We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Do I have a legitimate PPI claim?
cavemanbiggles
Posts: 9 Forumite
I have all my paperwork and before I send off my claim letter I want to check if anybody with more knowledge than me thinks I have a genuine claim, and also to make sure I don't invalidate my claim by wrongly wording the letter!
In essence, I had 5 cars on finance (with BMW finance) from 2000-2005.
I was self-employed at the time, and initially the cars were put through my company, and latter cars on a personal agreement.
PPI was added to the monthly repayment at the outset to give one monthly total. Looking at the agreements it says: "No premium is payable with any initial or final rental". Somebody mentioned on a previous thread this is front loaded PPI, is this the case?
I am aware that PPI was optional, however with the very first agreement I was advised (by the salesman at the BMW dealership) due to the fact I had no company accounts and only 6 months worth of bank statements (for my new company) that the finance company would look favourably upon my application if I agreed to take out PPI; "in case anything happens." Obviously I took it out, who wouldn't.
With every subsequent agreement I took out, PPI was added by the salesperson; "because you have had it before". I was never made aware of any cooling off period, nor asked if I had alternative cover in place or the ability to continue paying for the car if anything untoward happened.
I have always been self-employed, surely with each new agreement and with the possibility of my circumstances changing PPI should have been run through in full each and every time?
I do not believe the whole minefield of making a claim whilst self-employed was ever explained to me either, and my general feeling is they saw me coming and completely mugged me!
How can I prove any of this, and do I need to? They have 5 agreements signed by me stating I have received information regarding the benefits and exclusions of the deal (it doesn't state what level of information they gave me) and the fact it is optional etc.
Any help / advice would be gratefully received.
In essence, I had 5 cars on finance (with BMW finance) from 2000-2005.
I was self-employed at the time, and initially the cars were put through my company, and latter cars on a personal agreement.
PPI was added to the monthly repayment at the outset to give one monthly total. Looking at the agreements it says: "No premium is payable with any initial or final rental". Somebody mentioned on a previous thread this is front loaded PPI, is this the case?
I am aware that PPI was optional, however with the very first agreement I was advised (by the salesman at the BMW dealership) due to the fact I had no company accounts and only 6 months worth of bank statements (for my new company) that the finance company would look favourably upon my application if I agreed to take out PPI; "in case anything happens." Obviously I took it out, who wouldn't.
With every subsequent agreement I took out, PPI was added by the salesperson; "because you have had it before". I was never made aware of any cooling off period, nor asked if I had alternative cover in place or the ability to continue paying for the car if anything untoward happened.
I have always been self-employed, surely with each new agreement and with the possibility of my circumstances changing PPI should have been run through in full each and every time?
I do not believe the whole minefield of making a claim whilst self-employed was ever explained to me either, and my general feeling is they saw me coming and completely mugged me!
How can I prove any of this, and do I need to? They have 5 agreements signed by me stating I have received information regarding the benefits and exclusions of the deal (it doesn't state what level of information they gave me) and the fact it is optional etc.
Any help / advice would be gratefully received.
0
Comments
-
Put the complaint in, the most you will lose is the price of a few stamps.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.8K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards