Payment protection insurance

Alisond

Has anybody made a claim against a personal loan using the PPI facility?
I have recently been made redundant and eventually received the correct claim form only to be told that because I am entitled to income support I may not be able to claim!
Which leaves me wondering what is the point of paying the extra premium??

halifax71

Visit the PPI forum and get the PPI classed as missold.

~Brock~

Check the validity of your potential claim (i.e. make the claim and see if it is declined) before starting down the mis-sold route.

weedessie

Hi Alisond,

I was made redundant and refused PPI, another poster gave me this link, if you were mis-sold the PPI you can make a complaint and try to get your PPI money back. I'm currently in the process of trying to get mine back. good luck

http://www.which.co.uk/advice/how-to...sold/index.jsp

Itsmineanyway

Alisond wrote: »

Has anybody made a claim against a personal loan using the PPI facility?
I have recently been made redundant and eventually received the correct claim form only to be told that because I am entitled to income support I may not be able to claim!
Which leaves me wondering what is the point of paying the extra premium??

You can get all your PPI back with interest - 100%!!
Your post is a good example of why single premium PPI has been banned by the FSA! because lenders have been charging customers loads of money for ppi and yet the PPI is useless because when the lender has to support you in times of hardship they say that you are not covered!

Next step - write to your lender and state reasons for missold PPI (you can go on any search engine and type MISSOLD PPI and you can get all reasons for why PPI was missold and if any apply just put them in your letter)
-Next step - Lender will write back saying ok they missold and will offer a refund OR they will still disagree and then you write back and say that you will pursue your case with the FOS
-See what they say next -Good luck!

Chrissybh0y

Im gunna sound like a pain in the bum but wat department of the bank do u write too to try claim this back ?

Itsmineanyway

Chrissybh0y wrote: »

Im gunna sound like a pain in the bum but wat department of the bank do u write too to try claim this back ?

If you have your loan agreement or any correspondence like leaflets etc which were sent to you at the time there should be an address on there.
If not then you could get an address off the internet for your lender and write to them with the subject stated on your letter as "MIS-SOLD PPI"
and they will forward that to the relevant department within their bank.
Or phone your bank and say that you have a complaint ref Missold PPI and ask for an address!
Remember that "WHERE THERE'S A WILL THERES ALWAYS A WAY"

Jay_Tee

I had a similar problem claiming on PPI for a personal loan with the HSBC. I used the letter template on the main part of this site, and after 9 or 10 weeks I recieved a full refund of the PPI plus the 8% statutory interest.

The PPI and interest was £5300 which was more than enough to pay the loan off.

I would suggest the best place to start is:

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

and there is also a PPI subforum as well

Hope that helps

~Brock~

Itsmineanyway wrote: »

You can get all your PPI back with interest - 100%!!
Your post is a good example of why single premium PPI has been banned by the FSA! because lenders have been charging customers loads of money for ppi and yet the PPI is useless because when the lender has to support you in times of hardship they say that you are not covered!

The OP's situation is nothing to do with the fact that her policy is single premium. In fact she doesn't even state what type it is.

Also, whilst I agree that many policies MAY have been missold, the belief that a lender would want to provide a policy that doesn't pay out is simply a myth. Why would a lender want that situation when it is they that receive the money from the insurer in the event of a successful claim?

The issue with the small print on any type of insurance policy can be placed at the door of the insurer, which in many cases is not the same company as the lender.