can i reclaim my PPI

sneddy1980

i got a 9k loan with my bank hsbc 5 years ago and i have 2 payments left on it. i took out the PPI when i got the loan but i've never used it once. am i entitled to claim this back?

petermb_2

sneddy1980 wrote: »

i got a 9k loan with my bank hsbc 5 years ago and i have 2 payments left on it. i took out the PPI when i got the loan but i've never used it once. am i entitled to claim this back?

and more if you do things right

sneddy1980

how do i go about claiming it back then?

petermb_2

You can seek to gain redress through mis-selling. There are template letters on the site to enable you to do this. I personally do not favour this route as it is potentially letting the lender off a very big hook.

Bayblue

petermb wrote: »

You can seek to gain redress through mis-selling. There are template letters on the site to enable you to do this. I personally do not favour this route as it is potentially letting the lender off a very big hook.

Can you clarify what you mean by that Peter? I only ask because this subject is a bit sore point with me at the moment, as well as the OP.

I took out a loan 5 years ago and also took out payment protection. A few weeks ago I was made redundant and with no sign of an immediate new job on the horizon at the time I requested the claim forms with a view to starting a claim for unemployment.

I also has payment protection on 2 cards, one of which was with the same company as the loan. Anyway, after studying all the small print I discovered that I could only claim from the time that any redundancy payments in lieu of notice ended. The company I worked for went into insolvency and as I'd worked there more than 21 years I was paid the standard 12 weeks by the Insolvency Service.

All this means that I wouldn't get any payment from the insurances for at least 3 months, and in the case of the loan it would only go on for a year anyway. As I fully intended NOT to be unemployed and with uncertain finances for 12 weeks if I could help it TBH the payment protection turned out to be not much good to me. I also know that in at least one case the card company put a note in my file simply because I requested the form. I hadn't even made a claim, missed any payments whatsoever (or intended to ) and yet they had me down as a risk because as they put it 'how are you going to pay your bills now that you're unemployed'. All this simply for enquiring about an insurance which I'd paid for! Thankfully I now have a new job starting next week.


I was daft and I didn't read the small print, and I've paid a lot of money for something which I'll never use and indeed the companies make it very very hard to claim on. I won't do that again in the future but I can't see how I could claim anything back TBH. Unless anyone has any suggestions?? ~~~ She asks hopefully~~:o

_Andy_

Just because you 'haven't used it' doesn't mean it was mis-sold.

sneddy1980

so how can i tell if i was mis sold my PPI? when i went into my bank 5 years ago and got the loan they automatically gave me the PPI? dont i dont see why they did as i've been working since i was 16 and i'm now nearly 28 and the longest time i've had off work sick is 1 week and i work for a big supermarket company so it was unlikely that i'd get made redundant and i've always paid my loan each month. and when i went into my bank a month ago i asked if i got the PPI back and she said no because my loan had nearly finished. should i still try to claim the PPI back?

Scousebird_2

petermb wrote: »

You can seek to gain redress through mis-selling. There are template letters on the site to enable you to do this. I personally do not favour this route as it is potentially letting the lender off a very big hook.

Why should the poster do this....the policy has been there throughout the term of the loan should they need it?? Why suggest that they even consider this route when this may not be the case. I'm confused or maybe i've misunderstood??

I think I might try that one on my 58th month.....I was a Do Not Recommend when I applied for my loan on the PPI and I chose to disagree with the adviser and take the protection anyway to 'protect' myself-so should I be taking myself to the cleaners for mis-selling if I don't use it-lol

Sorry i'm just being hardfaced now!

_Andy_

I've had home insurance for many years and never claimed - I'm going to try and reclaim the premiums.

petermb_2

I will repeat my previous posts to clarify.

The way PPI is set up in single premium policies added to the loan is actually contrary to British Law in the vast majority of cases. Mis-selling is an irrelevance in such circumstances. As the arrangement is contrary to British Law, there is more to claim back than just the ppi premiums.

Again it is irrelevant if you claimed on the policy or not, the arrangement can be challenged.

mister_bojangles

Years ago (1997, I think), I secured a loan with Lombard Direct without PPI. To this day, I still don't know how I did it, but I recall that I insisted (over the telephone) in my discussion with this sales agent that I did not think I needed the PPI as I wanted a loan which amounted to my two to three months salary, which I wanted to repay over three years.

I was very argumentative and seemingly pointed out the folly of the agent trying to sell me insurance on £3000, when I earned over £1600 per month. He caved in.

I haven't been that 'lucky' since. I haven't even been informed why some loan requests had been refused.