PPI Confusion

jcity

Hi, Can anybody help please. I am new to this forum and looking for advice. I recently claimed for missold PPI from a Sainsbury's loan from may years ago. They have sent me a letter confirming that they have upheld the complaint, and apologised for any distress and inconvenience.

However, they say that no redress is due, as "although there was a PPI policy sold with the agreement, you did not pay any premiums for it, therefore there is
nothing to reclaim."

But then, in the breakdown they provide, it states that the cost of the single premium PPI policy added to the loan was £1,844.50. This is what I don't understand, as it seems that they are making 2 contradictory statements, unless I have it completely wrong.

If anybody has any advice, I would be grateful. Thank You in advance.

Bermonia

To be honest only Sainsbury’s can tell you for certain, however it may well be that you did have PPI but either it or the loan was cancelled within the cooling off period as such no premiums were paid - these are usually known as ‘no loss’ cases as although technically a PPI policy was sold, there was no financial loss and as such nothing to repay.

But like I said if not clear from the letter and some lenders aren’t great st explaining then call them and clarify.

jcity

Thanks. I will check with Sainsburys after the weekend. I just wondered if anybody had experienced anything similar.

[Deleted User]

jcity wrote: »

I just wondered if anybody had experienced anything similar.

Sounds as if you originally had PPI on the loan and then cancelled during the cooling off period. The Bank will automatically uphold complaints where there is nothing for them to pay because it improves their stats without actual cost. Their "apology" is just a form letter...

By all means contact Sainsbury's, but you won't be getting a refund of a policy which you didn't pay for I'm afraid.

jcity

Just an update - I have had a response from Sainsbury's. I had taken out the loan with PPI included but then cancelled to take out a new loan without the PPI. I was missold, but because I cancelled at the time (which I had totally forgotten about, as it's nearly 20 years), I had never actually paid any PPI and was therefore not due any redress.

[Deleted User]

jcity wrote: »

, I had never actually paid any PPI and was therefore not due any redress.

Thanks for confirming what we all suspected already.

As consolation, you now know for sure that you didn't pay for any mis-sold PPI.

Unfortunately, that means no payout in the here and now.

Sorry.