Cancelling PPI CAN BE DONE!!!!!

Gonzo1966

:money: I am about to challenge Lloyds TSB on a consolidation loan taken out in 2003 for £22k (£26k with PPI) to be paid back over 4 years. I said I did not want PPI and told them that I had sufficient cover with my employer in the event of redundancy, but they said due to the sizeable amount of the loan, my employers cover might not be sufficient to repay the whole of the monthly repayements.

I did challenge this again in 2004 at a meeting with my 'privilige manager' but was given the 30 day excuse.

So thanks to some fantastic people on this thread, I am about to bite the bullet and send in a letter to the complaints dept at the bank.

Does anyone have a follow up letter, due the pending rejection of the first attempt to cancel.

A lot of people on this thread seem to request a 'PM' - what is this???

Trying_really_hard

Have just been reading this thread, am i right in what i read that credit cards are easier to cancel the PPI on than loans?

jasmine

Thanks to everyone who has contributed to this thread; my boyf has just received a chq for his ppi & interest from a&l...for a personal loan going back to 2004; took 2 letters but we got there!

jo_ninety

hi

please can someone send me the template letter
i'm trying to help my partner get back the full PPI he was mis-sold - it was part of a barclary loan

also, has anyone been able to convince barclays to give them a loan statement? that would enable us to estimate what the refund should be.

how have others' refund amounts been calculated?

thanks in advance

jo ninety

mr_flibble

Hi Money saving folk!

I recently decided to read some threads in this forum. Wish I had done so a couple of years back when I first started using the main site. I have read this thread twice now.

Short version of my story.

Needed money in financial crisis
Borrowed 10k over phone from BOS
Was only quoted figures with PPI, figures without not given as an option
Been faithfully paying up ever since at 10.9% APR
£285 a month over 62 months
Work for the NHS and have really good sickness cover that kicks in from day 1
Was inspired by the posts here despite 42 payments being made
Bit Pi**ed off with the bank to say the least
2 useless phone calls to HBOS who say I can't cancel no way no how
1 Letter being sent today by special D. Going down the mis selling route

Any thoughts on chances of success with them. I have found that the service I have had from these guys has been dreadful since the merger with Halifax.

16 years a Bank of Scotland customer. Happy until i realised I was being taken for a PPI ride.

Thanks for reading.

Kel. AKA Mr Flibble

Nhay_2

Hi all

I took out a loan with the Halifax in 2003 and was mis-sold the PPI.
I was told at the time i wouldn't get the loan unless i took out the PPI and under my circumstances at the time i didn't think i had a choice, as i needed the money.

I have tried to cancel this serveral times over the phone, to no avail.
In 2005 i became self employed and thought i would see if the insurance company still covered me. They couldn't answer me at first, but phoned back later to say they would but it wouldn't take effect untill after 6 months.

Realizing i wasn't going to get anywhere with phone calls and after reading this forum, i decided to write my first complaint letter using the template and got a letter back about a month ago, in which there response was "Our records show you signed the relevent box on the loan application, accepting cover as opposed to the alternative box declining the option of taking out the cover as well as signing the relevant application".... needless to say they rejected my complaint. Of course i signed the box, i was told i had too, which was the whole of point of the complaint in the first place!
Im going to contact the Ombudsman today.

Would anyone care to offer any advice on where to go next?
I have read there is a template for a second letter after a rejection, could anyone please post a link to it.
Also, during the 6 months where i was not covered after i became self employed, should i be paying for that even though i wasn't covered?

Thanks in advance for any help/comments.

Cheers

pampam

I am in the process of trying to get some bank charges back for my son & his partner.

The loan debt in question has been to the county court due to default. Unfortunately my son did not attend court and the judge ordered them to pay £125 per month.
When I was collating all the paperwork I got from Lloyds I realised that there were actually 3 loans. On each one they were sold P.P.I Insurance, Health Insurance and Life insurance.
I had an interesting phone call with Lloyds this morning.

I was told the the PPI is purchased in full at the start of the loan and is added to the loan amount. It is then charged monthly to the borrower thus creating interest each month

ie.Loan £5000
PPI £1175
Interest £2448

I was told that this will be reclaimed as part of the County Court Judgement which is in force.

I have requested copies of the Credit agreements and details of payments.

Do you think I have any chance of reclaiming the PPI?

I would really appreciate any advice you could give
Thanks
Pam

nemo183

Great to see this thread as only a few months ago it seemed to be widely accepted that nothing could be done about this abuse of banking power, and any postings that questioned it's validity were always answered by a small group of bank employees who had become so detached from the real world they couldn't see the problem...........

mr_flibble

Update

I got a letter on Saturday from the Bank of Scotland which must have been sent in response to my origial phone calls. The letter I had sent would have got there on saturday too.

The customer relations team have promised a response in writing by 09/10/06.

At least there are prompt in replying. Maybe customer service isn't as bad as I thought.

Fingers crossed, the money saved would be so very welcome right now.

Kel.

mr_flibble

Update.

Sadly as I expected I got the reply I didn't want.

The letters main point in reply to my own letter are that there are set procedures and scripts in place to ensure customers get the relevant info. ..... and that I would have been advised of the importance of reading the policy upon reciept .... the insurance is optional ......at no time has it been mandatory ......I am sorry you feel this way but clearly this was an assumption you made (that i had to have insurance as part of the loan) .... you signed specifically for this cover.

So where do I go from here.

Of a £10000 loan I have now repaid £12000 with nearly £7000 left to pay.

Leaches.

If only I had known then that I didn't have to take the insurance out to get the loan. I just thought that as it such a huge (to me) loan that was standard.

Only by reading these pages do I now know different.

I guess I'll have to keep on paying despite the fact it is crippling me.

I really feel badly let down by the Bank of Scotland.

Any suggestions?

Kel.