Tesco finance front loaded PPI advice please

blondie5883

I have had a loan ppi claim refused from tesco and thinking of going to FOS. I dont have any of the paperwork for the loan as it was a while ago (Nov 2007) and have moved lots since then so its all been destroyed.

Reading through the posts it seems Tesco are known for charging interest on the ppi which i know is a no no so thinking of going down this route as I brought loan over the net.

Can I ask Tesco if the interest was charged on the ppi or do you think they will say no as they know they shouldnt have?

[Deleted User]

blondie5883 wrote: »

Can I ask Tesco if the interest was charged on the ppi or do you think they will say no as they know they shouldnt have?

You need to ascertain whether you paid back your loan with a single monthly premium. If this is the case then your loan was front-loaded to attract extra interest. However, as your loan was in 2007 (the year many banks and lenders ceased to sell PPI at all) front-loading isn't as likely as on older loans. Do be aware that Tesco have already rejected your claim and will have doubtless considered whether your loan was front-loaded even if that wasn't the basis of your complaint.
Expect any FOS complaint you make to take many many months.

TakingControl

Ms-Money-Penny wrote: »

Hurrah another winner.

Received my cheque yesterday posted the acceptance letter 6 June, so i didn't wait long.

:T:j Wel done.

I am still waiting, thursday this week its 28 days since they received my acceptance letter so I will chase them again.