Is a payment protection plan the same as PPI?

ellie128

Hi all, just wondering if anyone can help me.
In Sept 2009 I took out a HP agreement on a car with black horse through a vauxhall dealership. In Jan 2012 I asked for a settlement figure and settled the agreement. When looking in detail at the settlement letter it stated that the settlement figure was worked out by loan amount still due less money owed to a payment protection plan. I wasn't aware that there was any protection plan on my agreement and does this mean I can claim it back?
Any knowledge would be greatly appreciated, Thanks

billionthfrog

Hi Ellie

Yes i would say you have a claim to put in here , PPP is just the same as PPI , payment protection insurance/Plan, what ide to next is go to the PPI claim step by step procedure and fill in the necessary forms, write a letter, its all there for you , you have nothing to lose do you ,,,,make a claim and see what happens , ive just sent mine off. good luck Matt

amersall

Send the claim to the dealership.
If the Insurance was included in the monthly payment and you paid this back over the term with interest, then this is Single premium PPI and is the most upheld of all PPI reclaims.

Juren

I bought a car from Arnold Clark in September 2003. Arnold Clark organised the finance for me (though I had to - for some inexplicable reason - pay over-the-top payments on account of there being "serious problems" with my credit rating, according to the salesman, that is - I never checked.)

I bought the car, signed everything I was asked to sign. I had the loan for five years... it was paid off five years later - Sept. 2008.

Having trawled through a load of old paperwork and bank statements, I now see that I was paying a monthly direct debit Payment Protection Plan of £22.25 to a company called Can Do Finance Ltd. on top of the car loan itself. I have some letters, payment plans etc. from when I took out the car loan (and, apparently, a payment protection plan!) One of these letters clearly tells me not to cancel the insurance policy until the end of the term of the loan agreement; clearly states that to cancel the insurance policy will "affect" the loan agreement.

Whatever this is that I was sold... I had no idea what it was till now. I looked at that direct debit for years on my bank statements and thought it was my car insurance payements... but I was always a little confused the it.

Here's my question. I was definitely mis-sold PPP on that car loan - the bits of paper work I have would seem to make that clear, at least. Can I still claim and who would I calim from? Arnold Clark or the PPP Can do Finance... Or the loan company, On-Line Finance. (Some google searching suggests these companies may be out of business by now).
Appreciate any help... cheers! Ju-Ren.

Juren

Just to clarify: my car loan was a separate direct debit from the PPP payment direct debit. Loan was with On:Line Finance and I paid the PPP to Can Do Finance (though I suspect they are one and the same??)
Thanks
Ju-ren

-taff

You complain to whoever sold it to you but as they weren't regulated prior to January 2005 they can dismiss your complaint if they want to.

Juren

-taff wrote: »

You complain to whoever sold it to you but as they weren't regulated prior to January 2005 they can dismiss your complaint if they want to.

Thanks. I won't pursue it, as I don't imagine Arnold Clark would be interested if they don't have to be. It's a pity as it is quite clearly a case of gross mis-selling which cost me a lot of money over five years of the loan. Pft. Thanks.

[Deleted User]

Juren wrote: »

It's a pity as it is quite clearly a case of gross mis-selling which cost me a lot of money over five years of the loan. Pft. Thanks.

It's cases like yours which actually hastened the introduction of regulation for all insurance sellers, albeit too late for you, in January 2005.