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Hi i wonder if you can help me, im worried for my son,my son who is now 22 bought a car from a car place advertised on tv.As he was only 19 at the time he had to get his father to stand as gaurantour (his father and i were divorced at this time)My son was under the impression this was if he didnt pay payments they would ask his father to pay.Anyhow to cut a long story short my son settled up early.Then a few months later he received a letter stating he had a 2nd loan to pay off when he questioned it they said no this was for the ppi.Apparently the ppi was added to original loan andded together to give the interest.My son was shocked as he thought the settlement included this.He is now 3 yrs after settling up having to pay 200 a month to clear this debt.Is there anything we can do as the car was sold 3 yr ago when he thought he had settled up?

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Hi i wonder if you can help me, im worried for my son,my son who is now 22 bought a car from a car place advertised on tv.As he was only 19 at the time he had to get his father to stand as gaurantour (his father and i were divorced at this time)My son was under the impression this was if he didnt pay payments they would ask his father to pay.Anyhow to cut a long story short my son settled up early.Then a few months later he received a letter stating he had a 2nd loan to pay off when he questioned it they said no this was for the ppi.Apparently the ppi was added to original loan andded together to give the interest.My son was shocked as he thought the settlement included this.He is now 3 yrs after settling up having to pay 200 a month to clear this debt.Is there anything we can do as the car was sold 3 yr ago when he thought he had settled up?

 

Hello Dantracy,

 

Did your son agree to have ppi on the loan.

 

Personally I would send them a Subject Access Request for all of the info they hold on him. and also a section 77/78 CCA request to see a copy of the original credit agreement to see what he signed up for.

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

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Hi My son had just passed his driving test 19 yr old and someone was saying here its your car just sign here as long as you can make the payment.His father had no dealings with loans etc in the past as i did it all when we were married so he wouldnt of known what he was signing.

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Am subscribing to this as my son is in a similar position regarding PPI. He bought a car in March 2006 through Approved Car Finance. The actual cost of the car was £5837 but he also agreed to PPI at £3529 plus interest at 39.9%!!!!!. The loan was over 5 yrs. It was not made clear that he didn't have to have it and he didn't know that he could buy loan protection elsewhere for much less. He handed the car back after a few months because he couldn't afford the repayments. he now still owes them about £18000 for something he no longer has!!! If anyone can offer any advice on this I'd be eternally grateful.

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BTW,this was a single premium payment. Can we just write and cancel it?

 

Hello Moggie,

 

Welcome to the forum, Can you start your own thread please, so we can follow and advise you.

 

If the ppi is still running, write to them and cancel it. Get all of the information you can and them reclaim it back.

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

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Hi Moggie, this is exactly the same as my son.Hell what sort of letter would we write to them we cant just cancel can we?

 

Looks like we may able to. I'm doing this tomorrow. Just say we want to cancel the policy with immediate effect-then look into the mis-selling aspect:)

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Hello,

 

I would just write a simple letter stating that from (date) you wish to cancel the payment protection insurance. Tell them that you need written confirmation of the cancellation in 7 days.

 

Read this info

 

Consumers to benefit from PPI refunds agreement

 

Good luck and keep us posted:D

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

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