PPI Cancellation. HELP!!!

davegoodband

I have recently tried to cancel the PPI on my loan with Alliance and Leicester. I have been told that to do this, they will have to calculate a settlement figure for my loan, and then transfer this to a new loan over the remainder of the loan period. Surprisingly the new figure is almost identical to the old one . Can anybody tell me if this is right. I have written to A&L three times now and they treat you like an idiot:mad: . Thanks.
Dave Goodband.

Pruflo

Hi Dave,

Couple of thoughts - has the interest rate changed between the old and new loan??

Also - most loans had a early settlement charge - ? 2 months interest - if the original loan doesnt have long left it could account for the difference. Of course A+L could just be being awkward sods..

di3004

davegoodband wrote: »

I have recently tried to cancel the PPI on my loan with Alliance and Leicester. I have been told that to do this, they will have to calculate a settlement figure for my loan, and then transfer this to a new loan over the remainder of the loan period. Surprisingly the new figure is almost identical to the old one . Can anybody tell me if this is right. I have written to A&L three times now and they treat you like an idiot:mad: . Thanks.
Dave Goodband.

Hi Dave

Yes unfotunately this is how some companies deal with cancellations if outside the cooling period, which I believe most are those of 30 days.

How long ago did you take out this loan hun?

Have you alternative cover for the loan?

Or/and is there a reason why you want to cancel.

Please ignore my post if this does not occur to you, but if you feel you were mis sold the PPI in any way you can complain and try to reclaim on that as well.

Hope this gets sorted, Dave and good luck.;)

Di

davegoodband

Hello Di,
I took the loan out a couple of years ago. I intend to try and reclaim the PPI but wanted to cancel it first. In my loan contract it says I can do this free up to 30 days or for a £10 admin fee after that. There is no mention of recalculating the loan. Thanks for your help though.
Dave.

marshallka

davegoodband wrote: »

Hello Di,
I took the loan out a couple of years ago. I intend to try and reclaim the PPI but wanted to cancel it first. In my loan contract it says I can do this free up to 30 days or for a £10 admin fee after that. There is no mention of recalculating the loan. Thanks for your help though.
Dave.

Have you mentioned this to them about the terms in your contract??

davegoodband

I certainly did, but I just got a letter back that was two pages of absolute jargon.
My sister works for a credit card company and she told me to write back and make an official complaint to their customer relations dept.

marshallka

davegoodband wrote: »

I certainly did, but I just got a letter back that was two pages of absolute jargon.
My sister works for a credit card company and she told me to write back and make an official complaint to their customer relations dept.

I would do that too and also post on the PPI reclaiming disussion thread for more help. Good luck;)