Can we Claim

ashleigh40

We have a secured loan on our property which had a policy on it that if we hadn't claimed on in 5 years we would get money back. this money was paid to us but we were told we would not get the loan if we didn't take this policy out. can we claim mis-selling ?

di3004

Yes definately, simply because they pressurised you into taking out the policy, you should have been given an option.
And not only that these policies are now frowned upon, and its wrong that you would have to still pay for it even after 5 years, for example, the ppi would not be worth it after 5 years because you would not then be able to make a claim on it for sickness/unemployment etc, even though you will still be paying for it for the life of the loan.

Check here for more details and complete the reclaim questionnaire on step 3 below as well.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step2

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

Send to the ones who sold you the policy (broker if you used one), head office or complaints dept and save a copy for yourself too, good luck.;)

jonnyd281

What is the OP going to claim, reading their post they had their premiums returned to them.

if we hadn't claimed on in 5 years we would get money back. this money was paid to us

magpiecottage

jonnyd281 wrote: »

What is the OP going to claim, reading their post they had their premiums returned to them.

Proving undue pressure is difficult,

However it sounds like a single premium policy - which were almost always missold.

jonnyd281

magpiecottage wrote: »

Proving undue pressure is difficult,

However it sounds like a single premium policy - which were almose always missold.

But what is the point of reclaiming if they have already had the premiums back!!

magpiecottage

jonnyd281 wrote: »

But what is the point of reclaiming if they have already had the premiums back!!

They are still out of pocket because they pay interest on the premiums until such time at the loan is repaid.

dunstonh

They wont get much of a payment compared to those that didnt get premiums back. However, they should get the interest element returned. Depending on the size of the loan, that could be worthwhile.

amersall

Also,the whole ppi amount will be taken off the balance of the loan,the monthly loan payment will reduce by the ppi monthly amount,this will save the op thousands in interest over the remaining term.
Getting the cashback does not take the whole ppi off the loan,it is still there to term end with interest,so they are in effect paying for a policy that is no longer in force.