Thread: Can i still claim back the PPI if i paid my loan off early???

hi im new to claiming PPI back. ive put a claim in for my bank charges last year and unfortunately my court case was the week after the court stayed all cases so im still waiting.
Anyway i got a loan with HSBC in march 2003 the loan was for £15700 and the PPI was £3241.43. Total for both including interest was £23345.44. i am trying to claim the PPI back but i paid the loan off early can i still claim??? My mum got a loan out for me the year after and so i paid this loan off in full. WIll i still have paid the PPI if i settled it early?? please help!!!

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Hello and welcom to the PPI forum,

hi im new to claiming PPI back. ive put a claim in for my bank charges last year and unfortunately my court case was the week after the court stayed all cases so im still waiting.
Anyway i got a loan with HSBC in march 2003 the loan was for £15700 and the PPI was £3241.43. Total for both including interest was £23345.44. i am trying to claim the PPI back but i paid the loan off early can i still claim??? Yes you can still claim providing you have a valid reason to claim mis-selling. If you have you should be able to claim the premiums paid during the life of the loan plus interest and also 8% statutory interest on top. My mum got a loan out for me the year after and so i paid this loan off in full. WIll i still have paid the PPI if i settled it early?? please help!!!

If you are starting from scratch the best thing you can do is request a copy of your Consumer Credit Agreement under the terms of the Consumer Credit Act 1974 sections 77/78 you will have to send the fee to request this and the cost is £1.00. Alternatively you can send a Subject access request under the terms of the same Act cost is then £10.00. They will have 14 days to respond to a CCA request but up to 42 days to give you all the data you ask for under a SAR.

It is better to start a fight armed and unless you have the original documents I would suggest a CCA or SAR request or both.

Any settlement will of course will take into account any rebate you received when the account was settled.

For info on whether you have a valid claim please see thiese links...........

For claims before 2005 and the FSA ruling from which campaign
How to tell if you’ve been mis-sold PPI
Quick check: were you mis-sold? - How to tell if you’ve been mis-sold PPI


Also please have a look through other threads and the stickies at the top of the forum which are full of useful information with regard to reclaiming Mis-sold PPI.

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Originally Posted by Gilbert_O'Sullivan

The £1 fee is not needed as the account has closed.

This is what Northern Rock told me and they returned my £1 postal order but also enclosed the agreement copy.

It's the statutory maximum fee payable for such a request which the lender is entitled to receive so it should always be sent, just in case. The lender may accept it, or decline at their discretion ...

If the account is closed and the credit agreement no longer running, then the lender is not obliged to comply with the request, and other methods of obtaining the information will need to be employed ...

HTH