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Mislead on a PPi Loan
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Hi all
I feel I’ve been mislead on my PPI loan, the total loan was original cost was nearly £4500 back in December 2008 and I was told it was a government grant in which I will not have to pay anything, so I asked the lady bluntly "Does this mean I will never have to pay anything back?" and she replied "No because it's a government grant you will owe us nothing" therefore I signed the form believing the government will be paying for the course. Then in June 2009 I received a letter to state that my monthly charge for this loan will start in December 2009 and I was totally confused due to the fact I was told it wouldn't cost me anything. Now I’ve recently received the bill in the post and the total came to around £8000 and it states that my direct debit will cost me nearly £230 per month. the worst thing I feel is that the company never got me a job like they promised, so at the moment I’m unemployed and getting this monthly charge, so I’ve got no money at the moment as I also owe for a student loan for my HND course (but this one only charges me very little and only if I’m working). I can imagine thousands of people have had this issue with their PPI loan.
Also is there a helpline so I can speak to somebody about this?
I feel I’ve been mislead on my PPI loan, the total loan was original cost was nearly £4500 back in December 2008 and I was told it was a government grant in which I will not have to pay anything, so I asked the lady bluntly "Does this mean I will never have to pay anything back?" and she replied "No because it's a government grant you will owe us nothing" therefore I signed the form believing the government will be paying for the course. Then in June 2009 I received a letter to state that my monthly charge for this loan will start in December 2009 and I was totally confused due to the fact I was told it wouldn't cost me anything. Now I’ve recently received the bill in the post and the total came to around £8000 and it states that my direct debit will cost me nearly £230 per month. the worst thing I feel is that the company never got me a job like they promised, so at the moment I’m unemployed and getting this monthly charge, so I’ve got no money at the moment as I also owe for a student loan for my HND course (but this one only charges me very little and only if I’m working). I can imagine thousands of people have had this issue with their PPI loan.
Also is there a helpline so I can speak to somebody about this?
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Comments
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Why did you agree to pay PPI if you didn't even think you were getting a loan??0
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it's beacuase i was made to believe that it was a course that was being payed for by the governemnt, so i stupidly agreed with it0
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I think the point CHR15 is getting at is this - why would you want/agree to take insurance out on a loan you weren't (or didn't think) you would be paying back? I.e. it wouldn't make sense for an insurance to pay out when you didn't have any payments to make.
Anyway, PPI aside, what loan paperwork did you actually sign? What does it state on there? I find it hard to believe you didn't sign anything saying what the payments were, etc.0 -
i did sign a sheet agreeing with all the T&C's to the business studies course i was doing (which was then supposed to lead to a career but hasn't). it also had the course fee on there, which as i've said before i thought was the amount the government were paying, which i also thought was a fee to pay if i quit the course, so that they're covered for the course fees. this is were i'm lost because i have no idea about the mess i've got into, so financial questions are going right over my head.0
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Hi
I may be totally wrong but I think the OP is talking about a company called PPI who supply courses for learning purposes, not PPI insurance for a loan.
Kind Regards0 -
What was the course (title and level) and where did you study? What qualification did you gain? What is the name of the company that actually gave you the loan?
It sounds a bit like a Career Development Loan - nothing to pay during the course or for a short period afterwards, then commercial interest rate.
Mel.Though no-one can go back and make a brand-new start, anyone can start from now and make a brand-new ending.
(Laurie Taylor, THE no. 1864)0 -
It was Fixed rate loan for a MCTS IT Support Course, but i never received a penny of the loan, the company (Fraser McKenzie) received the money towards the course. because the loan didn't have to be paid until a year later the cost has nearly doubled with a 29.9% interest rate, so it'l take me years to pay this off0
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Ah - doesn't sound too good, I'm afraid:
http://forums.moneysavingexpert.com/showthread.html?t=1457321&highlight=fraser+mckenzie
http://www.certforums.co.uk/forums/showthread.php?t=29809
You could try talking to Trading Standards if the agreement you signed doesn't make the full details clear.
You might still be able to get a job yourself, depending on which Technology you're trained in - even an entry-lvel post would help.
Mel.Though no-one can go back and make a brand-new start, anyone can start from now and make a brand-new ending.
(Laurie Taylor, THE no. 1864)0 -
thanks for the advive, i'll ask trading standards. i will get a job through another agency as they may have found me one with RBS if i'm interested, so i'm going to see what it's all about on monday and hopefully it's a good option to have.0
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