advice on reclaiming ppi

melanie20

i was sold a ppi 2 years ago with a bank loan which i now believe was mis-sold. It was a phone application and the advisor told me that acceptance of the loan was subject to taking out the ppi which i ageed to as i didn't know any different & to be honest i was desparate for the money for a new boiler. I have now looked at the paperwork and i think the bank have covered their backs as in the paperwork it states that the advisor recommended i take out a ppi and that it is optional & not a condition of the loan. That was certainly not what was told to me when i spoke to the advisor. This is in paperwork that i signed and returned to them. I stupidly never read it thoroughly as i had no reason to question at the time what the advisor was saying. Does this mean i am not in a position to reclaim?

finatra26

Go for it Melanie20 - if it was only 2 years ago they should have phone record - put in your claim stating above & if this is what the advisor said to you they won't have aleg to stand on - who was loan with?

di3004

melanie20 wrote: »

i was sold a ppi 2 years ago with a bank loan which i now believe was mis-sold. It was a phone application and the advisor told me that acceptance of the loan was subject to taking out the ppi which i ageed to as i didn't know any different & to be honest i was desparate for the money for a new boiler. I have now looked at the paperwork and i think the bank have covered their backs as in the paperwork it states that the advisor recommended i take out a ppi and that it is optional & not a condition of the loan. That was certainly not what was told to me when i spoke to the advisor. This is in paperwork that i signed and returned to them. I stupidly never read it thoroughly as i had no reason to question at the time what the advisor was saying. Does this mean i am not in a position to reclaim?

Hello there and welcome.;)

I agree with Finatra and would give it a go and keep at them, do not worry about what it says on your paperwork etc, this is all standard and it seems you do have a case anyway.

If you can, ask them to also supply you with a copy of telephone recordings and/or transcripts, they may send them on request, hopefully free of charge, otherwise in a form of a Subject Access Request (SAR), where they have 40 days to comply and send everything they hold on you.
There is a charge of £10 postal order or cheque payment for this request but could be worth your while as well.
There is a SAR template letter for this in the link here below, post all letters by recorded delivery as this is your proof of posting.
http://forums.moneysavingexpert.com/showthread.html?t=1475553

There is more info on PPI reclaiming with templates, checklist of mis selling reasons etc.......if you require help from here give us a yell, good luck.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

melanie20

Thankyou both for these responses. There is some really useful advice here and I now feel more confident to try & reclaim. Its Lloydstsb btw

finatra26

Best of luck - if you do a search on the success thread & put in Lloyds you will be able to see all the people who have had lovely money back from Lloyds - search all the stickys with Lloyds in the search thread & it will give you an idea of how they deal with PPi claims & it will get you prepared- don't give up

di3004

Great advice Finatra, hey your really good at this.:T;)X

Melanie your welcome;), good luck and please keep us posted, cheers.:beer: