bones84:can i get ppi back from credit card

If you were mis-sold it yes, in just the same way as loans or other credit.

can i get ppi back from credit card

ROFL Bertie!

I disagree - I am not originally from Wales, but am delighted to be an honorary Welshwoman, with Welsh-speaking children.

My points accrue largely because I am a talkative old bird; I changed jobs back in Frebruary which left me less time to contribute, but, initially, when I joined the MS forums in December last year, I waffled on about all sorts - and every time someone replies to one of my threads I get points.  No idea what we can do with them though - I think it is just a way to show our popularity - ho ho ho ho I wish!!

 

Cat

Thanks for the comment.  No I'm an accountant, system's analysis, landlord (houses not pubs) and Yorkshireman.

And for those who do not know, a Yorkshireman is like a Scotsman but with the generousity squeezed out.

How did you get 28k points - have you been getting triple word squares or something - and what do we get with all these points??

My apologies to others - this adds nothing to the 'Top Loaded PPI' !

Finally: remember that whatever happens, there are only 2 types of people: Those from Yorkshire and those who wish they were from Yorkshire (and these are not mutually exclusive types).

Bertie, are you a lawyer?

I'm guessing that youa re having read a few of your posts now.  Great posts, by the way.....!

 

Cat

This may not help, but did you actually agree to the PPI at the start of the loan?  Is it listed in the documents they gave you?  Do you have any other documentation, letters etc., that would indicate that you were not aware of it/did not want it etc.?

Ultimately this is a matter of contract and so if you did not ask for, and were not told that it would be included, then I do not see why you cannot challenge it now.  If this does not work, you may try coming to a compromise on the basis that if they do not compromise, you will challenge the application to FSA etc.

Income protection insurance is better value than taking out PPI especially with the lender, it covers a percentage of your income and is more flexible than PPI alowing you to cover more household costs, where PPI only covers the loan it specifically relates to.

Thanks Stuart & backfoot 

Sounds like whatever the OFT decides, it'll be too late for me.  Didn't people start challenging the banks after the OFT looked at their charges?

 In fairness, some of then PPI is being refunded, but not as much as I would have liked.

 Good luck to anyone that wants to try - I will certainly be looking elsewhere for PPI in the future

So there's no redress? What if someone took up a claim like the bank charges fiasco challenging the practice as being an Unfair Contract condition? 

It's the norm in the personal loan industry. The Competition Commission are investigating PPI at present at the behest of the Office of Fair Trading so we'll see what the outcome is. Pesently the industry is 'trapped' at present with the banks making a loss on much of their personal loan lending hence the focus on PPI. Of course by (i) charging the PPI up front; and (ii) adding it to the loan; this is the difference between profit and loss hence a lot of the lenders push it hard. Worse still, if the loan is paid off early, little of the PPI premium can be recovered. Oh, as a final thought, taking PPI through the lender is a lot more expensive than buying it independently.

Front loading of PPI is a dreadful scam. The FSA has issued consultation documents suggesting this practice should be outlawed.I would be telling the company you will be reporting them both to the FSA and the Insurance Ombudsman if they don't agree to a proportionate reduction.

I will be interested to see what the expert says on this one. 

Hi Stuart, 

is it normal now for loan companies to add PPI at the outset of the loan?  I took out a loan with A&L personal finance, and they added the whole of the PPI at the outset, which means that now I have asked for a redemption figure, the capital has hardly decreased from the original loan because I have been paying interest on both.

Is there anything I can do about it?  It was a moneyback loan based on taking the PPI, but the moneyback nowhere near compensates for the extra that I've had to pay.  I am in the process of cancelling the PPI & taking out alternative insurance, but they have to rework the loan, too & that will increase my repayments

Thanks