PPI Help please

commsrep

Can anyone assist me please.

I am trying to recalim PPI for a loan i have just finished paying for which i took out in March 2006, and would like some advise and if someone could point me in the direction of a template letter or similar to assist me.

I took the loan out with barclays for £14000 for 60 months, Interest on top took the loan to £16.566 and monthly payments were £276.10 a month, then i was told that it would be better if i took out insurance as if not I might not get the loan authorised, I was not told i could go to another company for the insurance and also it was not explained to me that i would not be covered for pre existing conditions/illnesses. The cost of the insurance was £2692.14 and interest on top took it to £3185.40 with PPI payments of £53.09 a month. I have all the paperwork and even a statement of needs and demands from the lender which recommends insurance is taken out for the loan and gives the reasons why insurance should be taken out.

I have never claimed under the insurance and have never defaulted on any of the payments and it wasn't until i got a yearly statement in April (after I had made the final payment) that i noticed they have added the loan amount and the insurance amount together giving a loan total of £16692.14 and in the column where it states PPI premium loan it states N/A. so it was like they were saying i hadn't had insurance for the loan and yet i had been paying a monthly total of £329.19 which included the £53.09 insurnace payment. I have also been charged monthly interest on all my payments when interest was already included in the original loan agreement. it seems to me that someone somewhere is trying to hide something from me and i now feel that as i didn't need the insurance i want to claim it back. Have I got a case??

I would appreciate as much help i can get before I try to claim as I would like to know what i am up against.

magpiecottage

If a lump sum premium was paid and added to the loan then yes you do have a case for that.

Not being told about pre-existing conditions would also be ground for complaint if you had any. (If not then although you should have been made aware, it would not have affected your decision either way).

Telling you that it was required if it was not is also grounds for complaint - if you can prove it.

I would say, overall, that it is worth putting in a complaint.

An e-mail to Customer.relations@barclays.com is sufficient to get the ball rolling.

commsrep

thank you so much for your help i will keep you updated on how i get on:T