Ppi answers required please

TashB82

Hi All,

I have heard alot about people reclaiming their PPI that they were wrongly mis-sold, but I am unsure if I qualify; I had a loan in 2005 which had PPI on; I cannot fully remember whether at the time it was explained to me properly or whether the representative was pushy, all I do know is that I had paid it for years and never once made a claim - does this mean I am therefore able to make a claim, can this be used as a reason as to why I feel the PPI was missold to me? I have been told that I can because the PPI should it be needed will only cover and pay out for 1 year, yet you could be paying 6 years worth????

Also I have current credit cards with balances on and for years I have paid PPI on them and never made a claim; if I make a claim on these will the company STOP my cover and cancel my PPI with them, because as you can appreciate in this current economical climate it worries me that if the protection is not there, you may actaully need it!

All answers/ comments would be appreciated!!!!!

di3004

TashB82 wrote: »

Hi All,

I have heard alot about people reclaiming their PPI that they were wrongly mis-sold, but I am unsure if I qualify; I had a loan in 2005 which had PPI on; I cannot fully remember whether at the time it was explained to me properly or whether the representative was pushy, all I do know is that I had paid it for years and never once made a claim - does this mean I am therefore able to make a claim, can this be used as a reason as to why I feel the PPI was missold to me? I have been told that I can because the PPI should it be needed will only cover and pay out for 1 year, yet you could be paying 6 years worth????

Also I have current credit cards with balances on and for years I have paid PPI on them and never made a claim; if I make a claim on these will the company STOP my cover and cancel my PPI with them, because as you can appreciate in this current economical climate it worries me that if the protection is not there, you may actaully need it!

All answers/ comments would be appreciated!!!!!

Hi and welcome.;)

For more info on reclaiming with guidelines, a check list of mis selling reasons, you will find this link here helpful:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
You write to the ones who actually arranged and sold you the loan,and they have 8 weeks to respond in full, its recommended to post by recorded delivery, for your proof of posting.

Do not worry about writing down the amounts, if successful they should supply you with a detailed breakdown as well.

These policies that only cover so many years of the loan are worthless and costly as well, so for this reason this you have a case, although if you find other reasons, such as like in the checklist in the above link also write them as well to support your case.

Hope this helps, good luck, please keep us posted and ask for help anytime as well.;)

marshallka

Hi, for the PPI to only cover you for a year when you are paying it for 6 years in not a good enough reason for misselling. A senerio here is that we have paid our income protection insurance each and every year for god knows how many years and we have never (fortunately) had to claim but this again would only cover us for 12 months. I think what you mean is that you are actually "contracted" to 6 years worth of insurance and also with interest on top and being a single premium it is costly. If you cancel a PPI that is a single premium you would only get a small rebate back of the actual premium and not of the interest you have been charged over the whole term of your loan. I think you would need to have other reasons too and this again would not be a good enough reason for reclaiming. If you look through the guide that Di has posted up you will see how it works and whether you feel you actually have a valid complaint.

As regards your comments about the PPI on your other loans/credit cards and cancelling them if you make a complaint then yes, these would be cancelled but certainly sounds like you need it and its not missold from what you have posted so a little confused here. Either you have been missold and then its not needed or ever wanted etc or you need the PPI just in case which is why it is sold in the first place????