hmmm tricky one this - advice needed !

tattooed_lady

Wow!! Definately don't make any fuss, just go in and pay it off on pay day and get confirmation that it's paid.

lestamunda

Karma67 wrote:

Very interesting situation!

Also I've worked out that 38 x £19.01 = £722.38 .....not £1300

Good Luck...i hope it's not a computer arraer! Same advice as others have given...DEFINATELY get written confirmation from your bank

yes but this does not include the interest that would have been charged on the outstanding loan that would still be unpaid had the £722.38 been owed over the four years (you get my drift)..............

Karma67

jaghir wrote:

yes but this does not include the interest that would have been charged on the outstanding loan that would still be unpaid had the £722.38 been owed over the four years (you get my drift)..............

surely interest of £722.38 over 38 monthswould not amount to £577....

i'm not the greatest at maths but even I can work out that would make the interest rate they have paid back to the OP phenomenal!

Anyway....back to subject...i hope it's all above board and your 'quids in'

Old_iron_balls

Well, i received a letter off TSB today in response to my request of canceling the PPI. (note, on two occasions over the phone I have been refused)

It reads...

"I am pleased to confirm that the cancellation has been processed and your loan has been credited with £771.42, which represents the full loan protection premium. Any interest already charged on the insurance has been waived"

My loan was actually credited with £1300 so I dont know where the extra £528.58 came from. Interest ? I dont know.
Just goes to show the pen is mightier than the sword !

Initially I sent two letters requesting to cancel the PPI, one for each loan.

One came back saying that it could'nt be cancelled as its more than 30 days since the loan began.
The other one has been cancelled as stated above.

Funny that as Ive looked at both loans and the terms and conditions are exactly the same !

Im going to send anpther letter regarding the loan with PPI they have said they cant cancel including a copy of my refund letter for the other loan.
Surely they cant refuse one but grant the other if the terms and conditions are identical !

Whats more the amount i paid for PPI on the loan im yet to get a refund on is £1,437 so im not going to rest until they have refunded me !

If all goes according to plan ill of wiped around £2737 of my pile of debt !

here goes nothing !

rbelcham

I've been inspired by your story and written to the Coop Bank today to cancel my two PPIs, as I don't think they were sold correctly. There was quite a useful letter to quote to them on the FSA website (https://www.fsa.gov.uk). I'll post again when I get a response.

Old_iron_balls

rbelcham wrote:

I've been inspired by your story and written to the Coop Bank today to cancel my two PPIs, as I don't think they were sold correctly. There was quite a useful letter to quote to them on the FSA website (https://www.fsa.gov.uk). I'll post again when I get a response.

Fantastic, its worth a try !
The feeling of wiping of a nice chunk overnight is great.

Good luck and let us know how you get on :beer:

rbelcham

Old_iron_balls wrote:

Good luck and let us know how you get on :beer:

Will do. It would be a great start to my debt reduction and I don't think there's anything to lose (except the price of a stamp!).

Old_iron_balls

rbelcham wrote:

Will do. It would be a great start to my debt reduction and I don't think there's anything to lose (except the price of a stamp!).

Indeed, its well worth the effort !
Ive just responded to the letter they sent me refusing to cancel the PPI on my other loan.

I wont give up without a fight :mad:
Now i know they CAN do it im keeping up the pressure !

fingers crossed

Xbigman

This would make me very suspicious. Its possible the selling of the PPI they cancelled was dodgy so they were happy to cancel but the other PPI looks legit to them so they don't have too.
Regards




X

Sofa_Sogood

Xbigman wrote:

This would make me very suspicious. Its possible the selling of the PPI they cancelled was dodgy so they were happy to cancel but the other PPI looks legit to them so they don't have too.
Regards

X

It looked a bit quick to settle everything didn't it? Maybe there's more than what meets the eye, but the OP seems happy? Might be worth double-checking, but I'd take it and forget the rest But that's just me ....