Blemain Finance / Click for Freedom

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callan1966
callan1966 Posts: 3 Newbie
edited 16 August 2017 at 1:13PM in Reclaim PPI & other insurance
Hi All,
First time post so please be gentle!

Arranged a loan via Click for freedom and finance was provided by Blemain Finance.

Loan was taken out in May 2006 and totally redeemed in February 2007.
It appears that I was sold and paid a single premium of PPI in order to take out the loan which was via Click for freedom who appear to have gone out of business.

As the loan was reedemed 9 months into 15 year term...should I have been refunded a portion of the PPI as it was no longer necessary?

This is before we get into the murky world of it being mis -sold.
Any help / advice much appreciated.

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  • dunstonh
    dunstonh Posts: 116,610 Forumite
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    As the loan was reedemed 9 months into 15 year term...should I have been refunded a portion of the PPI as it was no longer necessary?

    Yes. That typically happens within the calculation for the settlement payment.
    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.
  • callan1966
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    Thanks...thats what I thought but hasn't in this case.

    Click for freedom don't appear to exist any longer, however the redemption was to Blemain who actually provided the money for the loan.

    Am I correct in thinking that Blemain should return the amount of PPI anyway if I don't go down the route of Mis-sold?
  • -taff
    -taff Posts: 14,580 Forumite
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    No. The onus lies with the seller of the PPI not the provider.

    Your next step is the FSCS
    Shampoo? No thanks, I'll have real poo...
  • amersall
    amersall Posts: 17,006 Forumite
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    I assume this was a secured loan?, Click for freedom, First plus, Norton finance, Welcome, they are all tarred with the same brush I am afraid.
    If this loan was secured, you would not have had a very good "rebate" of this PPI on settlement.

    Do as taff said and contact the FSCS, they will compensate you for the PPI.
    https://www.fscs.org.uk/your-claim/

    Was this PPI on the loan to term end but only covered you for perhaps, 5 years?.
    Go for mis sell with FSCS.
  • callan1966
    callan1966 Posts: 3 Newbie
    edited 22 August 2017 at 11:00AM
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    Hi...yes it was a secured loan.
    I don't recall that any PPI was refunded when I paid the loan off.

    I believe that the loan was for 15 years and as previously stated was settled 9 months in.
    According to Blemain the PPI cover was over 3 years.

    Whilst I get that the lender is not responsible for the Broker....I would have expected the return of some monies as the PPI was not required beyond the first 9 months.
  • amersall
    amersall Posts: 17,006 Forumite
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    edited 22 August 2017 at 4:49PM
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    Contact the FSCS and make a claim for compensation ASAP.

    As I said, a rebate of the PPI on settlement would have been meagre.

    When the PPI had finished after 3 years, ( had the loan not been repaid) the whole PPI would still be on the loan to term end with the interest but you would no longer have cover, As it is, you would have repaid the majority of the PPI back in the settlement.

    The FSCS compensate you, you will get something back but not the whole PPI and they do not give the 8%.
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