Ppi claim query

poplet

I have been reviewing my case to claim for missold ppi for egg loan taken out in September 2006. This was for 10k to be paid in 6 years with ppi total 3044.70 (monthly ppi payments were 55.27 and loan 178.24). I settled the loan early in April 2008.

I applied over the phone and after it being approved was advised I would be emailed with a link to access the loan agreement online to tick in place of a signature. I have all my paperwork I.e. loan agreement with figures, email to prove sale was over the phone and that I had to go online to tick the loan agreement.

The actual mis selling took place over the phone. No advice was given to me really. I took ppi out as I believed it would improve my chances of getting the loan approved. They asked me about my employment status and at the time was working in the public sector. It's only really dawned on me now that I was actually covered through sick pay and redundancy as well as a death in service scheme with my employer who im still working for. So my argument is that they did not even ask me about employer benefits. And if they did surely the selling of ppi should not have taken place. Am I at fault here for now realising this? Any advice greatly appreciated! :j

-taff

Make your complaint. Because you paid your loan off early, there has already been a part rebate, so don't expect all of that back.
Look into single premium as a reason, as well as your benefits, and check and see what year they were fined for selling loans over the phone, I can't remember offhand, it was 2005, but may have lasted until 2007.

poplet

Thanks. Not sure what you mean by single premium as one of the reasons to complain?

-taff

single premium would be a lump sum borrowed to pay the insurance premium [the PPI], plus interest for borrowing the money as a lump sum, added to your loan and loan interest payments. It might not have covered you for the full length of the loan.

[Deleted User]

poplet wrote: »

The actual mis selling took place over the phone. No advice was given to me really

Unfortunately, if you were given no advice and assumed that taking PPI would improve your chances then you mis-bought rather than were mis-sold. You'd need to have been specifically told that taking PPI would improve your chances and you'd also have to be able to provide evidence of your "hearsay" allegation.

The fact that they didn't ask about your employer benefits further weakens your case for mis-selling. If you simply bought the insurance without telling them you were already covered, then again you mis-bought rather than were mis-sold.

It's possible your PPI was sold during the period EGG were fined for mis-selling on the 'phone, but remember that if the Bank provided no information at all and you took the insurance of your own volition on the internet you will likely have a rejected claim.