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My wife has a £1000 loan from Nat West. They added on £145 PPI and all at 29%.
Although she has a part time job, she is a self employed partner in my own business, and as such cannot be made jobless. Therefore I believe she would be unable to claim on PPI. Can I ask them to cancel the policy and refund the payments made on the basis that she was mis sold a policy she did not request and is not suitable for her needs.
I would welcome your views.
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Just been on Paymentcare's website, and their quote for PPI is £13.67 cheaper per month than my current policy. But ... shock horror I am not eligible as I am turning 60 next month! I thought ageism was dead! Anyone know of cheaper PPIs for us wrinklies?
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While the quotes mentioned are good the best prices I have found for mortgage protection are on a comparative search engine: www.moneysupermarket.com which compares prices form a large number of PPI providers.
For me the best company was on www.hcforyou.co.uk (owned by Hitachi I think)
While everyone knocks this product it saved my house when I was made redundant a few years ago!
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The Table showing lenders who will allow you to cancel existing PPI seems to be a bit misleading. I tried to cancel PPI on my Northern Rock Loan but they said I would have to take out another loan but at a higher APR (up from 5.9% to 11.9%) meaning that I would only be £4pm better off but with no PPI.
The article mentions changes to Regulations but didn't seem to apply in my case.
Any ideas
Thanks
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picture the scene the mrs very kindly ok'd me getting my grubby's on my first brand new motor - a zafira no less i phoned our bank alliance and leicester for the car loan and the guy in the call centre in leicester was mr nasty from nastyville he was a very angry man -why? cos i would not sign up to £3000 extra debt thanks to him very kindly offering me ppi(payment protection insurance) he was absolutely horrible and very very rude he kept saying what will you do if you lose your job or fall ill eh? what will you do??
my 20yrs in sales has taught me well and i used the old silence technique and eventually he gave in and spoke. he kept me on the telephone for over 30 mins and kept putting me on hold and then coming back on with the same questions in a very threatening manner. dont worry i gave him it back in spades i have a friend who works for a bank and they are trained to push as much as they can for the ppi as they make a killing on it
the same insurance i got from british insurance last week for £8.00 per month not the £40 per month a+l wanted. and b4 any smarty pants comments this happend b4 martins excellent program on itv the other night.
its what made me get off my fat !!!! and post this message
a word of warning to everyone do not EVER EVER EVER take out any insurance from a bank or bs as they are only in it for the £££ and they will rip you off.
the podster see my madasfish post and ntl 10meg broadband post also
I am in the middle of making a claim for 1 months worth of payment on my loan @ £325. Having looked at my loan form I am paying well in excess of £2k on ppi. Can i cancel my PPI after I have made this claim? Or will I then have to pay the full amount?
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I am just in the process of consolidating my debts and so Martin's programme came just at the right time for me. I was most interested to hear about the PPI so I started digging online and got quotes from a couple of different companies. British Insurance is very cheap and would save me at least 5,000 over the 10 year term of the loan, hoorah!
After reading the article though I decided on Income protection instead, although it isn't as cheap I reckon its a better deal all round, so at £32 per month I can insure all my outgoings will be protected for 12 months if the worst should happen.
Well I would just like to say a massive thanks to the help from this website Re: Payment/income protection. As a first time house buyer I was not familiar with all the different policies and was offered by my mortgage advisor two policies, one for sickness and injury (£25 a month) and one for loss of earnings (£29), costing me a total of £54 a month. This was recommended to me by my advisor who would receive commision for this sale and thus reduce my fee to him.
However thanks to Martins tips I have shopped around and found that antInsurance will cover me for all of the above for a mere £12.75 a month! Therefore a big saving even when you take into account the fee I will have to pay my mortgage advisor.
Excellent advice, thank you. Hope this will benefit many others too.
Hello this is the first time I have been on any sites like this.
I feel i have learnt a lot from reading all the comments but i have a serious problem that i do not know which way to turn.
I took out a loan in July with First Plus which has the insurance etc added, i was told on the phone all the advantages, ie after 5 years if i had not claimed i would receive back a certain amount of money, which i could pay off some of the loan or use it as i wished.
last month, we had to take out a further loan (for a new roof) in doing this they asked for a consolidation figure from First Loan (it is a secured loan) and to my horror found the figure since July when I took this loan out had increased £13,000 on top of loan (£55,000) making it now £68,000.
My question is should I cancel the insurance protection scheme and cut my losses or do I continue paying this for 5 years, get back some money and then look again at insurances.
