15k loan turned to 250k
- Thread starter Dr House
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Soldato
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I would like to feel "really" sorry for the guy.
But seriously.....
He took out a 5 year loan for £15,000 - & was talked into paying £4,345.44 — in a "one off payment" with the loan
He also managed to pay £1 a month from Jan 2000 to sometime in 2005.... and thought nothing of checking statements or getting updates on the actual remaining loan amount ....for FIVE whole years He took the loan out in 1997 for £15,000, hardly paid anything off it before he lost his job - then was "shocked" to see them turn up in 2005 looking for £19,000. I think he got a bargain actually.
Did he honestly think the money he owed them would just vanish because he was out of work - or that his token £1 a month payment actually reduced the actual loan amount or the interest that was accumulating on it in the 8 years - that isn't even how PPI works in most cases - and why would he even think that if he never actually received any literature regarding his PPI ?
I'm sure as with most DM reports - there's actually a lot more to this so called story - but to be honest - I have little sympathy for him.
But seriously.....
He took out a 5 year loan for £15,000 - & was talked into paying £4,345.44 — in a "one off payment" with the loan
He also managed to pay £1 a month from Jan 2000 to sometime in 2005.... and thought nothing of checking statements or getting updates on the actual remaining loan amount ....for FIVE whole years
He took the loan out in 1997 for £15,000, hardly paid anything off it before he lost his job - then was "shocked" to see them turn up in 2005 looking for £19,000. I think he got a bargain actually.Did he honestly think the money he owed them would just vanish because he was out of work - or that his token £1 a month payment actually reduced the actual loan amount or the interest that was accumulating on it in the 8 years - that isn't even how PPI works in most cases - and why would he even think that if he never actually received any literature regarding his PPI ?
I'm sure as with most DM reports - there's actually a lot more to this so called story - but to be honest - I have little sympathy for him.
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While true, you have to understand he was recovering from a broken neck and losing a leg at that time. Yes, he should have queried things, but you can't say you don't feel sorry for him. I agree with the £19,000 bit, but the way the other firms just ramped up the charges was horrible.
Saying that, if he hadn't been in the accident how would we have reacted to a story like this without the sentiment? I guess we wouldn't even have heard about it.
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Soldato
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He didn't have a broken neck / lost a leg when he took the PPI out.
He had nearly 2 years before the accident to ensure he actually had the PPI and to check the documentation and contract.
And as you say - he's at home - with nothing to do....... for FIVE WHOLE YEARS !
Surely in all that time - he would have had the common sense to check how the second biggest debt in his life is coming along - or where his £1 a month is going.
He had nearly 2 years before the accident to ensure he actually had the PPI and to check the documentation and contract.
And as you say - he's at home - with nothing to do....... for FIVE WHOLE YEARS !
Surely in all that time - he would have had the common sense to check how the second biggest debt in his life is coming along - or where his £1 a month is going.
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You're thick
They're a mid sized bank in Scotland IIRC. Fairly localish
I would like to feel "really" sorry for the guy.
But seriously.....
He took out a 5 year loan for £15,000 - & was talked into paying £4,345.44 — in a "one off payment" with the loan
He also managed to pay £1 a month from Jan 2000 to sometime in 2005.... and thought nothing of checking statements or getting updates on the actual remaining loan amount ....for FIVE whole years
Did he honestly think the money he owed them would just vanish because he was out of work - or that his token £1 a month payment actually reduced the actual loan amount or the interest that was accumulating on it in the 8 years - that isn't even how PPI works in most cases - and why would he even think that if he never actually received any literature regarding his PPI ?
I'm sure as with most DM reports - there's actually a lot more to this so called story - but to be honest - I have little sympathy for him.
same here - have to agree
Ah you edited after I replied, I was referring to your comment about the £1 which he sorted while led up in hospital iirc.
This is the cost of massive house price inflation and if "the people" don't want to see the "value" of their houses fall to realistic and sustainable levels, then we will continue to have massive devaluation of GBP coupled with crippling levels of inflation in everything other than housing (petrol, electricity, gas, food ...).
In real terms the houses of "the people" lose just as much "value" but they are too thick to see it.
To top it all off, it is not just the truly imprudent, who took on unaffordable mortgages, bidding up house prices to obscene levels, that pay - "we are all in this together" - selfish Star out fully please.
The Daily Mail partied in the orgy of property porn like all the rest of them and now they run this. swearing hypocrites the lot of them.
In real terms the houses of "the people" lose just as much "value" but they are too thick to see it.
To top it all off, it is not just the truly imprudent, who took on unaffordable mortgages, bidding up house prices to obscene levels, that pay - "we are all in this together" - selfish Star out fully please.
The Daily Mail partied in the orgy of property porn like all the rest of them and now they run this. swearing hypocrites the lot of them.
Soldato
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I was going to say that earlier today; I'm glad you agree. I don't mind having a read but for what it is, there really is is too much of a wall of text.
My train of thought went from 'oh god that's terrible - he nearly killed himself! How did it get to this?!' to thinking 'Christ I can't read any more of this' and 'Hmm.. I don't care too much about how he got in the situation!'.
The story is very detailed, almost to the point of a police interview. I'm not saying that detail is a bad thing, of course not. But just feels like the writer of this story over cooked it all.
