ppi advice

brummy_lad

can i claim back my ppi if i am in financial hardship i.e. behind with my loan payments, i took out a loan in 2007 for 25k and have recently noticed the ppi added another 11k to the loan plus interest!!! nearly 18k just for the ppi,i was and still am in full time employment and would get paid if i was sick,the balance of my loan never seems to come down because they add interest to the arrears which counteract my payments:mad:

McKneff

If you manage to get your PPI repaid anything that you are succesful with would be paid off your arrears

Do you have a provable reason to reclaim the PPI.

brummy_lad

provable reason? in what respect?

opinions4u

You can claim it back if it was mis-sold.

Although you appear to understand how much it cost and what it covers.

brummy_lad

yes it is for critical ilness, life insurance (my job would pay out enough to cover my debt in the event of my death) and also sickness (i still get payed if sick) would they bring my account up to date or take any refund off the balance? it does not bother me if they did as my payments would be £140. per month cheaper

DevCoder

brummy_lad wrote: »

provable reason? in what respect?

Why do you think it was mis-sold?

Just because you were in full time employment doesnt mean that couldn't end, that's why you take out PPI to mitigate the unknown.

brummy_lad

i work in a industry that does not make redundancies,

DCFC79

brummy_lad wrote: »

i work in a industry that does not make redundancies,

Wow you have the ability to forsee the future, can you predict the lottery numbers for me please.

Im afraid you or anyone can predict what will happen in a years time.

brummy_lad

also i was told to get a ppi would get a competative rate, after reading the small print it states you do not need ppi to get the loan,to me that is mis selling!!

DevCoder

Really? What industry is that?
No job is ever certain. Is your sickness cover at work indefinite, most are for about 6 months.
Does your job give you PHI so critical illness would be covered?

Whilst you can make a complaint you need to be sure of what your are complaining about.

They would likely reduce the term of the loan so you'd still pay the same per month, just for less time.

DevCoder

brummy_lad wrote: »

also i was told to get a ppi would get a competative rate, after reading the small print it states you do not need ppi to get the loan,to me that is mis selling!!

Do you have that in writing?

Unless it's in writing it'll fail under the "I said, they said" argument.