I've just read something about PPI and how you can claim back your premium if it was missold to you.
Here's my story: in 2007 I got offered a new job (what I thought was a fantastic opportunity) in a different town. As it was near London we saw how much higher the cost of living was, including the fact that all the letting agents asked for two months rent as a deposit (circa £1250) plus the first months rent. A huge cost!
I called my current letting agents to check our rights in leaving our current contract, as we had signed a new 12 month contract two months before (one of those that insisted on fixed terms, no rolling contracts). I was told that there would be 'minimal fees' to cover the landlords costs.
It turned out those minimal fees were nearly £900! I had already accepted the other job, handed in my notice at my current one so I was in a quandary.
After checking with the landlord what they would be billing him (to make sure they weren't double-charging) and seeking advice from several industry bodies we found that the charges were "fair".
(Side note: I never had problems with paying my landlord's costs, we were trying to get out of a contract that we had signed, but it did open my eyes to how much agents charge for nothing)
The job really was a great opportunity, so I made the decision to get a personal loan to cover these costs and the deposit costs at our new property. At the time, it was merely an opportunity cost as my earning potential was significant in the new role.
So I applied online, ticked the box for a quote for PPI and was approved. Relief. Then we had the postal strike and the form was stuck in the post. I literally needed the loan that week, so my bank sent the form through internal mail to a local branch.
In the branch I signed it but left the PPI box unticked an unsigned. The staff member checked it over and said to me "you need to sign that, it's a condition of the loan".
From memory, that box had been outlined with a highlighter pen too to really make it stand out.
As I was so desperate I signed it. It didn't seem like a big deal.
Fast forward on, the job didn't work out (home sickness, death in the family etc.) so I'm now back in my home town raising my family. But I'm still paying off this loan. Live and learn.
I read about PPI and it reminded me of all this. The PPI cover for this loan was £283.37, with a total amount payable over the loan term of £385.38. So no small amount.
I would prefer not to pay this in light of what I've read, but has anyone does this? How do I prove that I was told I HAD to sign it as it was a condition of the loan?
Here's my story: in 2007 I got offered a new job (what I thought was a fantastic opportunity) in a different town. As it was near London we saw how much higher the cost of living was, including the fact that all the letting agents asked for two months rent as a deposit (circa £1250) plus the first months rent. A huge cost!
I called my current letting agents to check our rights in leaving our current contract, as we had signed a new 12 month contract two months before (one of those that insisted on fixed terms, no rolling contracts). I was told that there would be 'minimal fees' to cover the landlords costs.
It turned out those minimal fees were nearly £900! I had already accepted the other job, handed in my notice at my current one so I was in a quandary.
After checking with the landlord what they would be billing him (to make sure they weren't double-charging) and seeking advice from several industry bodies we found that the charges were "fair".
(Side note: I never had problems with paying my landlord's costs, we were trying to get out of a contract that we had signed, but it did open my eyes to how much agents charge for nothing)
The job really was a great opportunity, so I made the decision to get a personal loan to cover these costs and the deposit costs at our new property. At the time, it was merely an opportunity cost as my earning potential was significant in the new role.
So I applied online, ticked the box for a quote for PPI and was approved. Relief. Then we had the postal strike and the form was stuck in the post. I literally needed the loan that week, so my bank sent the form through internal mail to a local branch.
In the branch I signed it but left the PPI box unticked an unsigned. The staff member checked it over and said to me "you need to sign that, it's a condition of the loan".
From memory, that box had been outlined with a highlighter pen too to really make it stand out.
As I was so desperate I signed it. It didn't seem like a big deal.
Fast forward on, the job didn't work out (home sickness, death in the family etc.) so I'm now back in my home town raising my family. But I'm still paying off this loan. Live and learn.
I read about PPI and it reminded me of all this. The PPI cover for this loan was £283.37, with a total amount payable over the loan term of £385.38. So no small amount.
I would prefer not to pay this in light of what I've read, but has anyone does this? How do I prove that I was told I HAD to sign it as it was a condition of the loan?
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