Please can you help me with this possible ppi on secured loan dilemma?

flossjoss

Please can you help me? I have a secured loan with First National for £25,000 for 124 months started in 3/06. APR variable 9.6% and repayments started at £329.17. I specifically asked for no payment protection as had life insurance and income protection in place. On the signed documents payment protection is put as zeros but have been told that it has been included in the interest. Interest is on the paperwork as £14350.40. As this is a loan over £25000 I believe that the rules are slightly different or am I barking up the wrong tree and been given the wrong information? I would be grateful for any information you are able to give me. Many thanks.

di3004

flossjoss wrote: »

Please can you help me? I have a secured loan with First National for £25,000 for 124 months started in 3/06. APR variable 9.6% and repayments started at £329.17. I specifically asked for no payment protection as had life insurance and income protection in place. On the signed documents payment protection is put as zeros but have been told that it has been included in the interest. Interest is on the paperwork as £14350.40. As this is a loan over £25000 I believe that the rules are slightly different or am I barking up the wrong tree and been given the wrong information? I would be grateful for any information you are able to give me. Many thanks.

Hi FlossJoss

Just reading your post again and bumping up the same time, have you requested the Subject access request (SAR) for this loan?

If not then it may be a good idea that you do this, so if protection was added you should find this amongst the SAR.
Please accept my apologies if you have already done this.

If you've not done so and want to request for this, there is a cost of £10 postal order or cheque payment charge for this, and they have 40 days to comply.
The SAR template letter here:
http://forums.moneysavingexpert.com/showthread.html?t=1475553

As soon as you receive this, if any PPI there should be some documentation of this within your SAR.
Hope this helps until someone comes along.;)

flossjoss

Thank you so much! I shall do this and then know where I stand.This was looked at by a solicitor previously through one of these advertising companies but apparently due to the paperwork taking so long to come through and and the 4 month break I had at the beginning of the loan their computer system was not able to do the calculations? Not sure what that is all about?
Cheers for your help again.