maureenp

maureenp_3

Hi

I purchased a car on HP in 2004 which included ppi insurance which amounted to £1200 for the insurance. This was added to the loan and interest was charged on the total of the original loan plus the insurance. I repaid the loan in full 11 months later after getting a settlement figure from them, I didn't realise at the time that no allowance was made in the settlement figure for the insurance part of the loan, and the fact that I no longer required it

After reading the article on reclaiming I downloaded the letter and sent it off. After a long time another company wrote back saying that the original company that I had taken the loan out with had been taken over by them and they were not liable to repay the insurance part of the loan. Would anyone know if this fact is correct?

di3004

maureenp wrote: »

Hi

I purchased a car on HP in 2004 which included ppi insurance which amounted to £1200 for the insurance. This was added to the loan and interest was charged on the total of the original loan plus the insurance. I repaid the loan in full 11 months later after getting a settlement figure from them, I didn't realise at the time that no allowance was made in the settlement figure for the insurance part of the loan, and the fact that I no longer required it

After reading the article on reclaiming I downloaded the letter and sent it off. After a long time another company wrote back saying that the original company that I had taken the loan out with had been taken over by them and they were not liable to repay the insurance part of the loan. Would anyone know if this fact is correct?

Hi Maureen

The responsibility is those who arranged and sold this to you, you can also check on this with the Financial ombudsman service (FOS) by giving them a quick call, they may track them down for you with address details, so I would give them a call, good luck and please keep us posted.;)
http://www.financial-ombudsman.org.uk/contact/index.html