PPI reclaim once the loan has ended? *** WON ***

[KER]

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.

Edited July 14, 2010 by KER

[pompeyfaith]

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.

 

Regards

 

Pompeyfaith

[djgordyp]

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.

 

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.

[pompeyfaith]

Below are most of the reasons for being Mis-sold a PPI Policy:

 

1 You were not in work or self employed at the time of sale

 

2 You were told that you had to take the PPI out at the same time as the loan or not at all

 

3 You were not asked whether you had any other insurance which would cover the loan

 

4 You were not told you could buy PPI elsewhere to cover the loan

 

5 You were sold a policy which had age restrictions which you fell outside of

 

6 You were led to believe that Payment Protection Insurance was compulsory

 

7 You were told that you would stand more chance of getting the loan if you took the Payment Protection Insurance

 

8 It was not explained to you that there were certain exclusions within the policy that could affect you

 

9 You were pressured into buying the PPI

 

10 You paid upfront for the PPI but it was not explained that there were some PPI policies where you could pay monthly

 

11 Your PPI was an upfront premium and you repaid the loan early and received no refund

 

12 You increased your loan and the PPI was increased automatically

 

13 The Terms & Conditions of the small print were not fully explained to you

 

Regards

 

Leon

[KER]

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..!

[KER]

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

[42man]

Very well done....did you actually put in a court claim ?

[sea-sidelady]

Congratulations

 

Let us know as soon as you get the cheque

[KER]

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.

[KER]

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 ;-)

[KER]

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

[dj1971]

Congratulations Ker.

 

Enjoy your MacBook Pro, will be some of the best money you ever spent.

 

Don't forget to donate to the site please.

 

DJ