Loan repaid in full now-PPI reclaim possible??

u_r

Hi all

i am asking on behalf of family member. He had PPI on a loan.He is suffering from depression and is in debt. I paid off the remainder of the loan about 3-4 months ago.As that was best at the time, not paying meant he would have ended up paying loads in interest.

His mortgage and other bills were gooing out the same bank he took laon from. he expalined on many occasions that he is in debt and hence cant pay loan amongst mortgage and bills(evidence in teh statement of that bank) and if some arrangement could be made regarding loan payments.but he got no help.I am wondering waht the pint of PPI was then?

Please can anyone advise, if Loan is settled can he still reclaim PPI?
Would be very greatful for your advise on anything pertaining to this matter.This would help me to help family member who is struggling to make sense with things right now.

Thanks in advance

di3004

u_r wrote: »

Hi all

i am asking on behalf of family member. He had PPI on a loan.He is suffering from depression and is in debt. I paid off the remainder of the loan about 3-4 months ago.As that was best at the time, not paying meant he would have ended up paying loads in interest.

His mortgage and other bills were gooing out the same bank he took laon from. he expalined on many occasions that he is in debt and hence cant pay loan amongst mortgage and bills(evidence in teh statement of that bank) and if some arrangement could be made regarding loan payments.but he got no help.I am wondering waht the pint of PPI was then?

Please can anyone advise, if Loan is settled can he still reclaim PPI?
Would be very greatful for your advise on anything pertaining to this matter.This would help me to help family member who is struggling to make sense with things right now.

Thanks in advance

Hello there

If he was mis sold the ppi, then he can make a reclaim, did he had depression at the time he taken out the finance?
This could be a reason, as they will not pay out on a reclaim for sickness if this was a pre existing medical condition.

Sorry to hear they did not help him and of course when falling into difficulties, the mortgage would be more priority over other debt, especially over unsecured debt.

Now to make a reclaim - you pursue the ones who set up the account, you can do this by completing the reclaim questionnaire as on stage one here.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#reclaim

Post to the head office or complaints dept if they have one of these, and they have 8 weeks, but may ask for extra time, but should keep you informed.

Its also suggested to keep copies of everything in case you need to refer back to this again at some point.

Hope this helps, good luck.

roonaldo

if it were mis-sold, then yes it can be reclaimed. but you have not suggested it was.