Help with ppi

harveytph

Hi, im 4 years into a five year joint loan, i recently contacted the loan company with regards to reclaiming my ppi which i am still paying, i am self employed and have a pre excisting medical condition so i thought i would have a good case. I was contacted by the loan company yesterday and they said only one of us was covered by ppi on the loan and it was my partner, neither of us remember signing anything or agreeing with this when loan was taken out. I have no idea if they are trying it on, does this sound plausible to anybody with experience in this area, many thx mick.

opinions4u

It was very common for PPI on a joint loan to only cover the first named.

harveytph

Hi thanks for the swift reply, could you answer one more question for me, if at the end of the loan you have made no claim on ppi, is it common to get some sort of rebate ,thx.

bigadaj

harveytph wrote: »

Hi thanks for the swift reply, could you answer one more question for me, if at the end of the loan you have made no claim on ppi, is it common to get some sort of rebate ,thx.

It's possible but not common.

harveytph

Thx for both your replys very helpful, i've paid ppi for four years now on this loan, i was under the impression i would get something back if i didnt claim,might have been mentioned by one of their phone operators some time back when i took a month off paying.

DevCoder

It's certainly not common to get money back at the end of the loan term if you haven't claimed. I've certainly never heard of this happening.

harveytph

Many thx for all the replies, think ill phone tomorrow and cancel if anything comes of it ill post tomorrow thx.

jonesMUFCforever

If you cancel don't expect to get a lot back.
You have been on risk for 80% of the loan time so any premiums paid would reflect this.

Claiming (and winning the claim) a mis-sale is where you would get all of the premiums back with interest added on top.

harveytph

mis-sale no longer an issue due to first name only being covered on the ppi, just waiting for them to get back to me on the other issue.

harveytph

Thx to all the replies most helpful, i phoned this morning to cancel the ppi on the loan which has a tear to run, i was told i cannot cancel the ppi because it was no longer covering me, it expired after four years of the loan but the ppi payments have to continue until the full loan has been paid after five years, Any help much appreciated it just sounds ridiculous that i have to pay for something for another year even though it is not worth anything.

-taff

That's called single premium PPI and not covering you for the whole length of the loan si a very good reason for complaint.