wellred Posted April 3, 2013 Share Posted April 3, 2013 Hi all, After graduating from uni I took out a personal loan from my bank. I paid that off say 4/5 years ago and amd wondering if it's worth me looking into a PPI claim? My finances are in good order now but who wouldn't say no to a windfall of a few k right? What I'm not clear on is if there is any risk to the consumer when making such a claim? Does it affect my credit rating, relationship with the bank or chances of say a mortgage 7 years down the line? Thanks Link to comment Share on other sites More sharing options...
54321 Posted April 5, 2013 Share Posted April 5, 2013 PPI stands for Payment Protection Insurance and is designed to cover your loan payments in the event you became unemployed If your loan included this and you were not in employment then in your case the product (PPI) would be pointless and deemed mis-sold. Check your paperwork if you still have it or contact your bank. If your loan did not include this then the bank has done nothing wrong. I doubt very much it will effect your relationship with your bank, I know it would not effect your credit score. Don't expect much of a windfall though Link to comment Share on other sites More sharing options...
topt Posted April 5, 2013 Share Posted April 5, 2013 OP this may help you - http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance Link to comment Share on other sites More sharing options...
breadbin Posted April 5, 2013 Share Posted April 5, 2013 Has the claim period finished? Did the op take out poi? It's not a bloody free for all you know Link to comment Share on other sites More sharing options...
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