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Secured Loans & PPI Reclaim

Sulley285
Sulley285 Posts: 21 Forumite
in Reclaim PPI & other insurance
Hi,

When I purchased my flat 5 years ago I took aout a loaned secured against the property with Welcom Finance.

I'm not sure, but pretty certain that I have PPI on that loan. Can I reclaim it or is it not possible as the loan is a secured one?

Cheers

Comments

  • magpiecottage
    magpiecottage Posts: 9,241 Forumite
    1,000 Posts Combo Breaker
    It is possible to reclaim it if the policy was missold.

    However, as the loan was secured on your home that means you could have lost it if you had not been able to maintain the repayments. This means there was, on the face of it, a need for cover.

    That does not mean you have no case, only that there was a need for some kind of cover.
  • amersall
    amersall Posts: 17,037 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    I agree magpie, but this was Single Premium PPI at it's worst, these secured loan PPI are extortionate with the repayments each month and the interest, the op could get cheaper insurance else where.
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