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can I reclaim PPI sold on loans from a 'private company i.e. not a bank
lyndilou1
Posts: 5 Forumite
We had loans from a company some years ago and they wouldn't let us have a loan unless we took out PPI and also bought such things as breakdown cover etc! We were quite clueless at the time and just needed the loan so signed up. Can this now be reclaimed or is only the banks that you can claim from? Thanks
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Comments
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If the firm was regulated at the point of sale then you can complain. However, if it was a condition of borrowing then that itself is not a reason for complaint. They are allowed to insist on insurance. It is when that is a lie that it becomes a valid complaint reason.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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