Single payment PPI

Robbinhood

Hello - hoping someone can clarify the single payment concept for me.
I took out a number of loans with Natwest between 2000 and 2007. Each of them included a PLP premium loan. PLP = personal loan protector. Monthly repayments over the term of the loan were made based on the total of Main loan + PLP premium loan.
Is this "single payment PPI"? Am I correct that application of single payment PPI to a loan is in itself a valid miss selling reason which justifies a refund?

At the time, I couldn't really afford the loans, but through force of circumstance had to take them out. I wanted protection, and this was the only form offered - to be honest I didn't realise at the time how expensive the PPI element of the loan was going to be, stressing my finances even further. Eventually I sold my house to pay the loans off. If I had known that less expensive insurance was available with straight monthly premiums, then that is what I would have taken out, but I was only given the premium loan option by the sales staff who set up the loan. Does this constitute miss selling?
Thank you for any advice!

-taff

SIngle premium - adding the total amount outstanding to the loan and chaging interest on it, so you pay one single payment for your loan and your insurance together each month.

Single premium on a consolidated chain of loas is a very good reason for miselling. Not needing it at all due to work benefits, another income, or savings is another.

Robbinhood

-taff wrote: »

SIngle premium - adding the total amount outstanding to the loan and chaging interest on it, so you pay one single payment for your loan and your insurance together each month.

Single premium on a consolidated chain of loas is a very good reason for miselling. Not needing it at all due to work benefits, another income, or savings is another.

Thanks Taff. So my loans PPI does appear to be single premium. Some of the loans were taken out to re finance another loan, but some were stand alone. Is the fact that single premium PPI was applied to those stand alone loans, cause for miss selling?

-taff

If you complain about one loan, they will investigate all loans [or they should do] consolidated or not.

Yes, it's enough. It's better also if you didn't need it at all.

Robbinhood

Thanks for clarifying that Taff. Much appreciated.