Is personal loan repayments cover PPI?

[REKWOB80]

Hi myself and my partner took out a loan in 2005 for £4000 we took it out over our mortgage term of 25 years, god knows why thinking about it now for that amount, possibilly because it was our first loan and we had no experience and understanding. Anyway we were told we would only pay back what we borrowed, so we thought we were safe anyway i think it is actually over £2000+ on top of what we borrowed also we were definatley told we would get refused the loan if we didnt take out personal loan repayments cover, but i cant prove this. Although at the time the monthly interest rate was 0.549% so im presuming this is pretty low, and our credit was good. Our annual percentage rate was also 7.3%. The plrc was a monthly premium of £3.40 i dont know if this is still the case. I do intend to send a S.A.R - (Subject Access Request) very soon but at almost 3yrs and without working it out with interest it works out that we would only get about £122 back if im correct , so is this worth going for?. One thing i do remember though is shortly after we had taken out the loan some-one possabilly from the bank rang us and asked were we happy with the person who had sorted our loan and loads of questions like that, obviously not knowing any different we just said yes. I just wish i had of recorded that phone call, i think some-one else must of complained about something, but sadly i'll never know. Well sorry to go on everyone, any advise gratefully recieved.

[hellhasnofury]

Originally Posted by REKWOB80

Hi myself and my partner took out a loan in 2005 for £4000 we took it out over our mortgage term of 25 years, god knows why thinking about it now for that amount, possibilly because it was our first loan and we had no experience and understanding. Anyway we were told we would only pay back what we borrowed, so we thought we were safe anyway i think it is actually over £2000+ on top of what we borrowed also we were definatley told we would get refused the loan if we didnt take out personal loan repayments cover, but i cant prove this. Although at the time the monthly interest rate was 0.549% so im presuming this is pretty low, and our credit was good. Our annual percentage rate was also 7.3%. The plrc was a monthly premium of £3.40 i dont know if this is still the case. I do intend to send a S.A.R - (Subject Access Request) very soon but at almost 3yrs and without working it out with interest it works out that we would only get about £122 back if im correct , so is this worth going for?. One thing i do remember though is shortly after we had taken out the loan some-one possabilly from the bank rang us and asked were we happy with the person who had sorted our loan and loads of questions like that, obviously not knowing any different we just said yes. I just wish i had of recorded that phone call, i think some-one else must of complained about something, but sadly i'll never know. Well sorry to go on everyone, any advise gratefully recieved.

Hello Rekwob,

I would certain do as you are suggesting and send of your S.A.R - (Subject Access Request) asap. You may be surprised as to the total amount that you were charged for the insurances.

Do you have your credit agreement and do you know the breakdown of the loan.

Loan amount
insurance
total charge for credit
amount payable

As for the courtesy call that you received, I would not worry, because as that time you where non the wiser

Send the S.A.R - (Subject Access Request) recorded delivery and wait till it comes (time limit 40days)

Keep us posted and if you need help just ask

[REKWOB80]

Hi hell
Thanks for your reply. I did send off for a CCA and they just didnt bother, to reply till well after the 40 days. They were threatening me with all sorts and because the loan was secured on my house, also repossesion. I just left it in the end, and also was advised by some-one off here that it was not a good idea to stop paying a secured loan even if they dont comply with the CCA request.
Anyway I did eventually get a letter back titled personal loan agreement-secured. Also saying credit a. reg. by the CCA 1974. I think it is actually a copy of something they sent to/go back from land registry cause it says deed in -then a number.
Anyway bottom left it has the sig. box signed by me and partner and signed by our witness. On the right it has (1)the loan(amount in box)
(2)monthly int. rate (in box)
(3)you have to pay loan, admin fee and int. by 276 monthly payments.(amount in box)
(4) must pay admin fee(amount in box)we will add this to the debt when agreement is made.
(5)annual %rate (in box).
Then at the bottom it just says- do you want plrc? ticked yes. monthly premium in a box.
Then total monthly payment for loan and cover (amount in box).
total monthly payment(amount in box)
Finally signed by thier worker and stamped.
There is no mention of insurance, tcfc, or total amount payable. But my name is signed on it so I think it must be ok in some way. The worst thing had to be though is i got sent some-one elses credit aggreement, I now have the details of a lady, her address, name, age, tel. no.,work and wage. nectar card no. bank details-sort code and account number, time with her bank and her signature. I think its absolutly disgracful. Anyway sorry its so long, any advise.