early settlement of carloan & payment protection

asp746

i took a carloan out in july 09 and because i've got a ccj was moreorless told that i could only get the loan if i took payment protection out on it. The monthly payment is £228 and £22 of that is payment protection.

i have 4 payments left and want to pay it all off tomorrow but will i also have to pay the 4 lots of monthly payment protection which will add £90 to the bill - i'd rather pay £678 than £768

many thanks

[Deleted User]

if you were mis-sold the ppi(and it sounds like you were)then you should claim back ALL the ppi payments made
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

di3004

Hi there

As Woodbine says, if you were mis sold the ppi then give it a go on the reclaiming with the link added.

They should not have it a condition of been accepted for the loan, although its best to be protected in case the inevitable happened, but still you should not have been forced into taking it out.

Check the link that Woodbine posted, and if you require any help, please feel free to ask on the PPI reclaiming threads here;
http://forums.moneysavingexpert.com/forumdisplay.php?f=169

Good luck.

asp746

when i first took the loan out it was over the phone and i admit i said i wanted it cos i was desperate for the car so i could get to work and i was given the impression no ppi then no car loan, but i immediately wrote to cancel it and they asked me who i was insured with incase anything went wrong - again giving me the impression that i could cancel the ppi but only if i was insured by other means.

will this be enough evidence to claim it back? i've worked in my job for 20yrs and it was only an 18mth loan so 99% sure i wouldnt need it incase of redundancy and if i was i would pay the outstanding balance from my final salary payment.

di3004

asp746 wrote: »

when i first took the loan out it was over the phone and i admit i said i wanted it cos i was desperate for the car so i could get to work and i was given the impression no ppi then no car loan, but i immediately wrote to cancel it and they asked me who i was insured with incase anything went wrong - again giving me the impression that i could cancel the ppi but only if i was insured by other means.

will this be enough evidence to claim it back? i've worked in my job for 20yrs and it was only an 18mth loan so 99% sure i wouldnt need it incase of redundancy and if i was i would pay the outstanding balance from my final salary payment.

Hi there

If they made it to be the condition of the loan you may have the chance to make a reclaim.

Obviously its good to be protected in case of the inevitable, but if you were already well covered it should have been your choice if you required this cover or not.

To make a reclaim, then you would pursue the ones who set the policy up in the first place.
You complete the questionnaire on this link here below, further down the page as stage one of reclaiming....
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#reclaim

Keep a copy for yourself as well in case you need to refer to it later on for some reason.

They have 8 weeks to give a decision, although they may ask for more time.

If you require further help on this then please post on the reclaiming of ppi threads here;
http://forums.moneysavingexpert.com/forumdisplay.php?f=169

Hope this helps.
Good luck.

asp746

my outstanding balance is £768 so i rung up today for a settlement figure and they said £768 so i asked how come and they said they don't do early settlement figures. After a while i said well there's no incentive for me to come back as a customer etc etc. she put me on hold so she could ask her manager to knock a bit off and the answer came back as £749:mad: ive told them i'm complaining to the ombusman about the lack of 4mths ppi refund and also not getting any interest discount on paying up early.

she said the interest is paid up in the first few months of the loan along with the ppi and its the later payments that are the actual money i borrowed.

i thought each of the 18mths installments was made up of a proportion of ppi, interest and the actual money borrowed?

anyway the phonecall ended but i got a missed call off them an hr or so later so i'm wondering if they're going to make me an offer?

di3004

Hiya

If you can try to keep everything in writing, keep copies of what you send and receive.
You can make a complaint to the FOS once you received written confirmation with a final decision from the business, which should include details of the FOS.
So if your not happy with the final outcome you can them complain to the FOS.
They are actually entitled to 8 weeks to deal with a complaint.

Good luck with this.