Cancelling PPI CAN BE DONE!!!!!

charlieboy_2

Ok I am confused.

I saw an IFA yesturday, and he mentioned the firstplus loan I have and wanted to know the final amount repayable.

I rang firstplus and they commented that they cannot give me the information over the phone and I have to request a final amount. Which I did.

But, they gave me a ball park figure at £47000 huh? I borrowed £40000 a year and a half ago. That means i have paid nothing off at all.

I pay £466.16 a month, I have PPI on the account which added £8000 to the loan. BUT I was told when I took out the loan that they would not allow me to sign up for the loan if I did not take the PPI.

Do I have a case? I really want to get rid of the loan and have been advised to use the money I have made in my property to pay it off. But I was expected I would pay less what what I borrowed or at least the same not £7000 more.

Please help me...

2manyjds

I wrote to Barclay's last week to start the ball rolling on getting my PPI refunded.

I have had the loan for over two years, but it was only recently when I visited Northern Rock to discuss a further loan that I discovered that PPI cannot be used as part of the criteria of the loan agreement. PPI is your own choice and not something that can be thrust upon you.

I do not plan to back down until I get my refund. I think the key word for this is persistance, persistance, persistance. They will eventually crack when they see you are not going to stand for a generic "fob off" letter.

I will keep you all up to date on my progress, as I know it is important that we have as many different banks on here as poss!

Good Luck Everyone!

Rob

haisey

Regarding post no. 372, I have sent the following letter to Barclays.

Dear Sir,

I am in receipt of your letter dated 2/01/07 in response to my complaint.
Your reply was totally unacceptable and to enclose documentation of a further '' Approved Loan'' adds insult to injury and would quite clearly compound my financial problems if I took it out.
I have been advised that I should be able to cancel the PPI contract at any time and receive a partial refund of the premium that I have paid. I would like to do this and in view of the way I was mis-sold the insurance, I would like to ask for a full refund of the whole premium.
If you continue to reject this complaint, I would like a Final Response Letter within the next 7 days as I have been advised to take the whole of my six year loan history up with the Financial Ombudsmans Service.

There is over £6,000 of premiums involved here and I shall keep you posted on the reply. Wish me luck !

haisey

tripled

I've called Egg as I feel I was missold PPI, they advised me to send them a secure message as only their customer relations department can deal with it and they don't take calls. So I've just sent the following secure message into Egg, hopefully I can get some joy!

Subject: Complaint re payment protection

Attn: Customer Relations

Dear sir or madam,

When I first took out an egg loan and was offered payment protection insurance, I took it out on the understanding that it was calculated as a percentage of the outstanding loan on an ongoing basis, so as a result if I made an overpayment on my loan it would reduce the amount of PPI I would have to pay each month. When I received my policy documents and loan agreement, it appeared as though it was a lump sum added at the beginning of the policy, but when I contacted yourselves to query this I was assured that when I made an overpayment the PPI would also be reduced appropriately.

At one stage I made an overpayment of a fixed amount, checked my account and found no extra amount had been taken off, so again I called in and this time was advised the balance shown was not a settlement figure, so wouldn't be accurate.

I have since had a friend look through my documents for me and they have confirmed what I originally had suspected and had tried to clarify, namely that the PPI is charged as a fixed amount based on the size of the loan, interest is charged at the full amount on the PPI until the loan is cleared at which point if paid off early I receive only a small percentage back. This was effectively confirmed by one of your agents when I called egg today.

As such this means that if I made an overpayment of say, £500 in the first year of my loan, I would still be paying interest on the full amouont of PPI until the conclusion of the loan and in addition will only receive a small percentage back for paying the loan off early, but doesn't reflect the lower risk in me owing £500 less for 6 years.

I feel I was given misleading and conflicting advice when I took out the policy, so as such I would like the following to be done:

Either refund any interest charges and extra PPI I have incurred as a result of the policy not being administered as I expect, then cancel the policy with immediate effect. If that is not possible, I would expect the entire policy to be cancelled and backdated to when I took out the loan, with the full premium and interest paid on it refunded onto my account.

I would appreciate a reply to this message within seven working days. If you reject this complaint, I would be grateful if you could explain whether you provide an internal appeals process. If you do not, please supply me with a final response letter, so that I can take up the matter with the Financial Ombudsman Service.

