Cancelling PPI CAN BE DONE!!!!!

hippo1001uk

Hi all,

Can someone point me in the right direction, I took out a credit card a mth after I injured my foot, I was asked if I wanted to take out PPI which ive always done, then I found out after a couple of mths that i'd actually crushed my foot and tried to claim but was advised that it was a pre existing condition and related also to my diabetes.. so I took this as ok, after paying my PPI in full and never missing a bill I received news from work that because of the nature of my job and the injury sustained that it was a mutual agreement that I would leave work due to ill health because of continuing problems with my injured foot, I then tried to claim due to unemployment afetr leaving my employer, and after again going through the process of making a claim it was refused as they advised that I was not made unemployed but unable to work due to medical grounds (sharcotes syndrome and diabeties) they canceled the PPI and I was ushered off the phone with no help on how to pay my CC payments each mth, I do beleive that I was miss-sold the PPI as after the first injury they knew about all my medical history as they applied to my GP for this and was advised I would be covered if I became unemployed.
Would it be in my best interests to make a letter of complaint for the 18mth that I paid PPI to see if I can get this refunded or if it would not be a viable option to persue..... many thanks for looking at this

Regards Lloyd

moz414

Hi,

Just cancelled my PPI with Egg over the phone and got back £735! Not bad for a couple of minutes work.

Tried Barclays straight after but they fobbed me off, siad they would have to give me another loan to pay off this one and the APR would be 20 - 22%! He also told me that stopping the PPI would be a massive chunk off the loan but the new APR would mean that my payments would be about the same. Told them not to bother so I will now write a letter with the template. How come none of the other banks do this? Are Barclays special?

crawley_girl

I have tried to cancel PPI on a loan with Barclays. Received a letter stating saying that I am not entitled to a refund because I took the loan out in May 2004 and have had ample opportunity to decide that it wasn't suitable to meet my needs. Like you Moz414, I have been offered a new loan but they are unable to guarantee the APR. I dread to think what they would offer... is it worth fighting their decision? If so, is there a template I could use to challenge?

ncd

Just phoned the Halifax about cancelling my PPI and the guy said no problem, but I would have take out a new loan for the outstanding balance (£3498). I told him that that was rubbish and that I read that I should not have to take out a new loan and should be able to cancel the PPI. The guy said that may be true with other financial organisations, but not with the Halifax. Can anyone advise what to do next please?

moz414

Hi ncd,

That's exactly what Barclays told me. The thing is, I also have a loan with Egg and called them before I called Barclays. They cancelled it over the phone and gave me a refund all without taking out another loan. Sounds like some banks just don't want to give up their lucrative money making schemes.

I have now sent a complaint letter to Barclays so I'll wait and see what happens. I will post my findings once they come through.

ncd

Thanks moz414, I think a letter will be on it's way to Halifax this afternoon.

markdavey

Hi,

Anyone had any experience with Alliance and Leicester. I took out a car loan approx. 2 years ago with PPI and want to know my chances of getting it refunded?

Thanks

Mark

dj0586

ive just been through the same process ncd with halifax and have settled with a 700pound refund. I was told however that they can only reduce the balance of secured loans. Unsecured does require taking out a new loan.

However in my case my original loan was due to be paid off in April 07 and was paying £125 per month, now with the new loan and reduction, my loan will still be paid in apr07 but at £101 a month and no payments in Jan or Feb this year as they give you a mandatory 2 month payment break. Im happy, the spare moneys going on my credit card.

us,thecat&thedebt

yes yes yes yes :j :j :j :j :j :j :j :j :j

just cancelled the ppi on our lloyds loan and got a refund of £1007
also in 21 days they will refund any intrest due!!! :j :j :j

i wrote to them on 20th december and recieved a letter saying they were looking into my complaint and a nice caring for you leaflet!

rang them today and lady said...

we are investigating the miss sale of your policy blah blah

so i told her i wasnt claiming misssale just that it wasnt sutible anymore

she said all i needed to do was give them a sat reason that the ppi was no longer relevent to my circumstances
the fact that our loan was in arrears and now on payment plan said enough

so if they tell you that you cant change your mind tell them your out of work and it doesnt cover your circumstances or that your contract is fixed blah blah
and they will remove it

so thats my debt reduced from 15000 to 14000

every little helps lol

:j :j im so happy :j :j

ncd

dj0586 wrote:

ive just been through the same process ncd with halifax and have settled with a 700pound refund. I was told however that they can only reduce the balance of secured loans. Unsecured does require taking out a new loan.

However in my case my original loan was due to be paid off in April 07 and was paying £125 per month, now with the new loan and reduction, my loan will still be paid in apr07 but at £101 a month and no payments in Jan or Feb this year as they give you a mandatory 2 month payment break. Im happy, the spare moneys going on my credit card.

Thanks dj0586, I think I will give them another call this afternoon. I'm currently paying £189 a month with PPI and think I can get a better deal else where to pay off the outstanding balance and still up paying less each month.