Cancelling PPI CAN BE DONE!!!!!

Scrimmo

Absoluutbeginner wrote: »

Hey Scrimmo, anyone blinked yet?

I haven't blinked, they have until Thursday. My last experience of claiming against an insurance company resulted in them settling my claim the day before we were due in court, so there's loads of time yet...will keep you posted as and when anything happens.
Cheers
Scrimmo

Absoluutbeginner

robert_harper_2000 wrote: »

Well I started online claim it costs to start one whereas the other option is free. However with courts the time frame is a lot quicker and the banks are afraid of the big bad courts! Go with monyclaim.org.uk

I did, no probs so far just awaiting reply

Wonder if this poster ever had success, this was posted in June last year.

My claim with The Co-operative Bank is now with the Financial Ombudsman, having reached a dead-end with the bank, but I'm wondering if the courts are the answer.

Also eagerly awaiting the results of Scrimmo's case!

MixerPhil

Hi ive just come onto this particular forum ive been paying payment protection with the Yorkshire Bank for 30months and still have 29 more to go is it possible to cancel the payment protection now and claim it all back i wasnt missold the plan but i just wondered if it was possible to claim it back and where do you go to get a template thankyou .

i_am_really_rich!!

I would just like to say a HUGE thankyou to everyone that has put advice on this thread. I have just received a cheque today for £948.69 refunded PPI on a secured loan that was missold and the policy has been cancelled. Thank you so much I wouldn't have known that it could be cancelled if it wasn't for you guys. :beer:

Moneymatters_2

Hi,
I am a newbie here. After reading through the threads on here it has got me wondering about the PPI on a securde loan we have and are trying to settle.

We took out a secured loan with First Plus in June 05. We also took out the PPI as it was a large loan. The loan was for 180 months. After receiving a settlement figure we still owe £10,000 more than the original loan. We have looked into it and found out that the PPI was front loaded so basically we have only been paying this for the last two years. However after talking to others and reading this thread I think we may have been misold the PPI. - we both have life insurance, my husband has an income protection policy and I am a teacher so have 6 months full/6 months half pay if off sick. We were not asked about any other policies before taking out the PPI, we were just advised as it was a large loan then it would be a good idea to have protection on it.
What should I do next ? If I settle the loan as it stands will I be able to reclaim PPI if it was mis sold, or should I hold off settling the loan until it has been resolved? How should I go about complaining? Sorry to sound a bit thick but I am a complete novice at this.
Thanks

Scrimmo

Scrimmo wrote: »

I haven't blinked, they have until Thursday. My last experience of claiming against an insurance company resulted in them settling my claim the day before we were due in court, so there's loads of time yet...will keep you posted as and when anything happens.
Cheers
Scrimmo

Well Thursday came and went. So did the weekend. Then, right at the last minute, I get the Allocation Questionnaire from the court. They are using the " terms and conditions" argument and legal jargon to refute my claim. Looks like I may finally get my day in court, though all previous claims against banks and insurance companies have been settled out of court.

Going off track for a moment...The oddest claim I have at the moment is against Onestopphoneshop, their defence is that they have no record of me ever having a contract with them!!!

Will keep you all updated as things progress, albeit slowly!

Good luck to all of you making your claim.

Scrimmo

Absoluutbeginner

Best of luck Scrimmo, I'm sure you'll win again.

It is interesting that they are going the "terms and conditions" route. With my claim with The Cooperative Bank, they play that card as well, claiming it is stated quite clearly that the PPI is optional, but guess what, there is NOTHING to that effect anywhere in the paperwork.

My claim is with the FO at the mo, but looking to go the Courts route if I get no joy there.

sevenredpoppies

I just received a letter from Lloyds TSB this morning telling me as a 'goodwill gesture' they would refund me my full PPI and credit this plus interest to my loan account - a grand total of £2036.67 (not inc interest). I can't believe they agreed to this!!!

Took the loan out in 2004 with my partner at the time - we split up and at the start of this year he stopped making payments to the loan. After looking on this site and reading all the advice of others I thought I'd try and get the PPI cancelled as only the first named party on the insurance benefits from the PPI........... and I wasn't the first named party. Basically I was paying this with absolutely no benefits to myself plus paying double the amount to cover for the missing payments. Anyway long story short I used the template on this thread, adding my own personal reasons and its payed off :T :beer: :rotfl:

I can't thank you all enough for posting your advice and experiences on this - otherwise I never would have known this was possible. Still got a long way to go for the rest of my debt but this is a great positive step on an otherwise monotonous journey!

