Overdraft Fees charged on a PPI loan?

In my view all overdraft fees that did occur when defaulting on a lone that had a PPI attached should be refunded without question. As without the increased Amount added for the PPI most of the repayments would of cleared. 

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  • dunstonhdunstonh Forumite
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    In my view all overdraft fees that did occur when defaulting on a lone that had a PPI attached should be refunded without question. 
    It has been discussed before and in some cases banks have refunded some of them.

    However, the thing that works against that being successful in most cases is that the monthly equivalent cost of the PPI is usually less than £50pm.    Whereas the amount exceeding the overdraft is usually significantly higher and caused by other things.
    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.
  • Christian01Christian01 Forumite
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    At the time of applying for the loan my bank knew that I was self employed and pushed the PPI as a must. 
  • ThrugelmirThrugelmir Forumite
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    At the time of applying for the loan my bank knew that I was self employed and pushed the PPI as a must. 
    Seems reasonable given the cover the policy gave. They could have of otherwise declined your application. 
  • Christian01Christian01 Forumite
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    First Post
    Newbie
    At the time of applying for the loan my bank knew that I was self employed and pushed the PPI as a must. 
    Seems reasonable given the cover the policy gave. They could have of otherwise declined your application. 
    PPI did not apply cover the Self employed.
  • dunstonhdunstonh Forumite
    109.6K Posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Forumite
    At the time of applying for the loan my bank knew that I was self employed and pushed the PPI as a must. 
    Seems reasonable given the cover the policy gave. They could have of otherwise declined your application. 
    PPI did not apply cover the Self employed.
    Actually, most PPI did.   A significant minority did not or had onerous terms.
    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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