BarclayLoan PPI

spidertwig

Took out a loan last Oct - and was offered PPI. Felt I was pressured into taking it... anyway - to cut a long story short I want to cancel it.

But, I've been told I'll have to take out a new loan as they can't simply "cancel" the PPI. Also if i was to apply for a new loan the interest rate will be so much higher that it would cost the same for a loan now without insurance than what I'm currently paying in repayments.

Surly this can't be fair?

di3004

spidertwig wrote: »

Took out a loan last Oct - and was offered PPI. Felt I was pressured into taking it... anyway - to cut a long story short I want to cancel it.

But, I've been told I'll have to take out a new loan as they can't simply "cancel" the PPI. Also if i was to apply for a new loan the interest rate will be so much higher that it would cost the same for a loan now without insurance than what I'm currently paying in repayments.

Surly this can't be fair?

Hi there

I was reading if they do this the loan "must" be on the same rate and not higher, so question this with them to make sure.

And of course you can still reclaim on the PPI if you were mis sold this, going by your reason you were, and reclaim what you already paid in PPI and the interest, even if this is done by taking out a new loan without ppi.

I would also check on the terms and conds.

For more info and reclaim templates, here is the link, follow the procedures in the link, good luck and just post up for help anytime.;)
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Good luck.

spidertwig

Thankyou for the reply.

I've questioned them about the rates - and the man said that the insurance was part of the loan i took out last year, so if i wanted to cancel the insurance (which apparently they don't sell will loans anymore) I had to take out a replacement loan without the PPI, and I'd be charged the interest ratenow for this "new" loan - which aparenlty is higher than the interest rate i got last year....

Never had a problem with Barclays untill now, self employed - and I'm pulling in my belt. Want to cancel this insurance as it's about £70!!!

di3004

spidertwig wrote: »

Thankyou for the reply.

I've questioned them about the rates - and the man said that the insurance was part of the loan i took out last year, so if i wanted to cancel the insurance (which apparently they don't sell will loans anymore) I had to take out a replacement loan without the PPI, and I'd be charged the interest ratenow for this "new" loan - which aparenlty is higher than the interest rate i got last year....

Never had a problem with Barclays untill now, self employed - and I'm pulling in my belt. Want to cancel this insurance as it's about £70!!!

Hi hun

I am sure others will post up here on this matter, and hoping they will give some info in regards of the rates.

You do what you feel is right, but still try reclaiming on the PPI either way, it does not seem fair does it?

maxdp

spidertwig wrote: »

Thankyou for the reply.

I've questioned them about the rates - and the man said that the insurance was part of the loan i took out last year, so if i wanted to cancel the insurance (which apparently they don't sell will loans anymore) I had to take out a replacement loan without the PPI, and I'd be charged the interest ratenow for this "new" loan - which aparenlty is higher than the interest rate i got last year....

Never had a problem with Barclays untill now, self employed - and I'm pulling in my belt. Want to cancel this insurance as it's about £70!!!

Hi There

Have claimed back three Barclaycard Loan with PPI through FOS all were upheld. If you cancel the PPI they should re finanance the loans at the same rate or better going along with their treating customers fairly policy.

Let us know how you get on.:D

KT21_2

maxdp wrote: »

Hi There

Have claimed back three Barclaycard Loan with PPI through FOS all were upheld. If you cancel the PPI they should re finanance the loans at the same rate or better going along with their treating customers fairly policy.

Let us know how you get on.:D

Do you mind if I ask how long it took to get the claim and if you had to go thru the FO?
My original claim against Barclays started last October and i've had to go thu The FO as Barclays were just dragging their heels saying they needed more time.An adjudicator found in my favour but Barclays disagreed with them so it went back to the FO (highest level) Again they found in my favour so Barclays will have to pay up this time .Not sure how much or how long it takes though. Just wondered how you got your result?CHEERS

maxdp

KT21 wrote: »

Do you mind if I ask how long it took to get the claim and if you had to go thru the FO?
My original claim against Barclays started last October and i've had to go thu The FO as Barclays were just dragging their heels saying they needed more time.An adjudicator found in my favour but Barclays disagreed with them so it went back to the FO (highest level) Again they found in my favour so Barclays will have to pay up this time .Not sure how much or how long it takes though. Just wondered how you got your result?CHEERS

Hi Mine was upheld in about May last year 3 Barclaycard Loans which were all refinanced they settled in July. I have had not breakdown of figures etc. I have been badgering FOS ever since because the settlement is different (i think) if it is re financed against stand alone Loans. Barclaycard have acted appallingly and have still not sent me comprehensive figures. FOS are at the moment trying to set down guidelines for these. So hence am still waiting for final settlement one year later.

