Cancelling PPI CAN BE DONE!!!!!

xx-Tina-xx

Hiya all!

I've read through this thread with great interest. I've been trying (without much success) to cancel my PPI with Barclays which works out at a whopping £70 a month. My actual monthly loan repayment is £202, and with PPI on top its working out at £272 :eek: The loan was taken out in May 2006, with the usual stuff about cancelling within 30 days by either visiting the branch or writing to Barclays Insurance in Ireland to have it cancelled (this is what is actually stated in the terms and conditions of the Insurance Policy)... Soooooo...... I wrote to Barclays Insurance in Ireland requesting to cancel, only to get a letter back telling me I had to do it in person in my branch, and yep, you've guessed it.. by the time I recieved the letter back the 30 days was up!!! :mad: So i've spent the last couple of months completely getting the runaround! Finally they say I can cancel the PPI but I will have to take out a new loan without PPI to pay off the outstanding loan with PPI. They're driving me absolutely nuts and don't seem to grasp the concept of me NOT wanting to pay interest twice on what essentially is the same amount of money!

Anyhow.. I've copied out the template letter regarding the PPI and claiming back charges.. and I've also added a couple of bits myself.. Mainly regarding THEIR terms and conditions, which states quite clearly I can cancel the PPI at anytime although I will only recieve a partial refund of monies owed

"Section 5

You may terminate your policy at any time by contacting your branch or by writing to us at Barclays Insurance Dublin, PO Box 586,... Your policy with automatically terminate if your agreement ends. After the initial 30 days we will only refund part of your premium. We will not calculate any refund on a pro-rata basis because more of the premium is apportioned to the earlier part of the term when more of the risk is borne. The premium refund will be calculated according to the refund rates applicable at that time, and may be substantially less than the amount you originally paid. An example of the amount of refund is show in the table below highlighting the fact that the majority of the risk is incurred in the earlier part of the term. Any refund of premium may be credited to the loan account

(then it goes on to specify who much you may be refunded)

So a couple of questions for you good people... Firstly, are they in breach of contract for not allowing me to cancel via Barclays Dublin which it so clearly states I should be able to do? And secondly, do I keep fighting just to have the PPI taken off and refunded back to my current loan as it states in their terms and conditions that this IS possible or do I just go with another loan?? I swear i'm going greyer and greyer by the day!!!

Thanks in advance folks for any suggestions!

bigdec

My wife has a loan with alliance & leicester and she is on sick leave with a slipped disk she has been told by them that she may not be able to claim on the sickness cover. I am so annoyed that I am going to get the PPI ended .

:mad: :mad: :mad:

ArchieB_2

Why not? If there is medical evidence to support her injury they should pay out.

mr_flibble

UPDATE.

Ok, this is annoying.

I requested to cancel the PPI and a FULL refund of the policy as I felt that I had been mis sold the policy. I got the no letter as outlined in my previous post.

Today I got a letter saying that my PPI has been cancelled and that I get £165 back out of a total policy of more than £3000 which was added to my loan which I have been paying interest on.

So I am 2 thirds of the way through my term. I have paid interest on a PPI I didn't want. They will not refund the PPI, and now it seems they think a third of £3000 plus interest at 10.9% is £165.

Not happy.

Where can I go from here?

Kel.

seawolf_2

I've been trying to cancel a PPI with Barclays on the grounds I was mis-sold it as a self-employed person. I have had the standard letter about the 30 days etc. and am being told that I can cancel the PPI but have to take out a new loan, which may infact cost more depending on what interest rate they are charging. They won't tell me how much I owe less the PPI I can only find this out by going for the new loan.No way will they give me any refund of my premiums!! Does anyone know how to respond to this, I've used the template letter in my original complaint. Has anyone found they inflate the interest rates in order to cancel out the loss of the PPI?

xx-Tina-xx

Yes seawolf... They WILL inflate the APR on the second loan. Also, they ARE at liberty to give you a settlement figure on the first loan WITHOUT you commiting to a second loan... Don't take any rubbish from them!!! I asked them to quote me on a new loan (as I was curious with no actual intention of taking out a second loan to refinance the first) and they bumped up the APR by 2%, and they also had to tell me the settlement figure in order to find out exactly how much I would need to borrow to pay off the first loan (confused yet?? LOL)

I've been given the whole '30 days is up blah blah blah... you have to take out a second loan without the PPI yadda yadda yadda' speech over the telephone... I've now wrote to them quoting THEIR OWN terms and conditions (Check out section 5 on your insurance policy... it says PPI can be cancelled AT ANY TIME although you will only get a partial refund)... NOWHERE does is say you have to take out a second loan.

*Steps off soapbox* Barclays are driving me nuts at the moment!!

lost_but_looking

after 2yrs of fighting i have now had my ppi removed by northern rock:j
every time i called to get them to remove it i was told no!!! i even sent 2 letters within my 30 day notice period at the start.
so after a bit of advise from this forum i wrote a letter of complaint to them, this was only last week, i was called up yesterday by a lovely lady in the complaints dept and was told they have no idea why the ppi was never removed as it was on file the amount of times i tried to get it removed. this lady was amazing as she is refunding me what i've paid and she was sorry for how i've been treated. a massive weight has been lifted from my shoulders as the plan wasn't cheap!!!!

mr_flibble

** BUMP **

Sorry for bumping this up again but as no one has answered me I think it's bump time!

I am at a loss as to how to proceed. I think I should write again but don't know how to word the letter to make my point.

Has anyone had any success with HBOS on these matters?

Any and all suggestions welcome as I really don't know how to go on from here.

Kel.

hopeless_case_2

Hi have just sucessfully got back £1665 in ppi cover from the halifax on a loan that was 3 years old (5 year term). It was my husbands and he was wrongly sold it.I have been told today that it will bbe credited to the account and that he is 8.6 payments in credit.What I would like to know is this, is he entitled to the interest charged on the ppi and as the loan will be paid off early will there be a reduction in interest charges?
Anyone had this problem?

greendale9061

HI YA EVERYONE

I took out a egg loan for £7000 3 months ago. I didn't really want the ppi when I applied but they strongly advised me and so I was quoted £153 - £176 with ppi. I think im gonna ring them up and cancel it. I worked it out and its highly unlikely that I will become sick or laid off work (work for the family :-) added bonus) If I was really stuck im sure my family and friends would bail me out saving me £1380 on ppi over the loan term. Will keep you posted.


MANY THANKS FOR YOUR IDEAS :-)