Should I claim? Moral Dilemma

JohnR

I dont know whether I should claim to get back the cost of PPI or not. The thing is I am not sure that I was 'mis-sold' it as such, but perhaps we didnt look at it too closely, and we certainly never thought (or even realised) that we could get similar insurance elsewhere.

A little history...

5 years ago I took out a personal loan with NatWest for £7500. It was to pay off some credit cards and leave a bit left over to help cover our costs in setting up our new home (furniture etc). We've since got into financial difficulties, but now, thanks to the help of our local C.A.B., we have an agreed payment plan with NatWest. As is usual with all these things, the cost of PPI was simply added to the value of the loan. Needless to say, I dont think the insurance has covered us since we ran into financial difficulties 3 years ago - despite me having paid for it all upfront.

Theres a bit of me which wants to get enough money back from them so that I can make them an offer for a final settlement to get them off my back once and for all.

What do you think I should do?

marshallka

Personally if it did not cover you then I would try and reclaim it back. It may be that you are debt free with them or close to it.

There is a reclaiming guide here
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

(There is a template letter on the guide but I would always say to use it as a guide to your own personal reasons for misselling and do your own from it - also don't forget to do the FOS questionairre and it does explain all about in the guide)

If you do decide to do it then write a letter and send by recorded delivery and give them 8 weeks for a full and final response.

JohnR

It may have covered me at the time - I think I am just gutted that I paid for 5 years worth of insurance which only covered me for the period when i kept up payments with them. If I had bought a seperate policy, paid for monthly, then I would have paid much less, I suppose.

marshallka

JohnR wrote: »

It may have covered me at the time - I think I am just gutted that I paid for 5 years worth of insurance which only covered me for the period when i kept up payments with them. If I had bought a seperate policy, paid for monthly, then I would have paid much less, I suppose.

There you go then. You have said it yourself, you could have bought it cheaper if offered that way!!!