PPI Reclaiming Discussion Part 5

evanowen

matt1517 wrote: »

hello,just a quick question.

7 years ago i took out a loan of £3000 with natwest to buy a car,i paid back £4200 in total and a year early. i was told i should take out insurance on the loan incase i lose my job etc,this cost me £550.

does this count as missold ppi or not? and would it be worth making a claim if so? thanks

Was the £550 a single amount or what you paid over the term?

Did you receive a refund for the period that cover was no longer needed?

matt1517

no the £550 was over the course of the loan,and i paid £800 odd to finish the loan early.

matt1517

and no i did not recieve a refund when i paid up early

evanowen

Ask them how much commission they earned on the sale.

Were you self-employed or a contract/agency worker and if so did the policy cover you for lost income due to accident sickness or unemployment?

-taff

matt1517 wrote: »

hello,just a quick question.

7 years ago i took out a loan of £3000 with natwest to buy a car,i paid back £4200 in total and a year early. i was told i should take out insurance on the loan incase i lose my job etc,this cost me £550.

does this count as missold ppi or not? and would it be worth making a claim if so? thanks

You can complain about having single premium [here the insurance was paid up front then interest was added and that was all added to the loan amount and if you had cancelled i, you wouldn't have received the interest added to the insurance back, only the capital].

You need to show you didn't need the insurance either through good work benefits, or that it wouldn'thave paid out in some way.

evanowen wrote: »

Ask them how much commission they earned on the sale.

That is completely irrelevant.

amersall

When you settled the loan early, they would have given you a rebate of the PPI that was "unused" you would have repaid the remaining PPI back in the settlement figure, they do not tell you this at the point of sale!.

If you paid the PPI every month in with the loan payment, this is Single Premium and a reason for mis sell as taff said.

Insider101

evanowen wrote: »

You can't make something clearer by using an incorrect interpretation of what was said.

So, what happens when the firm goes bust before paying HMRC the tax it deducted?

It's unlikely to arise in practice, especially with most of the top banks which the government would not allow to fail as we have already seen. I'm fairly certain they have to settle the tax due to HMRC quite promptly anyway. But if the scenario did arise then HMRC would be treated as a preferential creditor when the firm's assets are administered. However, if the assets are insufficient to cover the tax bill would not impact HMRC's responsibility to repay the tax deducted from the customer. Basically the revenue would be left out of pocket, which is not a bad thing. Alas, they know it, hence why they demand quick settlement from the banks.

Insider101

matt1517 wrote: »

hello,just a quick question.

7 years ago i took out a loan of £3000 with natwest to buy a car,i paid back £4200 in total and a year early. i was told i should take out insurance on the loan incase i lose my job etc,this cost me £550.

does this count as missold ppi or not? and would it be worth making a claim if so? thanks

There's nothing you've said in this post that by itself would make the product missold. It's a fairly accurate reflection of what the product covers. There may have been other reasons for missale of course...

Insider101

matt1517 wrote: »

and no i did not recieve a refund when i paid up early

You will have done its just you won't know it, as the refund of PPI is paid back to the loan account to reduce the figure paid to settle the loan. Not paid directly back to you. It's standard practice with this type of product.

hill37

Hi,sent first template off to Barclays and they replyed saying that according to them,i havent got a case.Had a £5000 loan a few years ago,dont remember asking for PPI and on my satements,years after finishing it,im still paying PPI!Should i persist?