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RBS - They have written to me and asked if I feel I was misold PPI

(7 Posts)
dontsqueezetheteabag Wed 06-Feb-13 09:05:17

I had a loan to pay off a student overdraft. Took out a loan and now RBS have written to me asking if I thought I was mis sold PPI - didn't even know I had PPI on it...

Anyone else have a similar experience and did any of you get any money back??

TIA

CogitoErgoSometimes Wed 06-Feb-13 09:11:01

Money Saving Expert PPI Guide I'd suggest you have a look at that link first. It contains some of the more normal reasons for PPI having been missold. My self-employed friend got back a huge amount of money that he had paid on a loan for a commercial vehicle.

I think, if RBS are contacting you directly then the chances are it has been missold. Please check that it's not some go-between company offering to make your claim and extract a hefty fee from anything you get back!!!

dontsqueezetheteabag Wed 06-Feb-13 09:25:12

Thanks Cogito

It definately came direct from RBS and the envelope they gave was going back to an RBS address (checked online). Seems odd that they have done this but maybe they are just trying to be as transparent as possible.

I completed the form and have sent it this morning... it was only a small loan (£2k) so I am not expecting a lot but everything helps!!

Picturesinthefirelight Wed 06-Feb-13 09:35:35

If you didn't even know you had ppi them chances at you were Missold it. That's what used to happen - it was added automatically.

CogitoErgoSometimes Wed 06-Feb-13 10:01:10

I think it started out that the onus was on the customer to get in touch with the financial organisation and maybe now it's being turned around the other way. Hope you get a nice windfall!!!

RandallPinkFloyd Wed 06-Feb-13 10:18:59

It's fine OP, the second part of the legislation is that banks have to do their own investigations into each PPI customer and pro-actively contact them if they find anything that could potentially have contravened the guidelines.

In your case it will more than likely be because you took the loan to clear other debts. PPI shouldn't have even sold with any loan that was for the purpose of consolidation.

There's a long winded explanation but it basically comes under the miss selling clause of 'affordability'. Consolidation loans show a customer has a propensity to re-finance therefore is technically in financial difficulty.

The amount you get back will depend how old the loan is but still, it's better than nowt! Enjoy smile

RandallPinkFloyd Wed 06-Feb-13 10:19:56

*shouldn't have been sold

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