Where do I go from here?

smithywilko

I have been looking into cancelling the PPI on a HSBC Graduate loan I took out in May 2006. At the time, I took the PPI out, not thinking about the consequences or severity of it. Then last year when my husband and I moved back in with my parents, and did not have a mortgage to protect anymore I went into my local branch and requested cancellation of it, due to a change in circumstances.

The man who I saw said that they could cancel it but that they would have to re-calculate the loan and that I would be worse off because they would have to calculate it at the present interest rate as my Graduate time had expired and it would be far more than it was on at the time. So I left it as it was, with the PPI.

Since then I read up on this website and somewhere I thought it said that I could request it being claimed back if I had previously tried to cancel the PPI and been denied cancellation. So I sent off the initial template letter and got a reply last month, with a copy of the agreement and my signature on it, saying that they had fulfilled my request and they now considered the matter closed.

I am not sure where I go from here, am I still entitled to cancel or claim back the PPI? Should I go back into the local branch armed with some more information? And if so, where do I find that advice?

As you can probably see from my signature, every penny helps when it comes to clearing the debts, so any advice would be much appreciated. Thanks for your time and help (in advance!).

di3004

smithywilko wrote: »

I have been looking into cancelling the PPI on a HSBC Graduate loan I took out in May 2006. At the time, I took the PPI out, not thinking about the consequences or severity of it. Then last year when my husband and I moved back in with my parents, and did not have a mortgage to protect anymore I went into my local branch and requested cancellation of it, due to a change in circumstances.

The man who I saw said that they could cancel it but that they would have to re-calculate the loan and that I would be worse off because they would have to calculate it at the present interest rate as my Graduate time had expired and it would be far more than it was on at the time. So I left it as it was, with the PPI.

Since then I read up on this website and somewhere I thought it said that I could request it being claimed back if I had previously tried to cancel the PPI and been denied cancellation. So I sent off the initial template letter and got a reply last month, with a copy of the agreement and my signature on it, saying that they had fulfilled my request and they now considered the matter closed.

I am not sure where I go from here, am I still entitled to cancel or claim back the PPI? Should I go back into the local branch armed with some more information? And if so, where do I find that advice?

As you can probably see from my signature, every penny helps when it comes to clearing the debts, so any advice would be much appreciated. Thanks for your time and help (in advance!).

Hi there
Just a thought or maybe someone else will post up with some helpful suggestions for you, but you could actually contact the financial ombudsman service to see what they think the best thing to do here, good luck hun.
http://www.financial-ombudsman.org.uk/contact/index.html

smithywilko

That's great, thank you for that information di3004. I will get onto them tomorrow.

di3004

smithywilko wrote: »

That's great, thank you for that information di3004. I will get onto them tomorrow.

Hi there
Good luck with this, please let us know how you get on, cheers.;)