We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Secured Loans & PPI Reclaim
Options
Sulley285
Posts: 21 Forumite
Hi,
When I purchased my flat 5 years ago I took aout a loaned secured against the property with Welcom Finance.
I'm not sure, but pretty certain that I have PPI on that loan. Can I reclaim it or is it not possible as the loan is a secured one?
Cheers
When I purchased my flat 5 years ago I took aout a loaned secured against the property with Welcom Finance.
I'm not sure, but pretty certain that I have PPI on that loan. Can I reclaim it or is it not possible as the loan is a secured one?
Cheers
0
Comments
-
It is possible to reclaim it if the policy was missold.
However, as the loan was secured on your home that means you could have lost it if you had not been able to maintain the repayments. This means there was, on the face of it, a need for cover.
That does not mean you have no case, only that there was a need for some kind of cover.0 -
I agree magpie, but this was Single Premium PPI at it's worst, these secured loan PPI are extortionate with the repayments each month and the interest, the op could get cheaper insurance else where.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.7K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.4K Spending & Discounts
- 243.7K Work, Benefits & Business
- 598.5K Mortgages, Homes & Bills
- 176.8K Life & Family
- 256.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards