reclaiming PPI from Abbey/Co-op

Shellbell

Hi all I thought I should start a new thread for this as I attached my post to the end of an existing thread (had not found my way round the site) apologies to those who have already read my post

I'm new to this site and really pleased to read all the success stories.

I would really appreciate some advice on 2 loans I have/had, first one was with the Co-op which I took out in 1999 and finished 2006, when I took the PPI I can't ever remember being explained the full cover and what I was paying it for, I still have the loan agreement and it shows the cover in lump some but I have no idea what I was paying monthly for it and I had no idea that I had the right to cancel it.

My second loan is with the abbey national which was taken in 2001 and is due to end March next year, again I was never fully explained what the cover was for and I thought I had to take it and yet again I was never told that I had the option to cancel the policy.

Soooo do I have grounds to try to claim it back for it being mis-sold to me.

On both loans I can't ever recall being asked any questions like any existing medical conditions etc although it was a long time ago.

Any advice would be very very welcome
Shellbell

Shellbell

ps can someone please tell me what front loaded means? thanks

di3004

Shellbell wrote: »

ps can someone please tell me what front loaded means? thanks

Hi there hun
Basically the loan and ppi are added together, plus interest of the loan.

For example say a loan of 25 years, and the ppi only covered for the first 5 years, you would still be paying for the ppi plus interest for the remainder of the loan when the cover ends in 5 years, its extortionate.

Hope this helps.;)

Don't forget hun, you can still post anything regarding ppi here
http://forums.moneysavingexpert.com/showthread.html?t=862067&page=584

In case you lost your way round here lol xx

Shellbell

thank you, you have been most helpful today, I had infact got a little lost on where to post but now I think I'm sorted.

Coop loan, not sure if its front loaded or not but this is what it lookes like

Personal Loan Insurance Prem Total Loan
Loan Amount £ £ £
Credit Chardge £ £ £
total payable £ £ £


I have to say that i saw the advert for the loan on a mag that got sent to work (work related) and they were offering a special APR i think, now when I checked my agreement its not what I remember being advertised infact I'm sure it was 7. something and the APR is 10.63%.

marshallka

Shellbell wrote: »

ps can someone please tell me what front loaded means? thanks

Front loaded PPI means that if you had your loan and PPI and made repayments then most of the repayments made would actually come off the PPI and not the actual loan that you took.

Shellbell

Hi thank you for that

Not sure what I should do about the Abbey loan as I have six months left to run on it, do I try to cancel PPI and try to claim it back or just write and ask to claim it back (hope that makes sense)

thanks

marshallka

Shellbell wrote: »

Hi thank you for that

Not sure what I should do about the Abbey loan as I have six months left to run on it, do I try to cancel PPI and try to claim it back or just write and ask to claim it back (hope that makes sense)

thanks

I really don't think it will make much difference to you if you cancel as there are only 6 months left. I would just write and complain about the misselling.

Shellbell

ok, guess I will send the letter this week.

I keep reading about people talking about 6 year time frame, my co-op loan was taken out 1999 and I finished paying it off 2006 so will I still be able to claim back the PPI? thanks

marshallka

Shellbell wrote: »

ok, guess I will send the letter this week.

I keep reading about people talking about 6 year time frame, my co-op loan was taken out 1999 and I finished paying it off 2006 so will I still be able to claim back the PPI? thanks

That could depend on whether you get this accepted at the FOS if co-op do not make the offer. Its always worth a try but you have to be prepared to have this thrown back by FOS. They say 6 years or when you actually became aware. I think co-op will say that you should have reasonably been aware 3 years ago of the misselling to which you reply that you only just knew cause of the media coverage of this. Also the FOS can apply certain codes to your claim and if these are over 6 years old and you only just became aware then there are more options than just the GISC (as co-op were not members until 2001) and FSA and can look into the Banking Ombudsman scheme which was a scheme which some banks belonged to in these earlier years. It all depends on how you word your complaint to them and also the person that looks into this at the FOS. You always have the option to argue your points though I think.

Shellbell

thanks, so should I put in my letter the fact I have just been made aware of the mis-selling (was yesterday infact).

marshallka

Shellbell wrote: »

thanks, so should I put in my letter the fact I have just been made aware of the mis-selling (was yesterday infact).

Yes if that is when you became aware.