Cancelling PPI CAN BE DONE!!!!!

ldb55

Hi,

I am new to this site and over the last month have really got into saving and reducing our debts with help from this site.

Feeling very please with my progress this week - sent out letters to 2 banks threatening court if they do not refund bank charges, reduced ntl telephone and broadband payments by £10 per month, and cancelled PPI insurance with lender and set up new policy thinking I would save another £10 per month. Even better I received a cheque for £801.47 refund for overpaid loan.

Then I thought how have I overpaid. Rang up Nationwide, who the loan was with and they told me it is to refund insurance that I had cancelled, and my payments would stay the same.

BUT THIS DOESN'T ADD UP !!

41 months left of loan PPI of £32.26 p/m = £1322.66.
New PPI is £22.50 p/m x 41 months = £922.50

TOTAL PAY OUT £2245.10
LESS REFUND OF £801.47 = £1443.63 = 41 MONTHS X £35.21

OVERALL MONTHLY INCREASE OF £2.95 PER MONTH!!!!!

AM I GOING MAD OR DOING SOMETHING WRONG!!!

By the way the loan and insurance were quoted as separate figures on my agreement although the DD is one total amount.

Hippychick

I managed to cancel my ppi with Nationwide this week, had no problems just sent them a letter recorded delivery and within two working days received a refund in the post

ldb55

Hi Happychick

I didn't have any problem cancelling, got the cheque in a couple of days.
But the maths doesn,t add up.

Have your payments stayed the same or have they been reduced?

regularsaver1

Read this on new actions on ppi:

http://www.thisismoney.co.uk/campaigns/loansinsu/article.html?in_article_id=418914&in_page_id=506

ldb55

Thanks found site very interesting.

But I dont think I was mis sold the insurance, I just didn't realise that it was costing a lot more than it would have done elsewhere.

So do I have to live with my mistakes or is it worth writing to them saying I am not happy with their calculations.

Sorry to be so slow, but with a little bit of help the penny might drop :-)

Absoluutbeginner

Hooray, looks like we might be getting somewhere! Read the latest developments on the FSA website.

http://www.fsa.gov.uk/pages/Library/Communication/PR/2007/043.shtml

Good news for those of us who are still fighting ...

hazzie123

I got a letter back from Barclays about my cancellation of me PPI,stating I could cancel it but need to take out a fresh loan.

Is there a way round this,I really dont want to accept another loan,all I want is simply the PPI removing from this loan.I really dont see how hard this would be to click a button and take the blumming thing off.

I`m calling into Barclays tomorrow to have a gentle word with the Personal Banker,but I just know I`ll end up losing my rag if he/she mentions getting another loan out.

What would the next move be if all they offered was for me to get another loan out?

asea

I've been complaining to Lloyds that my PPI was missold on my loan about 3 years ago. My meeting was done & dusted in less than 15 mins - there was no way the costs were explained to me - after two 'investigations' they are still saying that I had agreed & been told - which is utter bullpoo but what else can I do? is there a time limit on complaints?

wardlaw

THE FINANCIAL SERVICES AUTHORITY HAS CONFIRMED THAT ppi WHERE A SINGLE PREMIUM HAS BEEN PAID AND ADDED TO THE LOAN YOU ARE NOW ELIGIBLE FOR A REFUND

THE LUMP SUMS CAN BE LARGE AND ONCE IN PLACE YOU COULD NOT CANCEL THEM yOU ALSO HAVE TO PAY INTEREST ON THEM
johnmw5@hotmail.com

wardlaw

CAFCGirl wrote: »

GRRRRRRRRRRR!

I've just been totally fobbed off by Abbey.

I've phoned up to cancel my PPI, not a problem she says.
But I have to take out a new loan, which will be for £2550 (my outstanding balance is £2502.02) as it has to be the nearest £50. Did tell her I would send in the £2.02 but she didnt bite!

And that it would also be over 24 months, which is one month later than my current loan expires, and my payments would decrease from £134.18 to £127.67.
And thats on a typical APR is 19.9, even though my original loan was 22.9%, she highlighted that I would probably end up with the higher rate.

So basically it's going to end up costing me more money to cancel the bl&&dy thing!
Surely this can't be right?

THE FINANCIAL SERVICES AUTHORITY HAS CONFIRMED THAT ppi WHERE A SINGLE PREMIUM HAS BEEN PAID AND ADDED TO THE LOAN YOU ARE NOW ELIGIBLE FOR A REFUND

THE LUMP SUMS CAN BE LARGE AND ONCE IN PLACE YOU COULD NOT CANCEL THEM yOU ALSO HAVE TO PAY INTEREST ON THEM
johnmw5@hotmail.com