No PPI

Star7900

My bank has informed me that my loan is not covered with PPI and has not been since i extended my loan last year. At the time of extending my loan i expected my PPI to carry on and was not told that it wouldnt be. I am not facing unemployemtn and wont be able to afford my loan whihc will now result in a red mark against future financial applications i may make. What rights do i have?

di3004

Star7900 wrote: »

My bank has informed me that my loan is not covered with PPI and has not been since i extended my loan last year. At the time of extending my loan i expected my PPI to carry on and was not told that it wouldnt be. I am not facing unemployemtn and wont be able to afford my loan whihc will now result in a red mark against future financial applications i may make. What rights do i have?

Hi there

If the ppi was mis sold to you, you are able to try to reclaim on what you did actually pay into it and the interest, up until it was stopped.
More info here with the guidelines of reclaiming:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

And if in difficulties, I would post for help on the debtfreewannabe thread here:
http://forums.moneysavingexpert.com/forumdisplay.php?f=76
They will give you the best advice on this actual matter.

Good luck.;)

Andy_Boro_2

are you facing unemployment?

Andy_Boro_2

if not you can get a standalone policy which will be much cheaper, i think the post office and british insurance offer the best value loan protection.

Star7900

Yes, July 23rd.

Star7900

Star7900 wrote: »

My bank has informed me that my loan is not covered with PPI and has not been since i extended my loan last year. At the time of extending my loan i expected my PPI to carry on and was not told that it wouldnt be. I am not facing unemployemtn and wont be able to afford my loan whihc will now result in a red mark against future financial applications i may make. What rights do i have?

Thank you to all for quick replies. I have since been to the Bank again and the manager has asked me to put it in writing to their Customer Relations Manager as the branch couldnt comment. So the games begin!! Can anyone give me an idea as to how long these proceedings can take????

Andy_Boro_2

on what grounds did you complain on?

Star7900

Andy_Boro wrote: »

on what grounds did you complain on?

I feel i have been sold a loan without being warned it is not protected nor had the branch advisor informed me of the risks involved. If i had been i would have researched other loan protection insurances before excepting the loan.