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Can anybody please offer me some advice. I took a loan out last year through Loans.co.uk. I was told when taking out the loan that the PPI would be best for me from the answers that I had given to a demands and needs questionnaire. I do not recall that they told me that it would be a single premium PPI and that this would only last for 3 years. They have written back to me say that it was all discussed in a phone call and also that I received a letter with all the terms and conditions included. I dont recall either. They have said that that is there final decision and if i wish to complain any further it will have to be to the fos. I have a couple of questions to ask:-
1. Should I send a DPA letter and get all the transcripts with them ?
2. I also believe that the 3 years single premium is unsatisfactory as the loan is for 15 years, can i make any complaint with regards to this?
3. Also if i didnt get anywhere with the PPI mis-sold route, How do i go about cancelling the single premium PPI as it is on a secured loan.I believe that the FSA did a report on cancelling single premium PPI and what rights do i have ?
well to be honest i'm not the best one for advice as new at this myself...
There is a few question they should have also asked you.
Did they ask you if you had any other PPI insurance to cover this ?
Did they tell you that you could go to another company for a quote for a PPI ?
Did they give you a quote without PPI ?
Did they tell you that you did'nt need to have PPI as its optional ?
Did they tell you the cover was for only 3years on phone ?
all of these are basic question they should have asked you.
I think as for the PPi only covering for 3 years is a real no no !!
Can anybody please offer me some advice. I took a loan out last year through Loans.co.uk. I was told when taking out the loan that the PPI would be best for me from the answers that I had given to a demands and needs questionnaire. I do not recall that they told me that it would be a single premium PPI and that this would only last for 3 years. They have written back to me say that it was all discussed in a phone call and also that I received a letter with all the terms and conditions included. I dont recall either. They have said that that is there final decision and if i wish to complain any further it will have to be to the fos. I have a couple of questions to ask:-
Answer your own questions, have a read of this link When did you take your loan out????
1. Should I send a Data Protection Act letter and get all the transcripts with them ? Yes
2. I also believe that the 3 years single premium is unsatisfactory as the loan is for 15 years, can i make any complaint with regards to this? Yes
3. Also if i didnt get anywhere with the PPI mis-sold route, How do i go about cancelling the single premium PPI as it is on a secured loan.I believe that the FSA did a report on cancelling single premium PPI and what rights do i have ? There is a thread on the forum regarding this.
Any help would be much appreciated
Hello and welcome,
there has to be good reasons why you believe that ppi was mis-sold.
The fact that they did not tell you you could get it cheaper elsewhere, Is, I feel, not relevant to mis-selling as they are a business. It would be up to you really to shop around for this, like buying a car. A car saleperson is not going to tell you, that you can buy the same car cheaper down the road.
If they told you that you could not get the loan without having ppi, well that is mis-selling. I think if you look on the ppi claims sticky by reidnet, he has listed the reasons for mis-selling.
Martin lewis when he did the list of mis-selling on the telly last week, did state that not informing you of being able to get it cheaper elsewhere, constituted mis-selling but I am not too sure of that one.
He also stated that the fact that they had been fined for mis-selling by the FSA was another good reason.
Please read the FSA site as RR has suggested, their is a wealth of information to be found on there. Read around the different threads on the forum, to get up to date info of ppi, and how to reclaim it back if it was mis-sold.
Please remember they will absolutely deny it. They have too, but just keep at them.
Good luck and keep us posted.
If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW
PPI Advice
would be best for me from the answers that I had given to a demands and needs questionnaire. I do not recall that they told me that it would be a single premium PPI and that this would only last for 3 years. They have written back to me say that it was all discussed in a phone call
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Originally Posted by loukim
but i had read this somewhere perhaps i had read it wrong 
