Here's a thing - I had a loan from 2001 to 2006 with a well known UK bank that has had a lot of people queuing outside their branches recently until the UK Government agreed to to help them out.
The loan was originally a consolidation loan and had I stuck to frugal ways when I first took it out I would now be debt free. Anyway that's neither here nor there, but some parrallel universe that I didn't see the signpost for !
Now I hear the reclaim your PPI thing is kicking off and I'm going for it ! Got the template letters, got the orginal agreements and T & C's on their way so here we go. I believe I was misold the PPI over the phone to enhance my chances of the loan approval. This could work out to be over £2000.
For info on reclaiming your PPI check the MSE website:
PPI Reclaiming Guide
PPI Reclaiming Discussion
PPI Reclaiming Successes and Failures
Add to that I also have a 'flexible loan' with a division of Abbey/Santander, the only thing flexible about it is how high the interest rate has risen from an original 7.9% to 19.9%. Again I'm paying PPI on it which I don't recall asking for or being advised about. That's £30.99 a month.
I phoned them yesterday, cancelled it and can now start to pay the actual loan off.
The next step is my Next account, there is no visible PPI on any of the statements, am I being charged PPI ? All I can see is a service charge.
Once again if you dob't ask, you don't get.
Saturday 20 October 2007
Reclaiming PPI
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2 comments:
Go for it. When I was younger, I had a call centre job selling payment protection plans.
I couldn't quite accuse them of making us say that the loan would be rejected if they didn't take it, but they gave us stiff targets for conversion and the script was full of implication.
In other words, "the loan is going before the underwriters, and we were wondering why you hadn't taken out the cover - can you tell me how you would make the repayments if you lost your job?"
It was awful. I left.
You cannot sell a product you don't believe in.
They made an absolute fortune on the cover. Adn it wasn't at all good value.
After the brainwashing and a little while on the job, you start hearing stories about them reneging on the payouts.
At that point you can't with a clear conscience continue to work for them!
Thank you Ian, need to hear that.
Will keep blog updated with my progress.
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