Cancelling PPI CAN BE DONE!!!!!

katiekittykat

^^^ Good for you!! Well done

Steel_2

This thread has made me sit up and pay attention. I have a loan with RBS and I had refinanced this loan (from an original loan with them) back in April 2004 when I was employed. PPI was on the forms that were sent to me on both the original and re-financed loan so I just signed them and sent them back. In January 2005 I went self-employed and have had many severe regrets over the last year about not understanding what PPI was or paying attention to it on the form. I wasn't really told about it - the finance forms turned up and I assumed I had to have it so I signed them - and have sinced consigned myself to paying it because of my own stupidity

Thanks to this thread, I spoke to someone At RBS about cancelling PPI and they are ringing me back to tell me what my new payments will be once I have cancelled the PPI on the basis that I'm self-employed. And they have assured me no penalty charges will be made.

I can't believe it's been that easy. I also can't believe I've paid out so much money in the mistaken belief it was my punishment for not understanding.

Thanks guys:D

katiekittykat

^^^ Congrats

katiekittykat

Ok I checked my online bank account today (my loan also shows in it as it is with my bank) and it is showing the following:

13/06 - £366.88 paid in
13/06 - £1498.77 paid in

(both paid into my loan account)


What does this mean? I have had no letter from the bank yet??

dawnylou

I guess that would be your insurance rebate - usually it is added to your advance so if you cancel they pay it back into your loan for you to reduce the balance.

Absoluutbeginner

I went the Financial Ombudsman route, and have received a letter to say an adjudicator has written to the Cooperative Bank with her comments. I don't know what they are yet, will phone her on Monday to find out.

So things are moving at last, wonder what the Bank's reaction will be

katiekittykat

dawnylou wrote: »

I guess that would be your insurance rebate - usually it is added to your advance so if you cancel they pay it back into your loan for you to reduce the balance.

I got a letter from them on sat - they said the ppi has been cancelled and the amount left has been reduced to show that ppi has been taken off - they never even mentioned a refund for the ppi i have paid anywhere in the letter?

pink_poodle_queen

Thanks Avogirly for your template letter re PPI. I didn't twig until reading your message that I could possibly cancel the PPI on my loan and thus reduce my total outstanding loan payment, in fact I forgot all about it! If successful - and I posted off the letter earlier today to the Alliance and Leicester - then I will save about £3,000 on the loan repayments which is just over £40.00 a month saving!

Thank you! I'll let you know the outcome .........

katiekittykat

^ good luck

Absoluutbeginner

Absoluutbeginner wrote: »

I went the Financial Ombudsman route, and have received a letter to say an adjudicator has written to the Cooperative Bank with her comments. I don't know what they are yet, will phone her on Monday to find out.

So things are moving at last, wonder what the Bank's reaction will be

My adjudicator told the bank she believes the ppi was missold!! :T

No news from the bank yet. Watch this space !;)