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coop personal loan, do i have a claim?
coda
Posts: 158 Forumite
Hi people.
After getting so many messages on my answerphone about PPI, i thought I'd check it out for myself and have kind of hit a block.
Basically, 5 yrs ago I run into trouble with my CC and the coop took it away, offering a consolidated loan as the only way to go forward. It was over 8 yrs for 22k.
The problem is, I cannot locate my original agreement to see the PPI situation. I rung the coop helpline and they said they cannot divulge PPI info from their system and that I need to write to them. I am trying to determine if I have PPI at all first - if memory serves, they said it was compulsory at the time and with my back against the wall, this was my only option, I was being given a lifeline and it was all that mattered...
I had a look at the coop loan calculator today over the same amount and it's only on offer for 1-7 years. Even at 7 years, the monthly premiums are about 20 pounds less per month than what I currently pay for the same amount over 8 years. Does that mean I am likely paying the extra as PPI (I realise I may also have a worse APR)?
Or... should I just fill in the questionnaire and send it? I don't want to fill in a bunch of complaints only to be told I have no PPI anyway - is this my only option?
Any opinions / stories on dealing with similar issues with the cooperative are appreciated. I have already paid way more than the original amount and still have 8k to go + APR... Thanks in advance.
After getting so many messages on my answerphone about PPI, i thought I'd check it out for myself and have kind of hit a block.
Basically, 5 yrs ago I run into trouble with my CC and the coop took it away, offering a consolidated loan as the only way to go forward. It was over 8 yrs for 22k.
The problem is, I cannot locate my original agreement to see the PPI situation. I rung the coop helpline and they said they cannot divulge PPI info from their system and that I need to write to them. I am trying to determine if I have PPI at all first - if memory serves, they said it was compulsory at the time and with my back against the wall, this was my only option, I was being given a lifeline and it was all that mattered...
I had a look at the coop loan calculator today over the same amount and it's only on offer for 1-7 years. Even at 7 years, the monthly premiums are about 20 pounds less per month than what I currently pay for the same amount over 8 years. Does that mean I am likely paying the extra as PPI (I realise I may also have a worse APR)?
Or... should I just fill in the questionnaire and send it? I don't want to fill in a bunch of complaints only to be told I have no PPI anyway - is this my only option?
Any opinions / stories on dealing with similar issues with the cooperative are appreciated. I have already paid way more than the original amount and still have 8k to go + APR... Thanks in advance.
0
Comments
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The Co-Op have already given you the answer to your problem. Write to them. Ask for a Subject Access Request (SAR). It costs £10, but should clear up once and for all whether you had PPI with any loans or credit cards etcThe problem is, I cannot locate my original agreement to see the PPI situation. I rung the coop helpline and they said they cannot divulge PPI info from their system and that I need to write to them.
https://forums.moneysavingexpert.com/discussion/1475553
You could also look at your statements, which would show a PPI payment in addition to your current monthly loan re-payment if it has been set up correctly0 -
the statements within my current account just show 'personal loan' and every now and then, 'loan interest' bulk amount. i don't have loan statements separately as such...0
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That either means you don't have PPI at all or it's been "front-loaded" onto the loan and you are paying a single monthly premium.the statements within my current account just show 'personal loan' and every now and then, 'loan interest' bulk amount. i don't have loan statements separately as such...
As I said, write to them to be sure...0
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