PPI FAQs discussion thread

I have a credit agreement with PPI on it on a buy now pay later. We paid in full before the pay later kicked in, were we mis sold?

It depends on when the PPI was charged. If it was charged on the day you bought the goods and you repaid it in full, including the PPI, then you paid the PPI. If the PPI was only levied if you turned it into a formal loan after the buy now, pay later agreement then PPI wasnt charged and you have nothing to claim back.

Obviously, there is nothing wrong with having PPI. The fact you [may have] had it is not grounds for complaint. If you did pay it and have a complaint reason then you can make your complaint.

Hi guys

I paid off an Intelligent Finance loan approximately 10 years ago that I know I was definitely missold PPI on but I no longer have any paperwork. I was contacted by a claim handler who says they could handle the claim for me. I am tempted but am unsure if I even have the right to claim any more. It is also unlikely that the bank will have kept any records this long. I also had credit cards in the past that I think had PPI added on but again I no longer have any records.

Does anyone think it's worth the hassle? Should I try to claim for myself or go with the handler? If it was a straight forward case I would have no qualms about doing it for myself.

Any advice is much appreciated

cat_owner wrote: »

Hi. I had a joint endowment mortgage with my then husband. it was paid off 9yrs ago.I contacted ABBEY as it was then and LEGAL&GENERAL WHICH WAS RECOMENDED BY ABBEY NATIONAL. Both say that there was no ppi. how do i know if they are right.

You dont get PPI on endowments. You may have PPI on the mortgage but it would not be packaged with the mortgage but a standalone payment. So, the lender may not even know if you had PPI or not. Plus, of course, MPPI was then and still is recommended for mortgages.

I recently visited my Lloyds TSB branch in Bristol to check if I have ever had any loans with them. The only record they could find was a loan taken out in 1997 for 3 years. Repayment of £ 106.00 per month. The person in the Branch could not say if I was paying ppi on the loan but gave me a helpline to call. I called and the Advisor said I was paying PPI and asked if I wanted to make a complaint and the reason for the complaint. She advised she would send out a letter within 5 working days. On the back of this call I checked old statements and paperwork which showed I refinanced this loan in April 1999 for a further 3 years, value £ 4000. I then lodged this with the same lloyds PPi helpline. Agian I was advised that PPI was part of the loan. Reopayment was £ 164.56 per month.

This caused me to chck old paperwork and I found the orginal loan agreemnet for the second loan breakdown as follows:-

Amount of Loan £ 4000
Total Charge for credit £ 1,165
Total Amount payable £ 143.48 per month

Seperate Coloumn - To Pay Premium for Loan protection

Amount of loan £ 587.80
Total charge for credit £ 171.08
Total Amount payable £ 21.08 per month

Total Monthly premium £ 164.56 per month

I have signed this loan agreemnt and it says " have opted for Loan protection and have received terms and conditions"

In truth I remeber the conversation and only took the PPI as I was told it was a condition of the loan.

is it worth claiming ? Bearing in mind I have the loan agreement ? I questioned the interst rate (18.9%) and the PPI in March 2000 but was told by lloyds TSB " to answer your original request, the APR on your loan is fixed at 18.9%. It would aapperar that you signed all the documentation, and agreed to loan protection at the time of application.

Any advice in this matter much apprecited.

We thought that once we had completed the IVA then the debt is wiped out? Are we wrong?

You are wrong. You left creditors unpaid and it is morally wrong to expect those creditors to give you more money. They are allowed to use the money against arrears, defaults and amounts written off.