I could also try and get various other loans to pay off the whole amount now £68,000 this though i would have to do through 3 various loans as most companies only offer £25,000 loans.
Please help I do not know what way to turn and i cannot keep going on with sleepless nights.
Hello this is the first time I have been on any sites like this.
I feel i have learnt a lot from reading all the comments but i have a serious problem that i do not know which way to turn.
I took out a loan in July with First Plus which has the insurance etc added, i was told on the phone all the advantages, ie after 5 years if i had not claimed i would receive back a certain amount of money, which i could pay off some of the loan or use it as i wished.
last month, we had to take out a further loan (for a new roof) in doing this they asked for a consolidation figure from First Loan (it is a secured loan) and to my horror found the figure since July when I took this loan out had increased £13,000 on top of loan (£55,000) making it now £68,000.
My question is should I cancel the insurance protection scheme and cut my losses or do I continue paying this for 5 years, get back some money and then look again at insurances.
I could also try and get various other loans to pay off the whole amount now £68,000 this though i would have to do through 3 various loans as most companies only offer £25,000 loans.
Please help I do not know what way to turn and i cannot keep going on with sleepless nights.
Could you look at adding the money onto your mortgage? Then look seperately at a cover to cover all your mortgage, and possibly cover your credit card as well. Then you have the option to fix the rate, or have the flexibility on a no tie-in rate to repay as much spare cash back to the mortgage without penalty.
thankyou for reply I am glad there is someone out there with some ideas - unfortunately though I have tried this, and because the mortgage is worked out on money coming into the house and not as loans on disposable income they would not lend my husband and I a larger mortgage - i dont understand these companies when the money i am paying for the loans etc far outweigh what i would pay for the extended mortgage ?
IS there someone who can advice me on a urgent matter.
i have a loan out with my bank (who i have been with for near on thirty years) i was adviced (being nieve as i am with no one to advice me or family)to take out ppi,it was not till i came on to this site recommended by someone that i began to realise just how easy it is to be taken in by banks.going through my contract with them to my horror i am paying £3500 ppi on a £9000 loan.I have been to see my bank and explained to them that i was advised by them to take this out.i have explained that it is causing me hardship and could they possibly cancel my ppi (as i found i can get it a lot cheaper)they have agreed to cancel it out with the loan,but i will have to take out the loan again without the ppi as there is 5years and 3 months left they only take loans out over 5 or six years and i will not get the same rate as i got then,at the moment thers is 7.9%.can anyone advice me in what to do.as i have a appointment tomorrow and dont want to find myself getting tangled up again.would apprciate some sound advice.
I had a similar thing today with Halifax. Took out a £7k loan 2 yrs ago, due to the joys of PPI i am scheduled to pay another £3k on top - outragous now i realise in my more sensible financial state - i tried to cancel it this morning and was told ( after being passed through various depts of course, they don't like to make this easy) that i would have to cancel the existing loan , repay the "insurance loan" and make it into a new loan. that was before i asked to speak to a manager, and was promptly cut off. Nice!
I i don't want a NEW loan , or the new credit check it would necessarily involve ( remember too many credit checks can damage your score and i have worked hard to improve my credit rating, which is now good).
All i want is the insurance "loan" cancelled, as is my right, without it impacting on my credit rating in any way , good or bad .
Are they allowed to do this? Would be grateful for a response from someone who knows their stuff on here. thanks guys.
Edit - PS Is it worth attacking the loan provider through the courts for Unfair Contract Terms Act - i.e they are in effect penalising someone (making them take out new loan, possibly at worse rate of interest) just to get a better deal elsewhere. Sorry, i'm just fired up to fight now since the bank charges thing!
I recently took out a £9000 loan with Black Horse. I also took out the Payment protection Insurance offered of £41.31p per month. That evening there was a program on television about PPI warning of excessive charges. I then looked at this site and read the FSA rule regarding 30 days cancellation.
At that stage, about 3 weeks after the loan was taken out, I had not received eiether the Black Horse welcome pack or the Insurance documentation. I have since received the loan agreement docs but still not recived anything about the insurance.
I went to LLoyds TSB web site and downloaded the T&Cs for their PP insurance which said I could cancel before 30 days. I drafted a letter to Black Horse stating I wished to cancel and delivered it by hand.
Today I got a phone call telling me that they will be sending me a letter to sign to confirm the cancellation.
I am sure that had I gone thru the 30 day limit, I would not be so happy but I have to say I can't say that I was miss-sold anything though the "pre-contract information" could have mentioned the 30 day rule.
