PPI on top of loan

Smudge8888

Ive been informed that I can claim back the interest and reduce my loan payments , because the ppi total should not have been added onto the loan , can someone help please to confirm this is true ?

di3004

Smudge8888 wrote: »

Ive been informed that I can claim back the interest and reduce my loan payments , because the ppi total should not have been added onto the loan , can someone help please to confirm this is true ?

Hi there and welcome.

If you were mis sold the policy, then you can make a reclaim.
The interest is added into the loan with the ppi, this type of policy is very costly and they have now stopped selling this.
However, many have made a reclaim due to this reason, basically then for example if you have taken out a loan for say over 10 years, these policies only tend to protect for 5 of those years, you would though still be paying out on the ppi for the remainder of the loan, yet no longer protected.

Check the link below for more info and you will also come across the checklist of reasons for mis selling, and the stages of reclaiming.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Hope this helps, if you require further information please just yell.
Good luck.;)

Andy_Boro_2

as Di says you need to make a formal complaint to the bank then they may offer you compensation and your monthly payments will be reduced as you will no longer have ppi and ppi interest on the payments