PPi - Slightly different question

AllyS

My ex and I took out a loan 5 years ago in order to do up a really old house and also to pay off an existing loan. We borrowed £35,000 on a variable rate, which is really in our favour now.

In order to be allowed a loan we were told that we 'had' to take out an extra life insurance policy for the loan amount and that it would decrease as the balance decreased. We already had a life insurance policy of £200,000 with them and still have it.

There is £11,000 left on the loan and me and my ex have carried on paying half each as it is such a low interest rate and will be paid off a year early.

Anyway, is this something that we can claim on? If we can will it affect the loan in place at the moment?

Also, we have an old Barclay loan (10 years), Credit card (10 years) and Natwest loan (6 years) if I am unable to find the paperwork for these, asked ex to check too, is there any way that I will be able to claim on PPI? The Natwest will be easy to locate as still have an account with them in jnt names for the loan repayments, but the Barclay account is long gone?

Any advice gratefully received.

Thanks
A

dunstonh

In order to be allowed a loan we were told that we 'had' to take out an extra life insurance policy for the loan amount and that it would decrease as the balance decreased. We already had a life insurance policy of £200,000 with them and still have it.

it is not uncommon for life assurance to be a mandatory requirement for secured loans/mortgages.

Anyway, is this something that we can claim on?

Has your ex died? If so, then you can make a claim if the policy is still in force. If the policy has ceased then you can longer make a claim on it.

if you mean can you complain, then what would your complaint reason be?

Also, we have an old Barclay loan (10 years), Credit card (10 years) and Natwest loan (6 years) if I am unable to find the paperwork for these, asked ex to check too, is there any way that I will be able to claim on PPI?

If you have reason for complaint then you can make a complaint. However, the further you go back with repaid debts, the less likely it is you will get any payout. It all depends on whether the lender holds any documentation on file or not.