Cancelling PPI CAN BE DONE!!!!!

in-trouble_3

sammy115 wrote:

With regard to Barclays. i rang them before Christmas, was told I could cancel, just needed to write in. Which i did, just a request no mention of mis sold etc.

Rang today to be told that PPI cancelled which has generated a refund of £79. I am 26 months into a 36 month loan agreement. It is so little because obviously they paid the insurance 'for me' when i took the agreement out. This was to pay their insurance company!!! So basically all i have paid so far on my loan is my PPI.

Has this happened to anyone else. I did say i was going to complain about being mis sold a policy but they said I would have to prove it!

Just had a discussion with my sister (who is disabled and does not work) who took a loan out with PPI and told her she should cancel too. How can someone who is out of work have PPI for unemployment!

Can anyone help on either occasion. I have a copy of the template letter, but I wondered if anyone had had the same kind of experience and did persistence pay off.

thats with me, i got my loan didnt work, i am a full time mum, contacted barclays yesterday and they have agreed they mis sold me my policy, will hear in 5-10 days

SuSu1871

Hi all

I cancelled my LloydsTSB unsecured loan PPI just outside of the 30 day cooling off period. It was costing over £100 a month. This reduced my overall loan amount by over £4000, which was immediately credited to the loan amount (including interest). Rather than reduce my monthly payments, I opted to keep them the same and reduce the repayment period. It should be paid off around 18 months sooner than it would be with PPI :j

corsanita

Hi everyone

I called up Nationwide a couple of weeks ago to see about cancelling my PPI. They tried to convince me to keep it, but were perfectly reasonable and just asked that I write to confirm & then they would send me a refund cheque. (And I got given the address for the lady I had spoken to on the phone, so it wasn't just to a nameless department which was nice.)

Well, today a cheque for just under £340 arrived in the post!! That will all but clear my last remaining credit card - just the loans to clear now...:rotfl:.

Just wanted to say thank you to this website - I don't post much but it was from reading and lurking I even realised this was a possibility.

:beer:

in-trouble_3

my bank has offered me another loan for £2000 minus the ppi that i have already paid £957.24 total loan of 1042.76 loan i have said no and want the ppi refunded.

am i doing the right thing?

in-trouble_3

moz414 wrote:

Just about to post my letter to Barclays when I thought, why not go in and speak to someone? Never usually get much out of them but this time I did. Told the personal banker that I wanted to cancel my PPI, he rang barclayloan and within 5 minutes got me a refund of £1600 plus monthly payments lowered by £100!! Well chuffed. Only thing is I have to go back next week cos he was only a trainee bod and has to have his mentor there to authorise it. Just hoping that next week I'm not fobbed off by someone else! Totally contradicts everything they told me on the phone last night about having to take out another loan at a higher APR to pay off my old loan. Don't take no for an answer and keep bugging them!

Thanks to everyone here who has posted about PPI, you have saved me quite a bit of money, now if only I'd found this place sooner.

this is what barclays have said to me, but i am going into the branch today and see what they have to say, i feel i am being fobbed off on the phone.

chartreuse_2

Well, I called to cancel my PPI with RBS last week. Was told that I'd need to ask in writing, and that it would be actioned from when they received the letter, so I typed one up and delivered it by hand.

Logged on today and found, in addition to my normal loan payments of roughly £250 and £150, extra credits of roughly £1200 and £4000.

I think these figures represent:
£250 - regular loan repayment (inc interest).
£150 - PPI loan repayment.
£1200 - refund of PPI repayments, less two months penalty.
£4000 - credit for projected interest on PPI loan.

Now, the MSE article says for RBS: "Premium refunded, but incur 2 month interest penalty" but on the figures above it looks like they've refunded my total PPI repayments, less two months.

Can anybody tell me whether I've somehow got this wrong?

PoochyChoo

do you recommend just handing it in at the branch then? that sounds good..

PaulyMac

Hello everyone,

I'm a newbie here and can't help but feel a little overwhelmed by the good news that some are getting regarding PPI cancellation. Well done you lot. Stick it to the man!

Anyways, I've got a loan with Northern Rock and currently pay £359 p.m of which £100.50 is on PPI. I've tried to cancel this on numerous occasions over the phone with no joy (Cust. Service Reps stating there was no possibility of cancellation blah, blah, we don't care about your plight).

Thanks to this thread I've amended the PPI Cancellation leter so kindly provided and I'm sending it off tomorrow.

I just have one question that I'd really appreciate a reply on, please.

Northern Rock's PPI seems to go through a company called 'Cardiff Pinnacle'. When I received all my documentation regarding the loan (and that was the first mention of repayment figures for the loan AND the PPI I'd seen after signing the loan agreement) the leaflet from Cardiff Pinnacle informs you that you can cancel at any time if no claim has been made. Yet NR claim this cannot be done.
Do I contact Northern Rock or Cardiff Pinnacle in order to get a quicker response?

PaulyMac

Self - edited. Duplicate copy of original post.

haisey

On returning to this country after 8 years abroad, I took out a loan from Barclays to furnish our flat in the local authorities shelter accommodation in 2001. At 63 years of age, I was unemployed most of the time and we took out a small loan with Barclays along with PPI in order to do this.
Since that time they have ''offered'' subsequent ''top-up''loans on the rare occasions we have gone to the bank, non of which we had applied for, claiming the benefits of a lower monthly repayment. On retirement 3 years ago we realised just how much debt had been accrued and at the age of 68 am now facing a debt of some £16.000 at £309. 00 per month.
I have written to Barclays using some of the template letters on this site stating our desire to cancel the PPI and have it refunded.
Their reply was extraordinary by refusing any action whatever stating we had 30 days to cancel the PPI on application of the loan. They have offered nothing whatever to alleviate our state of affairs and have added insult to injury by enclosing another ''top-up loan'' to £21.000 with a repayment of £359 per month !.
Any suggestions on where to go from here would be most appreciated and if not, I would most probably be dead before the loan was payed off anyway !

haisey