PPI Reclaiming discussion Part III

di3004

hayjamdan wrote: »

hi all just a quick question what is a single premium policy

Hi hun
Its a big lump sum paid in front, like another loan if you know what I mean but its added in together with the loan, that's why it works out so expensive.;)

hayjamdan

di3004 wrote: »

Hi hun
Its a big lump sum paid in front, like another loan if you know what I mean but its added in together with the loan, that's why it works out so expensive.;)

thanks ok so its like taking too loans if they admit to mis selling me the policy if i get my money back will they give me intrest on top.how would u no if u have a single premium policy
thanks in advance

hayjamdan

so what is the loan called when you pay the premium with your monthly repayment. and does it mean u dont pay intrest on this type of loan

di3004

hayjamdan wrote: »

thanks ok so its like taking too loans if they admit to mis selling me the policy if i get my money back will they give me intrest on top.how would u no if u have a single premium policy
thanks in advance

Not a problem, basically if you have the paperwork, you should see the amounts of both loan and the PPI, yet these agreements differ from one to another, then you will note that they have added this in with the loan, so basically another issue here is that say for instance the loan was for over 20 or 25 years - the PPI maybe the type that will only also cover for the first 5 years for the loan, although you would be paying the PPI until the end of the term for the loan, its a rip off, and very costly to be paying for PPI that will only cover for five years for a loan where the loan is for even more years.

The FSA etc take a very dim views on these type of covers.;)

di3004

hayjamdan wrote: »

so what is the loan called when you pay the premium with your monthly repayment. and does it mean u dont pay intrest on this type of loan[/quote

To what I assume interest is added in them all, they do not actually disclose this as such, but can be very extortionate, these loans are those types of the single policy loans as they are pushed in together.

Marshallka here is very good at explaining in how these loan types work, there are some that will give you the option to find your own separate cover.;)
I am sure Marshallka will be able to explain at some point later hun.;)

hayjamdan

thanks di dats the one i have although my loan is for five years and i will pay premium until the loan finishes. i also told them i wanted to cancelled they told me i could but i would still have to pay the same amount i used to, the only way i can cancel the ppi is by taking out another loan

di3004

hayjamdan wrote: »

thanks di dats the one i have although my loan is for five years and i will pay premium until the loan finishes. i also told them i wanted to cancelled they told me i could but i would still have to pay the same amount i used to, the only way i can cancel the ppi is by taking out another loan

I see, who was this loan taken out with hun?
Did you request for this at the start of the loan?

Unfortunately after the cooling period which is mainly those of 30 days, if cancelling afterwards thats the problem, the only way with some finance firms is that of taking out a new loan, yet if you do this, the amount they calculate for a new loan would still include the ppi, so it can make it all so pointless..... .

pinknico

Hello darlings, a quick question for you PPI detectives :cool: :search:

On another site it said that a mis selling point was if you topped up your loan and the PPI was increased but I cant find anything to back this up.:huh:

So if any of you come across anything can you let me know, thanks

di3004

pinknico wrote: »

Hello darlings, a quick question for you PPI detectives :cool: :search:

On another site it said that a mis selling point was if you topped up your loan and the PPI was increased but I cant find anything to back this up.:huh:

So if any of you come across anything can you let me know, thanks

Hi sweetie, hope your well.:A

I was reading stuff on that as well, and with my top up loan with the loan advance the PPI was higher than that of the first one with the same lender......now I take it you mean something on those lines.....:rolleyes: , will check this out and one of us will surely post something on this at some point today.

My inlaws are here right now.....:o lol, but I will be back later.;) x

pinknico

Thanks Di:A



Much love and hugs to all those that have lost loved ones whether recently or along time ago. My Dad died when I was 14 and cant bare the fact he is not around to see my children:A