Cancelling PPI CAN BE DONE!!!!!

Aj_eye

Hi All,

My wife has a loan and is paying about £244.20 a month of which £50 is PPI. She borrowe £10K over 5 years. The loan will be all paid back in September 2007 but I really want to get the PPi cancelled and any refund due us .... please how do we go about claiming....

Please note my wife is a contractor and as such works only part time.... When she her last contract finished she tried to claim buit thay said that it only works if she was made redundant....

I know they owe us money but don't quite know how to claim it back....


HELP

CAFCGirl

wardlaw wrote: »

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

Sorry Wardlaw.

I'm slightly confused by what you're trying to say.

I know I should be able to cancel it, but Abbey are telling me I have to get another loan out which will cost me more money!So now I dont know where to turn

asea

i don't think mine is a single premium - how do i know?

sevenredpoppies

Hi I've just joined this forum and stumbled across this thread and I'm going to try it too! Long story but I also took out a loan with Lloyds tsb with my now ex partner who has stopped paying his half and I'm now left paying the entire amount, complete with £43 a month PPI. Never EVER going to have joint finances again - its been a nightmare! Thanks for brightening up my day folks

lthoel2

My husband took a loan out with Nationwide in Aug 2005 for £17,900 over 7years. We pay back £315.50 per month thats including the PPI. We have asked for the PPI to be cancelled. No problem they say.They would refund us £1,898. The original PPI was £3,344, but then they tell us that the monthly payment of £315.50 wouldn't change and it is still to be paid till the end of the 7 years is up. Is this right , I can't get my head round the figures and any help would be appreciated. Thanks

Linda

pickleddebt

Old_iron_balls wrote: »

Congrats !
hehe great feeling isnt it ?! :j :beer:

Trick is folks, dont take no for an answer - kick up a fuss and they will crumble eventually.


HI! I am new to this, so apologies if the quote and my question are in the same box...

I tried to cancel my PPI from Lloyds TSB , but was told that I could NOT be refunded for my past 10 months PPI payments.
I could be partially refunded for my remaining future payments, that will amount to a total of £686.36, but this would imply that they would do another credit search for me.(in order to re-finance it?)
This is not ideal for me as I have LOW credit rating at present and another credit search will leave another Credit footprint and undoubtedly damage my rating further!

My question is: Do I take their word for it and simply accept what they have offered me, including the credit search?

Or do i send a complaint letter to them, requesting for my PPI to be cancelled ASAP and refunded in full?


I would greatly appreciate your advice on this, as I am trying to get my debt sorted... but am very new to this and don't know the tricks of the trade!
Many Thanks

Absoluutbeginner

[QUOTEMy question is: Do I take their word for it and simply accept what they have offered me, including the credit search?

Or do i send a complaint letter to them, requesting for my PPI to be cancelled ASAP and refunded in full?
[/QUOTE]

NO WAY, don't take it. The FSA website states "We believe refunds should be calculated to take firms' reasonably incurred costs into account. These costs will depend on the individual firm, but might include administrative fees, a proportion of commission and the uneven spread of the risk across the length of the policy. "

Persist, don't give in, that's what the banks want. It's cheaper for them. It's YOUR money they've taken under false pretences. Tell them what you want, and look at the following link. http://www.fsa.gov.uk/pages/Doing/Regulated/consumer/tackle/ppi.shtml

Good luck!!

wills7

I have a loan with Beneficial Fiance and want to cancel the PPI. what would be the first steps to take and has anyone had any success cancelling PPI with this company?

Scrimmo

I filed my claim against GE Money last week. Today I received notification that they intend to defend the claim in full. They now have 28 days to file their defence. Now it's a waiting game to see who blinks first, I guarantee it won't be me!

Absoluutbeginner

wills7 wrote: »

I have a loan with Beneficial Fiance and want to cancel the PPI. what would be the first steps to take and has anyone had any success cancelling PPI with this company?

Go to the very first message in this thread, you'll see a template letter to send to your bank. They will try and fob you off, most likely offer you a NEW loan without the PPI, at a greater rate of interest and another credit search!! :mad:

DON'T TAKE IT. Tell them firmly that you want it cancelled, stating your reasons (e.g. you were told it was a condition of the loan).

New regulations from the FSA have shaken up the industry, so good luck. It will probably take a while but keep at it, don't give in till you get what you want. IT'S YOUR MONEY. (Mine has been ongoing with The Cooperative Bank since October last year, with slow progress.)

Also read this link, it may clarify things for you. http://www.fsa.gov.uk/pages/Doing/Regulated/consumer/tackle/ppi.shtml

Good luck :rolleyes2