Loan Protection Mis-Sold?

April 7, 2010 2:23pm CST
I just wanted to tell you of my fortunate success! I took out a loan for £10k over 3 years ago, well actually my mother took it out for me as she had a lower APR rate and I was unaware she took out Payment protection for me until I seen the most recent bill. Anyway once all this Mis sold PPI stuff started popping up I asked her if I had it (thats how I found out the above) and she said she didn't know, and she had a meeting at the branch to get the loan, and could remember the lady just said it would be beneficial for her to have it, even when my mum said she didn't really want it. well because they have no cameras recording the meeting the bank couldn't say that the sales rep wasn't pushy etc. When I worked it out I had a 10k loan, just under 4k in PPI and then interest paid on that which was something like 4k over 6 years which she never knew! I wrote a letter to the bank and they have said they will be refunding me all the PPI I have paid (2k) and I will be getting 8% interest back on the overall balance of the loan. On top of that my monthly instalments have been dropped by £65 Has anyone else done this and got compensation? thinking of doing it? I can even send you a template of what to write if you need help? It is about time we get in control of our own finances...and DO NOT use one of these firms to help you get your money back they charge fees over 25% of the compensation!!!
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