help needed

mirabel25

Hi, any advise would be much appreciated,we took a loan from bank of scotland in 08/98 over 10years, insurance on loan was not optional and added to the loan as one off p/ment, original loan 7500 and insurance 5562, we have the agreement, heres where it gets difficult, we paid the loan for approx 5years then went into difficulties and made an arrangement for reduced p/ment to blair oliver scott part of bos, in 2008 we settled the loan in full as an early settlement of nearly 4000.the question is can we claim the insurance charges as this was paid one month after loan was taken and we were told the insurance wasnt optional and was actually part of the agreement on the loan form with no option to opt out, we were both employed and would have been paid from work if off sick, we would like to apply for the charges but are worried the bank will close our current account if we try, also we have an overdraft with the bank and as we are in financial difficulties we are scared if we try to claim they might xc our overdraft and take our wages to pay it, can anyone advise how the bank of scotland deals with claims please.thanks in advance. mirabel

mirabel25

can anyone answer my post please.

amersall

Hi,if you have reasons for mis sell

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step2
Then put a claim in.
One reason you have is the ppi was put on at the start of the loan and you paid interest on this to term end,this is front loaded ppi.
They should not close your account,but they may reduce your overdraft if you win redress and reduce it from this,on the other hand they may not.

As you settled the loan in full and final,i dont think they can take any redress off this,do you have the letter for the full and final?.

mirabel25

thank you for the reply, yes we have the agreement and we have a letter from bank of scotland with the final settlement. we took loan out in 1998, defaulted approx 5/6 years later but cant find the paperwork, was passed to blair oliver scott and paid reduced payments until 2008 when paid were offered settlement figure of just under 4k.original loan was 7500,ppi was 5532 and interest was 9369 total was22432. what do you suggest we do? fill in bos claim form or fos claim form? do we send photo copy of cca and letter of final settlement or do we just wait and see what they offer? appreciate any advise. thank you

amersall

mirabel25 wrote: »

thank you for the reply, yes we have the agreement and we have a letter from bank of scotland with the final settlement. we took loan out in 1998, defaulted approx 5/6 years later but cant find the paperwork, was passed to blair oliver scott and paid reduced payments until 2008 when paid were offered settlement figure of just under 4k.original loan was 7500,ppi was 5532 and interest was 9369 total was22432. what do you suggest we do? fill in bos claim form or fos claim form? do we send photo copy of cca and letter of final settlement or do we just wait and see what they offer? appreciate any advise. thank you

The BOS claim form is the FOS questionnaire, give them 14 days to acknowledge this,if they need anymore info,they will ask for this.
Do this over phone if you want

http://www.bankofscotland.co.uk/contactus/howtocomplain/complain-about-ppi/?!!!!!HOME1

Have reasons for mis sell ready
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step2

Give them the 14 days to acknowledge.
Good luck.