Really need some help on what I need and have to do to claim back my PPI

edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
4 replies 794 views
andyc87_2andyc87_2 Forumite
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edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
Hello

I am trying to reclaim my PPI because I believe it was mis sold to me.

I took out a loan with my bank and have paid about £1038 in PPI. I only have the first two pages from my loan agreement. It does state on the first page how much I would be paying back including the PPI.

Do I need the full agreement that bears both parties signatures. If so how do I go about getting this? Also when I have recieved this, what steps are needed next?

If somebody can give me some guidance I would be much appreciative.

Thank You

Andy

Replies

  • edited 30 November 2011 at 5:17PM
    DrSqueezeDrSqueeze Forumite
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    edited 30 November 2011 at 5:17PM
    Hi,

    First of all, have a read of the guide: http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance?utm_source=forum&utm_medium=clicks&utm_campaign=resourcebar

    Provided you have the loan number, you don't need the whole agreement. The most important thing to understand (in order to make your complaint) is why you feel it was missold. This is where the guide can help, because it explains how misselling happened.

    Once you've clarified for yourself whether it was missold, you then contact your bank to make a complaint. You can do this by letter, by phone, possibly by email, or by completing a questionnaire (which you will find as part of the guide).
  • magpiecottagemagpiecottage
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    You can complain but simply having the cover does not mean it was missold and the fact that you have full cost details suggests it was not missold.
  • Hiya Thank You both for your replies.

    My situation was when I agreed to my personal loan, I was told that if I did not have PPI then this would result in the APR being higher.

    So I'm a little confussed because I feel I was forced to buy the PPI so it would keep the APR lower. I was only 19 years old at the time and money was really tight so I didnt really have any choice.

    I also stated to the lady that I was soon to be made redundant, she said thats fine, im not sure if that makes any difference too.

    Thank You for your time to reply :)

    Andy
  • magpiecottagemagpiecottage
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    andyc87 wrote: »
    My situation was when I agreed to my personal loan, I was told that if I did not have PPI then this would result in the APR being higher.

    That may be true. A loan with PPI would represent a lower risk to the lender than one without and risk is a major factor in determining the APR.

    Whether it IS true, and whether it made taking the cover worthwhile are different questions. If the answer to either is no then you may have a case.
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