PPI claim

GaryA_2

Hi

I am thinking of claiming but have 2 questions:

1) I have a loan that I am currently paying with PPI. It is approx half way through. Would I get back the whole amount on the legal agreement plus interest or half. If only half what happens to the agreement. Will I still be paying the full amount (i.e. including the PPI payment?)

2) I have a friend who also has a loan with PPI but is in a Debt Management arrangement. Does this exclude him from claiming? If not how does this work?

Thanks

di3004

GaryA wrote: »

Hi

I am thinking of claiming but have 2 questions:

1) I have a loan that I am currently paying with PPI. It is approx half way through. Would I get back the whole amount on the legal agreement plus interest or half. If only half what happens to the agreement. Will I still be paying the full amount (i.e. including the PPI payment?)

2) I have a friend who also has a loan with PPI but is in a Debt Management arrangement. Does this exclude him from claiming? If not how does this work?

Thanks

Hi Gary and welcome.

With your reasons you have for being mis sold, and if the loan is still active, then if successful you should receive all you have paid in PPI, and interest.
It should be that your repayments will be reduced, or depending on the way the bank does this as they vary, you may have to take out a new loan without the PPI, to pay off the original loan, if so then make sure the rate is equal to the original loan or better.
This varies from one to another bank.

Your friend should still be able to reclaim on PPI, if any of the accounts are under the DMP, if successful the refund is normally used to reduce the arrears, then if anything remaining, it should be paid directly to your friend.

Hope this helps and more on reclaiming with guidelines here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Ask for help anytime and please keep us posted, cheers.;)