Nationwide Loan with PPI - Help please

aileenf_2

I am new to the forum and wondered if anyone could advise me on a loan that I paid off in 2010. I think I took it out online, but can't be certain. I called Nationwide to ask about this loan and the previous one that I had (I was looking for more info) however they have sent me a long questionnaire and have said it has to be returned by 2nd Feb.

I didn't realise I had PPI (Optional Credit Insurance) on the loan

Amount of Loan £8,000
Optional Credit Insurance £1,196.63

Monthly loan repayment: £189.73 Monthly Optional Credit Payment £28.38 (APR 6.7%)

I am very naive when it comes to this, is this loan front loaded, and can I claim for not realising I had it in the first place? Any help would be appreciated. thanks

highadmiral

Its looks as though it was front loaded.
If the insurance premium was added to the loan principal and then interest charged on the whole lot it is front loaded.

If the insurance premium was paid monthly but without interest then it is single premium but not front loaded,this is not so bad !

Front loaded is a bad thing and a complaint in its own right.If you can also back this up with other facts that would have made the policy unsuitable such as pre existing medical conditions or being self employed on low hours that will help your claim too.It may be that you had good sick pay from work and so the policy was not neccessary.

The above are concrete facts which make a good claim,by all means add details about what you were or were not told.but bear in mind these are non provable usually

I have claimed successfully with a loan taken out online so that is not neccessarily a hinderance to a claim.

aileenf_2

Thanks.

My husband and I were in/are in jobs that we are entitled to company sick pay and I work part-time. I'm going to give it a go. Needed the confirmation that it was front loaded. Thanks