Potential Co-op PPI Claim

BaronB

I should also add an additional detail to this. Apparently the Co-op have details of the current loan going back until 2007 but I actually took out a loan before that. I think it was 2005-6. The additional loan was just added to the previous one which I hadn't paid off.

Does this make any difference?

[Deleted User]

BaronB wrote: »

The additional loan was just added to the previous one which I hadn't paid off.

A consolidation of a front loaded loan would have led to you continuing to pay interest on the original PPI policy (after early settlement rebate). In effect a loan on a loan on a loan.
You are looking to have a very strong mis-sale reason here...

BaronB

Co-op have said that I might be eligible to claim £1600 on my current loan from 2007. They can't give me any info on the initial loan dating back before that though and have just said that I should reference it in my questionnaire. Should this concern me?

Feels like I have been very naive here!

[Deleted User]

BaronB wrote: »

Co-op have said that I might be eligible to claim £1600 on my current loan from 2007.

You don't claim a set amount. As I said earlier, full redress is a refund of all monies paid plus 8% interest.
Go here and follow the simple steps:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step2

BaronB

Well, less than a week after sending my questionnaire I have received an offer of £3350.70 which includes:
- full refund of PPI premiums paid
- the interest applied to the premiums
- an additional 8% interest on these amounts

Lovely.

Appreciate your help, chaps.