PPI claim Advice please

bazzter2010

Hello

Please could anyone offer me some advice regarding a ppi claim on my aa loan.
I took out a loan with the AA loans in Aug 2004 for 5700.00 for 11.2% apr with 72 monthly payments at 157.57.
The aa credit care was 2497.05 which with the loan equals 8197.05 and the charge for credit is 3147.99 which is a
total payment of 11345.04.

I was told I could not get the loan without having insurance with it and I was not explained the true cost of it all.
I did manage to cancel my insurance in march 2006 which reduced the monthly payments down to 139.44, I finish my loan
in October this year which means in total I would have paid 9305.40 ( roughly) by the end of my loan which seems a lot for a £5700
loan.

Please could you tell me if im entitled for a PPI claim?

As it seems to me all they have down is taken down the monthly payments and left me with the interest still from the credit care??


Please help
Barry

di3004

bazzter2010 wrote: »

Hello

Please could anyone offer me some advice regarding a ppi claim on my aa loan.
I took out a loan with the AA loans in Aug 2004 for 5700.00 for 11.2% apr with 72 monthly payments at 157.57.
The aa credit care was 2497.05 which with the loan equals 8197.05 and the charge for credit is 3147.99 which is a
total payment of 11345.04.

I was told I could not get the loan without having insurance with it and I was not explained the true cost of it all.
I did manage to cancel my insurance in march 2006 which reduced the monthly payments down to 139.44, I finish my loan
in October this year which means in total I would have paid 9305.40 ( roughly) by the end of my loan which seems a lot for a £5700
loan.

Please could you tell me if im entitled for a PPI claim?

As it seems to me all they have down is taken down the monthly payments and left me with the interest still from the credit care??


Please help
Barry

Hi Barry and welcome

For your reasons, give it a go, but also check here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
This link is useful, with guidelines of reclaiming with template letters, a checklist of mis selling reasons, if any of them also apply then write them in your letter as well.
You do not have to write the amounts on your letter, cos if successful they should provide you with a full detailed written breakdown.

If you require more help, you can also post on the PPI reclaiming thread:
http://forums.moneysavingexpert.com/forumdisplay.html?f=169

Good luck.;)