Cancelling PPI CAN BE DONE!!!!!

ddavis

$17mma wrote:

Hey Roversbabe

I heard that they will try that, changing your loan if you choose to cancel PPI to a higher rate. Will check my PM

Thanks!

Barclays did that to me about 5 years ago. My loan had PPI (the tick box was ticked but offset by about 2 inches - printed document so i didnt notice it). Eventually they agreed to cancel it despite insisting it wasn't their fault - i didn't ask for it!! - and when they redid my loan it was the following...

Original Loan
5k
145 a month inc PPI

New loan (after 4 months of payments)
4.9k
101 a month

AND my rate had risen by about 8%.

In the end my dad came to barclays with me to sort it and they still wouldnt do it. So he got me a loan through A&L and cancelled everything he had with Barclays (mortgage and savings account) and my girlfriends dad was so disgusted he moved all of his money too (7 figure savings account).

So i reckon trying to stitch me up cost barclays a pretty penny and i'm glad. I'm abbey now and they're great.

mr_flibble

Bump

Bump

Bump

Pauleen_2

Hi there

Please,please send me a copy of the template of the letter to cancel my dreaded PPI with Lloyds TSB.
Reading your article was a lifesaver for me I kept getting told by the bank I could not cancel it.

Cheers

Pauleen:j :j :j :j
x

Inside_Man

hi i would also like to request a copy of the template letter for lloyds tsb as my mother is trying to cancel her protection.

Oh by the way, if anyone has any queries regarding HSBC Loans with PPI please PM me as i may be able to help you

yeslek

would you guys recommend calling up to cancel PPI first or just start with a letter?

i have a loan with lloyds and would rather not have to go through a long winded snail mail method if at all possible,

thanks

JBsplit

HI, my northern rock loan is now 3 months old and i want to cancel the PPI on there web site the terms say,
30 days blah blah then it says

''after that you may cancel your cover as long as have not made against the policy''

so does this mean i can cancel without having to get a new loan.
the ppi is detailed on my paper work as a seperate loan.(i think)
btw its unsecured.

JBsplit

i have a question about this ppi thing, if you cancel ppi and they make you take out new loan that ends up at a higher rate then they must of based the original loan on the fact you were buying there insurance,? i thought they were not allowed to base the loan decision / % rate on the basis of you taking out insurance.

regularsaver1

they are not jbsplit

but the bank of england has changed and so the banks loan rate has probabaly changed too

JBsplit

you can bet yourass if the rate dropped during that time they wouldnt give it to for less.!!

regularsaver1

most loans are fixed rates though so they would not change

but what i meant was say an application was done in June 2004 the loan was based on that rate. and then say to remove ppi you have to do a new loan and do it in october 06, the loan is based on the new interest rate they are offering (this may have gone up or down, but not dependent on taking insurance)