confused, pls help - ppi from separate co to loan

afoolandhermoney

Hi, I'm hoping someone on the forum will be able to give some advice.

My other half took out a loan almost 6 years ago to buy a narrow boat. The company this loan was with "sold" him PPI (but this insurance was provided by another company)

At the time he was on a fixed term contract (so the unemployment bit of any PPI is unlikely to have been valid, and it was probably mis-sold as he doesn't recall them checking this - it was all done over the phone).

We've asked the loan company for details of his agreement (all paid off a while ago) using the template letter, but there's no mention in this agreement of any PPI.

What do we do now?? - Do we need to get the PPI terms from the insurance co as well? or do we just submit a mis-selling claim to the loan company?

dunstonh

do we just submit a mis-selling claim to the loan company?

You submit your complaint to the person that sold you it.

afoolandhermoney

thanks dunstonh

I was just confused as the loan company who sold the ppi haven't sent anything about the ppi in the paperwork we requested for the loan - do we need to get the terms of the ppi as well before we can claim? (I guess so)

afoolandhermoney

also, I should mention. The ppi wasn't added to the loan, it was paid as a separate DD to the other company (and the OH didn't cancel the DD when the loan was paid off, so carried on paying for PPI he really didn't need for almost a year afterward)

dunstonh

do we need to get the terms of the ppi as well before we can claim? (I guess so)

You dont need any details to make a complaint unless you are not sure if your complaint is valid or not.

The ppi wasn't added to the loan, it was paid as a separate DD to the other company

That makes it more difficult as that is the way it should be done. When added to the loan, it is charged interest. When paid monthly by d/d it doesnt have that.

Is the PPI linked directly to the loan or is a standalone? (i.e. it will pay out even if you dont have the loan - many standalone PPI plans are that way).

It doesnt sound like the loan company sold this to you. It sounds like a broker did.

afoolandhermoney

OH says that the loan company sold the PPI (maybe they were acting as brokers for the PPI insurers?). He remembers that when he arranged the loan he was asked if he wanted insurance, he asked what it was for and they said it would pay the loan if he lost his job, so he said yes (don't think he checked any of the terms at the time - he's always been a bit too trusting of financial types; and yet I'm the one still in debt!)

I think we need to get the PPI terms from the insurance co (OH hasn't kept any of the paperwork).