ppi newbie

joestev

hi all. ive been reading some of the threads on here about reclaiming ppi. we took a loan out with 1st plus in 2007 to consolidate our debts which has worked quite well. however scince reading about ppi on here we have looked into it and it seems we may have a case.
we took out a loan in july 2007 and for peace of mind as it is a secured loan we took out ppi. what we didnt realise at the time is that the ppi is in fact a seperate loan running alongside our original loan. we thought that we would just be paying a monthly premium like any other insurance. this has added £5002 to the original loan ammount. this line was taken out by phone and the paperwork was sent via post for us to sign. we were also told if we didnt make a claim we would get the £5000 back. we have also noticed that the insurace only runs for 5years but the payments are over 25 years. do we have a case for a claim and how do we go about it. also we have had loans in the past along with creditcards and we have always had the payment protection.cheers all.

di3004

joestev wrote: »

hi all. ive been reading some of the threads on here about reclaiming ppi. we took a loan out with 1st plus in 2007 to consolidate our debts which has worked quite well. however scince reading about ppi on here we have looked into it and it seems we may have a case.
we took out a loan in july 2007 and for peace of mind as it is a secured loan we took out ppi. what we didnt realise at the time is that the ppi is in fact a seperate loan running alongside our original loan. we thought that we would just be paying a monthly premium like any other insurance. this has added £5002 to the original loan ammount. this line was taken out by phone and the paperwork was sent via post for us to sign. we were also told if we didnt make a claim we would get the £5000 back. we have also noticed that the insurace only runs for 5years but the payments are over 25 years. do we have a case for a claim and how do we go about it. also we have had loans in the past along with creditcards and we have always had the payment protection.cheers all.

Hello there and welcome.;)

Going by your reasons it seems you do have reason to complain and reclaim.
So I would go for it, just as long as you have not made a successful claim for example for sickness and unemployment etc.

Using your own reasons on the template on the link below they have 8 weeks to respond in full.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Another letter maybe required if they don't resolve your complaint in your favour, they should let you know in the letter if they have given you the opportunity to write back in order for them to reconsider.

In the final response , they will state "final response" and give details of the Financial ombudsman service (FOS), if your still not satisfied with the outcome of your complaint.

Post all letters by recorded delivery and keep on at them.;)
Good luck, and please keep us posted and post up for help when required.