Help drafting reason for PPI complaint

cavity36

I got a letter from my bank in Novemebr about a PPI loan taken out 4 years ago, stating that depending on my personal circumstances I may have been mis-sold the policy.

The letter says they are ‘exclusions’ & ‘limitations’ which could affect my ability to make a claim. These are listed in the letter and none apply to me as I was working at the time.

The situation that led me to taking the loan which was £1000 is below

I was short of money and needed around £250-£280 to cover some direct debits.

I wanted to go to a payday loan store but you need to write out cheques for payment and none were left in my book.

I went to the bank and obviously they wouldn’t give me a loan of £250. The minimum they could give me was £1000 (which I did not need).

Because I needed the money the loan was done there & then within 10 minutes. I wasn’t told or given any information/literature about PPI as far as I can remember.

I have always thought about this loan frequently over the years and resent being forced to take it (this was before I knew about PPI)

The bank have given me a a list of options to explain how I believe my policy was mis-sold.



Should I just relay the story above? As that is the main reason. The bank was Natwest


Regards cavity 35

miduck

Nothing in your story suggests mis selling - you were not forced to take the loan, no one held a gun to your head.

Do you still have your loan agreement? It would show on there if you agreed to take out PPI. If you do not have this, you can submit a Subject Access Request (which would cost you £10) to get a copy of any paperwork the bank holds on you.

meer53

You say you weren't told anything about PPI but then you say you were forced to take it ? Plus, you never thought to claim until the bank wrote to you ? Sounds to me that you would have taken the loan whatever you were told.

I think your case is flimsy to say the least.

[Deleted User]

cavity36 wrote: »

I wasn’t told or given any information/literature about PPI as far as I can remember.

It's a falsehood that PPI was routinely added to loans without the knowledge or permission of the customer. If you write to the bank giving that as your mis-selling complaint, the Bank will simply reply that you were given information about the PPI and that you subsequently had 30 days in which to cancel the policy after you signed for it.


The Bank have written to you effectively to time-bar you from complaining in the future, but you'll need a stronger complaint than you've given in order to be successful.

cavity36 wrote: »

I have always thought about this loan frequently over the years and resent being forced to take it

If this is the case, why didn't you simply settle the loan early if you didn't need the entirety of it?

dunstonh

Firms are writing out to people with PPI to tell them they have the right to complain. It does not mean you have a reason to complain. By writing out to you it allows them to timebar future complaints 3 years later.

I am not going to say you were or were not mis-sold as we dont have enough to go on and what you have told us contradicts your story.

McKneff

If you were 'forced' to take th £1k, why didnt you just pay £750 back straightaway, leaving you with a debt of only £250 which was exactly what you wanted.

cavity36

miduck wrote: »

Nothing in your story suggests mis selling - you were not forced to take the loan, no one held a gun to your head.

Do you still have your loan agreement? It would show on there if you agreed to take out PPI. If you do not have this, you can submit a Subject Access Request (which would cost you £10) to get a copy of any paperwork the bank holds on you.

Thanks for your reply. I may have it, if I don't then I will ask for a copy.

cavity36

meer53 wrote: »

You say you weren't told anything about PPI but then you say you were forced to take it ? Plus, you never thought to claim until the bank wrote to you ? Sounds to me that you would have taken the loan whatever you were told.

I think your case is flimsy to say the least.

I had to take the the loan because I had no cheques that would enable me to get a smaller loan from the money store.

It was a long time ago so I can't remember the details, I'm not fussed about the money, it's because the bank have contacted me that I feel it may have been sold incorrectly

Once I get a copy of the lan agreement it will all be clearer.

cavity36

McKneff wrote: »

If you were 'forced' to take th £1k, why didnt you just pay £750 back straightaway, leaving you with a debt of only £250 which was exactly what you wanted.

I can't remember wether I I could do something like that under the terms of the loan agreement (which is why I will get a copy).

It is something that I would prefer to do.

Previously I bought a car on HP to pay off over 5 years, my intention was to pay it all off in one go but circumstances meant I could not do it, so I just ended up paying every month until the end of the 5 years

bengal-stripe

cavity36 wrote: »

I went to the bank and obviously they wouldn’t give me a loan of £250. The minimum they could give me was £1000 (which I did not need)...... Because I needed the money the loan was done there & then within 10 minutes.

cavity36 wrote: »

I had to take the the loan because I had no cheques that would enable me to get a smaller loan from the money store.

If you want to buy just one bread-roll and Tesco only offers them in packs of six, you either buy the pack or you go elsewhere to some place that sells single rolls.

You are complaining after you've eaten all the six rolls.