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  • FIRST POST
    ChrispyDuck
    Barclays Loan PPI Cancelling/Reclaim - Advice appreciated
    • #1
    • 4th Jan 09, 8:56 PM
    Barclays Loan PPI Cancelling/Reclaim - Advice appreciated 4th Jan 09 at 8:56 PM
    Hi Guys )

    First post here but i feel i belong after reading loads. Wondering if anyone could help me with the following:

    My girlfriend took out a 13k @ 14.9% loan over 7 years with Barclays (in branch) 6 months ago and she was pressured into taking the PPI. We have since found that the PPI is a single premium policy costing around 4k! and this is paid in the loan before actually making any repayments off the initial 13k. We went into a branch the other day to cancel and was told we couldn't just cancel the PPI, she would have to take a new loan out without PPI to clear the existing one. Also the settlement figure on the loan was more than the initial 13k she took out after paying 5x300!!!

    Anyway, we believe she has been miss-sold this policy because:

    1. She works for the Police (civilian) so job security is not an issue.
    2. Her job pays 6 months full pay then 6 months half pay in event of accident or sickness, so a policy that paid out for only 12 months would be useless.
    3. The lady who sold the loan pressured the GF into signing. She was not given time to read all documentation and PPI breakdown not explained (we have the lady's name).
    4. She was not told anything about it being a single premium PPI and that this would also incur interest, nor the inability to cancel without the need for a new loan.
    5. The loan was over 7 years and PPI over only 5. She was not told about this.

    She still has the loan and is still paying the PPI, could you please give advice on:

    1. Does she have a case?
    2. If so should she cancel the PPI and refinance the loan now (with or without barclays) then start proceedings, or carry on with the loan in the hope the PPI will be refunded off the current loan.

    Much appreciated guys )

    Chrispy
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