Newbie - Advice on Abbey PPI

mouikey

Hi all - newbie here so please be gentle!!!

I took out and Abbeyloan in July 2005 and "chose to protect my payments with accident, sickness and unemployment insurance". The amount of the insurance was £4530.60 with a interest this equals £5599.44 (interest = £1068.84 as shown on my original loan agreement).

Is this considered to be a single sum insurance (sorry unsure of the terminology here) and does this mean I can claim it back? Can I claim back if I have sufficient sickness cover at work?

Also, if I claim will they require me to pay back the loan (I have another couple of years to run on it)? Should I stop the insurance (as it is still current) and claim or continue as is?

So sorry if these questions answered elsewhere, there is loads of information on this site and I don't know where to start! Any advice gratefully received.

Thanks in advance
Sarah

melorablack

It looks like it is a single premium policy and yes you can try and claim it back. I would ask for it to be cancelled in the first instance to cut your losses incase your complaint is not upheld. You will probably have to sign a new loan agreement to cancel the PPI and will receive a refund of some premiums. If your complaint is upheld you should get the rest back then.

di3004

Hi Sarah

As Melorblack says then go for it.;)

For more info on mis selling and guidelines, templates........here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Use the templates to help you but write your own reasons, they have 8 weeks to respond in full.
Another letter maybe required if they do not resolve this for you first time round, where they will reconsider.
In the final response they should give details of the finanical ombudsman service (FOS) if eligible to go this direction or if you want to go this direction.

Post by recorded delivery, good luck.;)

marshallka

You will find the template letters and lots of useful info here.


http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance


If you use the letter from there then try and make it your own and add/delete what is applicable to your own claim. You then have to give them 8 weeks for a full and final response and don't forget to send everything recorded delivery so you have proof of sending.

Good Luck

mouikey

Thanks for your help.

Tomorrow I will sort it out, here is my plan of action:

1) change my name on my loan agreement (its still in my maiden name!)
2) cancel the PPI
3) arrange new PPI through standalone company (after sorted the name thing out!)
4) write to Abbey to start the ball rolling regarding the single payment insurance
5) Hope to get some money back!!!

Sarah
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