help with reclaiming loan ppi

taylor_made

hi all, 1st post so all help appreciated!

will try to keep story short & simple so here goes...

i took out an unsecured loan about 2 years ago for £10,000 with co-op when self employed and was not really informed about being able to refuse ppi and was told was necessary, which i believe was useless as was self employed, so think i had been missold.

have now ceased trading with business and currently unemployed, with no re-payments made to loan since christmas (still owe about £7000) so calls and letters have been in abundance!

they are obviously chasing me for the money owed and would love to pay but am struggling at the minute, so wondering what is the situation regarding reclaiming as i have not made a payment since christmas - does this affect my reclaim?

taking off the £3500 i believe i am owed from them from the £7000 still owed reduces the debt by 50% so would they accept this as full and final settlement in any way?!!

could probably get my hands on maybe £1000 - £2000 off family if needed if meant that this was accepted in f & f settlement but need to know if i am still in a strong position to reclaim or reduce the money owed even though no payments have been made since christmas.

sorry if a little long winded but look forward to all replies

thanks

di3004

taylor_made wrote: »

hi all, 1st post so all help appreciated!

will try to keep story short & simple so here goes...

i took out an unsecured loan about 2 years ago for £10,000 with co-op when self employed and was not really informed about being able to refuse ppi and was told was necessary, which i believe was useless as was self employed, so think i had been missold.

have now ceased trading with business and currently unemployed, with no re-payments made to loan since christmas (still owe about £7000) so calls and letters have been in abundance!

they are obviously chasing me for the money owed and would love to pay but am struggling at the minute, so wondering what is the situation regarding reclaiming as i have not made a payment since christmas - does this affect my reclaim?

taking off the £3500 i believe i am owed from them from the £7000 still owed reduces the debt by 50% so would they accept this as full and final settlement in any way?!!

could probably get my hands on maybe £1000 - £2000 off family if needed if meant that this was accepted in f & f settlement but need to know if i am still in a strong position to reclaim or reduce the money owed even though no payments have been made since christmas.

sorry if a little long winded but look forward to all replies

thanks

Hi and welcome.

In regards of PPI reclaiming, if you believe you were mis sold there is no harm in trying to reclaim, it does not matter if your behind in your payments, neither does it matter if the policy is still active or settled.

Here below is the link to the guidelines of reclaiming with templates, write your own reasons and they have 8 weeks to respond, keep on at them until you receive the final response and post by recorded delivery.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

If your successful, it may be the case that this will then help clear your loan.

Another issue is if you are stuggling I would send letters to the creditors and let them know your situation and offer token payments, which is far better than nothing.

If you post on the thread here below (if you've not done so yet) you will receive help and advice in regards to this matter with letter templates to send to your creditors.
http://forums.moneysavingexpert.com/forumdisplay.html?f=76
This is the "debtwannabe" thread, you can also contact a free debt organisation to help you through this, where they maybe able to liaise with your creditors on your behalf, but please do post on that thread for this help and of course in regards of reclaiming on the PPI you are in the right place here.

Good luck.;)