A little help with PPI

edited 30 November -1 at 1:00AM in Loans
3 replies 615 views
Scotty182Scotty182 Forumite
2 Posts
edited 30 November -1 at 1:00AM in Loans
Hey everyone,

i know you all probably get this all the time but really im just looking for some clarity on the situation so i know weather or not to waste my time.

Basically years ago when i was young and dumb i got into debt, long story short i ended up with a £12,000 loan from Intelligent Finance, with interest and PPI i was paying back £19,000 or so.

Now, i got laid off with around £4-5k left to pay, this was 5ish years ago. i tried to use my PPI to cover my repayments whilst i was out of work as i realised then i had it. so why not.

long story short i got passed from number to number , back and forth for months with no help and my loan ended up going into arrears whilst waiting and trying to sort it out. eventually it was passed on to debt collectors and i just got fed up and left it.

now here i am, im away to set up a debt plan or something similar but i obviously want to find out weather its worth my time claiming my PPI in hope i win and get the debt reduced if not written off completely.

I have no info other than what may be on my credit report and the company name due to losing paper work and the loan being passed around so much.

Any help would be great.

Thanks

Scotty

Replies

  • Clive_WoodyClive_Woody Forumite
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    Part of the Furniture 1,000 Posts Name Dropper Photogenic
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    Have a look through the guide on here for reclaiming PPI.

    http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance


    I am no expert but if you were sold PPI, then when you were made redundant the insurance failed to pay up it would seem that this was not suitable so you may have a case for it being miss-sold.
    "We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein
  • StuC75StuC75 Forumite
    2.1K Posts
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    Need more info from the OP as to why the ppi claim was unsuccessfull - was it redundancy? was it taken voluntarily? was the ppi actually missold, or was it that there circumstances weren't suitable for a claim - or would they never have been eligible for the cover bought? quite a bit more needed to know what the full story is here...
  • Hi there,

    first off thanks for your replies.

    I wasn't aware i had PPI until i was made redundant and looked more into my loan. Once i had realized, i got onto the phone with Intelligent Finance. Now from what i can remember they passed me to their insurance company to get the claim started but from there it just went horribly wrong. i was shunned back and forth between numbers for around 3 - 4 months, literally not getting anywhere, all whilst my loan was defaulting every month. I made them fully aware i had been made redundant and was trying to sort out my protection yet they still defaulted me several times and before i knew it my debt had been sold off to a collector.

    Sorry to say, i lost faith and gave up caring (not the right thing to do i know).

    Scotty
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