Cancelling PPI CAN BE DONE!!!!!

brad091276

has anyone had dealings with first plus with regards to claiming due to miss selling and can this be done after the loan is paid off.

also a friend of mine (mortgage advisor) said that legislation had recently changed meaning i could claim the cash back from ppi at any time without waiting till the 5 year period was up, if anyone can point me in the direction of hard facts about this i would be very greatfull.

many thanks

BRAD

funky1471

Should I just take a new loan but this time without PPI to clear the exisiting one? I have only made 1 monthly payment so far. The Loan is from Halifax and was for £5000.

Settlement figure is £5335 but I could possibly save about £1000-£15000 over the life of the loan depending on what interest rate I got on the new one...

They have told me constantly I can not cancel the PPI. I have been into two branches to speak to different people in each one to see if their answer would vary atall, unfortunately no luck.

I also tried phoning them and they said they can not deal with in branch loans on that number but that I would need to go into the branch and apply for another loan but without the PPI, but the lady on the phone said it was guaranteed to be accepted.

Thats 3 different people, 2 in branch, and 1 on the phone that have told me I can not cancel the PPI. Is this true? I could get another loan with lower monthly payments probably (Due to not having the PPI) but I currently have a good credit rating and do not want to ruin this.

regularsaver1

You will need to do a new application without ppi and repay the old one. Have a look at page 2 off your Policy Summary Document (would have got this with your loan agreement docs)which explains the cancellation processm - which is a new loan

interest rate may be different

Why did you take it? no other cover?

Warriorsith

Hi

Just wanted to know can I claim from 6 years back? I had a loan with Welcome Finance and their PPi is rediculous, the loan finished in about 2002 and I have no record of it. How can I go about claiming PPI back?

funky1471

regularsaver1 wrote: »

You will need to do a new application without ppi and repay the old one. Have a look at page 2 off your Policy Summary Document (would have got this with your loan agreement docs)which explains the cancellation processm - which is a new loan

interest rate may be different

Why did you take it? no other cover?

I was tricked into it by the smooth talking sales advisor :mad:
She must have been smarter than me to do that too! :rotfl:damn.

I'm not getting another loan to pay it off because i'll be able to pay this off in about 9 months anyway so no point re-applying for another loan. Although I will still fight to have the PPI cancelled, can't do anything more than try.

regularsaver1

funky - i wouldn't say tricked

there is a procedure the banking adviser has to follow to be compliant, where they have to fill in a form with you about existing cover you have. they will make their recommendation based on this information and then its your decision. I asked why you took it, was it because you did not have anything?

Because the ppi forms part of the agreement within the monthly payment you can't just have the ppi canceled, which is why a new loan is the only way

funky1471

regularsaver1 wrote: »

funky - i wouldn't say tricked

there is a procedure the banking adviser has to follow to be compliant, where they have to fill in a form with you about existing cover you have. they will make their recommendation based on this information and then its your decision. I asked why you took it, was it because you did not have anything?

Because the ppi forms part of the agreement within the monthly payment you can't just have the ppi canceled, which is why a new loan is the only way

Ah well I guess I am stuck with it until June next year when I will settle the loan :-( I believe PPI is useless to me, and I would not have taken it if she didn't convince me to. Oh well I shouldn't have been swayed but atleast I will be rid of the loan in less than a year and the only dealings with halifax then will be my current account, which I will keep there since they offer good service and an excellent online banking service in regards to my current account

DavyM

regularsaver1 wrote: »

funky - i wouldn't say tricked

there is a procedure the banking adviser has to follow to be compliant, where they have to fill in a form with you about existing cover you have. they will make their recommendation based on this information and then its your decision. I asked why you took it, was it because you did not have anything?

Because the ppi forms part of the agreement within the monthly payment you can't just have the ppi canceled, which is why a new loan is the only way

Are you employed by a bank? At every turn you make out that the sales reps are acting with the consumers best interest at heart. They pressure people who are in financial dire staights. They take advantage of people's ingnorance. They are driven by as system that gaves larger bonuses for selling PPI than they get for selling the loan. Why do companies add a single payment for PPI to the loan? Why not sell it as separate product?