Don't Want PPI

pjhrt

Hi,

I took out a loan with CitiFinancial back in 2007 and the PPI was included in the price. I was a bit green back then regarding financial things and can't remember if they said I had to have it or not.

Anyway, I'm not necessarily interested in claiming back, rather I just want to not have it...does that make sense? I don't need it...but I can't prove that I was ever mis-sold it. Can I just contact them and say that I don't want it anymore or...as I suspect...will it be more complicated than that?

di3004

pjhrt wrote: »

Hi,

I took out a loan with CitiFinancial back in 2007 and the PPI was included in the price. I was a bit green back then regarding financial things and can't remember if they said I had to have it or not.

Anyway, I'm not necessarily interested in claiming back, rather I just want to not have it...does that make sense? I don't need it...but I can't prove that I was ever mis-sold it. Can I just contact them and say that I don't want it anymore or...as I suspect...will it be more complicated than that?

Hi there

If this is worthless to you and you have other ways of protecting your loan repayments then ask to cancel.

I would also check the terms and conds on the policy, as I take it like most of them the cooling period is that of 30 days.

Some loan businesses if cancelling, will then suggest a new loan without the PPI.

However, if you are paying for something that is worthless to you, then I would reclaim, as you have still been paying for it out of your pocket.

Its mostly optional to take this or not, that is why there are complaints where PPI may have been forced on the customer or it may have been automatically added to the loan.
The regulators takes these policies quite dimly and people have won their money back through complaning.

You could request a Subject access request (SAR) for more information on your account, they must provide you with everything requested for on the SAR, here is the link with more details and template:
http://forums.moneysavingexpert.com/showthread.html?t=1475553

In regards of reclaiming back the PPI, check this link here below, for reclaim letter templates and follow those procedures, good luck.;)
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

orangetrader

If it was a single premium PPI, (added to the loan as a lump sum) then you have essentially taken on an additional loan to pay for the insurance upfront. You will be entitled to some of that money back (rebate) if you cancel but you will end up paying a large amount for the insurance that you have used. Chances are you will get a small rebate cheque but your monthly premium will not change. I really would take another look at the grounds to see if you have a case for mis-selling - if you do, you will get 100% back :cool:

pjhrt

Hmmm...ok, thanks guys, will have to look into this a bit more. Thanks for your help and replies.

di3004

pjhrt wrote: »

Hmmm...ok, thanks guys, will have to look into this a bit more. Thanks for your help and replies.

You go for it, what is yours is yours, good luck and shout if you need any help.;)