PPI Advice.

mmmmmmarmite

Hi

Sorry first post here, so unsure of MSE etiquette, so please forgive me in advance.

After listening to a news report today in regards to reclaiming PPI, I thought I would look in to this.

In 2001 I took out a loan of £1000 with PPI. Once this was paid off or almost paid off in 2002, the bank offered me another loan which, being a naive 20 year old I jumped at the chance. I took £7000 with the additional PPI. I had no understanding what this was except I was told that I should have this. In 2006 I got my dad to look at the contract, as each month I was struggling with money and this was causing depression, he said my monthly repayments were ridiculous (they did not know I had taken out the loan originally and were shocked and angry that I could blow so much money on what essentially was for fun). He noticed the PPI and said I should not be paying this every month - it was a con and defo not what I needed - from memory it was £49 p/m on top of my loan payments. I cancelled this as instructed by my dad and continued to make my payments towards my outstanding bill until I came to the end of the contract in January 2009.
As I took this out such a long time ago, do I have a case? I was unaware what PPI was, why you needed it, and all I knew was, I needed it for my loan.

Thanks for taking the time to read. Please could you advise with opinions and facts on what best way to go forward, if any?

Mmmmmmarmite

dilus

mmmmmmarmite wrote: »

Hi

Sorry first post here, so unsure of MSE etiquette, so please forgive me in advance.

After listening to a news report today in regards to reclaiming PPI, I thought I would look in to this.

In 2001 I took out a loan of £1000 with PPI. Once this was paid off or almost paid off in 2002, the bank offered me another loan which, being a naive 20 year old I jumped at the chance. I took £7000 with the additional PPI. I had no understanding what this was except I was told that I should have this. In 2006 I got my dad to look at the contract, as each month I was struggling with money and this was causing depression, he said my monthly repayments were ridiculous (they did not know I had taken out the loan originally and were shocked and angry that I could blow so much money on what essentially was for fun). He noticed the PPI and said I should not be paying this every month - it was a con and defo not what I needed - from memory it was £49 p/m on top of my loan payments. I cancelled this as instructed by my dad and continued to make my payments towards my outstanding bill until I came to the end of the contract in January 2009.
As I took this out such a long time ago, do I have a case? I was unaware what PPI was, why you needed it, and all I knew was, I needed it for my loan.

Thanks for taking the time to read. Please could you advise with opinions and facts on what best way to go forward, if any?

Mmmmmmarmite

Hi Mmmmmmmmmarmite

A few questions
Was the PPI front loaded (put on the loan at the beginning)?
When did you cancel the PPI on the second loan?
Do you have the account number of the second loan?

mmmmmmarmite

Hi

Thanks for your reply.

Apologies, I have no idea what you mean by the first question? Sorry if I sound really daft. The PPI was part of the loan and when I wanted to cancel this, a new loan had to be set up without PPI and the original loan of £7000 was cancelled.

I cancelled the second loan of £7000 in 2006 and the new loan without PPI was set up.

No, I have no details of this, however, when I rang the bank, she had details of the loan from 2006 (this is how I know the loan was from then), but no other details on her account.

I hope these answers your questions. Any advice?

dilus

mmmmmmarmite wrote: »

Hi

Thanks for your reply.

Apologies, I have no idea what you mean by the first question? Sorry if I sound really daft. The PPI was part of the loan and when I wanted to cancel this, a new loan had to be set up without PPI and the original loan of £7000 was cancelled.

I cancelled the second loan of £7000 in 2006 and the new loan without PPI was set up.

No, I have no details of this, however, when I rang the bank, she had details of the loan from 2006 (this is how I know the loan was from then), but no other details on her account.

I hope these answers your questions. Any advice?

Right, you may find this a bit difficult as the loan that had the PPI on was ended in 2006 which is bordering on the point that banks hold records. The new loan (without PPI) is coming up on the system but you can't complain on this one.
The only thing I can suggest is SAR the bank for which you have to pay a one off fee of £10 and hope that the loan with PPI crops up in the information they send you.
You can find a SAR template letter here (1st post by dreamer) that you can add your details to

https://forums.moneysavingexpert.com/discussion/1475553

They have 40 days to supply you with all the records they hold on you but it is no guarantee that the loan with PPI will come up. If it does and it gives you the account number, then you can get the ball rolling with a questionnaire. Do the SAR letter as soon as possible as it is borderline.
Upfront PPI is frowned upon by the FOS and is widely upheld but you really need the account number.
If this route fails to shed any light you could try a free credit check trial, it may give you the whole number or the last 4 digits which is sometimes enough. Good luck

mmmmmmarmite

This is perfect! Thanks so much for your advice, I am so glad that you are on line tonight! I will follow your advice and will get the letter out in the post first thing tomorrow - fingers crossed that something positive comes out of this.

Take care!

mmmmmmmarmite

dilus

mmmmmmarmite wrote: »

This is perfect! Thanks so much for your advice, I am so glad that you are on line tonight! I will follow your advice and will get the letter out in the post first thing tomorrow - fingers crossed that something positive comes out of this.

Take care!

mmmmmmmarmite

You're welcome, any news come back and we can advise further