Reclaiming PPI advice...please!!

twopens

Having read various forums on this subject i'm trying to find out as much info as possible before I begin any reclaiming procedures.
Less than 6 years ago i took out a loan and was told that in order to get the loan approved i would need PPI as at that time I was Self-Employed. Over a year later I began a full time job but the pay was terrible and had to take out a new loan in order to repay the previous one agin PPi was brought into the equation. As mentioned before seeing that numerous people have successfully reclaimed my question is this, If I was to begin the reclaiming procedure would I have to pay back the loan in full if reclaiming was successfull?

Any advice would be great..

di3004

twopens wrote: »

Having read various forums on this subject i'm trying to find out as much info as possible before I begin any reclaiming procedures.
Less than 6 years ago i took out a loan and was told that in order to get the loan approved i would need PPI as at that time I was Self-Employed. Over a year later I began a full time job but the pay was terrible and had to take out a new loan in order to repay the previous one agin PPi was brought into the equation. As mentioned before seeing that numerous people have successfully reclaimed my question is this, If I was to begin the reclaiming procedure would I have to pay back the loan in full if reclaiming was successfull?

Any advice would be great..

Hi Twopens

I say go for it, you have nothing to lose and hopefully something to gain and have good reasons here.

Here below is a link to guidelines of reclaiming PPI, also templates, write in your own reasons.
They have 8 weeks to respond in full.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

You may have to send another letter if they don't resolve in your favour first time round, they should let you know this on the letter, and in the final letter they should give details of the financial ombudsman service (FOS) if eligible to take this - this direction, however it seems by reading on some threads yesterday that the FOS are now looking at all PPI complaints, but also waiting for more feedback on this.

Post by recorded delivery, good luck and post up for help when required.;)