PPI Reclaiming discussion Part III

maxdp

Stevowomp wrote: »

Dear All,

Thanks to this site I have recently realised that I was completely miss-sold insurance for my Alliance & Leicester personal loan which I have had since April 2007. I have attempted to cancel my insurance immediately and have been sent a letter telling me I need to cancel my loan and set it back up again because I agreed to the Insurance for the whole term.

Obviously I dont want to do this because the interest rate they are now calculating is higher so I wont be much better off without the insurance. I now want to complain and make a claim and will do so using the templates on this site but am not sure if I should mention them trying to change my interest rate in the letter and whether to let them recalculate the loan in a few weeks when the interest rates change will have kicked in.

Any advice from anyone?

Hi There

Firstly why do you feel you were miss-sold in the first place.

Secondly there is in place a document call Treating Customers Fairly and they should cancel your insurance and refinance at either the same rate or cheaper.

Could you give us some more info

marshallka

Stevowomp wrote: »

Dear All,

Thanks to this site I have recently realised that I was completely miss-sold insurance for my Alliance & Leicester personal loan which I have had since April 2007. I have attempted to cancel my insurance immediately and have been sent a letter telling me I need to cancel my loan and set it back up again because I agreed to the Insurance for the whole term.

Obviously I dont want to do this because the interest rate they are now calculating is higher so I wont be much better off without the insurance. I now want to complain and make a claim and will do so using the templates on this site but am not sure if I should mention them trying to change my interest rate in the letter and whether to let them recalculate the loan in a few weeks when the interest rates change will have kicked in.

Any advice from anyone?

Also if you do cancel and have to have another loan then they are not treating you fairly and going against the FSA rules when cancelling. They should offer you the loan on at least the same terms as before.

Lynzers51

Hi, hope I'm posting this in the correct place - i'm new to forums!
I'm just looking for some advice - i am in the middle of a loan with PPI which, 4 months ago, I tried to cancel as the monthly payments were too high. The Halifax told me that i would need to take out a new loan and basically scared me into not cancelling. I now realise that this is not right - when i claim back the PPI - do I request the full amount back or just what i've paid to date? The loan summary sheet includes it as a lump sum in the total owed. Confused! Any help is much appreciated. Thanks, Lyndsey

marshallka

maxdp wrote: »

Hi There

Firstly why do you feel you were miss-sold in the first place.

Secondly there is in place a document call Treating Customers Fairly and they should cancel your insurance and refinance at either the same rate or cheaper.

Could you give us some more info

Sorry maxdp, posted same time...:D

maxdp

marshallka wrote: »

Sorry maxdp, posted same time...:D

No probs:D

di3004

Lynzers51 wrote: »

Hi, hope I'm posting this in the correct place - i'm new to forums!
I'm just looking for some advice - i am in the middle of a loan with PPI which, 4 months ago, I tried to cancel as the monthly payments were too high. The Halifax told me that i would need to take out a new loan and basically scared me into not cancelling. I now realise that this is not right - when i claim back the PPI - do I request the full amount back or just what i've paid to date? The loan summary sheet includes it as a lump sum in the total owed. Confused! Any help is much appreciated. Thanks, Lyndsey

Hi
You should be able to cancel the PPI at any time hun.

Write to them and tell them to cancel with immediate affect and you expect not to pay any further PPI on your loan.

Do you feel you were mis sold the PPI from the start?
If so as soon as you cancel get a reclaim letter in and if they say you have to reschedule the loan as I am aware some banks do, you would receive every penny back plus interest anyway.

Otherwise you want to be put back in the position as if you did not have the PPI, if its one lump sum they must pay back every penny of the ppi plus int.

If you require further info please just give us a shout where one of us will get back to help.

Also check out in the above reb box "reclaim £1,000's" there you will see some useful info on ppi mis selling and a reclaim template.
Use your own words as much as possible and add your own reasons, they have 8 weeks to respond.

When you receive the final response and if still not successful it can then be take to the Financial ombudsman service for them to investigate.

If you post up here when you hear we will guide you to the following step and take it from there.

Good luck and post by recorded post.;)

Di

marshallka

Lynzers51 wrote: »

Hi, hope I'm posting this in the correct place - i'm new to forums!
I'm just looking for some advice - i am in the middle of a loan with PPI which, 4 months ago, I tried to cancel as the monthly payments were too high. The Halifax told me that i would need to take out a new loan and basically scared me into not cancelling. I now realise that this is not right - when i claim back the PPI - do I request the full amount back or just what i've paid to date? The loan summary sheet includes it as a lump sum in the total owed. Confused! Any help is much appreciated. Thanks, Lyndsey

What reason are you claiming it back for here. I am a little confused as to why you say you want to cancel as the payments are too high and then "when I claim it back do I request the full amount".

Why would you say you are claiming it back... .

Do you feel it was missold to you and for what reasons...

If you just want to cancel it then have to offer a fair refund on it and then redo the loan..

pinknico

Havent had my phone call yet, how long do I give them before I ring again.:D

di3004

pinknico wrote: »

Havent had my phone call yet, how long do I give them before I ring again.:D

Hi Pinknico, they have left it long enough - I would try again now in case they finish early on a Friday.....:rolleyes: , good luck !

lilac789

lilac789 wrote: »

Hi there,

I have now received copies of my loan agreements from Northern Rock, but did not recieve any of the calculations. Do I need these to send off my letter? I ahve already drafted them and they are ready to go!

Thanks in advance

Right then... Northern Rock have got back to me pretty speedily and I now have a questionnaire about my PPI to complete and return within 14 days before they will look into my claims.

They want to know about the policy details... I only have the loan agreement documents adn that doesn't mention policy numbers for the PPI or the company it was through. I'm really confused what to put on it.

They also want to know if it is my forst PPI policy and what other policies I had in place when I took out the loan. Is this just with Northern Rock or ALL policies that I have had?

Cheers for your help in advance!