PPP on secure loan

RachelL_2

Hi, I've been looking through my T&Cs with the secured loan I have, it states that the PPP will be payable over 5 years but it isn't clear that it will cover me for the duration of the loan which is 10 years. It does state that I may be entitled to reclaim the PPP on the 5th anniversary of paying it.

Do I have grounds to reclaim this back? At the time I advised the chappy that I didn't think I needed it as I already have company cover but he said it was wise to.

Many thanks. Rachel

di3004

RachelL wrote: »

Hi, I've been looking through my T&Cs with the secured loan I have, it states that the PPP will be payable over 5 years but it isn't clear that it will cover me for the duration of the loan which is 10 years. It does state that I may be entitled to reclaim the PPP on the 5th anniversary of paying it.

Do I have grounds to reclaim this back? At the time I advised the chappy that I didn't think I needed it as I already have company cover but he said it was wise to.

Many thanks. Rachel

Hi and welcome Rachel;)

They have to what I know of stopped selling these type of policies now and they are frowned upon, they are a right rip off.

Many of us have been in this situation, for example you would still be paying for the PPI in with the loan repayments for the life of the loan, when the ppi ends in the first 5 years.

Personally I think this is a complaint of its own, but what you do is write to the ones that sold you the finance, and they have 8 weeks in full to respond.
Below there is a link with useful info and guidelines of reclaiming, with a checklist of mis selling reasons and template letters.
If there are also other reasons that occur to you then write them in your letter as well.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Post by recorded delivery, this is your proof of posting, please keep us posted and ask for help when required, good luck.;)

RachelL_2

Thank you - my machine froze so apologies if this is posted twice. Are you able to advise if Barclays has been fined by FSA for such?

di3004

RachelL wrote: »

Thank you - my machine froze so apologies if this is posted twice. Are you able to advise if Barclays has been fined by FSA for such?

Your welcome

I am not certain if they have been fined, but with the reasons you have you stand a good chance anyway.;)

You should be able to find more info on the above loan insurance link I posted in my above post, good luck.

RachelL_2

Hi - I've had two responses from Barclays, the first one in December advising they would respond by 18th January 10 and one today (18 Jan) to say they are still looking into the claim and will respond by 18th February 10 - is this acceptable?

di3004

RachelL wrote: »

Hi - I've had two responses from Barclays, the first one in December advising they would respond by 18th January 10 and one today (18 Jan) to say they are still looking into the claim and will respond by 18th February 10 - is this acceptable?

Hi Rachel
Hope your well.

Yes that is fine, as they are keeping you posted, even though after 8 weeks have passed your entitled to go to the FOS if you want to, but as they have given you a date to go by personally I would wait to see what comes back then, as the FOS can take a very long time due to the volumes of these complaints.

Hopefully you will receive a good outcome, fingers crossed and we look forward to hearing from you.;)

RachelL_2

Hi - thank you I am, hope you are too. I will wait, again - thank you for your advise.

Kind regards. Rachel

di3004

RachelL wrote: »

Hi - thank you I am, hope you are too. I will wait, again - thank you for your advise.

Kind regards. Rachel

Good to hear your okay hun, not too bad here thank you.:A

Wishing you luck with this and with pleasure.;)X

RachelL_2

Hi - well I've had a response and no surprises, they are refusing to repay the PPP. They have wrote a long letter to me, pulling out a few quotes from the call I had in 2007 with the sales bloke. They've attached the t&cs again quoting that I did agree to these and that I was happy with the terms and they've also attached a needs form where I do state that I have arrangements with work that they would provide sufficient cover to repay after accident or sickness for a period of 39 weeks (this has now gone up to 52 weeks). I did tell the agent this and I did agree to the PPP but only because he advised I'd still be better taking the policy.

What do I do now?

He stated apparently that it was a 5 yr policy but I'm sure I asked if it would cover the term of the loan but they have failed to provide that comment.

Total additional amount over the loan is £10,419.60 which they said I could reclaim after 5 years if no claims made - in the t&cs it says may be able to reclaim.

Should I send letter 2?

Many thanks. Rachel

marshallka

RachelL wrote: »

Thank you - my machine froze so apologies if this is posted twice. Are you able to advise if Barclays has been fined by FSA for such?

Hi, don't think they have been fined.;)

marshallka

RachelL wrote: »

Hi - well I've had a response and no surprises, they are refusing to repay the PPP. They have wrote a long letter to me, pulling out a few quotes from the call I had in 2007 with the sales bloke. They've attached the t&cs again quoting that I did agree to these and that I was happy with the terms and they've also attached a needs form where I do state that I have arrangements with work that they would provide sufficient cover to repay after accident or sickness for a period of 39 weeks (this has now gone up to 52 weeks). I did tell the agent this and I did agree to the PPP but only because he advised I'd still be better taking the policy.

What do I do now?

He stated apparently that it was a 5 yr policy but I'm sure I asked if it would cover the term of the loan but they have failed to provide that comment.

Total additional amount over the loan is £10,419.60 which they said I could reclaim after 5 years if no claims made - in the t&cs it says may be able to reclaim.

Should I send letter 2?

Many thanks. Rachel

If they have given you the chance to write back to them then do so and reiterate your complaint but if this is a final response then you are now free to go to FOS with it.

Also if its over 8 weeks since first complaining then you can take this to FOS. (if they went over their time limit in responding).

Good luck