Cancel PPI - Top heavy ?

jonnyblue

Hello

My girlfriend has just cancelled the PPI on her personal loan with Natwest, she was paying around £45 a month in PPI which she was basically hard sold.

She has since received a letter stating that the ammount of PPI to pay back isnt pro ratad and is paid in larger chunks initally therefore after cancellation they expect her bill to be reduced by around £20 and not £45

Basically is this allowed ? Is it normal ? They are stating that she was a higher risk earlier in the loan therefore a higher percentage was paid towards PPI.

However her intial agreement / contract doesnt stipulate this

Can this be challenged in anyway ?

Thanks all

jonnyblue

Sorry to bump this but im really hoping someone has any advice

Further to my original post, my girlfriends brother has also cancelled his PPI on his loan. He has been repaying this loan for around 3 years and has another 5 years to run.

On his current loan he is paying £320 off his loan and £146 month in PPI, a total monthly repayment of £466 as per his credit agreement.

For someone heavily in debt they should never have pushed them into PPI originally as this has added around £13000 extra to his debt

Natwest have now cancelled this PPI as he requested,and have sent through details of his new repayments. They are basically saying that his PPI repayment has only reduced the total by £40 and that his new repayment is £426 per month but without PPI

Is this legal ? We have the original agreement and there is no mention that the PPI will have a heavier weighting early on in the agreement. Surely the repayment should have reduced by the whole PPI ammount of £146

Does anyone know what and where we can go with this ? He is going to ring tomorrow and try and get a reasonable explanation as he was basically told that the bank cant help in store. It would really help if anybody had any facts that he can go forward with though.

Additionally, if he wasnt told about this "weighting" then does he stand in good favour to turn this round and claim back PPI as mis-sold ? He didnt have any intention of doing this but it feels like hes being pushed into it.

Thankyou

sparky0107

jonnyblue wrote: »

Sorry to bump this but im really hoping someone has any advice

Further to my original post, my girlfriends brother has also cancelled his PPI on his loan. He has been repaying this loan for around 3 years and has another 5 years to run.

On his current loan he is paying £320 off his loan and £146 month in PPI, a total monthly repayment of £466 as per his credit agreement.

For someone heavily in debt they should never have pushed them into PPI originally as this has added around £13000 extra to his debt

Natwest have now cancelled this PPI as he requested,and have sent through details of his new repayments. They are basically saying that his PPI repayment has only reduced the total by £40 and that his new repayment is £426 per month but without PPI

Is this legal ? We have the original agreement and there is no mention that the PPI will have a heavier weighting early on in the agreement. Surely the repayment should have reduced by the whole PPI ammount of £146

Does anyone know what and where we can go with this ? He is going to ring tomorrow and try and get a reasonable explanation as he was basically told that the bank cant help in store. It would really help if anybody had any facts that he can go forward with though.

Additionally, if he wasnt told about this "weighting" then does he stand in good favour to turn this round and claim back PPI as mis-sold ? He didnt have any intention of doing this but it feels like hes being pushed into it.

Thankyou

Hiya johnnyblue
Try posting on the PPI discussion thread, you'll get some answers there.

HTH

chambta

But in short it is the way it's calculated.