Cancelling PPI CAN BE DONE!!!!!

moz414

Just about to post my letter to Barclays when I thought, why not go in and speak to someone? Never usually get much out of them but this time I did. Told the personal banker that I wanted to cancel my PPI, he rang barclayloan and within 5 minutes got me a refund of £1600 plus monthly payments lowered by £100!! Well chuffed. Only thing is I have to go back next week cos he was only a trainee bod and has to have his mentor there to authorise it. Just hoping that next week I'm not fobbed off by someone else! Totally contradicts everything they told me on the phone last night about having to take out another loan at a higher APR to pay off my old loan. Don't take no for an answer and keep bugging them!

Thanks to everyone here who has posted about PPI, you have saved me quite a bit of money, now if only I'd found this place sooner.

Avogirly

Congratulations to those who have had recent success in cancelling their PPI. One way to get rid of those January blues!

Old_iron_balls

moz414 wrote:

Don't take no for an answer and keep bugging them!

hit the nail right on the head there

keep at it folks - it can be done :j

sammy115

With regard to Barclays. i rang them before Christmas, was told I could cancel, just needed to write in. Which i did, just a request no mention of mis sold etc.

Rang today to be told that PPI cancelled which has generated a refund of £79. I am 26 months into a 36 month loan agreement. It is so little because obviously they paid the insurance 'for me' when i took the agreement out. This was to pay their insurance company!!! So basically all i have paid so far on my loan is my PPI.

Has this happened to anyone else. I did say i was going to complain about being mis sold a policy but they said I would have to prove it!

Just had a discussion with my sister (who is disabled and does not work) who took a loan out with PPI and told her she should cancel too. How can someone who is out of work have PPI for unemployment!

Can anyone help on either occasion. I have a copy of the template letter, but I wondered if anyone had had the same kind of experience and did persistence pay off.

Chop

Hi all,

My partner has tried to get the PPI on his Lloyds TSB loan cancelled. It was a £5k graduate loan that he took out a couple of years ago and still has a couple more years to pay it. He sent a letter explaining how he belived the PPI to have been mis-sold to him, how no-one had explained it or that it was optional etc etc and requested a refund and for it to be taken off his existing loan.

The Insurance csutomer complaints dept have replied saying that they will not consider this request as he signed a form saying he accepted the PPI and that he recieved a 'plastic folder' with loan info in and it clearly stated there was a 30 day cooling off period. As this request is outside that 30 day period he can't now change his mind and cancel it.

I think he should reply again saying that he is still unhappy and keep on fighting it - he doesn't think there's much point and is prepared to give up. Both of us have current accounts, savings, ISAs etc with Lloyds, is it worth threatening to leave?! Which of us is right?!

Thanks!

dj0586

sammy it sounds like youve been refunded from this point forward, i was 24 months into a 36 month loan and got refunded £700, this was PPI from this date forward and past PPI payments, my claim for misselling was rejected but i also complained i was falsely informed on the phone i would have to take out another loan with interest to pay of the current loan which wouldnt benifit me, thanks to the other MSE'ers here i knew this wasnt true therefore had them by the short and curlies.

Avogirly

I would keep going. My first letter to LTSB didn't even get a reply, the second bought about the refund. As regular customers to them you think they would really try to help you. Perhaps threatening to leave should be the step after this one?
Old Iron Balls is a good person to PM cos I think he wrote several letters to them.

sammy115

Hi dj0586 - I guessed as much,but as my PPI as stated on the loan agreement is £32 per month and I have ten months to go I would have at least expected £300. Not so, they are saying that the interest is all up front and then you start to pay the capital off. This I can understand with the loan but not PPI! This means I have paid all PPI and almost no Loan. I am going to write again, I have absolutely nothing to lose. As I had life insurance that pays money if I die and a contract that promises sickness benefit, all I really needed was redundancy cover and that was not gone through at the time. I am a different animal now, thanks to this website, I was stupid once!

thanks for the support

Quincifer

Just to let you know, i rang Natwest to ask if I can cancel the PPI on my loan (its less than £100 but it all helps!) and the guy said he had no idea!! I told him it didnt say anything in the loan papers and he said that he "didnt think" there was any reason i couldn't cancel it. So my letter is typed up and im gonna post tomorrow morning on the way to work. I guess theres no harm in trying! I'll let you know, thanks for the advice - i never thought id be able to get out of it!
x

Old_iron_balls

Chop wrote:

The Insurance csutomer complaints dept have replied saying that they will not consider this request as he signed a form saying he accepted the PPI and that he recieved a 'plastic folder' with loan info in and it clearly stated there was a 30 day cooling off period. As this request is outside that 30 day period he can't now change his mind and cancel it.

Thats what they told me.
Ok, you have wrote a letter requesting they cancel the PPI.
They have responded but your not satisfied with the reply.
You feel you were mis-sold it in the first place so you now need to write a lettter of complaint.

Mine was fairly simple.
Nothing special, just how i felt - I basically said I was not happy with their response and I would be taking my business elsewhere unless they reconsidered, being a customer of over ten years etc etc
I asked them to reply within 14 days.

A week later I had a call to say they had reconsidered and would refund me. job done.

I got the impression for the sake of a few grand they would rather keep a customer than loose one to another lender.

Maybe I was lucky - i dont know.
It can be done though. myself, Avogirly - im sure there is a few more aswel who are with TSB.

Just give it a try and if they still refuse, write again. what have you got to loose !?

GOOD LUCK

:beer: