Alliance-leicester ppi

brj1967

Hi looking for advice I finally received my loan agreement for a loan taken out with A&L September 2005 I cant remember if I applied for the loan online or by phone. I remember phoning for advice on PPI and it was recommended but think I completed the application on line , and when I received the paperwork that was sent in the post and I ticked the box and signed for PPI how can I prove the phone call took place I don't want to waste my time claiming if I am to be fobbed of with" we have no record ".If I am honest I was desperate at the time for the loan and ended up feeling if I did not agree I might not get the loan. I know they were fined for miss selling on the phone during that time. is it worth claiming. thanks

amersall

If you paid the loan and PPI in one monthly payment, this is Single Premium PPI, in effect, a loan on the loan to term end with interest, this would not have been explained at all, or the fact if you settled early they would have given you a rebate of the PPI but the remaining PPI would have been paid back by you in the settlement figure, use this as a reason for mis sell, if you had cover elsewhere, life insurance, good sickness package from work or had other means to repay the loan back should the worst happen, put this in the complaint.
Send it to Santander with a copy of the loan agreement.

brj1967

Hi thanks for the advice would you recommend mentioning the advice given on the phone as well ,bearing in mind during that period of time they were proven to be misleading customers during phone conversations during that period of time and heavily fined for it.

amersall

You could mention it, let me know how you get on.

brj1967

I will do thank you !

amersall

You are welcome.

brj1967

I wondered if anyone else had experience of a A+L during 2005 and 2007?

brj1967

Please can you give me an idea on how to word a complaint about the fact if I had repaid the loan early I would have still paid the majority of the PPI insurance fees upfront! help struggling here never been great with this kind of thing. thanks in advance

-taff

just search for single premium, I'm sure amersall has posted a hundred times what to write

brj1967

Hi Amersall I just wanted to clarify what detail is on the loan agreement.
the breakdown shows totals for total loan amount and total personal loan protection. then in a box below says "you have chosen plp insurance at a cost of £2037.42. consisting of interest on the loan of £1490.88 and interest on the plp loan of £202.50 charged at 6.4 % per annum .
then says" the interest on the personal loan is calculated on the basis you will be paying of part the loan each month,over your chosen term .this results in a larger amountof interest being attributable in the early months of the agreement than in the later months.
sorry I don't quite understand this.does it mean everything has been clearly explained in their eyes even if I don't get it ?? and does it mean I don't have grounds for a complaint...... sorry to hassle I just don't get it obviouslt lol.. thanks

magpiecottage

brj1967 wrote: »

the interest on the personal loan is calculated on the basis you will be paying of part the loan each month,over your chosen term .this results in a larger amountof interest being attributable in the early months of the agreement than in the later months.

That simply means you will pay the same amount each month but to start with it will mainly be interest. However, as the amount you owe goes down, the interest will go down - so more of each payment will reduce the amount you owe.

It is not relevant to your complaint reason.