***very happy and can't stop grinning***

richieboy222

I have just cancelled the PPi on an abby loan but they are refusing to give any money back can anyone help me with as why they are fefusing to give it back???

CWestwater

I was looking over my loan documents last night and then had a look at this site.

Back in 2001 I took out a £5k loan over 4 years with HBOS. In 2004 I was cold called and asked if I wanted to refinance it to pay off other debts. The woman caught me while I was sitting in my car in a shopping centre car park and kinda rushed me into refinancing it. I specifically remember asking her if I would pay of the loan in the same amount of time, and she said yes. I also specifically remember saying to her that I had a income protection plan (plus 6 months full pay from work if ill, etc) and I did not need it. It was then implied I needed to take out PPI if I wanted to do it, but I am sure I stuck to my guns and said I did not want PPI (I don't take it for anything else). As I was in debt anyway I thought it would be a good idea to take the loan out.

So the courier arrives (which they charged me £45 for) with the agreement and he basically rushed me into signing it so he could go home. When he left I read the document, and I had PPI added to the loan - £2206.81!! Naive me I thought well that's it, I've signed it now, so I have to live with it.

Also, when she said I would be paying it off in the same time, she did not make it clear it was another 4 years of this millstone (over a quarter of my take home pay per month!) around my neck - I thought it was for the same amount of time I had left on my original loan.

So come last night I looked here and thought, hang on, I've been shafted, and maybe I can do something about it.

I read the PPI booklet carefully, and it says if you cancel I have to redo the loan. I don't want to do this as I have 12 months left to pay, and know I would end up paying more.

So I emailed the complaints dept of the HBOS PPI with this:

COMPLAINT

Dear Sir or Madam,

I took out the above loan for £xxxxxxx on 11/06/04. When I took it out, I signed up for Payment Protection Insurance. I have since been reviewing my finances which included my loan documents, and wish to make a complaint.

Thinking back about when I took out the loan, it was implied to me that I would not have been given the loan if I did not take PPI. I have since been told that this is not true, and that you are not allowed to make PPI a condition of taking out the loan unless you include the costs of PPI in your quoted loan interest rate, which you did not do. I therefore consider that I have been mis-sold this expensive insurance, which I do not need and which I said that I did not want. I took a cold call from the Bank asking if I wanted to take out the loan, and felt pressurised into taking PPI.

When I took out the loan, I distinctly remember saying I did not need the PPI as my employer provides generous illness and redundancy benefits. I also have had a long running Personal Payment Protection Insurance policy with Zurich, but I was told I should still take it out. As this is not correct, I consider that I have been mis-sold this expensive insurance, which I do not need and which I said that I did not want.

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. In view of the way I was mis-sold the insurance, I would like to ask for a full refund of the whole premium.

From reading the terms and conditions booklet, if I cancel the policy, I would have to renegotiate the loan with Bank Of Scotland, but I feel this is unfair as due to interest rate rises since June 2004, I will be paying a higher rate of interest. I would not have to do this if I had not needed to complain about my PPI cover.

I would appreciate a reply to this letter within fourteen 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,

I received this reply this morning:

Dear Mr Westwater,

Thank you for your email dated 13th May 2007.

I can confirm that the dedicated team who investigate mis selling issues have confirmed that a Review Manager who specialises in allegations regarding the alleged mis-sale of insurance policies will contact you shortly and in any case within the next four weeks.

As your case is currently being investigated by our Regulated Insurance Advice Team any future correspondence can be addressed to them at Ground Floor, Bridge House, 930 Lakeside Drive, Centre Park, Warrington WA1 1QZ or alternatively you can call them on 0845 6094975 with any other queries.

Yours sincerely

So fingers crossed I will hear from them soon. I am trying to get my money sorted as I am hopeless at it. I want to propose to my girlfriend and get a mortgage with her, but I feel I can't just now with a ton of debt over me. Clearing off the last of that loan will help no end.

Will keep you posted and wish me luck!! If anyone has any advice I would really appreciate it.