Fairly New Loan Advice Needed For PPI ?

Mrgrumpy_2

Hi, I've only just found out about being able to reclaim past missold PPI's and wanted some advice,

Firstly, I took out a loan last year which they told me at the time the only way they'd allow me the loan would be if I took out there PPI ? Am I right in thinking this is a definate case for being missold PPI ?

Also, I've had loans in the past which generally I've not taken out the PPI but I find it a little daunting on how to find and check past loans to see if I was paying PPI ? Where do I start ? I have allways repaid loans and have never felt the need to have to take out PPI,

Cheers,

Mr Grumpy !

di3004

Mrgrumpy wrote: »

Hi, I've only just found out about being able to reclaim past missold PPI's and wanted some advice,

Firstly, I took out a loan last year which they told me at the time the only way they'd allow me the loan would be if I took out there PPI ? Am I right in thinking this is a definate case for being missold PPI ?

Also, I've had loans in the past which generally I've not taken out the PPI but I find it a little daunting on how to find and check past loans to see if I was paying PPI ? Where do I start ? I have allways repaid loans and have never felt the need to have to take out PPI,

Cheers,

Mr Grumpy !

Hi and welcome.

Yes that is a case, I would also check for any other reasons that may apply to you and write them in your letter as well, but you do already have good reason, for them to make you take it out or you won't get the loan was not sold in your best interest and possibly deprived you of your money.

Look here for more info, with guidelines of reclaiming, template letters, a checklist and so on, if you can though use the template letter as a guide with your reasons and any others in the checklist that may also apply to you, they have 8 weeks in full to respond.
Post within the post office for your proof of posting.

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

If you've no paperwork but account numbers for past loans, and know PPI was taken out but mis sold then you can still continue to make a reclaim, it makes no difference if the loans are active or paid off.

Depending on how long this is, as they mainly keep your details on file for 5/6 years after you completed the loan, so you can if you have no paperwork at all request they send you a copy of your agreement, give them as many details as possible to track it down, full name, any changes, addresses, date of birth etc.
And if you remember the year when the loans were taken out, enclose a £1 postal order or cheque payment and request they send to you by 12 days.

The other way is a little dearer at £10 postal order or cheque payment, they have 40 days to send everything they still hold on you, more documents involved here, if they cannot send you anything then they must return your payment with a letter to explain.
This is called a Subject Access Request (SAR), also known as a DSAR.

Template SAR letter here:
http://forums.moneysavingexpert.com/showthread.html?t=1475553

You can try tracking old loan account numbers down though on old bank statements, if you repaid your loan from your bank account and still with them now, the account number is generally shown next to the monthly repayment, if you bank online this should allow you to go back some years too.

Hope this is helpful, good luck with this please keep us posted and if you require further help, give us a yell.;)

Mrgrumpy_2

Excellent ! :rotfl: thanks,

The advice is much appreciated. Strangely enough I had a letter from my current loan lenders yesterday giving me details of my PPI and "how useful" it can be but I have the right now to cancel it if I require, which seems very strange considering they wouldn't allow me the loan unless I took it out :huh: The mind boggles !

I will now try and check past loans too, one way or other,

Cheers,

Mr Not So Grumpy !

di3004

Mrgrumpy wrote: »

Excellent ! :rotfl: thanks,

The advice is much appreciated. Strangely enough I had a letter from my current loan lenders yesterday giving me details of my PPI and "how useful" it can be but I have the right now to cancel it if I require, which seems very strange considering they wouldn't allow me the loan unless I took it out :huh: The mind boggles !

I will now try and check past loans too, one way or other,

Cheers,

Mr Not So Grumpy !

LOL, your welcome "Mr Not So Mr Grumpy" :rotfl:, yes it makes you think doesn't it?

Well good luck and please keep us posted. Fingers crossed.;):)