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    • slypowell
    • By slypowell 9th Oct 17, 11:29 AM
    • 4Posts
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    slypowell
    PPI from 2002-2007 A lost cause?
    • #1
    • 9th Oct 17, 11:29 AM
    PPI from 2002-2007 A lost cause? 9th Oct 17 at 11:29 AM
    In going through some old paperwork I discovered a loan document dating back to Nov 2002 (start date), it was a five year loan term and it details a PPI cover amount which added up to £3,380

    I gather that the bank only keeps records for 6 years (First Direct/HSBC) so am I wasting my time with a PPI claim?

    I only ask as I definitely didn't agree to any Insurance policy let alone one so stupidly expensive.

    Help anyone?
Page 1
    • Moneyineptitude
    • By Moneyineptitude 9th Oct 17, 11:45 AM
    • 19,537 Posts
    • 9,638 Thanks
    Moneyineptitude
    • #2
    • 9th Oct 17, 11:45 AM
    • #2
    • 9th Oct 17, 11:45 AM
    You already have documentation, so you don't have to worry about the bank's records (or lack of them). However, if all you have is a copy of an agreement, that is not proof that you then went on to pay the PPI. Look for statements showing that you paid too.

    In addition, you'll need a solid mis-selling complaint. Is the PPI single premium, i.e. was it paid back with a single monthly payment which also paid the loan? Such "front loading" attracted far more interest and is generally deemed mis-sold.
    • slypowell
    • By slypowell 9th Oct 17, 1:48 PM
    • 4 Posts
    • 0 Thanks
    slypowell
    • #3
    • 9th Oct 17, 1:48 PM
    • #3
    • 9th Oct 17, 1:48 PM
    It was monthy over 60 payments, I don't have old bank statements sadly.
    • amersall
    • By amersall 9th Oct 17, 5:43 PM
    • 16,686 Posts
    • 18,733 Thanks
    amersall
    • #4
    • 9th Oct 17, 5:43 PM
    • #4
    • 9th Oct 17, 5:43 PM
    Give them a call, make the complaint, you never know.
    Use the front loaded reason for mis sell as moneyineptitude said.

    Front loaded is where the PPI is put on the loan and repaid to term with interest, in effect, another loan.

    • Moneyineptitude
    • By Moneyineptitude 9th Oct 17, 6:04 PM
    • 19,537 Posts
    • 9,638 Thanks
    Moneyineptitude
    • #5
    • 9th Oct 17, 6:04 PM
    • #5
    • 9th Oct 17, 6:04 PM
    Front loaded is where the PPI is put on the loan and repaid to term with interest, in effect, another loan.
    Originally posted by amersall
    Actually a loan on a loan paid to term with additional interest.
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