PPI Reclaim, Can anyone help please?

embarrassed_about_my_debt

Not sure if this is in the right place but i had a loan i took out in 2002 (4 year loan) for a car (which was paid off in full and early approx 2 and a half years ago), now this was my first loan and I got told I had to take out ppi for it.

I've dug out my old form and the amount of the PPI is 544.15 and 260.81 interest on the PPI - Total £804.96

Now on the form it says that I have been given full details, but at the time i wouldnt get the loan without the PPI so "had" to take it.

Can i reclaim all of this? Obviously the £800 would go towards paying off a chunk of debt. How easy is it to reclaim and what information do I have to provide? I have the original loan agreement (Carbon Copy)

GeorgeUK

According to the PPI thread on the loans board, PPI should never be made a requirement so you should be able to reclaim.

Details on reclaiming PPI are probably on the loan board - never done it myself.
Also some details in Martin's article.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#reclaim

embarrassed_about_my_debt

Cheers George,

By the looks of it I have two grounds to complain

1) That i was told it was a requirement to have the PPI
2) It was a single premium policy with the whole amount being added with interest and then spread over the term of the loan.

embarrassed_about_my_debt

I have just doen the letter does everone think this is alright?

Dear Sir or Madam,

Re: Payment Protection Insurance on Loan Account

I purchased the above policy from you in November 2002 but now believe that I was mis-sold this policy for the following:

This is due to the fact that I was not given the correct information when the policy was sold to me, as your salesperson stated that taking out the policy was essential for me to get the associated credit
Also on the credit agreement the entire section for PPI was pre filled in meaning the form stated I received the information and the type of cover was already ticked and at no point was I told this was optional and could be removed from the application.
Further more I paid a single premium for my policy but did not see it through to the end of it’s initial term after paying back my loan earlier than planned on the 13th January 2006 and at no point was I offered any refund for the 11 Months of PPI not used.

Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments totaling £804.96, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.

I have enclosed a copy of the original loan agreement for your information unfortunately there is no agreement number on the application form and as such I am unable to provide you with the agreement number. Also please note my address has since changed and I would be grateful if all correspondence could be directed to the above address.

I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.

Although i have the Agreement there is no Loan agreeement number so I dont have the account number

Any advice or info is gratefully received!

embarrassed_about_my_debt

Anyone one?

Shameless bump :rotfl:

GeorgeUK

Looks ok to me - but what do i know.
Might be worth putting it up on the loans board incase someone with experience can comment.

embarrassed_about_my_debt

I have done but unfortunately nobody has looked at it

Just gonna print one of and send it and see what happens I think.