PPI confusion!

anneade

we have recently made a phone call to our loan company asking if we are paying ppi and they said we are and its included in our monthly payments so i sent off the letter that this website suggests with a £1 cheque and we have had the reply today of our original credit agreement and in the ppi bit it has a stamp mark saying sign here and a written bit that says please tick, it was a few years ago that we took out the loan but we didn't realise that we didn't have to tick the box or sign, we just did what it told us to do, does that mean we have a claim? or because we've signed we haven't got a leg to stand on? please help.

di3004

Hi there & welcome

Everyones reasons for being mis sold differ, wo signed/ticked or not will also depend on your individual reasons for how you think it was mis sold.

For example, some have ticked because they were pressurised into taking it out, or told no ppi then no loan.
I would check for further information below, but if you were sold a loan then for example over 10 years, and the ppi only covered you for 5 of those years, the ppi would stop protecting you after the 5 years, yet you would still be paying for the ppi for the life of the loan.
Worthless in my opinion.
And did they explan the full costs to you? etc

More details below, and step 3 is the reclaim questionnaire, complete and send it to the ones who sold you the account, remember to keep copies for yourself as well, good luck.

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#ways

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step2

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step3