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Potential Co-op PPI Claim
BaronB
Posts: 17 Forumite
Hello
I took out a Co-op loan in 2006 and I cannot recall having a conversation about PPI. Had I known the costs involved I am sure that I wouldn't have agreed to take it.
I recently had a conversation with the bank and was only then told that I do indeed have PPI on it.
I am angry about this since I have had at least two different conversations over the last 6 months with the bank specifically concerning this loan and this is the first I have heard about it.
Couple of questions then:
1. Is the burden of proof on me to produce evidence that I didn't know I had PPI on the loan?
2. Had I known about the PPI 6 months ago I could have paid off and closed the account. Can I claim back the interest I have paid and then compensation given that in my eyes there appears to be an attempt to not tell me I had the insurance?
Thanks in advance.
I took out a Co-op loan in 2006 and I cannot recall having a conversation about PPI. Had I known the costs involved I am sure that I wouldn't have agreed to take it.
I recently had a conversation with the bank and was only then told that I do indeed have PPI on it.
I am angry about this since I have had at least two different conversations over the last 6 months with the bank specifically concerning this loan and this is the first I have heard about it.
Couple of questions then:
1. Is the burden of proof on me to produce evidence that I didn't know I had PPI on the loan?
2. Had I known about the PPI 6 months ago I could have paid off and closed the account. Can I claim back the interest I have paid and then compensation given that in my eyes there appears to be an attempt to not tell me I had the insurance?
Thanks in advance.
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Comments
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You need strong verifiable reasons for mis sell - hear say will just be your word against theirs.
Was the PPI added to your loan in a lump sum at the start - did you pay your loan and PPI in one DD?0 -
Yup. Added to loan at start. No mention of PPI at all in any conversations with bank since. DD just one sum per month so as I say, it came as a shock!0
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Then is front loaded - a loan on top of a loan with interest added.
Were the full cost and unfair rebates if you cancelled this PPi explained to you at the point of sale? No - strong reason for mis sell
You want to claim PPI mis sell on all loans that had front loaded PPI
This is the most upheld claim by the FOS0 -
Redress is a full refund of all monies paid plus 8% simple interest. However, to argue a mis-sale in this case you'd have to produce documentary evidence which shows you didn't sign for the PPI and it was added without your consent. As the Bank will doubtless have documentary evidence which proves you DID sign for it and were also provided with a loan agreement which included PPI, I don't think you'll get far with this particular type of "hearsay" complaint....Can I claim back the interest I have paid and then compensation given that in my eyes there appears to be an attempt to not tell me I had the insurance?
However, one single monthly payment indicates that the PPI was front-loaded onto the loan to attract extra interest. It's this front loading which should be the focus of your complaint.
(EDIT: Jay-1 got there first)0 -
No full cost and unfair rebates conversation had because I didn't even know I had the PPI. It seems that you're both saying that this would be difficult to prove though and actually the front-loading is the angle I need to go with through my questionnaire form.0
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that's about the size of it.Non me fac calcitrare tuum culi0
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That's really useful. Thanks so much0
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How would you prove you didn't sign up to PPI? How would you prove you weren't provided with a copy of the loan agreement with PPI included?didn't even know I had the PPI. It seems that you're both saying that this would be difficult to prove though
You can be certain the Bank will produce documentary evidence to refute any claim that you were not told about the insurance.
It's quite obvious you have forgotten about the inclusion of PPI because of the period of time which has passed. Despite Claims Company adverts to the contrary, PPI was not routinely added to loans without consent.
This is the only complaint you have any chance of having upheld. Your complaint reasons need to be both valid and verifiable to be successful.actually the front-loading is the angle I need to go with through my questionnaire form.0 -
True. Was thinking it might have been added without my say so which appears to have happened or I wasn't given chance to opt out if it was automatic opt in. Either way - difficult arguments to make given time lapse and my own poor memory.
Settled bank charges with Co-op reasonably quickly few years ago. Hoping if front loading argument has legs it should be reasonably straight forward0 -
Sorry - me again. Does anyone have a link to front-loading info?0
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