Help with Halifax loan

mac666_2

Hi there,

I have a loan with Halifax taken out in June 2007. Like a fool i took out the PPI as avised by the nice lady. I can't say that i was miss sold it as i understood everything she said. I just didn't know that i could get it cheaper elsewhere.

I understand i haven't got a claim to get a refund on the PPI. I would like some advice on how to cancel it.I understand that they may want me to take out a new loan but read that it should be at the same rates as the last one.

Any advice gratefully recieved. As totally confused

Thanks

Mac

marshallka

mac666 wrote: »

Hi there,

I have a loan with Halifax taken out in June 2007. Like a fool i took out the PPI as avised by the nice lady. I can't say that i was miss sold it as i understood everything she said. I just didn't know that i could get it cheaper elsewhere.

I understand i haven't got a claim to get a refund on the PPI. I would like some advice on how to cancel it.I understand that they may want me to take out a new loan but read that it should be at the same rates as the last one.

Any advice gratefully recieved. As totally confused

Thanks

Mac

If you do cancel you will most probably get an unfair rebate against it. I would ask first how much is likely to be rebated if you cancel. Also if you do cancel they have to redo the loan with the same APR as well.

You can claim misselling if this was after January 2005 as they should have explained to you that you could get this elsewhere and also was this a single premium insurance? If it was then you would be charged interest on this for the full term of the loan. Were you informed of the full cost of this??

With a single premium policy the customer pays a lump sum up-front. This amount is usually added to the sum they borrow and attracts interest, so they’ll be paying more over the long run.
You should tell customers during any sales discussion of the monthly and total price of the cover and that they will pay interest on the premium.



Take a look at the links here

http://www.fsa.gov.uk/pages/Doing/Re...ckle/ppi.shtml

http://www.which.co.uk/advice/cancel...licy/index.jsp

http://www.fsa.gov.uk/pages/Doing/small_firms/insurance/pdf/paypro.pdf


If any apply and you feel you have been missold then join the reclaiming discussion thread and lots on there to help you to claim it back on your own.

mac666_2

marshallka wrote: »

If you do cancel you will most probably get an unfair rebate against it. I would ask first how much is likely to be rebated if you cancel. Also if you do cancel they have to redo the loan with the same APR as well.

You can claim misselling if this was after January 2005 as they should have explained to you that you could get this elsewhere and also was this a single premium insurance? If it was then you would be charged interest on this for the full term of the loan. Were you informed of the full cost of this??

With a single premium policy the customer pays a lump sum up-front. This amount is usually added to the sum they borrow and attracts interest, so they’ll be paying more over the long run.
You should tell customers during any sales discussion of the monthly and total price of the cover and that they will pay interest on the premium.



Take a look at the links here

http://www.fsa.gov.uk/pages/Doing/Re...ckle/ppi.shtml

http://www.which.co.uk/advice/cancel...licy/index.jsp

http://www.fsa.gov.uk/pages/Doing/small_firms/insurance/pdf/paypro.pdf


If any apply and you feel you have been missold then join the reclaiming discussion thread and lots on there to help you to claim it back on your own.

hi there and thanks for the advice.
as i understand it is a load with a single premium policy on it.
i can't rememder being told the monthly and total price of the cover or that interest would be added.
looking at the the agreement i'm paying £1624.57 for the cover plus £667.03 interest on cover! wow:eek:

i've only had the loan for 1 year and would love to think if i cancel the ppi i can just repay the new loan.
i don't understand this rebate bussiness ( call me bumb lol )
sorry the more i read the more i'm confused.

i would like to understand what i'm talking about before a talk to halifax thanks again mac