PPI

[dibble1]

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.

[granny grump]

If you just write to the bank they will send you a form - don't what ever you do use a 3rd party cos they will ripyou off

[EvianBaby]

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

[rojash]

You should keep in mind though that the fact that he was sold PPI, does not necessarily mean that it was mis-sold.