without the ppi. He did not advise me I could have taken it out with anyone else.

**cappo** · 24th February 2011, 12:01:PM

Re: Grrrr - Prestige Finance Ppi

Originally posted by Denmar View Post

Thanks Cappo, I will pursue this even though I'm going to need help doing it, thing is, they sent a letter couple of weeks ago saying they wanted to help, but when I read it, it looked like they were just going to redo the loan and I'm not prepared to re-negotiate with this company because it will presumably be over years and years, regarding the court thing, they actually did do it last time for arrears of £400! these arrears are now actually paid off but they say they can still use the original judgement order, I did not think they can, I am making regular payment to them now but I just don't want to pay the extra i.e. the ppi and the extra £50 which was originally for the arrears. The only problem I might have is that it looks like it will be very time consuming and I'm not sure if I can afford this at the moment, that's why I was going to instruct a 3rd party, but I really don't want to 'jump out of the frying pan into the fire' if you know what I mean. These are really con artists, I will write to them about harassing phone messages and texts, and coming to the house, although they have been clever on that one, the bloke said he was a debt consultant and had come to see why I was in arrears and if he could help!! he was however there to take a payment!! I have written numerous letters about this ppi and they say I had to contact premier writers, I did this and they sent me a cd of the original phonecall, problem was they had I am absolutely sure 'doctored it' which as we all know is very simple to do, even then was clear to me that the person was very pushy, and at no time did I ask for the ppi, I made it clear I was self employed (and he said the ppi covered this) and he also said the loan figures would have to be redone and would cost a lot more without the ppi. He did not advise me I could have taken it out with anyone else.

there is a lot of help on here denmar we,re all here for you,there is a wealth of info here for you to avail yourself of,ask and there will be help for you but remember importantly there is nothing there that can,t be sorted out and it sounds as if you,ve been definitely missold,keep strong,determined and focused and together we,ll

all sort it out.

**TUTTSI** · 24th February 2011, 12:04:PM

Re: Grrrr - Prestige Finance Ppi

harrassment letter - amend to suit http://www.legalbeagles.info/forums/showthread.php?t=81

I also understood that Prestige are the Brokers not the lenders.

**cappo** · 24th February 2011, 12:12:PM

Re: Grrrr - Prestige Finance Ppi

hi tuttsi your id icon pic of the cat is she yours? we,ve got a cat who is a dead ringer for her our faye(sorry to go off subject denmar)

**Denmar** · 24th February 2011, 12:19:PM

Re: Grrrr - Prestige Finance Ppi

Don't know then Prestige Finance are the only people I have dealt with, I'm digging up some stuff from them, but have already seen a statement that the ppi cannot be cancelled (after 30 days) until the loan is repaid, I must have been mad to take out this thing, but I was really ill at the time, and as I say vulnerable, I just wanted to sort out the immediate problem, sadly this is the case for most people who are 'fleeced' I guess.

**Turboman** · 24th February 2011, 12:30:PM

Re: Grrrr - Prestige Finance Ppi

Originally posted by Denmar View Post

Don't know then Prestige Finance are the only people I have dealt with, I'm digging up some stuff from them, but have already seen a statement that the ppi cannot be cancelled (after 30 days) until the loan is repaid, I must have been mad to take out this thing, but I was really ill at the time, and as I say vulnerable, I just wanted to sort out the immediate problem, sadly this is the case for most people who are 'fleeced' I guess.

PPi can be completely cancelled before 30 days---after 30 days there is a staged system of refunds when cancelled---ie--x amount after say 2 years

So you can cancel---but you effectively will still be payong for part of it for the loan duration---Post us up your

loan agreement
& your T& C's
& your PPI polcy small print

EDIT---think I've duplicated some of earlier posts---but never mind

**TUTTSI** · 24th February 2011, 12:33:PM

Re: Grrrr - Prestige Finance Ppi

Yes Cappo, she is her dad is a pure rag doll and her mum was part birman and part persian and she has lovely blue eyes.

sorry Denmar to go off subject x

Originally posted by cappo View Post

hi tuttsi your id icon pic of the cat is she yours? we,ve got a cat who is a dead ringer for her our faye(sorry to go off subject denmar)

**di30** · 24th February 2011, 12:34:PM

Re: Grrrr - Prestige Finance Ppi

Some info on cancellation.

http://www.adviceguide.org.uk/nirela..._insurance.htm

This applies to England, Wales, Scotland and Northern Ireland.

Cancelling a Payment Protection Insurance policy

You have the right to cancel a Payment Protection Insurance (PPI) policy within 30 days. Some policies will give you longer than this to cancel. If this is the case, the person selling you the policy must tell you what the cancellation period is. You should get a refund of your premium, if you’ve paid it. Sometimes, an amount can be deducted for costs, or because you’ve been covered by the policy for a period of time. However, an insurance company isn’t allowed to charge you a penalty for cancelling.
If you pay monthly premiums for your PPI, you can usually cancel at any time, although you may need to give a period of notice.
You may also be able to cancel a PPI policy due to mis-selling.

**Turboman** · 24th February 2011, 12:50:PM

Re: Grrrr - Prestige Finance Ppi

See Denmar

You've already got several people on your case already---all with varied expertise so we are all here to help you.

Grrrr - Prestige Finance Ppi

Grrrr - Prestige Finance Ppi

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