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Ppi
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poppy52
Posts: 186 Forumite
I know I'm going to sound stupid, but I took out PPI on 2 big loans and also on several credit cards. I was self employed at the time - which the banks and credit cards knew. I am now just starting a DMP and beginning to try and be more financially literate. Is it true that PPI wouldn't have been any good since I was self employed? Payplan advised me to write cancelling all the PPI when I started with them but Lloyds have refused on the grounds that I only could have done this up to 30 days after taking out the loans. Is there anything I can do? Nobody at the time said it wouldn't have been valid if self employed, but I have just read something that suggests I wasted my money.
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The same thing happened to me, and I didnt realise that PPI isnt valid if you are doing temporary work (perhaps its obvious to others), so after I lost my long term temporary position, I was screwed basically & the PPI was worth nothing.
Credit cards will easily remove the PPI, however, the loans, usually require you to take out a new loan under different terms (if that makes sense) but without PPI.
You could complain to Lloyds, although I tried this and was a waste of time. It angers me that they mis-sell these products, and also that I didnt understand it properly.
xx0 -
I think this is a common thing because I had exactly the same with Lloyds. The only way I can remove the PPI now is to re finance, and I am not in the position to do so yet as the loan is still quite young. I have got to wait until it is a year old and then discuss options and my yearly meeting with them.October make £10/day currently £11.020
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I have just written to the Coop on exactly the same subject. I quoted the letter sent by the FSA to CEOs of financial institutions (see https://www.fsa.gov.uk). I have yet to receive a reply, but I'll keep you posted.
It seems like it might be an uphill struggle.0 -
This is a brilliant report by the FSA on ppi miselling http://www.financial-ombudsman.org.uk/publications/ombudsman-news/4/on-loan1.htm
I suggest you ask the companies who lent you the money for the complaints procedure - put together everything you can find about the circumstances of the misselling of the PPI. Then follow the complaints proceedure - including telling them that at they knew you were self employed and therefore would not qualify for the benefits/protection you anticipated, - also point out that you would n ot have borrowed the money in the first place had you realised that the PPI was useless. If you do not have your premiums refunded plus any arrangement fee, plus interest which you may have paid on the PPI and anything else you find you have been charged for with respect to the policy then go to the Financial Services Omnbudsman and put your complaint to them. good luck0 -
I have two loans with Lloyds.
Over the phone they gave me the old 'cant cancel as its past 30 days' speech.
I wrote to them anyway and they cancelled the PPI on one of the loans and refunded me £1300 which they deducted straight off the balance of my loan.
Overnight my balance had gone from £1799 to £499
However, they refused to cancel it on my other loan.
Ive since wrote to them a second time and am waiting for a further responce.
the terms and conditions are identical on both loans as is the way the PPI was added at the start of the loan.
We will just have to see.
But folks, there is no harm in trying !Debt at highest £16k+
Debt at lightbulb moment £14,800
Current debt £6336
Cleared £4206 in November 05 How ? Bye Bye PPI0 -
Old_iron_balls wrote:I have two loans with Lloyds.
Over the phone they gave me the old 'cant cancel as its past 30 days' speech.
I wrote to them anyway and they cancelled the PPI on one of the loans and refunded me £1300 which they deducted straight off the balance of my loan.
Overnight my balance had gone from £1799 to £499
However, they refused to cancel it on my other loan.
Ive since wrote to them a second time and am waiting for a further responce.
the terms and conditions are identical on both loans as is the way the PPI was added at the start of the loan.
We will just have to see.
But folks, there is no harm in trying !
How old are your loans? I wrote to them and didn't even get a reply!October make £10/day currently £11.020 -
Perhaps this will help:
http://boards.fool.co.uk/Message.asp?mid=9659780
Unless this is you too :0)
Good luck & let us know how you get on.
Ms_Londonxx0 -
Avogirly wrote:How old are your loans? I wrote to them and didn't even get a reply!
both loans are over two years old.
Try again using recorded delivery ?Debt at highest £16k+
Debt at lightbulb moment £14,800
Current debt £6336
Cleared £4206 in November 05 How ? Bye Bye PPI0 -
Thanks, I have written them a letter, I'll let you know the response.October make £10/day currently £11.020
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Avogirly wrote:Thanks, I have written them a letter, I'll let you know the response.
good luck, if they refuse... write again
Debt at highest £16k+
Debt at lightbulb moment £14,800
Current debt £6336
Cleared £4206 in November 05 How ? Bye Bye PPI0
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