Quizzes & Puzzles37 mins ago
PPI
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My son had a loan from a well known bank five years ago and was sold PPI with it. Now he would like to claim it back if possible. However, looking at his paperwork, the bank paid the insurance company the total premium direct to the insurance company and gave him a loan to cover this as well. This means he has been paying the bank over two thousand pounds in interest for the loan issued for his premiums. This doesn't seem right to me.Does anyone think he has a claim? Where will I find a pro forma letter as I can't negociate Martin Lewis's site.
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For more on marking an answer as the "Best Answer", please visit our FAQ.That's how it works. You pay off the insurance over the course of the loan, with interest added. On my paper it was listed next to my original loan as a 'premium loan'.
Here is all the info you need.
http://www.moneysavin...im/ppi-loan-insurance
Here is all the info you need.
http://www.moneysavin...im/ppi-loan-insurance