Mis sold PPI

wicked_witch_2

Hi all,
have been reading the posts on here for a bit and think it is a fantastic site.

Can I ask if anyone has a template for a letter for mis sold PPI.

I took out a secured loan a few years ago and the PPI was added as a lump sum of £4800 to the total amount of the loan.

However I think as I was mis sold this as I was told that if I didn't have the PPI I wouldn't get the loan plus the PPI box was already ticked on the application form I was just told to sign.

The loan is with GE Money.

Any advice would be great, thanks

x

ukdrummajor

a quick google found this.........http://img.thisismoney.co.uk/docs/PPI2.doc

i`m about to do same thing........good luck.

Astaroth

As the letter says, it is not not allowed to make a loan conditional on taking out PPI (sorry for the double negative).

The following paragraph is interesting:

I do not believe being forced to buy this policy as part of the loan was a fair and reasonable obligation as I did not need this insurance and said at the time of taking the loan that I did not want it

Why did you not need it? Did you say you didnt need it?

wicked_witch_2

Hi,

thanks for the information.

I didn't say I didn't need it no because at the time I needed the money and after being told I couldn't have the loan without the PPI I went ahead. However I could have taken out much cheaper and better cover insurance with another company. I'm also a bit miffed that I am still paying interest on the PPI as it was added to the loan amount and they charge on the whole total.

Thanks again.

x

honeypop

Sorry to hijack your post wicked witch, but this thread relates to the exact thing I was about to post.

I had a loan with Halifax (my bank) with PPI, then I extended the loan to add some on (which was counted as a whole new loan) and I asked to cancel the PPI as I didn't need it or want it, I was not in a situation where it could be used. The advisor told me they could not lend me that amount without taking the PPI so did I want to stop proceeding with the new loan. I needed the extra money, and asked if that was essential that I had to have the PPI and she said yes, we won't allow you to have the loan without it, it's a big rick to us if you ever get in the situation where you can't repay it. So taking her word for it as I trusted she knew what she was doing, I went ahead with it. We were talking about £10000 in total and this was about 3 years back.

Last year I wanted to increase the amount I was paying each month, and had to go through the process of re-doing the loan again (as a new loan) to set higher repayments, and this time I explained the same thing about not wanting the PPI and the advisor (a different one) said OK, no problem if you're sure and took it off simple as that, so it turns out it wasn't necessary the last time.

So although I didn't pay the PPI for the full term of the loan, as after 2 years I changed the loan, would I still be able to claim the PPI and interest back for the time I was told I HAD to pay it?

Apologies I don't have the figures to hand, it is just something I thought about while at work this morning and the paperwork is at home.

Astaroth

The HAD to is really an ethics call, the fact you wouldnt have been covered by it is more significant if this is correct.

You would still be within the legal timescales for attempting a recovery of the monies (6 years)

honeypop

Thanks for that Astaroth, if I'm within the timescale I might as well send a letter and see what happens, only costs a stamp.

Astaroth

Personally I would push the boat out and splash out on recorded delivery... being able to prove a letter has been received is always better.