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Advice Urgently Req'd On Loan And Ppi Problem
zoejaneansell
Posts: 10 Forumite
in Loans
I need some help for my boyfriend
He took out a graduate loan in oct 2006 and took out a ppi (for once actually sold to him properly!) incase he had any trouble abroad or trouble getting work when he got bk
Last summer I helped him with his finances and suggested getting rid of his PPI as he was paying through the nose for it. He went into LLoyds and was told that was fine to do and got him to sign the paperwork
He has only found out today that actually what they have done is cancelled his graduate loan and put him onto a personal loan for another 5 yrs and a interest rate much higher!!!
He was NEVER told this would happen and lloyds t+c say you CAN cancel the ppi after 30 days so he didnt think anything of it at the time and sign the paperwork
What can he do about it???? they are saying he should have looked over the paperwork 1st but at no point was he told his loan would have to change!
PLEASE HELP - WE A TRYING TO GET A MORTAGE AND THIS IS GOING TO SET US BACK LOADS
:eek: :eek: thanks
He took out a graduate loan in oct 2006 and took out a ppi (for once actually sold to him properly!) incase he had any trouble abroad or trouble getting work when he got bk
Last summer I helped him with his finances and suggested getting rid of his PPI as he was paying through the nose for it. He went into LLoyds and was told that was fine to do and got him to sign the paperwork
He has only found out today that actually what they have done is cancelled his graduate loan and put him onto a personal loan for another 5 yrs and a interest rate much higher!!!
He was NEVER told this would happen and lloyds t+c say you CAN cancel the ppi after 30 days so he didnt think anything of it at the time and sign the paperwork
What can he do about it???? they are saying he should have looked over the paperwork 1st but at no point was he told his loan would have to change!
PLEASE HELP - WE A TRYING TO GET A MORTAGE AND THIS IS GOING TO SET US BACK LOADS
:eek: :eek: thanks
0
Comments
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You may find this difficult as he has signed a new agreement and should have read it before he signed it.
That said, when a customer cancels PPI, the FSA has instructed Banks that customers should not be worse off if asked to sign a new agreement.
In this case your bf is worse off.
It may be worth him putting in a written complaint to the bank - there is always then the possibilty of taking the complaint to the Financial Ombudsman service if he is not satisfied with their final response to the complaint.0 -
He is meeting with the bank tomorrow s that has been helpful thankyou standupguy0
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