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Abbey Loan - no signed credit agreement and missold PPI
Hi everyone! - I don't know if anyone can help me or give me any advice.
I was 19 when I took out a loan with Abbey (and quite naive). I have recently been told that the advice they gave me about PPI was a method of misselling - I had an average credit rating back then (I was only 19) and my loan application had to go to the 'Underwriters' while I was in the branch. The lady selling me the loan told me if I took out PPI I would have a much higher chance of getting the loan and she could tell me from her experience that the acceptance rate with the insurance was almost 100%. She called me later that day and said I had been accepted and would post my agreement out to my home address and the loan would go into my bank account (with Abbey) the next day.
I understand from what people are telling me, that I can claim the PPI back? The amount I paid (inc interest) was £849.96.
Also, as I have been rooting through my old papers to find the info out, I have found the credit agreement - not just my copy, the Abbey copy too, both together, not signed and the PPI box not checked (which means I haven't indicated I want it). I vaguely recall that I may have thought I didn't need to return the agreement as they already paid the loan out? I remember completing the application in the branch but am sure I didn't sign anything else as I was waiting for the underwriters to make their decision. Where do I stand on reclaiming my PPI and should the loan even have been paid out to me without them receiving their copy of the agreement?
Many thanks in advance for advice.
K
I was 19 when I took out a loan with Abbey (and quite naive). I have recently been told that the advice they gave me about PPI was a method of misselling - I had an average credit rating back then (I was only 19) and my loan application had to go to the 'Underwriters' while I was in the branch. The lady selling me the loan told me if I took out PPI I would have a much higher chance of getting the loan and she could tell me from her experience that the acceptance rate with the insurance was almost 100%. She called me later that day and said I had been accepted and would post my agreement out to my home address and the loan would go into my bank account (with Abbey) the next day.
I understand from what people are telling me, that I can claim the PPI back? The amount I paid (inc interest) was £849.96.
Also, as I have been rooting through my old papers to find the info out, I have found the credit agreement - not just my copy, the Abbey copy too, both together, not signed and the PPI box not checked (which means I haven't indicated I want it). I vaguely recall that I may have thought I didn't need to return the agreement as they already paid the loan out? I remember completing the application in the branch but am sure I didn't sign anything else as I was waiting for the underwriters to make their decision. Where do I stand on reclaiming my PPI and should the loan even have been paid out to me without them receiving their copy of the agreement?
Many thanks in advance for advice.
K
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Comments
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No the loan should NEVER have been paid out and you should NEVER have spent a penny of it and should re-pay it all NOW! fgs !
as for the ppi i bet you`d have claimed had the need arisen nieve or not !0 -
O............thats ever so helpful.0
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Abbey UPL agreement did not have a tick box to say you want ppi. They had specific signature boxes if you did or did not take it and different style agreements depending on if you did or did not. Also they had a declaration, seperate sheet, to be filled in by customer and ticked to say they understood the ppi and signed very clearly they do or do not want it. Unlucky son bu jog on..0
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Actually, I repaid the loan in full in 2008 having never missed a payment. I just don't like the idea that some bank robot LIED to me. And thats all the advice I'm asking for.......... if I can/should reclaim my PPI - IM NOT ASKING FOR THE LOAN MONEY BACK. Why don't you lot jog on. I've not posted on here so you can all just bully me like children.0
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And the UPL agreement has a special section for PPI - it's under the Signature to Agreement section - it says "I wish to purchase payment protection insurance" and then there is a little box to be ticked under which reads "I understand that I am purchasing the product ticked above on credit provided by you"....... etc etc0
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Actually, I repaid the loan in full in 2008 having never missed a payment. I just don't like the idea that some bank robot LIED to me. And thats all the advice I'm asking for.......... if I can/should reclaim my PPI - IM NOT ASKING FOR THE LOAN MONEY BACK. Why don't you lot jog on. I've not posted on here so you can all just bully me like children.
the why did you ask:
should the loan even have been paid out to me without them receiving their copy of the agreement?0 -
And the UPL agreement has a special section for PPI - it's under the Signature to Agreement section - it says "I wish to purchase payment protection insurance" and then there is a little box to be ticked under which reads "I understand that I am purchasing the product ticked above on credit provided by you"....... etc etc
Mate,
Don't worry about these unhelpful muppets.........:(
Post your query here......
..........http://forums.moneysavingexpert.com/forumdisplay.html?f=169Happiness, is a Kebab called Doner.....:heart2::heart2:0 -
Your bank lied to you, claim the PPI+ interest back and ignore the unhelpful bunch on here who add no value.
Try the PPI forum for help on claiming, it's free and sounds like you have a valid claim.0 -
Im sorry to say there r a lot of angry people on this forum.Some who must get a kick out of it.I would say listen to the helpful people and ignore the other sad ones.Take it to the fos,costs nothing and you have nothing to lose0
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