bank loan ppi

rashbaz

Hello, I want to make a PPI claim but thought I should run my reasons past all first to check that I am filling the forms in with some chance of success.

Situation

Fixed term bank loan for £10000. Front loaded PPI. By this I mean that a single premium was added to the loan at the start of it costing £1790. £293.04 interest charged for this.

Loan is now paid off. It ran from 2007-2011.

I have the account number but not the PPI policy number.

I do have a copy of the loan agreement.

I have a policy summary of the PPI but not a policy document.

Can anyone suggest if they think my argument is valid and likely to succeed please?

My complaints are as follows

- I was told that if I died my parents would be chased by the bank to repay the loan. This is the only reason I ever agreed to take the policy.

- The PPI was front loaded I was not told that I was borrowing more money and paying more interest each month to pay off a single large premium.

- I was never told that I could arrange my own PPI insurance so I had no opportunity to shop around for a better value policy.

- I'm a self employed company director so it is unclear if I would be able to claim on the policy if the business went bust, if I was sick etc.

[Deleted User]

rashbaz wrote: »

Hello, I want to make a PPI claim but thought I should run my reasons past all first to check that I am filling the forms in with some chance of success.

Situation

Fixed term bank loan for £10000. Front loaded PPI. By this I mean that a single premium was added to the loan at the start of it costing £1790. £293.04 interest charged for this.

Loan is now paid off. It ran from 2007-2011.

I have the account number but not the PPI policy number.

I do have a copy of the loan agreement.

I have a policy summary of the PPI but not a policy document.

Can anyone suggest if they think my argument is valid and likely to succeed please?

My complaints are as follows

- I was told that if I died my parents would be chased by the bank to repay the loan. This is the only reason I ever agreed to take the policy.

- The PPI was front loaded I was not told that I was borrowing more money and paying more interest each month to pay off a single large premium.

- I was never told that I could arrange my own PPI insurance so I had no opportunity to shop around for a better value policy.

- I'm a self employed company director so it is unclear if I would be able to claim on the policy if the business went bust, if I was sick etc.

All sounds in order. I wouldn't worry about not having the PPI policy number as that will be linked to the loan agreement number which you do have.
Reasons for mis-sell are sound enough. Good luck!

magpiecottage

rashbaz wrote: »

I have the account number but not the PPI policy number.

That should be enough.

I was told that if I died my parents would be chased by the bank to repay the loan.

That is misleading and in any case would need life assurance not PPI. However, you would need some evidence.

The PPI was front loaded I was not told that I was borrowing more money and paying more interest each month to pay off a single large premium.

That is a valid complaint.

I was never told that I could arrange my own PPI insurance so I had no opportunity to shop around for a better value policy

That is not.

I'm a self employed company director so it is unclear if I would be able to claim on the policy if the business went bust, if I was sick etc.

You are not self-employed if you are a company director. You are an employee of the company (albeit that you own the company.