Help Ppi

gte_16v

Hello all bit of advise needed.

I currently have a loan with Barclays which I took out in Oct 2006 with the payment protection.

Im now 2.5 years down the line and being made redundant at end June this year, I am then going to university in September.

I am looking at ways to sort the financial situation im in as still have 4.5 years to go on the loan, in the summer (subject to not finding a temporary Job between June and September I was planning on using the PPI to pay for the two month gap.

Considering the ammount of the PPI which costs approx 20-25% of the monthly rate by the looks of it I do want to cancel this asap. Not sure do i just cancel it now and save the monthly rate on this or would I be able to cancel is in septemeber when I go to uni if I have made a claim??

I have been into my local branch whom have confirmed if i was to pay off the loan I would get approx 1.5k off the total due to the stopping of the PPI early.

I am also looking into the potential of claiming what I have paid on the PPI, has anyone had any success with Barlcays on this?

any ideas/help greatly appreciated!

thanks in advance

di3004

gte_16v wrote: »

Hello all bit of advise needed.

I currently have a loan with Barclays which I took out in Oct 2006 with the payment protection.

Im now 2.5 years down the line and being made redundant at end June this year, I am then going to university in September.

I am looking at ways to sort the financial situation im in as still have 4.5 years to go on the loan, in the summer (subject to not finding a temporary Job between June and September I was planning on using the PPI to pay for the two month gap.

Considering the ammount of the PPI which costs approx 20-25% of the monthly rate by the looks of it I do want to cancel this asap. Not sure do i just cancel it now and save the monthly rate on this or would I be able to cancel is in septemeber when I go to uni if I have made a claim??

I have been into my local branch whom have confirmed if i was to pay off the loan I would get approx 1.5k off the total due to the stopping of the PPI early.

I am also looking into the potential of claiming what I have paid on the PPI, has anyone had any success with Barlcays on this?

any ideas/help greatly appreciated!

thanks in advance

Hi there.

I would try to check out the terms and conditions of your policy, however, sorry about your news on redundancy and I wish you luck.
Have you have other means of covering this loan when this happens in regards of redundancy?

If you cancel, some finance companies will suggest a new loan without the PPI if the loan is still active.

If you feel you have a case of being mis sold, then yes you can try to reclaim on this, but check this link out here first:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

For more info and reasons for mis selling, there is also a template reclaim letter, they have 8 weeks to respond in full, another letter maybe required if not successful first time, keep at them until you receive the final response, they will let you know this in the final letter and any details of the financial ombudsman service, if your not satisfied with the outcome of this.

Post letters by recorded delivery and also check out on the success thread of others who have been successful with this company, good luck.;)

gte_16v

Many thanks for your response, the redundancy money I will be getting will not be enough to pay off the loan but will be a good chunk of it then I can look at getting a smaller loan (unprotected!!).

Im defintately thinking of doing the letters just to see what response I get, if no luck then will make the claim for the two months in the summer (makes sence to do this and claim job seekers and not work for the summer to be honest!!). Then after summer will do the cancellation and reduction of the loan balance to a smaller loan/student ovedraft/credit card etc

Any other ideas?

di3004

gte_16v wrote: »

Many thanks for your response, the redundancy money I will be getting will not be enough to pay off the loan but will be a good chunk of it then I can look at getting a smaller loan (unprotected!!).

Im defintately thinking of doing the letters just to see what response I get, if no luck then will make the claim for the two months in the summer (makes sence to do this and claim job seekers and not work for the summer to be honest!!). Then after summer will do the cancellation and reduction of the loan balance to a smaller loan/student ovedraft/credit card etc

Any other ideas?

Hi there
And yes I see your point here.

If you feel you have a case then I would go for it.

It may also be worth asking them for a Written quote/full calculation break down, and when you receive these through the post, feel free to post on the PPI reclaiming - discussion thread above where I am sure these will get checked for you.

But yes maybe what you have suggested is a good idea.;) Good luck with this and if any further help is needed, let us know anytime.

Di
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gte_16v

I have phoned Barclays today whom have confirmed my claim reference and confirmed a letter has been sent with a questionnaire, anyone seen this type of questionnaire? What sort of stuff will they ask??

Thanks

di3004

gte_16v wrote: »

I have phoned Barclays today whom have confirmed my claim reference and confirmed a letter has been sent with a questionnaire, anyone seen this type of questionnaire? What sort of stuff will they ask??

Thanks

Hi there

This seems to be becoming popular and many say it probably a stalling tactic, some do sent them back not completed and tell them they should hold all information on them from when they were sold this product, its your choice hun and they still have to investigate your complaint within the timescales they have of 8 weeks to respond. Good luck hun.;)

gte_16v

Many thanks for the reply.

Yeah i guessed it was a stalling tactic to be honest, i did ask how long it should take, he said usually 8 weeks but they do have a "backlog, well actually real big backlog", so he said probably 12 weeks. Am i correct in saying at the 8 weeks i can contact the FOS straight away?

Im unsure about what to do with the questionnaire to be honest, not sure if to fill it in as could prejudice the claim I guess?

Thanks

di3004

gte_16v wrote: »

Many thanks for the reply.

Yeah i guessed it was a stalling tactic to be honest, i did ask how long it should take, he said usually 8 weeks but they do have a "backlog, well actually real big backlog", so he said probably 12 weeks. Am i correct in saying at the 8 weeks i can contact the FOS straight away?

Im unsure about what to do with the questionnaire to be honest, not sure if to fill it in as could prejudice the claim I guess?

Thanks

Hi hunni

Many write back and say I enclose the questionaire but I am aware you should hold these details from when this product was sold to me, so I have left the form uncompleted, or write please refer to the details you have of me from on the sale of the loan, you can wait to see what others say on here as well if you want to hun.

And yes its 8 weeks they are entitled to as that is still giving them ample time to investigate, if not hun you are entitled to go forward to the FOS.;)

Di
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