Barclays Personal Loan PPI Ins

[mr.c72]

Hi legal beagles, another poor person joining the ranks. 3 years ago i had taken out a loan through Barclays to the amount of £17,500 to consolidate other debts.
1st off how can you tell if you have been miss-sold the PPI insurance?
2nd How do you go about getting it back?

Upon 1st taking out my loan application, my advisor suggested about PPI but i was not bothered by this as such, she however did say by word of mouth that it would help in my favour of getting accepted for such a large amount.
My PPI was incorperated in the cost of the loan which i have only just finished paying of the PPI and still have 4 years to go on a 7 year loan.

My financial circumstances have changed somewhat due mainly to the credit crunch and im struggling with alot of my bills. I went to Barclays to see if they could help as i keep going over my o/d limit. All they suggested was taking out another loan to cancel out the PPI but i dont want to do this.
I really want to bring the cost of my loan down as its nearly £400 pcm, i could really use the money back from my PPI insurance but i expect never to see that again.
Could someone please advise me as to what im looking for as to miss sold PPI please, bit of a financial idiot when it comes to things like this.

Thanks in advance for your replies.

[Amethyst]

Re: Barclays Personal Loan PPI Ins

have a look here regarding the PPI xx
Legal Beagles - View Single Post - PPI Preliminary Letter

Sorry just a quick post on my way out the door, someone else should pop their head round shortly

Welcome to beagles xxx

[mr.c72]

Re: Barclays Personal Loan PPI Ins

That is great, so if i manage to get the PPI cancelled will the term of my loan carry on or will i have to start a new loan all over again, all this legal jargon confuses me?

[Amethyst]

Re: Barclays Personal Loan PPI Ins

Okay if you get a refund of PPI it will mean the term of your loan remains the same however your payments will be recalculated to as if you had never had PPI in the first place - so your monthly payments will be reduced.

You will, before reclaiming the PPI, want to get a copy of your credit agreement to check thats all in order - have a look here ~~~ Consumer Credit Agreements - A Guide ~~~~ inc. Letters - Legal Beagles i think the letter you need is post #4.

As I am sure you are aware ''did say by word of mouth that it would help in my favour of getting accepted for such a large amount.'' would constitute misselling, as IMO, would the PPI not covering the full term of the loan.

I'd send off a CCA request and the preliminary request for a refund of PPI (Legal Beagles), if they say no then the simplest way is to go to the Financial ombudsman, they will ask the bank to refund you and are siding with the customer in nearly 90% of cases at the moment....although they can take some time.


With the rest of your creditors etc, have you come to arrangements regarding payments with them to suit your change in circumstances ?

[mr.c72]

Re: Barclays Personal Loan PPI Ins

Not as yet, tbh i dont know what to do or even go about it.

[mr.c72]

Re: Barclays Personal Loan PPI Ins

If i ask for this cca, will that be on the loan or on the ppi as the ppi was incorperated in the loan agreement. Would it not be nice to wipe the whole lot inc the loan lol is this possible???

[Amethyst]

Re: Barclays Personal Loan PPI Ins

The CCA would be on the loan, which incorporates the PPI, it will tell you how much the PPI was and how much the interest on the PPI was so you know exactly what you are claiming.

Yes its always nice to wipe a debt out, but it is unlikely, but don't know till you get the agreements. I'd get both those letters sent off - 1) preliminary request for refund of PPI and 2) request for copy of credit agreement.

[mr.c72]

Re: Barclays Personal Loan PPI Ins

Ok well thanks for the advice, been most helpfull will keep you posted. I did not realise that my insurance runs only for 5 years when i have a loan agreement for 7 years what a stich up - why was this not pointed out when talking to the advisor???
If i have signed the paperwork for the ppi will this affect my claim if it is in the small print, should it not be down to the advisor to tell me this?

[mr.c72]

Re: Barclays Personal Loan PPI Ins

Right, i have started my claim with Barclays, i sent of the template letter explaing why i was mis-sold my ppi.
On Thursday 29/10/09 i recieved a letter saying that Barclays have until the 18th of November to get this matter resolved. In the letter was a questionare asking me all sorts of Q's about why i was mis-sold ppi which i answered.
Now i had taken out the loan in 2006 and i have made 1 claim on the insurance for a week long stay in the hospital, can or will this affect my claim?