PPI FAQs discussion thread

lostcount

Hi all

Looking for some advice, I had an HP on a car which had ppi on it. looking at the papperwork it was added to the loan at the start. This ment that I have paid interest on it over the length of the loan. Is this ok or can I claim it back?

markmaro

hi,unfortunately for me the company that ripped me off with a ppi plan were not at the time under the fsa,however they are now.obviously they used this to refuse to repay the ppi, which was £3000 added to the loan with the interest over approx 18 years.i am still paying the interest on this ppi and with them now being under the fsa can i demand the interest paid since they came under the fsa and also future payments reduced

dunstonh

markmaro wrote: »

hi,unfortunately for me the company that ripped me off with a ppi plan were not at the time under the fsa,however they are now.obviously they used this to refuse to repay the ppi, which was £3000 added to the loan with the interest over approx 18 years.i am still paying the interest on this ppi and with them now being under the fsa can i demand the interest paid since they came under the fsa and also future payments reduced

The date that matters is the point of sale. Not point of payment. If the firm was not regulated at point of sale (prior to Jan 2005) then they do not have to consider your complaint.

markmaro

thanks but am i still legally bond to pay the ppi interest each month

dunstonh

markmaro wrote: »

thanks but am i still legally bond to pay the ppi interest each month

yes you are

[Deleted User]

markmaro wrote: »

thanks but am i still legally bond to pay the ppi interest each month

Yes, you entered into this legally binding circumstance when you signed for it as part of your loan agreement obviously well before the firm became regulated.
Sorry.

-taff

lostcount wrote: »

Hi all

Looking for some advice, I had an HP on a car which had ppi on it. looking at the papperwork it was added to the loan at the start. This ment that I have paid interest on it over the length of the loan. Is this ok or can I claim it back?

You can make a complaint that it was missold if you want to.
In the first instance, complain to the dealer.
If the dealer has gone under and it was before January 2005, you have no chance.

sarahcards

I know my husband had PPI on an existing loan from HFC in 2001, as I commented on it when we first got together. When he took out the loan he was single, in full time secure empolyment (remember those days?!), with no outgoings and no dependents = didn't need it! He had never heard of PPI and didn't know he even had it on the loan until I pointed it out. He wrote to them in January 2013, stating that it was mis-sold and he would like to claim. He does not have the original loan agreement, but he did provide them with the account number. They have replied stating that they have no records so they can't pursue it further, unless he sends the original agreement. They have said go to the ombudsman if we don't like it. Can we do anything else first? Thanks for advice!

-taff

They say they have no records. Either you believe them or you send £10 and a SAR to make sure.
If they come back with something then, then you can re-submit your complaint. If it comes back with nothing your complaint is over.

They only need to keep your information for as long as necessary, and the recommended limit is 6 years.

[Deleted User]

sarahcards wrote: »

They have said go to the ombudsman if we don't like it.

There is no point going to the Ombudsman unless you can find some relevant documentation from your own archive. Even a SAR is unlikely to turn up anything from twelve years ago as the Banks typically destroy records after six.