Claiming PPI from a loan that was taken through a broker.

Toshco17

I am new to the forums and I am unaware if my query has been answered previously.

In 2004 I took out a £12,500 loan with the RBS, which was arranged through a third party, a financial advisor. The loan has been paid off in full.

I recently contacted the RBS and asked them to check my loan agreement in order to ascertain if PPI was included, as I no longer had the paperwork. I did not request for PPI to be included in my loan.

RBS searched their database for my name and date of birth, and could not find a record of me on their system? The advisor stated that I should contact the financial advisor that arranged the loan. The only problem is, is that he is no longer in business and I have no way of contacting him.


I obtained the loan agreement number by using Equifax, and provided the RBS with this also........again nothing showing on their systems??

RBS were taking the monthly payments out of my account, so surely they would have something on their database linking my details to a loan?

My question is: How can I ascertain if PPI was included in my loan, without my knowledge or consent, if they have no reference to me in their system and I am unable to contact the original financial advisor?

Thanks

[Deleted User]

Toshco17 wrote: »

How can I ascertain if PPI was included in my loan, without my knowledge or consent

This won't have happened. If you had PPI, you will have signed the agreement and simply forgotten. PPI was not simply added without the knowledge and permission of the customer and the IFA will have had full documentation to support this.
Regardless, if the IFA is no longer trading then there is no one to complain to...

dunstonh

RBS were taking the monthly payments out of my account, so surely they would have something on their database linking my details to a loan?

They wouldnt know what the adviser arranged. An adviser wouldnt use a bank PPI product.

How can I ascertain if PPI was included in my loan, without my knowledge or consent, if they have no reference to me in their system and I am unable to contact the original financial advisor?

Look at your bank statements and see if there is a direct debit. One of the reasons there are so few financial adviser complaints (or upheld complaints against advisers) is that they typically use monthly premium standalone PPI. Its not built into the loan. That is they way it should ideally have been.

However, this is largely a mute point as you bought pre-regulation. So, whatever the case is, there is no-one to complain to.