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Original poster

Loan insurance refund

11 replies

mumblecrumble · 30/04/2009 20:14

We were sold PPI [payment protection insurance] 3 years ago and after seeing stuff on tv and internet we looked into it.

I wanted to encourage others who feel the have been mis-sol insurance with a personal loan to call the provider and ask difficult questions about how it was sold etc.

Alliance and liecester listened to our initial phonecalls, put together a case for it being mis-sold and told us to wait.

Really though it a waste of time but today [sobbing in relief!!!] we recieved a refund for all the insurance we'd paid plus interest on it. They have also reduced our monthly payments because we no linger pay insurance!!!!

I really want to encourage others in our position that it is possible and to go for it.

And don;t poay a dodgy law firm who will take a percentage of the refund!

OP posts:

lisad123 · 30/04/2009 20:15

easy to do we made one call, 6 weeks later refunded.

tiredemma · 30/04/2009 20:17

how do you do this? I felt 'pressured' to take PPI

lisad123 · 30/04/2009 20:23

call them up and explain, if they record calls, they will look into it. Might take a while, but easy to do

Lubyloo · 30/04/2009 20:25

Money Saving Expert has guidance and sample letters for you to try and reclaim. We did this (also with A&L) and got a full refund.

Original poster

mumblecrumble · 30/04/2009 20:26

Yes, call them. Definelty worth the effort.

I think they're being mega pressured by the government too.

WHo is your load with?

OP posts:

Original poster

mumblecrumble · 30/04/2009 20:27

We are so happy

OP posts:

BigGitNotYourAverageBlokeDad · 30/04/2009 20:28

If you actually look at a lot of these policies, they are not worth the paper they are written on and are usually sold by salespeople who have no clue as to what they are meant to do.

lisad123 · 30/04/2009 20:36

only thing with ours was 2 months later dh was told he had cancer was kicking myself and still am.

nelix2000 · 01/05/2009 09:41

My partner and I had our finacial advisor look at our loans etc....turns out not only were we mis-sold insurance but there is a clause in the loan afgreement. We are currently getting the whole thing 11k written off AND refunded all the insurance we have paid so far. Worth getting someone to look at it all. Cost us £600 in fees for solicitor etc and as I say its still in process but will save us £200 a month.

Original poster

mumblecrumble · 01/05/2009 23:03

Would your husband have been covered?

OP posts:

YanknCock · 01/05/2009 23:21

Got mine back too, using info on Money Saving Expert. They kept saying no, but I just kept writing letters and phoning. All of a sudden one day they said 'your loan appears to be paid off'. Somehow they'd decided to refund the PPI, which paid off the remainder of what was owed--never wrote to me to say they were doing it! I wouldn't believe it until I asked for a statement showing a zero balance.

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