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Help please need refund on PPI


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We have a secured loan on our property that we took out In feb this year of £22k, we purchased the PPI along with as I was told we would get all our premiums back at the end of 5yrs (which would total approx £4k) so I thought it was worthwhile doing

 

However, we have now decided to sell our house and move which means we have had to get a mortgage to cover paying this off aswell, I rang to ask for a settlement figure but they won't give it out over the phone and have said we have to write for one

 

I have accessed my credit file and notice that the figure outstanding is just over £26k which initially shocked me but then I realised this includes the PPI

 

Is there anyway I can get this refunded on settlement when we move? or will I have to settle the full £26k even though this loan has only been running for 10 months?

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This loan is with First Plus

 

I have just checked my credit agreement and it gives you examples of what you may get back (on the loan and PPI) after set periods of time.

 

This loan was taken out in Feb 07 for 20yrs

 

ppi loan was £4,384.60, interest on the PPI loan is £5,048.12

 

The agreement states that after one quarter of the term is passed (ie 5yrs) amounts payable on early settlement would be:

 

£19,908.63 for the actual loan

£3937.94 for the PPI

 

but I have only being paying this for 10 months!!!

 

I have also read the terms and conditions on the back and section 12 states:

 

'We will send the Payment Protection Premium to Barclays Insurance (Dublin) Ltd and Barclays Assurance who will advise you if your application for PPI is accepted. Cover will begin when the Insurer accepts the risk of insuring you. Confirmation of this will be the insurer issuing the certificate'

 

We have NEVER had any contact from Barclays since this loan was taken out

 

We were NEVER given any information about whether we are suitable for PPI and if we fulfill all the terms and conditions and this was sold to me just by the sales adviser over the phone based on the fact I would get the full premiums back after 5yrs, I didn't realise that I had to fulfill certain conditions (although I am sure I do fulfill these)

 

I am now beginning to think that I should be claiming for the whole premium (+ Interest already paid) back

 

I have not received any certificate from Barclays about the PPI, do you think I could dispute that this insurance has never actually commenced therefore I should be entitled to it cancelling and my full premiums and interest back?

 

Can someone give me an idea of the 1st letter I should be writing in respect of this?

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This is a difficult one as you say that their is no reason the PPI would not be valid and suitable for your needs. I think that the first thing you need to do is make some enquiries about whether you are actually covered - then take it from there.

 

Certainly there are issues regarding the deductions for termination - and that may be something you can challenge. Of course, if they have not processed your application for the insurance, or it has not been approved without you being notified, the issue becomes much more serious.

 

 

 

 

 

 

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I think the only reason why it would not be suitable for our needs is because we both have generous sickness pay from work (ie full pay for a year) which would outweigh the validity of having the insurance anyway wouldn't it?

 

I am going to write a letter to them asking where my certificate of insurance is and a settlement figure and take it from there

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