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AA Loan - will PPI always show on credit agreement
ed67812
Posts: 163 Forumite
Hi,
My partner had an AA Loan in 2006 before we got together. She had told me previously that she hadn't had PPI but during a recent conversation she said that she didn't realise that she might have had PPI without really knowing, and thinking back she is sure the salesman might have said something about it.
She still had the original credit agreement which gives the "Amount of credit (the total loan) of £7000". The credit agreement does not mention PPI or anything similar.
However, on an annual statement, the "Original amount of credit (inclusive of loan insurance where appropriate)" is also given as £7000.
We have written to the AA PPI dept. and they have replied saying that there was no PPI on the loan and this is proven by the fact that there is no PPI listed on the credit agreement.
Therefore my question is: Would PPI always show up on the credit agreement? Or is there a chance that she was sold it and it was tied up within the total amount of credit?
Thanks
My partner had an AA Loan in 2006 before we got together. She had told me previously that she hadn't had PPI but during a recent conversation she said that she didn't realise that she might have had PPI without really knowing, and thinking back she is sure the salesman might have said something about it.
She still had the original credit agreement which gives the "Amount of credit (the total loan) of £7000". The credit agreement does not mention PPI or anything similar.
However, on an annual statement, the "Original amount of credit (inclusive of loan insurance where appropriate)" is also given as £7000.
We have written to the AA PPI dept. and they have replied saying that there was no PPI on the loan and this is proven by the fact that there is no PPI listed on the credit agreement.
Therefore my question is: Would PPI always show up on the credit agreement? Or is there a chance that she was sold it and it was tied up within the total amount of credit?
Thanks
0
Comments
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AA Loan - will PPI always show on credit agreement
Doesnt matter who the provider is, if PPI is packaged as part of the debt then it must appear on the credit agreement.However, on an annual statement, the "Original amount of credit (inclusive of loan insurance where appropriate)" is also given as £7000.
So, that would confirm it was not added if the amount borrowed was £7000
If there was PPI then the total credit would be £7000 + the PPI premium.Or is there a chance that she was sold it and it was tied up within the total amount of credit?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 -
Lovely thanks.
That's one thing ticked off this month's to do list.
Thanks
Ed0
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