Cancelling PPI CAN BE DONE!!!!!

Absoluutbeginner

Scrimmo wrote: »

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!

Scrimmo, I think they file a defence as a matter of course, gives them more time to scratch around for some ammunition. As with repaying the illegal bank charges, they seem to cave in at the last minute - all part of their tactics to make you sweat I guess. Holding thumbs for you.

bocat

Hello everyone!

I took out a loan with GE Money on 11/04 originally for over 120 months but remortaged and this was paid in full on 01/06.

On reading through these threads I telephoned GE and asked whether they had sold me a policy and whether this was included in the total figure that i paid in full. They said yes! I did not even reaslie i had paid for this - £3200!! I thought the high redemption figure was purely interest for paying the loan off early!:o If i knew i would have cancelled and then asked for a redemption figure!

Does anyone know if i could claim some or all of this back?

Thank you!

Chef1980uk

I recieved my 1st reply the other day. Between the lines there is one paragraph that goes as follows:

You are free to cancel the payment protection at any time and this will involve a part premium refund being credited to your loan account. You will need to reschedule your loan into an unprotected agreement. Should you wish to proceed ring 000000000000.

After reading the news in the links above with regards to single premium loans being used to pay ppi upfront, what should i do now? Is the above paragraph the way for me to go? I don't want to be reading it as the result i want but am blinded but careful wording.


On a seperate note, i recieved a letter from beneficial finance stating they would like a chat. Being that i have had many of these where they try to sell me more loans etc, i thought i'd pop in for a visit. The guy was very happy to look over my account, stating outloud that insurance is on my account as he moved his cursor over it.

I then paused him and said that i would like this to be cancelled due to the fact that i was sold it on the basis that i could only get the loan amount i needed (back in 05) if i took on the ppi. (i had been flatly refusing it prior to this point). After coming here i had realised this was mis-selling and he agreed it was. He then said i won't be a minute and popped out of the office.

He came back saying i would need to speak to the lady that sold me the loan but she wasn't in today. I said would she ring me tonight between 6 and 7pm, he said 100% defienately. Waited and am still waiting for the phonecall. Where do i go with this? should i go the letter route now, or wait until next week to go back in and hope the lady is still there?

Warriorsith

Hi

a question relating to Cancelling PPI, my GF wants to cancel her PPI from Welcome Finance as she works for an insurance compnay and gets life and income insurance, which is what the PPI should have covered. She spoke to Welcome today and they stated she can't cancel the PPI but in a couple of months take out another loan w/o the PPI.

Can someone please advise how to go about cancelling, I notice the letter template at the start I take it my GF will have to send this off?

wills7

How long should i give them to respond to my letter to cancel it before following it up?

Chef1980uk

Chef1980uk wrote: »

You are free to cancel the payment protection at any time and this will involve a part premium refund being credited to your loan account. You will need to reschedule your loan into an unprotected agreement. Should you wish to proceed ring 000000000000.

After reading the news in the links above with regards to single premium loans being used to pay ppi upfront, what should i do now? Is the above paragraph the way for me to go? I don't want to be reading it as the result i want but am blinded but careful wording.

I'm about to ring them up so is this the way to go?

Absoluutbeginner

Chef1980uk wrote: »

I'm about to ring them up so is this the way to go?

Find out first exactly how much they will credit to your old loan account.

Also, if they make you take out another loan, will it be for more than the original amount, taking into account you now owe interest as well? Bear in mind this will mean another credit check, leaving footprints on your credit record, and possible a higher interest rate.

Keep us posted.

wills7

i am losing the will to live with Beneficial Finance - they are refusing to budge on me wanting to cancel my PPI. They say i must take out a new loan which will double my monthly paymnets if i want to cancel. 5 times i've been on the phone to them today trying to find out why and they can't give me an answer apart from ' this is how this bank does it' Where do i go now????

Chef1980uk

Absoluutbeginner wrote: »

Find out first exactly how much they will credit to your old loan account.

Also, if they make you take out another loan, will it be for more than the original amount, taking into account you now owe interest as well? Bear in mind this will mean another credit check, leaving footprints on your credit record, and possible a higher interest rate.

Keep us posted.

£500 is the difference they offered. Rescheduling it would mean they would get that back in interest so i'm now continuing with the complaint.

Absoluutbeginner

Scrimmo wrote: »

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!

Hey Scrimmo, anyone blinked yet?