Confused re:PPI....

cathy1674

Hi there..
I've been reading with great interest all sorts on this forum!

One thing that has grabbed my attention is the subject of PPI.

Hubby and I feel we are in a tangled web and want to take control back of our finances...
We were stupid. We know that now but we still don't know the correct way to go about sorting things!


Anyway back to the subject title...
We took out a loan a few yrs back with Welcome(grrrr) Finance.
Last March we went to freedom Finance. Thought we would consolidate and things would be easier. I did say we were stupid.
Now we have a secured loan through them(Freedom Finance)(£30,000) with GE Money Lending.
Through reading this site I've gone back to the paperwork and the personal insurance(Which isjust in hubbys name) is with a company called Pinnacle. It reads that they are part of GE.
The total for the insurance is £4,500. Then I read that with interest it is £13,000+.
If we are to contact them in regards to cancellling the PI do we have a leg to stand on, as they did inform us of what the total amount would be? Our own silly faults as we didn't read it properly in the beginning.
Also who would we speak to in regards to cancelling? Freedom, GE or Pinnacle?

We're so confused!! It is a fair chunk of money that we could definatly do with saving and would be a great to start to us taking control.

We've been dumb, yes. I can hear people tutting now lol. I feel stupid, thick and the rest!

Any help here would be much appreciated.

Thankyou..

jowie

yeah does anyone know the definitive answer to the cancelling PPI question? There seems to be a lot of questions regarding this on this forum but nobody seems to know the answer

Old_iron_balls

Welcome finance - ive had loans with them. sends a shiver down my spine :eek:

Cathy, id try writing to Pinnacle first and see what responce you get.
No phonecalls, just write in requesting it be cancelled and see what happens.

Jowie, im afraid there is no definitive answer to the cancelling PPI question.
Each lender has there own rules and regulations, and you will have your own terms and conditions for your particular loan.
If your sure you want to cancel try writing in. They can only say Yes or No.
Defo do some research first though, reading backposts etc before you make your decision.

Good luck to you both :beer:

jowie

I noticed another post where someone with a Lloyds TSB loan cancelled their PPI so I've PM'd them... Fingers crossed!!

Old_iron_balls

If you have no joy let me know, mine was with Lloyds too