Confused

Wally09

I am wanting to re-calim on my PPI but am hoping to arrange an informal agreement with my bank about reducing my monthly re-payments as I will be made redundant soon and will be unable to keep up with the current re-apyments. Should I talk to my bank first about reducing the payments and then attempt to claim the PPI or should I go down this route first. I am worried that if i attempt to claim first they will reject my attempt at reduced payments.
Any help greatly appreciated:o

di3004

Wally09 wrote: »

I am wanting to re-calim on my PPI but am hoping to arrange an informal agreement with my bank about reducing my monthly re-payments as I will be made redundant soon and will be unable to keep up with the current re-apyments. Should I talk to my bank first about reducing the payments and then attempt to claim the PPI or should I go down this route first. I am worried that if i attempt to claim first they will reject my attempt at reduced payments.
Any help greatly appreciated:o

Hi there

Obviously if your having problems with making full repayments, it would be wise to let them know this for ASAP, and come to some sort of arrangement.

If you were mis sold the PPI, you can still continue to reclaim on this actual product, in fact if successful, and with the loan still being active, it may help pay off your loan quicker.

More info and templates here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Follow the reclaiming procedures, but write your own reasons for how you were mis sold the PPI, they have 8 weeks to respond in full.

Also in the final letter they should give details of the Financial ombudsman service (FOS) if eligible.

Do you mind saying who the company are?
Cheers.

Remember to post all letters by recorded delivery, and ask if you require further help, good luck.;)

Wally09

Hi,
cheers for the quick reply the company is Natwest. I will be getting in contact with the bank ASAP but was just worried about how it would go. if they ask about the PPI, would it be a good Idea to cancel it then and there?

Wally

di3004

Wally09 wrote: »

Hi,
cheers for the quick reply the company is Natwest. I will be getting in contact with the bank ASAP but was just worried about how it would go. if they ask about the PPI, would it be a good Idea to cancel it then and there?

Wally

Hi Wally

If the PPI is worthless to you, then if you want to cancel this, then get a reclaim letter sent in.;)

I would also check on what the repayments would be, as this then should be a new lower payment on the loan without the PPI.

Even if you cancel the PPI, you can still reclaim on what you have already paid in, plus interest.;)

Also check on the terms & conds, as some banks etc, will say to take a new loan without the PPI, yet they will still calculate the whole lot when paying this one off for a new loan, but again if mis sold, you can reclaim then all of the PPI, interest and so.

Wally09

Thanks again, i will look into it and let you know how its progressing.:j

di3004

Wally09 wrote: »

Thanks again, i will look into it and let you know how its progressing.:j

Good luck, more info on reclaiming here with templates:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

If you require any help throughout this, let us know.;)

Wally09

Will do and thanks again