PPI should I claim or not?

asadalig

I took a fixed rate loan of £9000, from Cahoots subsidiary of Abbey National Plc (now Santander), when filling the online application form I ticked PPI option in error, and when I sent the signed paper documents back, I did mentioned very clearly (sent an attached letter with signed documents) that I ticked the box by mistake on online application and I don’t want PPI, but they continued to take the payment for PPI for about 4 or 5 months, when I noticed it, I sent them a letter (have got a copy of all the communications) and then they cancelled it (total payment was between £250 - £300 over 5 months or so)
.Q1 – Do I have a case to ask for my money back? Even though I have cleared my loan and account is closed for over 3 years (loan started in 2005, account closed April or May 2009).
Q2 – Will it be the money I paid or there will be some compensation as well?
Q3 – How much PPI claim companies charges? If the chances are to get what I paid is it worth going through PPI claim companies? After their fee etc I may get nothing
Q4 – What is the procedure to claim directly from the bank?

Thank you all in advance for your help and advise, much appreciated.
Best regards

-taff

asadalig wrote: »

.Q1 – Do I have a case to ask for my money back?
Q2 – Will it be the money I paid or there will be some compensation as well?
Q3 – How much PPI claim companies charges? If the chances are to get what I paid is it worth going through PPI claim companies? After their fee etc I may get nothing
Q4 – What is the procedure to claim directly from the bank?

Q1 - yes
Q2 - probably, but only 8% interest unless you can prove [as you say you can] that you emphatically did not wish to pay it] - your loan payments should have gone down after the PPI was cancelled
Q3 - probably more than you will get if your complaint is upheld
Q4 - http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance


Well, actually, if you were paying the PPI payments separately, then you can only ask for a refund of the payments.

dunstonh

Q1 – Do I have a case to ask for my money back? Even though I have cleared my loan and account is closed for over 3 years (loan started in 2005, account closed April or May 2009).

Possibly, Possibly not. You contacted them once before and they cancelled it but didnt refund. You never raised a request for a refund. Raising another complaint again after all this time may find it is timebarred.

Q2 – Will it be the money I paid or there will be some compensation as well?

It will be the premiums paid plus 8% only if they agree it was their error.

Q3 – How much PPI claim companies charges? If the chances are to get what I paid is it worth going through PPI claim companies? After their fee etc I may get nothing

Why would you want to use a claims company? Their templates dont fit your circumstances either.

Q4 – What is the procedure to claim directly from the bank?

Pick up the phone and tell them what you did here. Simple as that.

[Deleted User]

-taff wrote: »

Q3 - more than you will get if your complaint is upheld

No, the CMC will take at least 25% (plus VAT!) of any redress awarded. How could they charge more than the amount awarded?
Still not worth it, of course, the OP should go to the MSE advice article you posted a link to.

-taff

I edited it 2 mins before you responded
and I was being slightly facetious.

[Deleted User]

-taff wrote: »

I edited it 2 mins before you responded
.

You mean you edited in the two minutes it took me to respond!

(Must type more quickly...Must type more quickly...Must type more quickly...Must type more quickly...Must type more quickly...Must type more quickly...;))