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  • FIRST POST
    • smilin
    • By smilin 8th Sep 17, 8:49 PM
    • 6Posts
    • 1Thanks
    smilin
    Any chance of getting mis-sold PPI from Beneficial Finance?
    • #1
    • 8th Sep 17, 8:49 PM
    Any chance of getting mis-sold PPI from Beneficial Finance? 8th Sep 17 at 8:49 PM
    Hi,

    I hope someone can give me a bit of advice.

    I had a loan with Beneficial Finance, and I was sold insurance with it, which I assume to be PPI. I believe it was mis-sold as I was told I have to have it, and from recollection, I was not told anything about my pre-existing medical conditions.

    The problem I have is that the loan was back in 1999. It was a consolidation loan. I also no longer have any details on it, not even the account number.

    I know I can send a SAR letter off, and it would cost me, but as its over 6 years, how likely is it that they still have the details? With the banks being hit by numerous PPI claims, surely they would have disposed of all the evidence as soon as they were able to?

    If anyone has any advise for me, please post a reply

    Kindest regards
    James
Page 1
    • zx81
    • By zx81 8th Sep 17, 9:11 PM
    • 17,792 Posts
    • 18,919 Thanks
    zx81
    • #2
    • 8th Sep 17, 9:11 PM
    • #2
    • 8th Sep 17, 9:11 PM
    It's very unlikely they will still have details, but not as part of the conspiracy theory you suggest.
    • -taff
    • By -taff 9th Sep 17, 1:26 PM
    • 7,432 Posts
    • 5,503 Thanks
    -taff
    • #3
    • 9th Sep 17, 1:26 PM
    • #3
    • 9th Sep 17, 1:26 PM
    Send the SAR

    Win win

    Either they have it and you can complain

    The don't, you set your mind at rest,
    • smilin
    • By smilin 24th Feb 18, 12:59 PM
    • 6 Posts
    • 1 Thanks
    smilin
    • #4
    • 24th Feb 18, 12:59 PM
    • #4
    • 24th Feb 18, 12:59 PM
    I went for it and found that Beneficial Finance is now part of HSBC. I went onto the HSBC website and filled out their PPI enquiry form, no need for any payment. I got a response back a couple of week later, giving me details of my loan and confirmation that it had PPI. I then used Resolver to start the claim process, and today got an offer of £1739, which after tax works out at £1560.

    My rather cynical view that a bank would delete all information over six years to reduce the amount of PPI they had to pay back was incorrect in this case, and as a result I got a win
    • Moneyineptitude
    • By Moneyineptitude 24th Feb 18, 1:33 PM
    • 20,642 Posts
    • 11,498 Thanks
    Moneyineptitude
    • #5
    • 24th Feb 18, 1:33 PM
    • #5
    • 24th Feb 18, 1:33 PM
    My rather cynical view that a bank would delete all information over six years to reduce the amount of PPI they had to pay back was incorrect in this case, and as a result I got a win
    Originally posted by smilin
    You were indeed fortunate that records still existed after nineteen years. However, the requirement to delete information after six years is due to data protection not a cynical attempt to somehow reduce the PPI bill.

    The Banks set aside literally £billions to pay for the PPI scandal and by the time PPI complaints come to an end in August next year they will have paid out....... literally £billions
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