To Martin or anyone who knows

crystaljoan

Me and my husband are on debt management plan we have 4 personal loans all of them with PPI.2 of them already got default notice and been passed to Blair Oliver .Just was wondering can I still cancel my plicy on default accounts?Can I cancel policy on the other remaing 2 ?If I can cancel can I still reclaiming after?But the most important is about that 2 passed to blair oliver and scott debt collector?

Will really appreciate any advice!!

Thank YOu so Much

melorablack

If cancelling the PPI means you will have to gat a new loan, most companies are not likely to let you do that if you have defaulted on the old loan, but you should definately be able to cancel the PPI and reclaim it anyway.

If you are reclaiming it and are successful then they are likely to use any refund to help reduce or clear the arrears on the account and any surplus will be paid to you.

As far as cancelling it goes, even if they don't want to let you take out a new loan, then there are ways of them reducing the balance by the amount of PPI that was added and effectively cancelling it.

By the way, some companies can't cancel the insurance from the loan without having to set up a new one simply because their systems won't allow it. But if you do get a new loan, the APR should be the same and the remaining term of the loan should be as close as possible to your existing loan too.

petermb_2

crystaljoan wrote: »

Me and my husband are on debt management plan we have 4 personal loans all of them with PPI.2 of them already got default notice and been passed to Blair Oliver .Just was wondering can I still cancel my plicy on default accounts?Can I cancel policy on the other remaing 2 ?If I can cancel can I still reclaiming after?But the most important is about that 2 passed to blair oliver and scott debt collector?

Will really appreciate any advice!!

Thank YOu so Much

As Mellorblack has said, to simply cancel the ppi will involve the lender wanting to rewrite the loan. This will be difficult while you are in arrears as the lender will not be inclined to assist.

My advice would be to challenge the ppi and the surrounding issues prior to cancelling. You may well find the lender far more willing to negotiate if they know you have a robust argument against them.

Sol00

Peter have u received my PMs?

maxdp

petermb wrote: »

As Mellorblack has said, to simply cancel the ppi will involve the lender wanting to rewrite the loan. This will be difficult while you are in arrears as the lender will not be inclined to assist.

My advice would be to challenge the ppi and the surrounding issues prior to cancelling. You may well find the lender far more willing to negotiate if they know you have a robust argument against them.

Peter is it correct that if you challenge and win the loan back you are left with an unpaid debt and cannot get credit? Please clarify for us.

petermb_2

maxdp wrote: »

Peter is it correct that if you challenge and win the loan back you are left with an unpaid debt and cannot get credit? Please clarify for us.

No Not where ppi is concerend. Part of any settlement will be to ensure that the lender agrees to clear any outstanding issues.

The only area where there could be a problem is when the borrower uses the lack of an agreement as a means to make unenforceable. The lenders believe they can still default under such conditions.

maxdp

petermb wrote: »

No Not where ppi is concerend. Part of any settlement will be to ensure that the lender agrees to clear any outstanding issues.

The only area where there could be a problem is when the borrower uses the lack of an agreement as a means to make unenforceable. The lenders believe they can still default under such conditions.

Thank you peter so you are saying that where there is PPI that is not the case. Mine is with barrister at moment:eek: will post to let all know. Is that if you have PPI and an unenforceable loan

petermb_2

maxdp wrote: »

Thank you peter so you are saying that where there is PPI that is not the case. Mine is with barrister at moment:eek: will post to let all know. Is that if you have PPI and an unenforceable loan

No not at all. There are many issues surrounding the ppi thing alone. Then you will also have non-disclosure and possibly an unenforceable agreement on your hands.

The thing is far more complex than just simply mis-selling of ppi.

But by using the other issues you can force the lender to go further and a solicitor can use these additional issues as a lever to "pursuade" the lender to be more "helpful" than they normally would have been inclined to be.

If you challenge the ppi yourself then the lender will make the standard offer of a return of the payments made to date or the entire premium plus some interest.

Put with these other issues PPI becomes a strong bargaining tool.