Loans, Defaults and PPI's = ADVICE NEEDED!!!

WhatDoIDo?

Hi everyone,

Hope I've posted in the right section.

Basically,

I defaulted on a couple of loans last year and have since been on a DMP through CCCS. I recently realised that I am still paying PPI on them. Before I phone the loan companies and make a potential tit of myslef I thought I'd seek some advice from you knowledgeable lot on here .

First of all, can I cancel my PPI's even though I've defaulted and secondly, can I apply for a refund of monies paid which I can then use to pay off some of the money owed on the loans? I was not mis-sold the PPI's, I was fully aware I was taking them out at the time.

Also, a while back I requested a copy of my credit agreement on one of my loans because I couldn't find my copy but when I received it it just seemed like a standard print off because it didn't bare my signature. Surely they should have sent me a copy of the original agreement with my signature. Should I ask for another copy and what if they can't provide a signed copy?

Hope someone can advise me,

Thanks

_Andy_

If you weren't mis-sold the PPI then you can't claim back the money you've paid on them.
That's like asking for a refund of your home insurance premiums just because you haven't claimed.

WhatDoIDo?

_Andy_ wrote: »

If you weren't mis-sold the PPI then you can't claim back the money you've paid on them.
That's like asking for a refund of your home insurance premiums just because you haven't claimed.

Never thought of it like that .

Can I cancel them though?

_Andy_

Have a search on this forum for 'cancel PPI' - there have been many threads about it, plenty of good info out there.

petermb_2

If you were not given the opportunity to take out monthly premium PPI then you were mis-sold. I know you will not have been given that opportunity so yes you can claim.

There are other issues than just mis-selling and you have the opportunity to challenge the loan itself.

WhatDoIDo?

petermb wrote: »

If you were not given the opportunity to take out monthly premium PPI then you were mis-sold. I know you will not have been given that opportunity so yes you can claim.

There are other issues than just mis-selling and you have the opportunity to challenge the loan itself.

So, let me get this right.

Even though, when I took out the loans, I voluntarily opted to take out PPI there's a chance I was mis-sold. How?

And how on what basis can I challenge the loan?

Sorry, if I'm coming across a bit daft but I have very little knowledge about this

BTW: Thanks for everyone's help so far

petermb_2

As your loan is a regulated Consumer Credit Agreement the lender has to jump through a number of hoops. Sadly single premium PPI is one of those issues where the lender fial to get through the first hoop.

The way the agreements are written can be faulty and also a number of Common laws are broken at the same time.

So yes, even though you took out optional insurance the lender had a number of obligation to you that will have been overllooked or ignored.

WhatDoIDo?

petermb wrote: »

As your loan is a regulated Consumer Credit Agreement the lender has to jump through a number of hoops. Sadly single premium PPI is one of those issues where the lender fial to get through the first hoop.

The way the agreements are written can be faulty and also a number of Common laws are broken at the same time.

So yes, even though you took out optional insurance the lender had a number of obligation to you that will have been overllooked or ignored.

But as a lay person, how would I know if any common laws are broken or the agreement is faulty? Who would be the best person to check it out? Don't really want to go to one of those dodgy looking PPI claims companies :undecided

petermb_2

I will gladly have a look at your agreement for you and let you know what your best moves might be and of course, the likely outcome.