Do you think there's a chance ??

Issuma

Afternoon All,
I will try to be brief......I took out a personal loan with the Halifax back in 2008, I had previously had a loan with M&S for which I decided not to have their PPI so I took out an independant policy which covered me for any loan up to £30,000 and was much cheaper I paid this loan off early.......back to the Halifax on the day of the meeting the young lady was explaining the PPI but I said I would prefer to do what I had done previously as it was much cheaper she then launched into horror stories about what can happen if you need to claim and you have an independant policy, needless to say this put me off and I felt pressured into taking their PPI I asked if I could have some time to think about it but she said no as she was already processing the loan on the system and the PPI could not be added at a later date so I panicked and agreed.
Unfortunately my husband now has health issues and we are now in a DMP which I self manage and this account has been passed to a DCA, do you think there is any point in me trying to claim the PPI as mis sold.
Any advice would be more than welcome...........

burty8899

you need to find out if it was single premium PPI, this would be a strong complaint reason. if it wasn't then all the rest of your reasons are difficult to prove.

also if you did win, any redress would most likley be paid against the money you owe so you wont see a penny of it unless its over and above the amount you owe the bank

Issuma

Hi burty8899 and thanks for your reply,

I have my loan agreement but I'm unsure as to whether this was a single premium PPI, on the agreement it gives a total amount of the insurance on the loan as a seperate figure but then my monthly repayment figure is split into the loan amount and then £93.36 for the insurance.
I did explain at the time that I thought £93.36 per month for the PPI was excessive as I have had a stand alone policy previously for a larger loan amount for a much lower monthly premium but the minute I mentioned this the 'horror stories' started about all the problems this can cause if a claim is ever made and that's when I panicked and agreed to the policy from the Halifax !!!
I appreciate that if this claim was successful that any monies would go straight to the loan and I wouldn't see the money myself which is fine as my goal at the moment is to get my creditors paid off as quickly as possible.
Thanks again

[Deleted User]

Issuma wrote: »

I'm unsure as to whether this was a single premium PPI, on the agreement it gives a total amount of the insurance on the loan as a seperate figure but then my monthly repayment figure is split into the loan amount and then £93.36 for the insurance.

If you paid these two amounts separately each month then it was set up correctly. If you paid the two amounts combined into a single monthly premium then you have a case.
As Burty8899 says, the "hearsay" complaints you detail are impossible to prove and you can expect a swift rejection unless the Bank discover other mis-selling.

Issuma

Hi and thanks for the reply.
These amounts are not paid seperately it's just one monthly payment it's split on the agreement like this:

Amount of credit (the cash loan) £££££
Amount of credit (the insurance loan) £££££
Total Amount of Credit £££££
Duration of the agreement 86 months
Total amount you pay for cash loan £££££
Total amount you pay for insurance loan £££££

Then it shows a total monthly payment which is the loan and the insurance added together.

I know this will sound stupid but I didn't realise that I was paying interest on the PPI amount as well as the loan amount, this definitely wasn't explained to me

Thanks again