Refused payout for PPI Reclaim, HELP!!

entitledtocash

In 2004 I took out a £6000 loan with Alliance & Leicester, this was done through the internet and forms were sent to me, i didnt really read through the terms & conditions properly but nothing appeared to be clear about the PPI. The PPi hasnt been any use to me whatsoever and therefore after paying off the outstanding balance of £2300 i wrote to them wanting a reclaim for insurance that was no use to me and they are refusing to do so, is there anyway anyone can help me on this one and should i still be entitled to insurance that i did not use/ need even though i may have tick the terms and conditions when taking out the loan?


HELP HELP HELP!!


MANY THANKS

jonesMUFCforever

If you paid off the balance early was there no adjustment in your PPI to reduce your outstanding balance?

MarkyMarkD

Simply because you didn't claim on insurance doesn't mean that "it was no use to you" or that you are entitled to a refund.

Insurance is there to cover you in case a claim event arises. There's not a "no claim, no premium" guarantee (in most cases).

The settlement amount will have included a partial PPI premium rebate.

RayWolfe

Interesting.
I bought some cheese from Tesco last month but I didn't read the sell by date. It's now gone mouldy. Can I reclaim the cost?

Paul_Herring

The PPi hasnt been any use to me whatsoever and therefore after paying off the outstanding balance of £2300 i wrote to them wanting a reclaim for insurance that was no use to me and they are refusing to do so,

I've paid my car insurance for the past 8 years, but never needed to claim on it - I wrote to my insurers to claim my premiums back but they're refusing...

On a more serious note, you can only reclaim if you were mis-sold the insurance. Specifically if you were in a situation where you'd want to claim, would you have been eligible (self-employed e.g.)? Since you admit you didn't read the T&C's, you really don't have a leg to stand on.

entitledtocash

jonesMUFCforever wrote: »

If you paid off the balance early was there no adjustment in your PPI to reduce your outstanding balance?

Naa there was no adjustment to the PPI at all, i guess i should count my losses, its weird how HSBC payed me out when i actually sat down with them during the application of my loan with them, they payed me out and took out the sum of what i had outstanding on the loan.

jonesMUFCforever

Have you had a statement showing the loan closed off?

If you repaid early then you should be due a partial refund of the premium.

krisskross

Have you taken out a new loan, using some of it to pay off the previous loan?