PPI from 2002-2007 A lost cause?

slypowell

In going through some old paperwork I discovered a loan document dating back to Nov 2002 (start date), it was a five year loan term and it details a PPI cover amount which added up to £3,380

I gather that the bank only keeps records for 6 years (First Direct/HSBC) so am I wasting my time with a PPI claim?

I only ask as I definitely didn't agree to any Insurance policy let alone one so stupidly expensive.

Help anyone?

[Deleted User]

You already have documentation, so you don't have to worry about the bank's records (or lack of them). However, if all you have is a copy of an agreement, that is not proof that you then went on to pay the PPI. Look for statements showing that you paid too.

In addition, you'll need a solid mis-selling complaint. Is the PPI single premium, i.e. was it paid back with a single monthly payment which also paid the loan? Such "front loading" attracted far more interest and is generally deemed mis-sold.

slypowell

It was monthy over 60 payments, I don't have old bank statements sadly.

amersall

Give them a call, make the complaint, you never know.
Use the front loaded reason for mis sell as moneyineptitude said.

Front loaded is where the PPI is put on the loan and repaid to term with interest, in effect, another loan.

[Deleted User]

amersall wrote: »

Front loaded is where the PPI is put on the loan and repaid to term with interest, in effect, another loan.

Actually a loan on a loan paid to term with additional interest.