Confused about PPI

laura1812

Hi

I am looking for some advice, I have recently found out that my parents have been paying a loan for the past 7 years and have been paying Payment Protection Insurance, when I questioned them on it, they didn't even know what it was and were not aware of agreeing to it. They have paid over £3000, they still have one year of payments left to make on the loan.

I asked my mum to contact the bank asking for a copy of the loan agreement, the bank cannot find this information and are unable to send a copy.

I have been reading up on this site about making a claim for the PPI, I was wondering what are the advantages and disadvantages of using a company to do this on my parents behalf? Is it straight forward enough that I could do it? Is the bank more likely to respond to a company contacting them? Also because the bank does not have the orignal paper work for the loan agreement will this cause me problems?

Any help or advice would be appreciated.

Jalapee

Hi there,

Im sure a more experienced MSEr will come help you shortly... but firstly when was the loan taken out?

laura1812

2003 or 2004 its a seven year loan and it finishes next November.

Common_Sense_2

Download the PPI questionnaire from the FOS website here: http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi.html
or on this forum here: http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

and then send it to the loan provider. If after eight weeks you (your parents) get no response, forward the complaint to the FOS.

All it costs is a bit of paper, about 30 minutes of your time and a few stamps - why waste money getting someone else to do it (and charge 25-35% of what you get back!)

good luck

Jessy1_2

which bank are they with? my bank wont send me a copy of my loan agreement either!

laura1812

Thanks for the info, do you think I should complete the PPI consumer questionaire and send it directly to the bank or do the three letters first recommended on this site?

They are with the Clysdale Bank

Premier_2

You appear to have posted on the wrong board.

Please contact a board guide and request this thread is moved to the Reclaiming PPI and other Insurance board where I am sure you will receive more appropriate attention

http://forums.moneysavingexpert.com/forumdisplay.php?f=169