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Joint PPI claim help
loves2shop
Posts: 146 Forumite
Please can someone advise me if this could be done, if a loan was taken out years ago by a 19 year old and there parent had to be a guarantor. Can the parent (guarantor) claim PPI on the loan on there own without the signature of the other person on the loan? Cheers
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Comments
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Can the parent (guarantor) claim PPI on the loan on there own without the signature of the other person on the loan?
No they cant.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 -
Thank you. Say this had happened and the first the other person on the loan knew about this was a letter from there bank offering them money but telling them it needs to be shared. Does this mean the parent has committed fraud as the other person hasn't signed anything to warrant this offer? The parent says that they have got a PPI company claiming all PPI for them. Thank you0
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The guarantor is not the owner of the loan. They have no right to it and the bank should not be offering them money. I would complain to the bank about breach of data protection and if they refuse to remove the share then complain to the FOS.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
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loves2shop wrote: »Please can someone advise me if this could be done, if a loan was taken out years ago by a 19 year old and there parent had to be a guarantor. Can the parent (guarantor) claim PPI on the loan on there own without the signature of the other person on the loan? Cheers
Depends.
Was the guarantor ever required to pay any money under the guarantee? If so, then they may well have acquired a right to 'claim' PPI under the principle of subrogationThe guarantor is not the owner of the loan. They have no right to it and the bank should not be offering them money. I would complain to the bank about breach of data protection and if they refuse to remove the share then complain to the FOS.
Not so sure it's a data protection issue. I was always under the impression that a guarantor of a loan normally had the right to copies of any loan documentation, and to know the status of the account they're guaranteeing.0 -
Im not even sure the bank has responded, the OP states that the parent has had a PPI Claims company tell the parent that the are reclaiming PPI from the loan. Probably one of the generic letters they will send spouting any rubbish without realising who actually was repaying the loan and was covered by PPI (if there was any).0
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