Can I reclaim my PPI?!!

Chrish1984

Hi all,

I'm new to the forum and i have a few questions about reclaiming PPI. Hope someone can help. I am currently on a debt management plan as i have been struggling with my debt for sometime. Just wondered if this will stop me from reclaiming any PPI i may be due? Also might this anger my bank (RBS) who already take reduced monthly payments from me on an existing loan?

Also my current loan was done over the internet so will this affect me getting back anything i may be owed? I have had quite a few loans over the past 5 years, each to pay off the one before it, are you entitled to anything if you agree to take PPI on your loans?

I believe i may have been sold a few 'single premium' loan policies however i am not entirely sure. How can i find this out?

Sorry for all the questions folks, pretty clueless when it comes to stuff like this!! Any help would be greatly appreciated.

di3004

Chrish1984 wrote: »

Hi all,
Hi Chris and Welcome

I'm new to the forum and i have a few questions about reclaiming PPI. Hope someone can help. I am currently on a debt management plan as i have been struggling with my debt for sometime. Just wondered if this will stop me from reclaiming any PPI i may be due? Also might this anger my bank (RBS) who already take reduced monthly payments from me on an existing loan?
If you have been mis sold, you should try to reclaim on the ppi plus the interest, it does not matter if your on DMP, it's your money you have been deprived with and not to worry about your bank, your only trying to reclaim what is rightfully yours which have put you out of pocket in the first place, which have not helped in regards of the debt.


Also my current loan was done over the internet so will this affect me getting back anything i may be owed? I have had quite a few loans over the past 5 years, each to pay off the one before it, are you entitled to anything if you agree to take PPI on your loans?
I would still try no matter how you were sold the ppi, however, it may be more difficult if sold online, but there still have been success this way, the Financial ombudsman service (FOS) are getting used to these complaints by now.
And I would try to reclaim on all your loan PPI, no matter how many you have, just as long as you have a reason to reclaim for being mis sold.

I believe i may have been sold a few 'single premium' loan policies however i am not entirely sure. How can i find this out?
By being sold a Single premium alone is a complaint in itself, so you have a good chance of reclaiming on this straight up.
Check out your paperwork/agreements if you have these, this will tell you if the ppi has been added to the loan as one whole loan, where you make the repayment i one, and the cover may only cover you for a loan of say for example 20 years, the cover may only be for 5 years, and yet you will still be paying out the ppi for the life of the loan.
There is more information on the link I will post below.

Sorry for all the questions folks, pretty clueless when it comes to stuff like this!! Any help would be greatly appreciated.

Don't worry about the questions, we have all had to start somewhere, but below is the link to reclaiming and the guidelines with templates, also useful information, with check lists of mis selling reasons.
They have 8 weeks in full to respond, write your own reasons in the templates, and post by recorded delivery, also keep on at them until they resolve in your favour, or until they issue you with the final decision, the final decision should give details of the FOS, you can go to these if the loan companies do not resolve in your favour, good luck and please keep us posted, also ask for help when required.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Chrish1984

Hello Di,

Many thanks for the welcome and for the quick response. With regards to my situation i am almost certain that my loans have been 'single premium' loans. However i don't have copies of the agreements anymore. (Misplaced the latest copy after moving house!!) Should i send a SAR form to my bank or should i just chance sending a letter to them requesting my PPI be paid back to me since i believe i have been sold 'single premium' loans?

Thanks in advance

Chris :cheesy:

di3004

Chrish1984 wrote: »

Hello Di,

Many thanks for the welcome and for the quick response. With regards to my situation i am almost certain that my loans have been 'single premium' loans. However i don't have copies of the agreements anymore. (Misplaced the latest copy after moving house!!) Should i send a SAR form to my bank or should i just chance sending a letter to them requesting my PPI be paid back to me since i believe i have been sold 'single premium' loans?

Thanks in advance

Chris :cheesy:

Hi Chris and your welcome.

If you do not have any paperwork/agreements, you can always write if you want to make sure on this by requesting copies of your CCA (True copies of your agreement) by enclosing a £1 postal order or cheque payment, they should post by 12 days, but I would also post by recorded delivery.
Then go on to reclaim.

There are many reasons for mis selling, so do also check the checklist out on the link I posted in my last above post, as you can write in whatever you think may occur to you in the reclaim letter.

For them to find your information, give them as many details as possible, to make it easier for them to track down, any change of address of where you were living at the time, also write your date of birth and so on, but if you still have the account number that is fine, you do not need to write in these details to request for copies of your agreement.

By all means you can SAR if you want to, they have 40 days to comply and there is a charge of £10 postal order or cheque payment for this request, again post by recorded delivery.
Link here to SAR if required:
http://forums.moneysavingexpert.com/showthread.html?t=1475553

Hope this helps.;)

Chrish1984

Thanks again appreciate all your help. May have some more questions but will leave it for another time !!! Will update on my progress. I have been paying loans every month for at least the last 6 years so hopefully i could be looking at a decent amount back if i'm successful. Would definately help my situation.

Chris

di3004

Chrish1984 wrote: »

Thanks again appreciate all your help. May have some more questions but will leave it for another time !!! Will update on my progress. I have been paying loans every month for at least the last 6 years so hopefully i could be looking at a decent amount back if i'm successful. Would definately help my situation.

Chris

Hi Chris and please do post up anytime, not a problem, we will do all we can to help you through your reclaiming.

The good thing is with SAR's as well you should receive all your information going back as far as 6 years, sometimes from even earlier years.
And it could be a help to any of your claims.

Yes you certainly would receive a good whack back from every claim you have, and there is interest to claim back as well, it all adds up.;)