Really hope yours get sorted quickly.;)

julesmum23

I am having the exact same problem with barclays.

I was told that a loan without ppi came out at over double interest rate, not only that but the loan would have had to have been higher than the original loan as I owed more now than then.

I wrote in October asking to cancel, had to go to my branch to fill in the paperwork, I did not take up the new loan but keep badgering them to stop the PPI, last heard from them in January, I felt this was to long so filled for FOS yesterday.

Not sure if they will uphold it or not, but I only wanted to cancel and not reclaim, I have asked for my payments from October for the PPI to be returned and a loan at a near rate of interest as original.

I am hoping they think that is fair.

maxdp

julesmum23 wrote: »

I am having the exact same problem with barclays.

I was told that a loan without ppi came out at over double interest rate, not only that but the loan would have had to have been higher than the original loan as I owed more now than then.

I wrote in October asking to cancel, had to go to my branch to fill in the paperwork, I did not take up the new loan but keep badgering them to stop the PPI, last heard from them in January, I felt this was to long so filled for FOS yesterday.

Not sure if they will uphold it or not, but I only wanted to cancel and not reclaim, I have asked for my payments from October for the PPI to be returned and a loan at a near rate of interest as original.

I am hoping they think that is fair.

Good luck to you.;)

spidertwig

I have NEWS!

Called them again yesterday, and asked them to clarify about the APR so called "doubling".... He said it may well go up and I might end up paying just as much as I am now in repayments even without the insurance.

However when I asked him to claify further he started to use language such as "it may go up" and "we don't reccommend it".... So decided to call his bluff and I asked if i could have some figures on a new loan to replace it without the PPI. Even told him I had my calculator and a few pens to work the figures out too!

He was gone for about 10 minutes, took me through some application questions - went on hold again, asked me some more questions. Then came back to me....

It turns out that the APR has actually gone DOWN by 4%!!!!!! Repayments have gone down by £70 a month.

He was even shocked, kept telling him how i'd rather have more money in my pocket than give it to you

Still going to persue them miss selling the PPI... not quite sure how I go about it - so going to sit down and read the sticky and the appropriate threads.

He did actually state that they can guarantee a replacement loan if it's to get rid of the PPI. As I am "entitled" to cancel the PPI at any time.

My rule of thumb - call their bluff!

Last time I did, it was E-On that had to refund me £660

di3004

spidertwig wrote: »

I have NEWS!

Called them again yesterday, and asked them to clarify about the APR so called "doubling".... He said it may well go up and I might end up paying just as much as I am now in repayments even without the insurance.

However when I asked him to claify further he started to use language such as "it may go up" and "we don't reccommend it".... So decided to call his bluff and I asked if i could have some figures on a new loan to replace it without the PPI. Even told him I had my calculator and a few pens to work the figures out too!

He was gone for about 10 minutes, took me through some application questions - went on hold again, asked me some more questions. Then came back to me....

It turns out that the APR has actually gone DOWN by 4%!!!!!! Repayments have gone down by £70 a month.

He was even shocked, kept telling him how i'd rather have more money in my pocket than give it to you

Still going to persue them miss selling the PPI... not quite sure how I go about it - so going to sit down and read the sticky and the appropriate threads.

He did actually state that they can guarantee a replacement loan if it's to get rid of the PPI. As I am "entitled" to cancel the PPI at any time.

My rule of thumb - call their bluff!

Last time I did, it was E-On that had to refund me £660

And good for you........:T

Yes you can still reclaim on the PPI you paid and the interest.
Here is the thread with the template and procedures of reclaiming, good luck:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Please keep us posted and ask for help anytime.;)