Can I claim this PPI from Tesco?

LittleMissSkint

Hi,

I was just browsing this thread and looking at what "mis-sold" PPI is and I dunno if what I have here counts? I have a copy of my credit agreement and it says:

Main Loan: (a) 9,104.07 cash loan for car
(b) 10,8953 for repayment to us

Insurance Loan: (c) 3,701. payable to the insurers for Standard payment Protection

Would I have been expected to know this was optional? It is just in there with the loan it doesn't look like an option. Do I have a chance of reclaiming it? It's a LOT of money.

di3004

LittleMissSkint wrote: »

Hi,

I was just browsing this thread and looking at what "mis-sold" PPI is and I dunno if what I have here counts? I have a copy of my credit agreement and it says:

Main Loan: (a) 9,104.07 cash loan for car
(b) 10,8953 for repayment to us

Insurance Loan: (c) 3,701. payable to the insurers for Standard payment Protection

Would I have been expected to know this was optional? It is just in there with the loan it doesn't look like an option. Do I have a chance of reclaiming it? It's a LOT of money.

Hello there.:D

It is possible, I would also check the link below for more info of Martin's, you will also find a check list of mis selling reasons anf templates etc, go for it if you feel you have a case.
Good luck and please ask for help if required.;)
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

LittleMissSkint

di3004 wrote: »

Hello there.:D

It is possible, I would also check the link below for more info of Martin's, you will also find a check list of mis selling reasons anf templates etc, go for it if you feel you have a case.
Good luck and please ask for help if required.;)
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Hi,

I honestly don't know if I have a case lol. It says in the Ts&Cs of my loan (back of agreement):

By signing this agreement you authorise us to draw down the credit by a) crediting any cash loan proceeds to the detsination account and b) paying over the insurance loan proceeds to the payment protection insurer.

By signing this agreement you declare and acknowledge: a)that the payment protection insiurance is accepted on the terms and conditions set out by it. blah blah.

So it seems I don't have a case, as I signed saying it was accepted, although it does read to me like if I disagreed with the PPI I couldn't sign the credit agreement and wouldn't get the loan.

di3004

LittleMissSkint wrote: »

Hi,

I honestly don't know if I have a case lol. It says in the Ts&Cs of my loan (back of agreement):

By signing this agreement you authorise us to draw down the credit by a) crediting any cash loan proceeds to the detsination account and b) paying over the insurance loan proceeds to the payment protection insurer.

By signing this agreement you declare and acknowledge: a)that the payment protection insiurance is accepted on the terms and conditions set out by it. blah blah.

So it seems I don't have a case, as I signed saying it was accepted, although it does read to me like if I disagreed with the PPI I couldn't sign the credit agreement and wouldn't get the loan.

I would still check the checklist to be sure though, because we all get told that, and it should have been optional and so on.;)
There are lots of other reasons, signed agreement or not, these single policies are frowned upon and they must stop selling these with the loans/credit cards and so on now.

LittleMissSkint

Think I'll try anyway, worst that can happen is they'll say no :rotfl:

I pay £279 a month to that loan, of which £43 per month is PPI. I never intentionally take PPI, I have a Northern Rock loan too which has no PPI, because I was told it was optional. I'm pretty sure if Tesco told me it was optional I would not have taken it. :beer:

LittleMissSkint

Another quick Q, The loan was taken out in Oct 04, so is now 5 years old. Will they just dilly dally over it for a year so it will be too old? Or once it has started to they have to see it through?

finatra26

99% of Single Premium Policy PPI claims are being upheld - also if your only option to sign was a line where the PPi bit was above it (and not 2 single places to sign) you were not given the option to opt out.
Also it was not explained to you it was optional , plenty reasons to claim & date is fine - I won on a loan from 1995

Itsmineanyway

LittleMissSkint wrote: »

Another quick Q, The loan was taken out in Oct 04, so is now 5 years old. Will they just dilly dally over it for a year so it will be too old? Or once it has started to they have to see it through?

The selling of single premium ppi has been found to be a case of mis-sold ppi and the date when you took it out doesn't matter.
You can also cancel ppi and you should be entitled to a partial refund.
Good luck. Thats why Tesco now don't give ppi with loans because they have missold them in the past!