What are the chances of getting a PPI refund

baggio_2

I took out a graduate loan in 1998 - seems a long time ago now but still have two years left to pay. At the time the Manager told me that unless I took out the PPI he would not be able to recommend me for the loan - being niave and the Internet being in its infancy I was not in a position to tell him where to go and signed on the dotted line.

Having read sites like this I am going to cancel the PPI with immediate effect. However, I was wondering whether anybody thinks I have a reasonable case to reclaim all the money I have needlessly paid on expensive PPI.

My bank is Natwest.

Astaroth

You only have a case to claim back a refund if the PPI was actually miss sold - ie you would not have been covered by it. If it is a case of simply not wanting it any more then you are unlikely to get a refund as whilst you may not have claimed you will have been protected for the last 8 years.

baggio_2

I though that threatening not to grant a loan applicant unless you take out PPI is a case of it being mis-sold.

Old_iron_balls

it is possible in some circumstances
have a look here...
http://forums.moneysavingexpert.com/showthread.html?t=117175
that threads been going for ages now and should give you an idea if your in with a chance and how to go about it. good luck

almostthere_3

I was having the same thoughts. I took out a car loan, I don't have a perfect credit history from 3-4 yrs ago, and was basically told that if I didn't take out PPI for the length of the loan then I would be charged a higher APR .
I was given the option of taking out a warranty on the car or the PPI. The car is only 3 years old so took the PPI option. The loan would still have been available to me but I would have been paying the same amount for the car with/without the warranty/PPI.
I didn't have many options left open so took it. The PPI is costing me around £18/month, included in my total monthly payment. The adverse credit history seemed to play in to their hands, they just wanted to sell a policy whatever! They also charged me interest on the policy over the three years!!
Do I have the option of now cancelling the policy, only had it for 4 months, the written credit agreement is in place with the apr fixed and in writing but surely the ppi is optional and able to be cancelled at anytime without them amending the credit agreement?
Thanks.

Astaroth

No, some PPI are built into the loan and so the only way to cancel it is to take out a new loan to replace it which may result in different APRs being charged where as other PPIs are an optional extra and so can be simply cancelled - there was a thread on here the other day from someone who has cancelled their PPI where it was built in and the increase in APR on their new loan ment the new repayments were higher than the old ones including the PPI (and of cause they wouldnt be protected by the insurance should anything happen to them)