Can a company claim back PPI on car loans

mcflod

Hi

Im starting looking at anything i have had and have realised that our business has had quite a few car finance agreements via the dealerships. Is this something we can claim back either ourselves or via the company?

Thanks for your help

dunstonh

If they are company loans and there was PPI and the PPi was mis-sold then the company can make a complaint to the car dealer.

However, most car dealers were not regulated until Jan 2005. So, unless it is a main brand dealer using own brand finance, they can usually reject pre-2005 complaints as pre-regulation. Not all same brand finance will consider pre-regulation either as it depends on the commercial arrangements. Either way, you give your complaint to teh car dealer.

mcflod

thank you dunstonh for the info.

Its always been main dealerships and new vehicles. We would have always said no to PPI for anything but if what im reading is correct we may have been given it without our knowledge. Its a bit of a minefield really as im just starting to look at personal stuff and trying to remember who we had what with is what im struggling with, thankfully we only had 1 mortgage company but we were told no tie in with them and they had actually tied us in for 7 years so now querying if the had PPI on it as well.

Thanks again for your help.

dunstonh

We would have always said no to PPI for anything but if what im reading is correct we may have been given it without our knowledge.

Its a possibility but not a common one. The agreement would have stated the addition of PPI on it. So, its not invisible. You would have to totally ignore the payment breakdown on the agreement for you to miss it. Yet for most people, that would be the only bit they read.

People that said no to PPI rarely got it added. Without knowledge tends to be people that were not asked and were given it by default.

thankfully we only had 1 mortgage company but we were told no tie in with them and they had actually tied us in for 7 years so now querying if the had PPI on it as well.

most mortgage PPi complaints fail. Its one of only two types of PPI still retailed today. One of the reasons is that most MPPI is standalone and paid by monthly direct debit. So, you would see a separate direct debit going through if you had it. That is the ideal as to how it should be set up and no bank did single premium MPPI.

mcflod

hi

Ive learnt so much already , def only had 1 DD for our mortgage so that saves time for me trawling through all that thank you very much. Appreciate all your help