Graduate Loan PPI Help required!!

Tiffybum

Hi,

I am in desperate need of some advice and you all seem to be a nice bunch on here! I found myself in huge debt after uni and living in London and went to my bank, Lloyds TSB, to seek advice. They recommended I consoluted my debts into one loan which they could provide. After working out I would need over £9000 the bank advised that this was more then they should actually lend to me but they could put this through as two loans provided I took out the insurance product. Desperate after living with debt for two years I agreed and thought nothing of it. After 20 months of the loan I applied for an early settlement figure to find that I was paying £44.84 for the insurance- all in all I would be paying back £2690.40 in PPI. I called to cancel straight away and was told this would not be possible and that I would have to repay my graduate loan with a new loan (also incurring a £100 early repayment fee). The new loan would be at a different rate of interest so my payments would fall from £233.55 to £220 without the PPI cover. Can someone advice if this is correct? I did not receive any paperwork to tell me what the PPI was excately and on my loan agreement I cannot see that it is a condition of the loan. I firmly believe I was manipulated into taking the product when I was very vunerable!

Apologies for the rant...feels good to get it all out!

Thank you for taking the time to read

Stacey
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russt2000

Hi Stacey, well to be blunt ,yes they saw you coming with this arrangement, its not your fault that information in your post , its terrible they should offer you that. so just to clarify , you have these two loans currently? over how many months ? and there is a ppi policy on both loans?
let me know , because you have a very strong case for claiming misselling of these loans, and you may be able to get some of this back, they declined one loan to get two out of you , .double their profit for ppi its scandalous!!

russ

Tiffybum

Lol had often suspected I had 'Mug' written on my forehead! They put through the loan as two separate amounts but I only have one loan and one monthy payment, So I pay PPI on the final amount of £9400. My loan term is 60 months and I am 22 months into it.

I was just shocked to discover that I could not cancel the payment and that I would have to pay a early settlement fee just to have a loan without PPI. I now work for another bank so can get this cover so much cheaper if I wanted it.

Also to add insult to injury I called today to request a payment break as i'm moving into a new rental property and was told that I would be charged £66 interest payment at the end of my loan to recoup the lost interest of the payment I am missing this month! I argued this but had to accept it as I really could do with this payment break.

Do you think it is worth me sending one of the letter templates I have seen on the website?

Thank you for your response- I very much appreciate it!

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russt2000

HI , there are a lot of us who have been conned by companies like this, so dont feel bad, ours was firstplus and we are all at various stages of reclaming the ppi from them. So If I were you ,definately read the ppi reclaiming threads ,they have all procedures also the letters you need , they will need to be altered to your particuler circumstances.
On the info you put in your first post it is a clear case of misselling. At least they only got you for one ppi . Do some reserch on reclaiming ppi , look through the success /failure threads , get yourself familiar with the topic.
I will happily look over any letters you have put together and offer any assistance you need.
but my advice would be to go ahead with it.
russ

Tiffybum

That sounds brilliant! Thank you so much for your advice- I shall definately look at the other threads carefully. If you dont mind me troubling you to look over the letter that would be great!

Thank you once again

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russt2000

No bother ,we all need to get back at bad practices, especially when its about getting extra profit from us.
just in case you miss one link ,on the top of the home page there is a reclaiming button ,then the ppi one , read that in conjunction with the threads.
russ