PPI Downfall, Joke and Nightmare. Please Help!

p4wlee

Hi firstly im new to this forum, well this is my first forum i have ever joined and i am doing it for my father.

Basically he got a loan out with a company for £70,000, he has had a settlement of around £23,000 but the company will not wipe off the original PPI as they say they got the PPI through a third party (Capital one) and he should contact them. He has tried for days but he cannot actually speak to anyone form capital one. Can someone please help??

Thanks
Lee

di3004

Hi there

That is correct that you pursue whoever set up and sold the account, despite having the lenders paperwork.

Complete the reclaim questionnaire on step 3 below, send and remember to keep copies, good luck.

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

amersall

Also,this ppi will have been put on at the start of the loan and would only last for maybe 5 years,after that there is no cover but you will pay this over the whole term of the loan with interest.

When you put the claim in you need to put that this was a loan on top of the loan with interest and only covered you for a short period,had you been given the full cost of this ppi ,you would not have taken it and dont believe you were given enough information on this product to make an informed decision.
I know its your dads,but you know i mean your dad when i refer to you in my post:D:D:D

magpiecottage

I suggest you get the address of Capital One from the lender. There are several firms trading under that name.

Also get the name of the insurer.

When did he take it out?