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LOAN PAYMENT PROTECTION

Last post Tue, Jul 22 2008, 10:08 PM by completefinance. 7 replies.
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  •  Tue, Dec 11 2007, 9:22 AM

    LOAN PAYMENT PROTECTION

    Hello All

     

    I had a loan a few years ago with Payment Protection and with all the " did they explain the terms and conditions" etc, no I can't sya they did, so I wrote to them asking for a refund due to the above and that I felt I didn't have a choice... that was about 2 weeks ago now, think I gave them 21 days...

     

    Has anyone been through this and got a reply from a loan company or has anyone got any sugessions, mine was with A&L.

     

    Thank you

     

    Claire

    • Post Points: 35
  •  Tue, Dec 11 2007, 10:05 AM

    Re: LOAN PAYMENT PROTECTION

    I reckon you should ring them up and ask them about it- it's something I deal with regularly and normally it goes like this-

    - Removing ppi from a current loan- they will be used to this query as it's a hot topic at the moment, so they will probably advise you that you need to re-write your loan without it. This isn't a con and it would be the same if you wanted to add it, because it fundamentally changes everything about your agreement, the total interest (you will be paying interest on the cost of cover) and the amount you pay each month. It's possible, if your loan is in the latter period and you have paid off a lot of the interest and cost of cover already, that it isn't actually going to save you anything overall. The advisor will be honest about that because they have to be, it's more than their job's worth not to be straight up.

     

    - Refunding ppi already paid for on a current or completed loan- if you want a refund of the cost of the cover in total throughout the term, A & L will have to investigate and ascertain whether or not it was mis-sold to you. This would mean that it was in some way inappropriate for you and you wouldn't be able to claim, or the exclusions would render it useless. It would also be refunded if you would directly and deliberately mislead or treated unfairly as per the FSA guidelines at the time it was sold. The need to query it and the route that would take depends on whether you applied over the phone or in a branch. They have up to 8 weeks to resolve this once you have raised it as a formal complaint and you need to call them to do that. They should really have rung you by now if you wrote in but it may not be their policy to do that, I wouldn't want to say.

    Hope that helps a bit :)

    • Post Points: 20
  •  Thu, Dec 13 2007, 2:19 PM

    Re: LOAN PAYMENT PROTECTION

    The advice i can give is read the policy. The cover from banks varies greatley. Some offer good protection and others are worth the paper they are printed on. When quirying it the bank will try and find the orignal call to make sure whether it was miss sold or not.
    RichShill - My terrible spelling and grammar is just another byproduct of the 90's education system!

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    • Post Points: 5
  •  Mon, Jul 21 2008, 6:17 PM

    Re: LOAN PAYMENT PROTECTION

    hi

    saw this post as i have set up a co to deal with misold ppi and we have found that in most cases nothing happens unless and until you threaten to litigate. we have found that although the FOS is there it takes so long to get resolved.

    if you need anything further let me know

    • Post Points: 20
  •  Mon, Jul 21 2008, 9:43 PM

    Re: LOAN PAYMENT PROTECTION

    Just thought I would let you know that if you are or know people who are considering ppi ,please look into Income Protection and other options e.g Life Assurance,Critcal Illness

    This is a way in which you could cover all of the risks wth less cost also beware of the companies who say they can get your money back re missold etc....

    Speak to a Protection Specialist

    cheers

    Fraser

    • Post Points: 20
  •  Mon, Jul 21 2008, 10:41 PM

    Re: LOAN PAYMENT PROTECTION

    Hi....all written complaints must be responded to in writing within 7 days. The final decision should be made within a 8 week period and if it is found to be negative there will be a leaflet explaining how you contact the FOS to take the complaint further.

    The biggest problem with misadvised PPI is that the adviser has not asked the relevant questions, the most glaring is how much sick pay do you receive from your current employer. Many lucky folk will receive 6 - 12 months full pay and will usually not require the PPI that would only normally cover a 52 week period. Another problem is with self employed customers who have to jump over hoops to try and get payment.

    What is the basis of your claim???


    Regards

    Ian
    • Post Points: 20
  •  Tue, Jul 22 2008, 9:36 PM

    Re: LOAN PAYMENT PROTECTION

    hello!!!!!!!!!!!!!!!!!!!!!!!!!!

    Loan protection is different to what you have described above ... check the definition and check the question there is a difference ?

    Income protection is different to ppi on a loan

    cheers

    • Post Points: 20
  •  Tue, Jul 22 2008, 10:08 PM

    Re: LOAN PAYMENT PROTECTION

    What?????

    Keep taking the medication :)


    Regards

    Ian
    • Post Points: 5