Can I claim mine back?...

fayem34

Hi all, I would really appreciate any feedback on my PPI loan situation.

I took out a graduate loan for £5000 back in 2005 with Barclays, and was sold PPI. However, at the time I was only on a temporary one year contract, and I remember mentioning this to the lady who was setting up my loan, and she said this was fine. I believe the PPI was around £30 per month.

At the end of my contract at work I decided to go travelling for a year, and I had realised by then that I couldn't benefit from my PPI (!), but still continued to pay the full repayments for the 10 months that I was away.

When I returned I was unemployed for a couple of months and thought I should cancel my PPI, as it was wasted money I was shelling out. I went into barclays to explain my situation, as I was hoping my repayments could be reduced without the PPI. I was then told they could not just take off my PPI, but have to cancel the whole loan, and set up a new one.

This is what I did, although I thought it a bit odd that the PPI could not just be cancelled by itself.

I am not sure whether i've ended up paying added interest ontop of what I already paid on my previous loan, as I had to take out the new loan and extend the time period to pay the £80 per month that I was originally paying off the loan if I excluded the PPI payments.

And I think I might have shreaded all that old paper work because I didn't think it was applicable to me anymore

So, I would appreciate it if you could advise me if:
a) I have a case
b) I can claim any of the extra interest i've ended up paying
c) If I can get copies of my old paperwork

Thanks!!

di3004

fayem34 wrote: »

Hi all, I would really appreciate any feedback on my PPI loan situation.

I took out a graduate loan for £5000 back in 2005 with Barclays, and was sold PPI. However, at the time I was only on a temporary one year contract, and I remember mentioning this to the lady who was setting up my loan, and she said this was fine. I believe the PPI was around £30 per month.

At the end of my contract at work I decided to go travelling for a year, and I had realised by then that I couldn't benefit from my PPI (!), but still continued to pay the full repayments for the 10 months that I was away.

When I returned I was unemployed for a couple of months and thought I should cancel my PPI, as it was wasted money I was shelling out. I went into barclays to explain my situation, as I was hoping my repayments could be reduced without the PPI. I was then told they could not just take off my PPI, but have to cancel the whole loan, and set up a new one.

This is what I did, although I thought it a bit odd that the PPI could not just be cancelled by itself.

I am not sure whether i've ended up paying added interest ontop of what I already paid on my previous loan, as I had to take out the new loan and extend the time period to pay the £80 per month that I was originally paying off the loan if I excluded the PPI payments.

And I think I might have shreaded all that old paper work because I didn't think it was applicable to me anymore

So, I would appreciate it if you could advise me if:
a) I have a case
b) I can claim any of the extra interest i've ended up paying
c) If I can get copies of my old paperwork

Thanks!!

Hi there

A) Yes you have a case
b) Yes you can claim for the full whack with interest, plus an extra 8% of what a court would award.
C) If you require the paperwork and do not have the agreement (CCA), you can request for a copy by enclosing a £1 postal order or cheque payment, they should supply through the post by 12 days. (Post by recorded delivery).

If you no account number, you can check old bank statements and even on online banking this should let you go back as far as 6 years.
The account number should be next to the loan monthly repayments.

However for even more documents, you can if you want to request a SAR (Subject access Request), template link below for this.
They have 40 days to comply, and this one costs £10 postal order or cheque payment. They should supply everything going back as far as 5-6 years as requested on the SAR if possible.
http://forums.moneysavingexpert.com/showthread.html?t=1475553

For reclaiming, you do not require the figures at this point, but they may come in handy later on to compare with an offer etc..

The link below is the reclaiming guidelines with templates, check this out and any mis selling info and reasons that may occur to you, write them in the template letter.
They have 8 weeks in full to respond.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Another letter maybe required if they do not resolve this to your satisfaction the first time, they should let you know this and on the final response they should also give details of the Financial ombudsman service (FOS) if your still not satisfied with the outcome.

Post by recorded delivery, and please keep us posted and ask for help when required, good luck.;)

fayem34

:)Thank you for your advice, I would never have tried otherwise!

di3004

fayem34 wrote: »

:)Thank you for your advice, I would never have tried otherwise!

Your very welcome Faye

Keep on at them, and let us know when you require further help anytime.;)
Fingers crossed for you. X

fayem34

Hi di, just a quick question I am a little concerned about. I was wondering if my relationship with Barclays will be affected by this? As I have an overdraft, credit card, and online savings for my holiday with them also, and have banked with them for 9 years. Should I be thinking about moving elsewhere first?

Thanks

di3004

fayem34 wrote: »

Hi di, just a quick question I am a little concerned about. I was wondering if my relationship with Barclays will be affected by this? As I have an overdraft, credit card, and online savings for my holiday with them also, and have banked with them for 9 years. Should I be thinking about moving elsewhere first?

Thanks

Hi Faye

And no it won't.;)

I have everything with my bank, and been with them for 18 years+, so not to worry about this.

I have not had any problems, your only reclaiming back what is rightfully yours.

If you want to wait for more opinions, its up to you but to what I am aware of you should not have any problems.
Good luck X