Claiming PPI back on a bank loan.

Jason_Chapman

Hello,
I took out a loan in October of 2004, and got a top up loan in October 2005 for a car. I am now in the last eighteen months of repaying that loan back. Me and the future wife are busy saving for a wedding, there's no way I'm getting another loan for this, we have most of it covered, but I would like to claim the PPI I have been paying these last five years almost.
I still have most of the paper work on the original loan and the top up loan, and I would like to know if I write to the bank and claim miss sold insurance. Will they try and fob me off or have I the right to claim this money back. How long does it take usually to get anything back. I would be more than grateful for any advice from Martin Lewis or his team.
Many thanks
Jason Chapman

~Brock~

Jason_Chapman wrote: »

Hello,
I took out a loan in October of 2004, and got a top up loan in October 2005 for a car. I am now in the last eighteen months of repaying that loan back. Me and the future wife are busy saving for a wedding, there's no way I'm getting another loan for this, we have most of it covered, but I would like to claim the PPI I have been paying these last five years almost.
I still have most of the paper work on the original loan and the top up loan, and I would like to know if I write to the bank and claim miss sold insurance. Will they try and fob me off or have I the right to claim this money back. How long does it take usually to get anything back. I would be more than grateful for any advice from Martin Lewis or his team.
Many thanks
Jason Chapman

You mention nothing about whether is was actually mis-sold or not, but I don't suppose that really makes much difference nowadays.

PPI's have been a damn good savings plan over the last four years. On the one hand if you need to claim then great - have your loan payments made for you. If you don't need to claim then even better - claim back your premiums plus 8% interest !!! (considerably more than any other investment return available). What a fantastic product!

Your motivation for claiming back appears to be nothing more than the help you pay for a wedding. Not sure if there is a template letter for that but I'm sure you can adapt one to suit.

Good luck

petermb_2

Jason_Chapman wrote: »

Hello,
I took out a loan in October of 2004, and got a top up loan in October 2005 for a car. I am now in the last eighteen months of repaying that loan back. Me and the future wife are busy saving for a wedding, there's no way I'm getting another loan for this, we have most of it covered, but I would like to claim the PPI I have been paying these last five years almost.
I still have most of the paper work on the original loan and the top up loan, and I would like to know if I write to the bank and claim miss sold insurance. Will they try and fob me off or have I the right to claim this money back. How long does it take usually to get anything back. I would be more than grateful for any advice from Martin Lewis or his team.
Many thanks
Jason Chapman

Hi Jason
The truth is that anyone with PPI can claim the premium back and much more besides. It now appears that we have all been suckered into a huge money making machine for the lenders, a huge con called single premium PPI.

Fortunately and surprise surprise, they made a few mistakes along the way. Those mistakes mean that you can reclaim your money and some.

So dont be put off by the lender's smoke screens and stuff.

Jason_Chapman

Hi
Thanks for the reply. I have just spoken to my future father inlaw who's a retired banker, and he suggested I do a search for a PPI Draft Letter. If I attempt to write to the bank in question then they could tell me to bog off. So I need to research the law and draw up one of these draft letters.

di3004

Jason_Chapman wrote: »

Hi
Thanks for the reply. I have just spoken to my future father inlaw who's a retired banker, and he suggested I do a search for a PPI Draft Letter. If I attempt to write to the bank in question then they could tell me to bog off. So I need to research the law and draw up one of these draft letters.

Hi there

There are ppi letter templates on this site here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Check the link out, You will find reclaim PPI templates on there.
I expect you may be aware of how this works, but anyway they have 8 weeks to respond in full.
Keep at them until you exhaust their complaint procedures.

Generally in the final response they will let you know how you can take this further, such as with the FOS.

Post all letters by recorded delivery, good luck.;)

Once_bitten

What we are saying is that, I could get a loan and protect it with PPI. After the loan has been paid off I could then claim it back and claim interest on top of that at a better rate than I would get in most saving accounts. Sounds like a sweet deal to me