I now find that I can get insurance for just over £9 per month.
Just one small point that might help others. Does anyone know whether the 30 days start from the day you take out the loan and PPI or the day you receive the insurance certificate?
I have just read some of the dissaster stories of PPI's. Here is mine. same old story, Husband goes on short time at work, get into debt, five years ago took out a debt consoldiation loan but they wouldnt lend us the full amount required so we had a £35,000 loan and still some debts. finally we had to secumb to an IVA which did not cover the loan, we have managed over the past three years and are about to clear both the loan and the IVA (without debt) but guess what? THE LOAN COMPANY TO WHOM WE HAVE ALREADY PAID BACK £35,000 ARE REFUSING TO GIVE US EARLY RELEASE FROM OUR £10K PPI AND ARE REQUESTING £35K IN SETTLEMENT. SURELY THIS THEFT CANNOT BE LEGAL. IS THERE ANYONE OUT THERE THAT CAN HELP OR ADVISE.
the government go on about debt and yet when we try to get our head above water there is always someone to push us back down,
i admit that we signed the papers for the loan at the time when we were desperate, but we were made to feel that the PPI was a condition of the loan.
Quote:
Originally Posted by desperate and frightened
Hello this is the first time I have been on any sites like this.
I feel i have learnt a lot from reading all the comments but i have a serious problem that i do not know which way to turn.
I took out a loan in July with First Plus which has the insurance etc added, i was told on the phone all the advantages, ie after 5 years if i had not claimed i would receive back a certain amount of money, which i could pay off some of the loan or use it as i wished.
last month, we had to take out a further loan (for a new roof) in doing this they asked for a consolidation figure from First Loan (it is a secured loan) and to my horror found the figure since July when I took this loan out had increased £13,000 on top of loan (£55,000) making it now £68,000.
My question is should I cancel the insurance protection scheme and cut my losses or do I continue paying this for 5 years, get back some money and then look again at insurances.
I could also try and get various other loans to pay off the whole amount now £68,000 this though i would have to do through 3 various loans as most companies only offer £25,000 loans.
Please help I do not know what way to turn and i cannot keep going on with sleepless nights.
I took a £17.000 loan out with barclays in October 06 and the condition of the low interest rate (6%) was i also took the ppi, i agreed and signed on the dotted line, i was informed that everything was setup from that day and i was on my merry way. I then had an accident 2 weeks later and was off work, i went straight to the bank and asked for all the relavent forms to fill in so i could claim on the insurance, to my disbelief and horror, i was informed that the insurance doesnt take affect untill the first payment is taken which was in November and there for my condition will be classed as on going!! I asked to cancel the ppi but was told if i do the loan will be recalculated at a higher interest rate because i dont want ppi and i have an on going condition and im off work sick! so im paying for something i cant use!!!! Is this right?
l took out a personal loan with a PPI. Two years later, l have lost my job through redundancy. l want to know what my entitlements are and how l can make a claim. l will be grateful if someone can help me out.
I am new to this site and over the last month have really got into saving and reducing our debts with help from this site.
Feeling very please with my progress this week - sent out letters to 2 banks threatening court if they do not refund bank charges, reduced ntl telephone and broadband payments by £10 per month, and cancelled PPI insurance with lender and set up new policy saving another £10 per month. Even better I received a cheque for £801.47 refund for overpaid loan.
Then I though how have I overpaid. Rang up Nationwide, who the loan was with and they told me it is to refund insurance that I had cancelled, and they would still be taking the payments for this every month.
BUT THIS DOESN'T ADD UP !!
41 months left of loan PPI of £32.26 p/m = £1322.66.
New PPI is £22.50 p/m x 41 months = £922.50
TOTAL PAY OUT £2245.10
LESS REFUND OF £801.47 = £1443.63 = 41 MONTHS X £35.21
Pls be nice to all MoneySavers. There's no such thing as a stupid question, and even if you disagree courtesy helps. Take care over copyright. Use excerpts and links rather than copying long text. This site asserts copyright on all comments posted on the board.
Pls be nice to all MoneySavers. There's no such thing as a stupid question, and even if you disagree courtesy helps.
Cunning Loan Insurance Cost Cuts Article Discussion Area
I am not eligible as I am turning 60 next month! I thought ageism was dead! Anyone know of cheaper PPIs for us wrinklies?
meaning that I would only be £4pm better off but with no PPI.
Ppi -ignore At Your Peril
Escaped from Black Horse PPI
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