PPI Refund First Step

SassySaver

I've been reading the information on how to reclaim mis-sold PPI but I'm not sure when you get to the initial step of writing to your lender for a refund are you supposed to complete the Financial Ombudsman Service complaint form at this time or is this later on in the process?What does the initial letter to the lender need to include?
Thanks in advance.

amersall

You can do the Ombudsman form or, contact the banks direct.

Did you have PPI? if you are not sure then contact the bank and ask.

You need to give as much info as you can, Loan/account number (if you know them) address, if it has changed since you took the PPI out, most important are reasons why you think you were mis sold, " I was told I had to take it " is hearsay and you need proof of this.

If you had no need of this PPI eg you had savings, life insurance a good sick package from work that would repay the Loan/Card should the worst happen, if the loan had the PPI front loaded you could put that too.

Front loaded PPI is where the PPI is put on to the loan total that you repay to term end with interest and if you settle the loan early, a rebate of the unused PPI is rebated but the remaining PPI is repaid by you in the settlement figure. This will not have been explained to you at the point of sale.

magpiecottage

amersall wrote: »

If you had no need of this PPI eg you had savings, life insurance a good sick package from work that would repay the Loan/Card should the worst happen

Whilst these may help, most PPI policies do not have life cover and would make this irrelevant, whilst saying you had savings begs the question "why are you borrowing money, then?"

Sick pay can be relevant however, you really need to be able to show
what that sick pay was. We have had people on MSE arguing that they were entitled to Statutory Sick Pay. That is barely adequate to meet outgoings on food/rent etc. and is therefore an argument as to why PPI was not missold.

SassySaver

Thanks for the feedback.
Part of my problem is that my loan was with Egg Bank which no longer exists.
I would have claimed back before but I was under the mistaken impression that you could only claim back if you still owed money not if the loan was complete (silly I know, now)
I definitely believe I was missold the PPU so even if I’m not successful I think I should still try. I have taken calls from companies who can reclaim on my behalf and they say it is still possible to get the money bank even though Egg Bank no longer exists but I would rather do this myself if possible to avoid their charges.
I do still have my original documentation.

McKneff

You didn't actually answer the question


'why do you think you were miss sold'


and as said above, you would have to have documents backing your complaint up.