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PPI Taken Out with Online Loan Application

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Hello All

I was hoping someone could possibly share their opinion on my PPI problem.

A bit of back story, I took out a loan 10 years ago with Natwest to help pay for my first car. I applied for the loan online, completed the application form, ticked boxes, got accepted and away I went.

Now ten years later, I am having a bit sort out of old paper work and bits and bobs and have found old confirmation letters for said loan. One stating about the PPI Policy I had taken out. I wasn't sure if it was correct, as I couldn't remember purposefully taking it out, but I also don't remember declining to take it out.

So, after reading some inspiration and amazing success stories here, I have decided to challenge Natwest and complain on their website. My query is, I am stuck on a question on the complaint form that asks
" This page is for you to tell us what happened - when you took out the payment protection insurance
For example please tell us any details you remember about:

Where the sale took place - and who you spoke at the financial business.
The information you were given before you took out the insurance.
How the cost, benefits and terms of the insurance were explained to you.
The questions asked before taking out the insurance.
Why you decided to take out the insurance. "


As I am not sure on the details, I don't want to be too vague, but would it laughable to put that it was bought online, and I wasn't sure or aware i needed it!

Any advice you guys could give would be appreciated.:j

Comments

  • dunstonh
    dunstonh Posts: 116,707 Forumite
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    but would it laughable to put that it was bought online, and I wasn't sure or aware i needed it!

    Indeed it would. Which is why most online applications bought direct fail.

    There is nothing wrong with having PPI. It is how it was sold to you that is the issue. Nobody sold it to you. So, you cannot make the majority of complaint reasons.

    There are a small number of online complaint successes but these need a failing at the banking end in the application process. i.e. tick to remove PPI instead of tick to have it.

    Why do you think you were missold this?
    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.
  • Collingsisit
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    Thanks for your reply!

    I think thats my conundrum really, I couldnt tell you whether or not I ticked a box or unticked. I would imagine however I have just ticked it without giving it any thought or look in to properly.
  • -taff
    -taff Posts: 14,610 Forumite
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    It is stil possible to get redess from online applications if the wording that suggested you get it was worded in a certain way.
    If you believe that their recommendation that you have it was worded in a way that led you take it when you ordinarily wouldn't have, you can put that in.
    As you don't remember though, it's a shot in the dark....They will automatically check it was or wasn't a pre ticked box so if you don't remember whether or not it was, do not put that in.
    Shampoo? No thanks, I'll have real poo...
  • sun73
    sun73 Posts: 498 Forumite
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    dunstonh wrote: »
    Indeed it would. Which is why most online applications bought direct fail.

    There is nothing wrong with having PPI. It is how it was sold to you that is the issue. Nobody sold it to you. So, you cannot make the majority of complaint reasons.

    There are a small number of online complaint successes but these need a failing at the banking end in the application process. i.e. tick to remove PPI instead of tick to have it.

    Why do you think you were missold this?

    Hope you do not mind Dunstonh but to settle my curiosity.

    If this poster's loan was set up with a single up front PPI premium, could their complaint still fail simply because the PPI was sold online?

    Thanks
  • [Deleted User]
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    sun73 wrote: »
    If this poster's loan was set up with a single up front PPI premium, could their complaint still fail simply because the PPI was sold online?
    By 2008, Banks had already ceased top loading PPI, so your query is irrelevant to the OP's situation.

    In fact, the banks stopped offering PPI on loans and credit cards at all shortly afterwards.

    But, to answer your question, if the customer selected the PPI online, the PPI was not (mis)sold, it was (mis)bought.
  • dunstonh
    dunstonh Posts: 116,707 Forumite
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    If this poster's loan was set up with a single up front PPI premium, could their complaint still fail simply because the PPI was sold online?

    The FOS doesnt seem that bothered about front loading of loan PPI. its a big no no for MPPI but for loans, its hit and miss.
    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.
  • [Deleted User]
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    dunstonh wrote: »
    The FOS doesnt seem that bothered about front loading of loan PPI.
    I have to say it was definitely the reason my loan PPI was refunded a few years back...
  • dunstonh
    dunstonh Posts: 116,707 Forumite
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    I have to say it was definitely the reason my loan PPI was refunded a few years back...

    There does seem to have been some drift on that as it used to be a strong reason. But you are now seeing front loaded complaints fail.
    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.
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