1990 loan

Options
beezkneez
beezkneez Posts: 129 Forumite
First Post First Anniversary Combo Breaker
edited 26 June 2017 at 7:27PM in Reclaim PPI & other insurance
Hi

Back in 1990 I applied for a loan for a car. I got refused because of my age as I was probably 19 at the time. When I asked for my application to be reconsidered they told me I could have the loan but only if I took out PPI. I told them at the time that this was unfair as I was in full time work but they told me it was the only way for me to get the loan

Is this worth a claim ? I still have all the paperwork and even the ladies name that I spoke to!

thanks

Comments

  • dunstonh
    dunstonh Posts: 116,548 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Options
    Was it a bank loan or via a car dealer?
    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.
  • beezkneez
    beezkneez Posts: 129 Forumite
    First Post First Anniversary Combo Breaker
    Options
    It was a building society loan

    can I say the company?
  • societys_child
    societys_child Posts: 7,110 Forumite
    First Anniversary Name Dropper First Post
    Options
    Of course you can.
  • beezkneez
    beezkneez Posts: 129 Forumite
    First Post First Anniversary Combo Breaker
    Options
    It was Birmingham Midshires

    its always something that annoyed me because it seemed unfair and I just saw that people can make claims from years ago

    I found paperwork earlier and the interest rate says either 21.9% or 31.9%! I must have been mad! it was only over 2 years but madness!

    I'm not sure if I paid it off a couple of months early but would that be recorded somewhere?
  • societys_child
    societys_child Posts: 7,110 Forumite
    First Anniversary Name Dropper First Post
    Options
    The interest rate is irrelevant, regarding the ppi, can you prove what you were told at the time?
  • beezkneez
    beezkneez Posts: 129 Forumite
    First Post First Anniversary Combo Breaker
    edited 26 June 2017 at 9:31PM
    Options
    No I can't prove it. The only thing I have is a letter saying no to the loan then a copy of the loan agreement a few days later!

    It was done over the phone. I have the ladies name but that's all

    I just thought the interest rate was more surprising that relevant

    Thanks
  • sun73
    sun73 Posts: 498 Forumite
    First Anniversary First Post
    Options
    It will help that you've got the original documents. This loan, if unsecured, may have been set up with a single, upfront PPI premium which you can mention in your complaint. Birmingham Midshires have a PPI complaints page on their website explaining the process.
  • beezkneez
    beezkneez Posts: 129 Forumite
    First Post First Anniversary Combo Breaker
    Options
    I meant to update sooner but for anyone looking into a similar situation then I got a refund of a few hundred £'s on this. I think that as I had the documents and the persons name who dealt with it helped. Well worth trying just for the principle as i knew it was wrong even all those years ago
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Options
    beezkneez wrote: »
    I got a refund of a few hundred £'s on this.
    Did your actual complaint succeed, or did you get a Plevin refund?
    A few hundred pounds is a paltry sum considering the finance was taken out three decades ago and the amount of interest that would normally attract .
  • beezkneez
    beezkneez Posts: 129 Forumite
    First Post First Anniversary Combo Breaker
    Options
    I got a refund. They calculated the ppi and interest owed

    I think Plevin only applies for ppi taken out after 2008

    I can’t remember the exact sum I got possibly £600 ish after the tax was deducted

    Considering the loan was for £1500 I didn’t think it was too bad!

    Re Plevin .....This new rule means, pretty much, if you had PPI from a bank on a product active since 2008, you are owed some money’
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.5K Banking & Borrowing
  • 250.2K Reduce Debt & Boost Income
  • 449.9K Spending & Discounts
  • 235.7K Work, Benefits & Business
  • 608.7K Mortgages, Homes & Bills
  • 173.3K Life & Family
  • 248.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards