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PPI reclaim once the loan has ended? *** WON ***
If I have a loan which has now finished, am I still entitled to reclaim the PPI. The only time we ever tried to use it, for redundancy, we were told "it doesn't cover this type of claim".
We were told when we took the loan that it was a condition of us having the loan in the first place, and we certainly weren't given any documentation to read about the loan, nor told that we could cancel it.
So, as the loan finished in August this year, I'm wondering if I would be able to reclaim it or not - as it could be said we were only claiming it back as the loan had now finished and we'd not used it etc etc (which I guess is understandable!). The amount paid for the PPI was £2,400.
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Just because the Loan is paid up does not mean you cannot reclaim the Mis-Sold PPI in fact you are on firmer ground as they cannot use that money to pay the loan.
Also if the Loan was 2,400 you want that back plus the interest you have paid on that PPI.
Good place to start is by reading the stickys at the top of this forum.
So, as the loan finished in August this year, I'm wondering if I would be able to reclaim it or not - as it could be said we were only claiming it back as the loan had now finished and we'd not used it etc etc (which I guess is understandable!). The amount paid for the PPI was £2,400.
That could be one of the things they would try to say. They will also no doubt say that you ticked the box, so you agreed to having the insurance.
Originally Posted by KER
We were told when we took the loan that it was a condition of us having the loan in the first place, and we certainly weren't given any documentation to read about the loan, nor told that we could cancel it.
This is one of the main reasons for misselling. A loan cannot be made conditional on taking the lenders insurance.
You mention that you weren't allowed to claim for redundancy. I always thought insurance (should) cover redundancy. So if you were given the impression that it did then that could be another reason for misselling.
So I would say go for it. But be prepared for a bit of a fight. Some lenders won't give in that easily.
Finally, Could you give us some detail about the loan so peope can give you more specific help. Who was the lender? When was the loan taken out? etc.
HALIFAX: 13/01/07 Sent S.A.R - (Subject Access Request) letter (marked as rec'd 16/01)
Paid in full in March 07
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re: PPI reclaim once the loan has ended? **WON**
Loan was with Citi Financial for approximately £12,000.
All in all I paid back (including the PPI of £2,400) of £23,000 - £383 over 60 months..!
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re: PPI reclaim once the loan has ended? **WON**
Just an update.
I decided to go for a PPI claim at the end of June this year.
I had a letter back today with an offer of a refund near £4k To say the shock I had at how quick Citi agreed to my claim is an understatement!!!
So all in all 3 weeks from start to finish of claim ... just waiting for the cheque now, up to 14 days for arrival it says
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Re: PPI reclaim once the loan has ended? *** WON ***
No court claim.
The standard form completed, with a covering letter and a copy of the original contract, together with my workings out on what I wanted in return.
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Re: PPI reclaim once the loan has ended? **WON**
Originally Posted by sea-sidelady
Congratulations
Let us know as soon as you get the cheque
I shall be sending the acceptance form back by special delivery to ensure no denial of not receiving it in time!! hehe ;-)
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Re: PPI reclaim once the loan has ended? *** WON ***
Cheque arrived this morning
Off I go to the bank and to buy a nice shiny new Apple Macbook Pro with some of the proceeds
When you've had all the help you need, make sure you stick around to help others too!
Just think, if everyone left the site after they'd got their help, there might not be anyone left the next time YOU come back needing more assistance!!!!!!!
PPI reclaim once the loan has ended? *** WON ***
. The only time we ever tried to use it, for redundancy
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Originally Posted by KER
To say the shock I had at how quick Citi agreed to my claim is an understatement!!!
