Northern Rock PPI

AngryDog

I've had a settlement figure for my loan from Northern Rock.

They have listed a break down of "refunds" on the loan, that has been charged to me in the first place.

This is the interest and the insurance.

I guess this means that the PPI I was sold was a single payment policy and that as the term of the loan was 10 years, the PPI was mis-sold to me?

Thanks

di3004

AngryDog wrote: »

I've had a settlement figure for my loan from Northern Rock.

They have listed a break down of "refunds" on the loan, that has been charged to me in the first place.

This is the interest and the insurance.

I guess this means that the PPI I was sold was a single payment policy and that as the term of the loan was 10 years, the PPI was mis-sold to me?

Thanks

Hi there

It does look that way doesn't it?

If the PPI was added in with the loan repayments that would be classed as single policy, and if your loan was for 10 years, did the ppi also cover you for 10 of those years or less?

These single policies are very costly where the main of them only covers for 5 of those years, where you would still be paying for it for the life of the loan.;)

AngryDog

Thanks!

I thought all single payment PPI's only covered you for 5 years anyway?

di3004

AngryDog wrote: »

Thanks!

I thought all single payment PPI's only covered you for 5 years anyway?

Hi there

Yes generally unless we opt for a stand alone cover elsewhere which would cover for the life of the loan.;)
So with yours it is that of a single policy cover.

AngryDog

I got mine from Northern Rock when I took the loan out..

Best get my SAR letter done this week eh

thanks

di3004

AngryDog wrote: »

I got mine from Northern Rock when I took the loan out..

Best get my SAR letter done this week eh

thanks

Your welcome and good luck.:);)