Cancelling PPI CAN BE DONE!!!!!

TheShadow_2

I tried this with my sisters loan which was issued by the bank of Scotland (Halifax) with no success.

They Sent back a letter saying they where sorry if i feel that i was wrongly sold the ppi and they would offer me a new loan if i wished to cancel the ppi.

So in her case it didnt work.

Old_iron_balls

TheShadow wrote:

I tried this with my sisters loan which was issued by the bank of Scotland (Halifax) with no success.

They Sent back a letter saying they where sorry if i feel that i was wrongly sold the ppi and they would offer me a new loan if i wished to cancel the ppi.

So in her case it didnt work.

Try again !?
write a letter back saying you are not satisfied and you are close to moving your business elsewhere.

Sometimes they dont give in easily but for the sake of a five minute letter its got to be worth another try.
It worked for me. I was told several times on the phone and they sent two letters refusing to cancel my PPI. They did in the end

if she genuinly feels she was miss-sold dont give in !
good luck

nmiah786

nmiah786 wrote:

Did this for my brother's Loan with NatWest. He received a letter today saying that the PPI has been cancelled and the loan amount has reduced from £370 to £310 per month. However, they did not mentioned anything about the refund of PPI already paid. So wrote and sent another letter off, lets see what that does.

Thank you for letting us know that its possible and giving us the motivation Avogirly

Will keep you posted.

After sending out the second letter my borther got a phone call from NatWest yesterday. They apologised for not getting back to him earlier and said that they will be refunding the premiums already paid, into his account within a week. He didnt ask how much. So I guess he'll just have to wait and see. I'll keep you guys posted.

nej

Well I sent off a letter today so I'll update when it happens.

My "story" is that I wanted a £15000 loan but at first they said I could only have £8500. This was agreed without PPI. They then agreed to let me have the £15000 but insisted I take the PPI as it was a large amount, so I did (didn't know any better back then). I did say at the time that I didn't need all the cover as my work gives me some of the benefits but they insisted I take it.

I've explained all this in a letter to them, so fingers crossed! This is with Natwest BTW.

Avogirly

nej wrote:

Well I sent off a letter today so I'll update when it happens.

My "story" is that I wanted a £15000 loan but at first they said I could only have £8500. This was agreed without PPI. They then agreed to let me have the £15000 but insisted I take the PPI as it was a large amount, so I did (didn't know any better back then). I did say at the time that I didn't need all the cover as my work gives me some of the benefits but they insisted I take it.

I've explained all this in a letter to them, so fingers crossed! This is with Natwest BTW.

Good luck, keep us posted!

asquiths_2

ok here's an update:
we have recieved a letter back from yorkshire bank this morning saying
"I refer to your letter blah blah blah and your complaint has now been fully investigated.
you stated in your letter that repayment protection insurance was not explained to you and you were not told it was optional. As a provider of General Insurance products, which include payment protection, we are regulated by the financial services authority. Sellers of this product are thouroughly trained and comply with regulations that are set by the f.s.a. As part of the personal loan process we explain the features, benefits and exclusions of the protection policy and also explain that this is recommended but not compulsory. After this was explained you signed an initial disclosure document confirming you wanted to take the protection".

"I feel it would be beneficial for you to make an appointment with one of my advisors so we can discuss the options available to you now that you have stated you no longer want the cover".

so what should i do next?? write another letter telling them i am still not satisfied or make an appointment to go and see them?

thanks

jjdr108

Mark asked whether this was because of mis-selling - or another reason?
I have cancelled PPI with egg - who have reduced my payments - how does a refund work as you were "protected" for the duration of the time you were paying insurance - I would have thought?

Avogirly wrote:

I would just like to thank everyone for their advice regarding my payment protection.

I have a loan with Lloyds TSB, and just like everyone else, when I tried to cancel the PPI I was told I couldn't because of the loan being over 30 days old.

However, I came on this forum and read up about cancelling the PPI, PM'd a few people and got a great template letter (PM me if you would like a copy). I wrote to them last week, and low and behold when I checked my loan balance today I've been credited back the WHOLE insurance amount.

Martin :money: , MSE and all you wonderful people have saved me £5000.

I cannot thank you enough.

:T :T :T :T :T :T


I am a very happy person today!

Just off to change my signature!

jjdr108

Mark asked whether this was because of mis-selling - or another reason?
I hoie the answer is not already in the threads somewhere - apologies if I've missed it!
I have cancelled PPI with egg - who have reduced my payments - how does a refund work as you were "protected" for the duration of the time you were paying insurance - I would have thought?
Is the refunds purely because of the mis -selling?

Old_iron_balls

asquiths wrote:

"I feel it would be beneficial for you to make an appointment with one of my advisors so we can discuss the options available to you now that you have stated you no longer want the cover".

so what should i do next?? write another letter telling them i am still not satisfied or make an appointment to go and see them?

thanks

Absolutely, write back
Your not satisfied with the response, you want the PPI cancelling as you feel you were miss-sold. End of story.

Its been known for lenders to reel you in to ‘discuss options available’
Next thing you know your walking out with a freshly scheduled loan.
Ok, without PPI but with a whole heap of fresh interest bunged on top which you have probably been paying off for the last number of months anyway.

Id write back, and push your case. Its worth a try

asquiths_2

thanks old iron balls just needed someone to fire me up for round 2 so here goes. will keep you all up to date with the outcome!!!!
thanks again xxxxx