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PPI - but no premium paid?
peterc2609
Posts: 622 Forumite
Hi,
I found a loan which I had from back in Sept 2001. It was with a company called Intelligent Finance.
I called and they told me that I did have PPI on the loan and will raise the complaint and forward some paperwork.
I then asked how much PPI was... they gave me details of someone else and I called to ask.
This insurance company, Cardis Pinnacle said that the PPI was £11.51 a month but no premium was paid... they said it started in Sept 2001 but ended in July 2002?!
Now - somewhere during this loan it was handed over to a collection agency and I settled it on a plan with them -I presume the whole amount i.e. Loan + PPI
Will I still be entitled to a mis selling refund??
Peter
I found a loan which I had from back in Sept 2001. It was with a company called Intelligent Finance.
I called and they told me that I did have PPI on the loan and will raise the complaint and forward some paperwork.
I then asked how much PPI was... they gave me details of someone else and I called to ask.
This insurance company, Cardis Pinnacle said that the PPI was £11.51 a month but no premium was paid... they said it started in Sept 2001 but ended in July 2002?!
Now - somewhere during this loan it was handed over to a collection agency and I settled it on a plan with them -I presume the whole amount i.e. Loan + PPI
Will I still be entitled to a mis selling refund??
Peter
0
Comments
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Will I still be entitled to a mis selling refund??
No. You cannot be refunded something you didnt pay.
Reasons could be that when you defaulted, the PPI premium was fully refunded or it could be that it was one of these first year free offers. These were frequently available back then and you typically had three months or so to sign up after the free period or it ended.
However, bottom line is no premium paid = no refund.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
OK. However, if the PPI was rolled into what was handed over to the Debt Collection could I?0
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they wouldn't have been regulated in 2001 either...Non me fac calcitrare tuum culi0
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peterc2609 wrote: »OK. However, if the PPI was rolled into what was handed over to the Debt Collection could I?
You would have paid premiums in that case. They are saying you didnt.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
If you never paid a premium then you never lost out. Just ask them to verify that no premium was paid to make sure.0
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