Yours faithfully,



To all those already trying to claim such as Haisy, good luck!

sgx.saint

Hey.

Wondering if I can get a little advice.

My partner has a loan and she recently sent a modified version of the letter in the OP on this thread.

14 days are almost up and she has had no reply from the loan company.

What action do you think she should now take?

martylar

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

Hi ...above is me.... and latest is that soon after above I wrote off for payment of LPI details for LPI payments made to date {twice} which was silly as I sent both letters by ordinary post {DOH!} and Lloyds claimed never to have received them. :rolleyes:
Anyway shortly afterwards my relationship with partner ended and I have since moved house.
Contact between myself and bank ceased at this point as personal problems took over and I never did fire off letter to Ombudsman {big DOH!!}.
The long and the short of it is that I did eventually get around to writing to LloydsTSB again after sorting my life out but they informed me that six months complaints date has now lapsed and impression is I would likely be "time barred" to submit complaint to Ombudsman. All they did was enclose a copy of above letter.
I am at loose end what to do?
Any advice greatly appreciated.

JGH_2

Hi All

A new user, so apologies if this query has been answered elsewhere. Any advice would be greatly appreciated.

I took out a 5 year loan with Natwest in 2004, repayments amounting to £445per month (£359 loan amount/£86 PPI). I called last week to cancel following Martin's PPI slot on the Tonight programme, PRESUMING (perhaps naively?)that the amounts for the remaining 27 months of the loan would = £359 ie. the loan '-' the PPI.

Received a letter today saying that the PPI was cancelled but that the next repayment would be the full £445 (as before) and the remaing 26 months would be at a 'reduced' figure of £411. A saving of a mere £34 per month, not the full £86 that I had been paying.

So, despite the fact that I no longer have ANY insurance, Natwest expect me to pay £52 PPI per month for the next 26 months which, when totalled up, comes to a figure of £4600 in insurance cover over the course of the full 5year loan period. My loan agreement document has the full insurance amount only at £4400 to begin with!

I have obviously had a LONG phone discussion with them today but did not get the answer I wanted.

In very simple terms 1) surely this CANNOT be right and 2) what is my next logical step.

To clarify, I'm neither expecting nor looking for any financial return here, rather I simply do not want to continue paying for a product I no longer have.

Any advice gratefully received

Cheers

2manyjds

Hi everyone,

Heres the latest on my plan to get the PPI taken off my unsecured loan from Barclays.

As I said in my previous post, Barclays made it clear that the PPI was a condition of my loan as I was taking a loan of more than £7500. Shame it took me 2 years of paying it to realise they cannot do this!

Anyway my letter in December was received and responded to within 7 days!

And guess what it was? Yes you guess it, its the standard fob off letter. You can imagine my initial surprise that they could reply so quickly, however after opening it to find it was a 'cut and paste' stylee standard "GO AWAY" letter, i calmed down fast.

So letter number two was sent within 2 days of my receiving there crazy letter: "We have an excellent track record" "There are procedures" Blah Blah Blah, some of it was actually quite funny.

Anyway the latest letter I have received is a holding letter, Just to say that they are sorry I was unhappy with (her) response and that (she) would be in touch in due course. (I find that a little patronising!)

I guess the next letter is going to take longer as she cant just copy and paste paragraphs from the Barclays Website!

I dont plan to back down on this so, as always I will keep you informed of the outcome.

Happy PPI Claiming Guys!

:rotfl:

tripled

Well, so far not much joy from egg. They keep stalling. The first person said it would be forwarded to customer relations, but then the same person simply gave me a reply a few days later explaining how PPI worked and said if I wasn't happy it would be forwarded to customer relations. So I replied saying I wasn't happy, and why had my letter not already been passed on as they said? A couple of days later I was told customer relations would contact me within 72 hours. That was over a week ago, and since then I have heard nada. So now I have emailed them again the hopes of just getting someone actually from customer relations to acknowledge my complaint. Arrgh! :wall:

owessomuch

Hi can anyone help?

I've read through the thread but I'm not sure if anyone has had any luck with cancelling PPI with HSBC.

When I called I got the standard NO or you could take out another loan :mad:

Really need some help please guys