Can I Reclaim My PPI???

FireWire_3 · 1 October 2010 at 12:17PM

Hi there hope somebody could advise me.

Me and my OH took out a loan for £5000 with RBS in Nov 2005 that is due to be repaid by Dec this year.

I never once spoke to bank, all the paperwork was completed by OH even though I was down on the application as the main applicant. I didn't even have an account with RBS at the time!

Our repayments were approx £135 (£25 for PPI) for 5 years. We never asked for the PPI and thought that we wouldn't get the loan without it. It was a single premium added to the loan.

After looking at the loan agreement in June 2008 I decided to cancel the PPI because my OH qualified for full sick pay. I rang RBS and they dropped the payments to £122 per month for the remainder of the agreement.

I asked why they didn't drop it to £110 like in the original agreement and I was told it was because at the start of the loan most of the repayments covers the PPI... Is this correct?

Does anybody think i may have a case for miss selling?

Any advice would be much appreciated.

FireWire

marshallka · 1 October 2010 at 12:35PM

Hi, how did you think you would get the loan without the PPI?

di3004 · 1 October 2010 at 12:41PM

FireWire wrote: »

Hi there hope somebody could advise me.

Me and my OH took out a loan for £5000 with RBS in Nov 2005 that is due to be repaid by Dec this year.

I never once spoke to bank, all the paperwork was completed by OH even though I was down on the application as the main applicant. I didn't even have an account with RBS at the time!

Our repayments were approx £135 (£25 for PPI) for 5 years. We never asked for the PPI and thought that we wouldn't get the loan without it. It was a single premium added to the loan.

After looking at the loan agreement in June 2008 I decided to cancel the PPI because my OH qualified for full sick pay. I rang RBS and they dropped the payments to £122 per month for the remainder of the agreement.

I asked why they didn't drop it to £110 like in the original agreement and I was told it was because at the start of the loan most of the repayments covers the PPI... Is this correct?

Does anybody think i may have a case for miss selling?

Any advice would be much appreciated.

FireWire

Hi and welcome

Yes that is correct, the ppi is added within the loan and its like another loan really.

But what you do with your reasons for reclaim is just send them the reclaiming questionnaire as shown here as stage one:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#reclaim

And send to the main office or complaints dept of RBS.
Remember to keep a copy in case you need to refer to it at some point.

They have 8 weeks to give a decision, but may request for more time, it seems they all have backlogs of these complaints.

Good luck, please keep us posted, cheers.;)

marshallka · 1 October 2010 at 12:58PM

With the OP "never" speaking to the bank and the PPI most probably covered the main applicant (being the OP!!) then I do not see how this could have been an advised sale.

FireWire, did the PPI cover BOTH of you? Also you say you cancelled it because your OH got full sick pay but what about yourself? Did you OPT for the PPI (or your OH OPt for it) thinking it was a good thing and "thinking" you would not get the loan without it or were you (being you OH) told you had to have it?

Just need some more info here as you do not want to state things on your complaint that could be misunderstood.

FireWire_3 · 1 October 2010 at 1:01PM

Thanks Di i will keep you updated.

Marshallka, OH didn't ask for ppi but when we got the offer we didn't want to question this incase they withdrew and we desperatly needed the money

FireWire_3 · 1 October 2010 at 1:04PM

Also the PPI only covered me as the main applicant.

marshallka · 1 October 2010 at 1:06PM

FireWire wrote: »

Thanks Di i will keep you updated.

Marshallka, OH didn't ask for ppi but when we got the offer we didn't want to question this incase they withdrew and we desperatly needed the money

So was it that someone else ticked the box? Can you prove that maybe by asking for a SAR from them which would be all the information they hold on you going back at least 6 years. Usually this would have the application copy in this and you would have ammunition to fire at them perhaps.

Just read your saying that the PPI only covered you? This would then make it a non advised sale as you were not advised anything (you never spoke to the bank) and you would have to maybe prove that they ticked the box and applied this for you.

ALso you said that you cancelled because your OH got full pay? If the PPI did not cover your OH anyway then this would be irrelevent to the complaint I would think.

FireWire_3 · 1 October 2010 at 1:18PM

Ok many thanks to both of you for your replies.

I will fill in the questionnaire and send it to RBS. If we succeed then it's a bonus, if not, then we haven't lost anything