I still feel for the guy though.
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An intereting point, a house, like anthing else is only worth what you can sell it for.
I think you've got lost and strayed away from your natural habitat - Click me to return there with the other monkeys
I'm currently in dispute with lloyds tsb credit cards over a miss-sold payment protection insurance.
I've been paying the premium for nearly 3 years and it turns out (when I attempted to make a claim for unemployment so I would not fall behind in my repayments during temporary financial difficulty - the reason I accepted the ppi offer in the first place) I was not eligible for the insurance right from the beginning when it was sold to me over the telephone by lloyds credit card customer services - I never received any paperwork and was told by the sales person that it would cover me in the event of illness or unemployment - I explained I was contracting/temping and had the benefits of the card repeated to me by the sales person, assuring me it would cover me in any event.
This has caused more financial problems because of the failure of the ppi to cover me.
Having been completely up front from the start, I can only see that the bank/insurance whoever has defrauded me out of possibly £500.... There can be little question of this in my mind, but it will take the bank fsa etc more than 16 weeks to assess my claim and decide if I'm owed anything.
This is not unusual for ppi customers, how many others have been paying for nothing? How many 500 quids or more have the bank taken from how many people, only for it to come to light and for the banks to fight against refunding the premiums by dragging it through lengthy court proceedings with the fsa etc?
Banks... I wouldn't **** on them if they were on fire.
I've been paying the premium for nearly 3 years and it turns out (when I attempted to make a claim for unemployment so I would not fall behind in my repayments during temporary financial difficulty - the reason I accepted the ppi offer in the first place) I was not eligible for the insurance right from the beginning when it was sold to me over the telephone by lloyds credit card customer services - I never received any paperwork and was told by the sales person that it would cover me in the event of illness or unemployment - I explained I was contracting/temping and had the benefits of the card repeated to me by the sales person, assuring me it would cover me in any event.
This has caused more financial problems because of the failure of the ppi to cover me.
Having been completely up front from the start, I can only see that the bank/insurance whoever has defrauded me out of possibly £500.... There can be little question of this in my mind, but it will take the bank fsa etc more than 16 weeks to assess my claim and decide if I'm owed anything.
This is not unusual for ppi customers, how many others have been paying for nothing? How many 500 quids or more have the bank taken from how many people, only for it to come to light and for the banks to fight against refunding the premiums by dragging it through lengthy court proceedings with the fsa etc?
Banks... I wouldn't **** on them if they were on fire.
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Jumpy - you and others might be interested in this ... http://www.positivemoney.org.uk
Richie - Ha ha. As with this forum, there are plenty of "quirky" members at housepricecrash.co.uk but there are also many many more informed and highly educated members. It is no exaggeration to say that forum has saved me at least £30,000 so far and I fully expect it to save me a whole lot more. It also warned me to remove my savings from Icesave days before the mainstream media did. I have learnt more from that forum about economics, finance and investing than I ever did at school and college.
Richie - Ha ha. As with this forum, there are plenty of "quirky" members at housepricecrash.co.uk but there are also many many more informed and highly educated members. It is no exaggeration to say that forum has saved me at least £30,000 so far and I fully expect it to save me a whole lot more. It also warned me to remove my savings from Icesave days before the mainstream media did. I have learnt more from that forum about economics, finance and investing than I ever did at school and college.
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You are not going to believe this, but I was first on the scene to that accident that cost him his legs.
I recounted this story a few years ago on here, he was driving an old 2 seater sports car, an MG I think it was, and he was on the left hand side of the road going in to billingborough, the engine had come through into the cabin and crushed his leg and he had glass in his face.
I stopped to see if there was anything I could do, but when I saw how mangled he was I told him to hang in there and I drove into the village to the local fire station to get help (no mobile phone at the time) who WOULDN'T ATTEND UNLESS THEY RECEIVED A 999 CALL, they just pointed to the printer and said they couldnt go anywhere till they got a print out from it, despite me resorting to screaming at the dumb ******* that a guy was dying not 250 yards round the corner.
I then had to drive to the Industrial estate to find a phone so I could call 999 to get the emergency services to him.
I drove past them on the way back home and stopped to see if he was going to be OK, got spoken to like **** by one of the fireman so I got back in my car and left it.
I don't have an issue in general with HPC in relation to its general advice but your post I was quoting and the attitude it was posted in is the form for that place i.e. "all houses are over priced and I am smugly mocking those that have bought houses in the last 3-5 years as I will gladly buy their house at a cut price when the prices are properly realigned"
Couple that with the abhorrent smugness that some of them have where they seem to take great pleasure and actively HOPE in the possibility where someone may end up losing their house or losing money on their house even when its out of their control e.g. losing job even if mortgage more than affordable.
A lot of the members of that forum are as delusional as they say recent house buyers are. They are actually of the opinion that house prices are going to take a huge beating and everyone will lose lots of money and sell their house at a loss. They don't even contemplate that no one will sell their house for a loss unless there is a desperate need e.g. unaffordable repayments, forced to upsize/sell due to personal circumstances (baby, divorce etc).
I just think its disgusting that some people on there are actively hoping people will lose everything...