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I have a question which I hope someone can help me with.
I am planning to reclaim PPI on 2 different loans from 2 different lenders.
What I need to know is can they companies insist that the refund comes off my balance or can I insist that they reimburse me personally?
Also, what is the best was to go about reclaiming these insurance fees, I am a complete novice and dont really know where to start?
Many thanks
Suzie
Hello suzie and welcome to the forum,
The best way to go about reclaiming these insurance premium, is to educate yourself, by reading around the threads. There is a well of knowledge and information in them
There is a tried and test way to do it
The first thing that you need to do is to send a SAR for all information that they hold on you regarding the accounts. It costs £10 and it is a legal request under the data protection act and they have 40days+2days postage to comply. You will find the letter in the ppi forum stickies, copy paste and add your own details, send it recorded delivery and wait. You can track your letter using the royal mail website.
Once you have received the information and you know what you are after, you then ask them for it back
There may be a few hurdles to get over, but will the help of the site, we will try to help you over these.
As for any refunds, different companies do different things, some will pay out in the form of a personal cheque and other insist in paying into the balance of the loan.
I really do depend on how assertive you are and how difficult they want to be.
If you have any questions, please do ask, there are very helpful people on her that may be able to assist you.
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
I will get to work. I also want to try and find out if the loans are actually enforceable. One is with Welcome Finance and the other with Nemo Finance.
From what I have been reading here, there is a good chance that they are not.
Thanks for your help, I will keep events posted on here.
Incidentally, is it so that if I SAR the companies and they cannot supply me with an original credit agreement, the agreement becomes automatically unenforceable?
Incidentally, is it so that if I S.A.R - (Subject access request) the companies and they cannot supply me with an original credit agreement, the agreement becomes automatically unenforceable?
Regards
Suzie
i'm thinking yes but this doesnt mean you dont still owe them the money.
RE: refund - i'm pretty sure you can demand a cheque as you have effectivly 'overpaid' them - if they knock it off the loan you can keep paying the same monthly payments which will ultimatly end your agreement early - in the long run with interest rates like Welcome you will prob save more.
Make sure you get the interest paid on any PPI refunded too and the interest you could have made if you had saved the money spent in PPI [8% or more if you want to charge them the same rate as they charge you]
I'm currenlty trying to claim 24 months PPI off BlackHorse - they have agreed pver the phone that they will refund me and i have the choice of cheque or knocked off the loan - i'm struggling to work out how much interest i have paid to date and how much i can charge them!
good luck
People who haven't made mistakes, haven't made anything!
Reclaiming PPI, Help Please?
on 2 different loans from 2 different lenders.
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Originally Posted by suziedarkness
