Cancelling PPI CAN BE DONE!!!!!

Absoluutbeginner

sgx.saint wrote:

I was thinking that the Financial Ombudsman would be the best bet. Can anyone advise me further on this? .... I obviously want to recover all of my OH PPI charges for her, and want to pursue this in the most effective manor.

Has anyone here used the FO to recover PPI charges? ...

Hi, I am trying to recover PPI from Cooperative Bank and received their usual fob-off letters, "you... fully read and understood the terms and conditions, and are happy to take the payment protection". Well now I'm not, when I realise what a rip-off they are, having done a search with Moneysupermarket.com! :mad:

So yes, I have appealed to the FO, sent the letter off yesterday with copies of all the correspondence etc. Will keep you posted.

haisey

Hi All,
Regarding my last 2 letters to Barclays, no's 372 and 375 in regard to cancelling my PPI, I have had a continuous exchange of letters since, offering to cancel the remaining interest on the outstanding loan to offering a new one, none of which totals the PPI I'm claiming. Each time I've telephoned to ask for further clarity on what they were offering, they moved the ''goal posts'' and this has been going on since the 17th of December last year. The last letter stated they were offering approx £100 reduction on the monthly repayments but didn't mention what strings were attached.
In my opinion these are blatant stalling tactics and after notifyng the Ombudsmans office a couple of weeks ago I have also started legal action to which they have stated that they would be contesting.
It looks as though I have 28 days to sweat it out and will be unable to pay any additinal court charges or counter action if it all goes wrong.
Are they likely to cave in I wonder and any advice from anyone who may have been in a similar situation would be greatly appreciated at this time.

Haisey

snoopy_and_woodstock

Hi everyone,

Just wanted to say a massive thanks, just got my boyfriend to call up and cancel his PPI on his Egg loan and saved £1500!!! So just wanted to say that it can be done and don't let them push you around.

Good luck to everyone canceling theirs.

Snoopy x

dadof3

hi there
we managed to cancel the PPI on our egg loan last week.
just called them told them that we felt it had been misold to us as im in the armed forces. they updated our account within 3 days and our payments have been reduced by nearly £50 and £1200 has been taken off the loan...now am i pushing it by asking for the £3000 ive already paid to be refunded?

craigmc

wicked_witch wrote: »

Hi,

congrats to all who have had their PPI returned.

I am going to send a letter to GE Money as the PPI on my secured loan is £4800 but as they added it to the original loan amount I am paying interest it too.

Fingers crossed I get it returned.

Thanks to everyone x

Hi Wicked Witch

I am in the same position as you I believe. Is your loan secured?

I recently wrote to GE and was told that the policy was non-cancellable.

Mine was also added to the loan amount, therefore paying monthly interest on that too - !!!!!!

gle83

Hi, relative newbie here, been lurking for a while but not posted much before! I called Natwest prepared to go into my mis-sold speel, but I tried first by asking simply to cancel. Although I got the expected "this cover is excellent and you should keep it" lecture, I'm told that my request will be actioned within 48 hours. The guy I spoke to couldn't give me a straight answer on what my new payments will be, nor how much the rebate will be, so I'll just need to wait and see but it seems promising so far.

JoeK_3

Single premium Payment Protection Insurance (PPI) is a policy that can be cancelled. The unused portion of the policy can be cancelled and the premium for the unused insurance can be requested to be returned.

Anyone in that situation should write to the insurance company concerned and cancel the unused section of their policy and request a return of the premium.

All insurances are now regulated by the Financial Services Authority and insurance companies have to comply with the code of conduct.

Your first port of call is with the company and if you do not receive satisfaction, the next port of call is the Financial Ombudsman.

GE Capital has just been fined £750,000 by the Financial Services Authority for being over zealous in selling PPI.

JoeK

jace22

can you tell me if the SPLRC (secured personel loan repayments cover) is the same as the PPI everyone on this thread is talking about

it seems halifax want me to take another loans at higher rate in order to pay of this one instead of just letting me remove the cover:mad:

i have SPLRC with two secured loans

ANY ADVICE WOULD BE VERY GRATEFUL

just wish that i had discovered this site a long time ago :money:

bradrock

hi there, i have a loan which is secured for 5k and 1200 on top of that is ppi i have had the loan for 2 years with 3 left to run, when i got the loan i was self employed and they told me i had to have it to get the loan, i cant claim anyway, do i just ring them first and ask them to remove it or ny letter.?

the loan is with kensington.

gle83

Hi again,

I've just received a letter from Natwest after cancelling my loan protector.

"I write further to your request.....blah blah blah.....[Please note that, when you cancel the Loan Protector, your monthly repayment figure will not reduce by the amount of the monthly insurance payment that is quoted on your Consumer Credit Act agreement form.

This is because the repayments for insurance are higher at the start of the loan, due to the risk involved, and lower at the end of the loan. Therefore the longer the loan has been operating and been receiving the benifit of the protector insurance cover the less the monthly paymnet will reduce.

As a result you next monthly payment will remain unchanged, however all subsequent payments will be £xxx.

If you have any questions.............."

Can anyone help me here as I'm having trouble getting my head round it. Even though I have cancelled my protector I am still paying more in the monthly payments than if I had been given the option of not having the cover at all? I'm a little ignorant when it comes to all this but I was under the impression that I was going to receive a refund. Should I write back to ask what effect this has on the outstanding balance. What would be the best way to approach it? Would you recommend the standard letters given that I've already had it cancelled?

Any help would be appreciated!

Tom