single premium ppi reclaim - help needed!

treatmefairly

Hi,
this is the first time i've been on this forum & hope someone can help. I read somewhere on here (but now i can't seem to find it!) that if you took out a single premium ppi the chances were high you would have a succesful claim. Here's my story, hope someone can advise. 3 yrs ago (at 20 yrs old) i took out a secured loan to repay a family member who'd lent myself & my partner £9000 towards the deposit on our new house as we had to put down a larger deposit as he was self - employed. Naively, as we were in a position that we needed the money quickly, we would probably agree to anything as our intention was we'd just increase the mortgage to repay the secured loan as soon as the value increased ( we didn't expect the downfall!)

Our agreement states the following:-
Cash loan PPI premium loan total
amount of credit 9,000.00 2942.05 11,942.05
no of payments 300 300
mthly payments 118.25 34.29 152.54
apr (variable) 16.6% 14.4%
repayment period 300 mths 300 mths

underneath this there is a further box that states:-

Total charge for credit made up of:
cash loan ppi premium loan total
interest 25,330.00 7344.95 32,674.95
admin/broker fee 850.00
completion fee 295.00
total 26,475.00 7344.95 33,819.95

My questions are , Do you think I will stand any chance at a reclaim? Do i complete the FOS questionnaire straightaway? If succesful, what part would I get refunded? As the loan's still running would I suffer any consequence from the loan company?
be eagerly awaiting your valued responses, thanks

treatmefairly

that doesnt quite look as i'd written it! Hope you can follow - all amounts to be read under the headings, 1)cash loan 2) ppi £)total
hope that helps!

marshallka

Hi, if you feel you were missold for any reason then you can always make a complaint. There is a reclaiming guide here


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

You would start by making the complaint to the firm that actually "sold" you the loan and insurance and give your reasons to what you beleive were their faults in misselling the PPI to you. (each case is different so although there is a template letter you are always better to use it as a guide and try and word one to your own complaint).

You then give them 8 weeks in total in which time if they fail to uphold your complaint you would be able to take this complaint to the FOS for them to look into it on your behalf.

treatmefairly

Hi, just to keep you informed, I've now sent my FOS questionnaire AFTER I found within the paperwork a folder which had a declaration at the bottom, signed by myself & my husband, which reads :

LOAN PAYMENT PROTECTION DISCLAIMER

My loan advisor (His name) has explained the Government have cut back any benefits for loan payments, if I should lose my job.

I understand that I have declined a loan payment protection insurance which could cover this eventuality.

Am I right in thinking this was our signed declaration we didn't want the ppi? When it was added anyway we just presumed we had to have it to get the loan.

I'd be grateful of any opinions on the disclaimer, & if it's what i think (hope) it is!

marshallka

treatmefairly wrote: »

Hi, just to keep you informed, I've now sent my FOS questionnaire AFTER I found within the paperwork a folder which had a declaration at the bottom, signed by myself & my husband, which reads :

LOAN PAYMENT PROTECTION DISCLAIMER

My loan advisor (His name) has explained the Government have cut back any benefits for loan payments, if I should lose my job.

I understand that I have declined a loan payment protection insurance which could cover this eventuality.

Am I right in thinking this was our signed declaration we didn't want the ppi? When it was added anyway we just presumed we had to have it to get the loan.

I'd be grateful of any opinions on the disclaimer, & if it's what i think (hope) it is!

Sounds that way to me.