Sainsbury's Bank ppi

billiebess

Hi,
Whilst clearing out some files recently we found paperwork which showed we had loans with Sainsbury's bank between 1999-2005 all carried ppi. The last loan was paid off early in 2009.
The ppi was added to the loan upfront and the I assume the monthly payments were calculated on loan + ppi.
All the agreements before 2005 showed the particulars of loan as, eg:-
Advance £10.000.00
Sainsbury's Creditcare Gold £3565.00
Loan (A+B) £13656.00
Total Charge for Credit £3790.00
Total Amount Payable £17355.00
APR 9.8
In 2004 we were sent 'General Information for Insurance Contracts' which stated under eligibilty ' must be a principle cardholder of a Sainsbury's Bank Visa Card'. We have never held a Sainsbury's visa card. The agreement was sent with the loan paperwork but we never signed it.
In 2005 the interest on the ppi was shown separately.
We were never given a separate policy number for the ppi until 2005.
I am so confused now, is this regarded as an upfront policy?
Even if we could claim on that basis, have we left it too long?
Thanks x

Queinty

I have just recently been awarded PPI compensation from a Sainsbury's Bank loan for which I had no details, having paid it off with a second. It was from 2001, roughly.

I think the Creditcare Gold bit is the PPI; if I remember correctly they had three tiers of insurance being gold, silver and bronze.

Hope this helps, and good luck with your claim.:)

frenchy28

Hi Billiebess

This is definitely front loaded single premium PPI. I have just received my cheque from sainsburys bank for £4,141 for a loan I took out in 2004 and that was for a loan of £5000.

If I was you I would ring up straightaway and make your complaint, Good Luck.

Thesnowman_2

Hi there,
I had a Sainsbury's loan about 12 years ago but I lost all paperwork during one of the 2 times I have moved house since then. I have found the account number/ Ref Number on an old bank statement. I remember that there had been a 'Silver' level of PPI attached to the loan, which I am not convinced I needed.


Could anyone help with the next step I should take to check whether I am entitled to a refund? I have been through the Sainsbury's bank website but I cannot find a number or even an address to contact them. Please help.

dunstonh

Could anyone help with the next step I should take to check whether I am entitled to a refund?

There is no entitlement. There is nothing wrong with having PPI. The whole issue is whether it was sold to you correctly or not.

You havent stated if you believe you were mis-sold so its difficult for anyone to comment on your reasons for complaint. So, what are they?

Thesnowman_2

sorry for not being clear,
I don't recall taking out PPI as this is not something I would generally have done for a small loan as I was employed, single, no mortgage etc etc. It was only a few months after I realized there was this Silver level of cover and I enquired about it, but as I had started repaying it just got forgot about and I accepted it (as I was already driving the new car anyway). As I said lost all the paperwork and had no evidence or account numbers or anything until recently finding an old bank statement with an account number. Still not sure if was mis-sold or just didn't read entirely before signing, (although the loan was set up over the phone and someone came to my house for me to sign on the doorstep).