Cancelling PPI CAN BE DONE!!!!!

shazzer22

shazzer22 wrote:

Only posted letter yesterday to Nationwide, boyfriend got a call today! A cheque for what he has paid since Oct is in the post about £275 and the rest is being cancelled! Amazing! :money:

Thank you all so much, can't believe it!!! :j :j :j

My BF can be a little b*gger sometimes! Actually received cheque today from Nationwide, it was for £1700! They've refunded the whole lot! He thought it would be a 'nice surprise' and there was me selling nearly everything we owned just to pay the council tax bill and car tax! Boys eh?! :cool:

Old_iron_balls

great results guys :beer:

deadmansgun

deadmansgun wrote:

Hiya

Well as promised I'd let you know once I had received a reply and Hey Presto! One reply from my bank Lloyds TSB on doormat on return home this evening.
Ok letter is as follows...

"Dear ...I am writing further to your Loan Protection insurance concerns. The loan protection insurance is an optional policy. The acknowledgement of purchase form that you have completed states that you can cancel the policy within 30 days and receive a full refund of insurance premiums.

I am sorry to confirm I am unable to refund the policy in full due to the above information. As a gesture of goodwill I can offer to cancel the policy from the date you made the complaint !!.../01/06}.This equals £1189.14 plus interest to date. This refund will be made on the condition that the policywill then be cancelled and no further cover will be provided......If you accept this refund, this amount will be credited to your loan account within 21 days of receipt of your acceptance. Your monthly terms wil continue under terms and conditions of the loan, the amount of the payments cannot be reduced. By crediting your loan with the refund of Insurance Premium, the loan will finish earlier than originally agreed.

If you wish to reduce the monthly payments the loan will have to be rescheduled....only your branch can agree to this rescheduling.....This offer is made as a gesture of goodwill and in an effort of conciliation.

I trust my response has addressed the concerns that you raised and that you feel able to accept this offer......"
Goes on the to ask me to sign acceptance of offer and also encloses ombudsman's leaflet for any more complaints.

OK, so basically in relation to CASH LOAN which was taken out for £12134.78 {monthly repayment £316.48} LOAN PROTECTION INSURANCE LOAN which was taken out for £2659.21{monthly repayment £69.17} and finally LOAN {for payment of existing debts i.e outstanding loan again was with LPI} was taken out for £2524.74 {monthly repayment 64.82}. Total loan £17318.73 {monthly repayments £450.47}
Outstanding payments on loan as is stands is £12006.

So the big question is ..{awaits drumroll}..is above offer in your view acceptable or should I be fighting for all of the Loan Protection Insurance to be refunded plus interest. And if so, then how do I attack it?
Would very much apreciate some sound advice. Can I just say a big thank you for help so far!!!! :T :T :T :A

Dudeness

Ok then, I posted on this thread about 3 weeks ago, about contacting Lloyds TSB about cancelling the PPI on a loan. First of all, I had written to the branch, asking them to cancel the PPI. They said that they cannot as they are unable to cancel the PPI after the 30 day cancellation period.

Not surprisingly, I wrote another letter, this time one of complaint to the complaints department. They said that they would get back to me within 2 weeks. Well, about a week ago I received their reply. In their reply, they said the branch was correct in not cancelling the PPI due to the 30-day cancellation period.

Now I am not too sure how to proceed now. I have already made savings through cancelling the PPI on my Egg Loan (saving about £60 per month). But I feel that I could still do something regarding this Lloyds TSB loan. At the moment, I am more than content to just wait for about 6 months, and then refinance with someone else (ie Cahoot).

What does everyone think? Should I wait? or if I am going to go back to Lloyds TSB about this, how should I proceed? Should I just send another letter of complaint? and if so, who should I send it to? Should I send it to the complaints dept again, or maybe someone higher up the food chain?

Thanks

Katyag

Hi there, hubbys loan is with TSB and he called and asked for the PPI to be cancelled too and was refused so i use the letter draft that was posted on here and sent to the address within the PPI terms and conditions bit on their website, still have it i think if you cant find it.

So sent the letter special delivery so they couldnt claim they didnt get it and about a week and a half later got a letter in saying yes ok they will do it as a gesture of goodwill and we will receive the PPI + interested back onto the loan. They cant cut payments (but could go back to the bank to get it rescheduled if i waned too) but it would mean the loan would be over quicker. We are more happy with that way anyway.

So write again saying you will take it to the financial obudsman (sp) if you dont get any sucess.

I thought we were in for the long haul so was pleasently surprised they agreed so quickly.

Old_iron_balls

Dudeness wrote:

O Should I just send another letter of complaint? and if so, who should I send it to? Should I send it to the complaints dept again, or maybe someone higher up the food chain?
Thanks

I sent my second letter to the same people id already had correspondence with.
They will be expecting/hoping you will take no as no and forget all about it.

Write back saying you are not satisfied with the responce you have recieved - you are considering taking your custom elsewhere etc etc
also, as katyag said drop in the financial ombudsman line for good luck

TSB can and will refund after the 30 period. They have with me (twice) and several others on here.

Just keep on the pressure and you will come good.

good luck

Dudeness

Thanks, I'll send off that letter today (recorded delivery), and I'll let you know how I get on...

Katyag

No not recorded, i had a recorded top go missing just last week. Use special delivery, slightly more expensive but no chance of it dissappearing.

Ludo_2

Having a real problem with mine at the moment.
I aimed my complaint at the loan provider, but it turns out that the complaint should have been with the Broker as they took the initial details.

The problem being that while I was waiting for a responce from the lender I got a phone call (while i was mad busy in work) from the broker basically badgering me into different questions.
The asked me if I thought they had been fair etc and me not knowing why they were asking said "well yes I think so" and then they told me to carry on my complaint will the lender.

I then of course got told it was the broker that I should be dealing with but they have based a review around my mumbled confused conversation. I am chasing up again today as it was they employee that came to my house and told me a pack of lies.
Of course though they will say that I have already said they have done no wrong.

I am asking for an audio copy of all my conversations to the broker, does anybody know if Promise Finance record their calls ?

Has anybody ever gone as far as to use the Financial Ombudsman Service ?

Chop

Just wanted to say a massive thank you to this thread and to the advice form Old Iron Balls and others......the clear message was that persistence is key. Well, we kept going and finally got a result!

My partner took out a 5year graduate loan with Lloyds TSB a couple of years ago, he took PPI. He wrote to LLoyds saying he thought it had been mis-sold and he'd like his money back - they wrote back very quickly saying 'No, you knew what you were signing, you had a 30 day cool-off period, you have no claim, goodbye'!

He responded saying this wasn't good enough, they had the duty to ensure he understood what PPI was and how much it cost and that he was going to take his business elsewhere if they could not reply to his satisfaction.

Eventually, he got a reply. They have cancelled his PPI, and given a refund on what he has already paid, including interest, RESULT!! In total, £1094 shaved off his total loan amount.

So, thank you everyone. Anybody trying to achieve the same - just keep going with it, don't take no for an answer if you genuinely believe you were mis-sold.

I LOVE this website and all you people's wonderful advice!!!