Alliance&Leicester Reclaim Help

hawk007

Hi

I have recently started proceedings against A&L in respect of the following PPI charges:

1) PPI on 3 yr loan taken out over a year ago
2) PPI on credit card taken out last year

Firstly the loan was taken out and the PPI was never explained fully and I was never told I could get elsewhere for much cheaper. I currently pay £23 p/m. My concern here is that if I cancel policy and pursue reclaim A&L will ask to revise loan (at unfavourable terms) or cancel my loan and ask to repay asap. Please can someone advise me if A&L ca do either?

Secondly the PPI on my credit card is extortianate and I only recently realised I had this on my card. From viewing alternatives I have seen PPI for 90% less! Does anyone have similar cases or had any success?

Kind regards

Hawk007

di3004

hawk007 wrote: »

Hi

I have recently started proceedings against A&L in respect of the following PPI charges:

1) PPI on 3 yr loan taken out over a year ago
2) PPI on credit card taken out last year

Firstly the loan was taken out and the PPI was never explained fully and I was never told I could get elsewhere for much cheaper. I currently pay £23 p/m. My concern here is that if I cancel policy and pursue reclaim A&L will ask to revise loan (at unfavourable terms) or cancel my loan and ask to repay asap. Please can someone advise me if A&L ca do either?

Secondly the PPI on my credit card is extortianate and I only recently realised I had this on my card. From viewing alternatives I have seen PPI for 90% less! Does anyone have similar cases or had any success?

Kind regards

Hawk007

Hi there

So you have already started the reclaiming on the PPI then?
I take it the loan is still active as well then?

They cannot expect you or even ask you to pay this off like that either.
I would check the terms and conds on the policy.

There are many on here who have complaints about A&L and I'm sure they will post up as well to give you some advise on this.

Every company are different in regards of cancellation.

Some will give a new loan without the PPI, if this is the case I have read on here the rate must be equal to the original loan you had.

Or it maybe a case they will cancel your PPI, but your monthly repayments may not reduce much.

But remember is mis sold and successful you can reclaim all you have paid in PPI plus interest etc.

Good luck with this and also check out other posts as well, which should give you some ideas.;)

hawk007

di3004 wrote: »

Hi there

So you have already started the reclaiming on the PPI then?
I take it the loan is still active as well then?

They cannot expect you or even ask you to pay this off like that either.
I would check the terms and conds on the policy.

There are many on here who have complaints about A&L and I'm sure they will post up as well to give you some advise on this.

Every company are different in regards of cancellation.

Some will give a new loan without the PPI, if this is the case I have read on here the rate must be equal to the original loan you had.

Or it maybe a case they will cancel your PPI, but your monthly repayments may not reduce much.

But remember is mis sold and successful you can reclaim all you have paid in PPI plus interest etc.

Good luck with this and also check out other posts as well, which should give you some ideas.;)

Thanks for the response!

Yes I have commenced the reclaim, however I will keep posted on progress. I guess if they dont change loan amount you will repay loan quicker due to extra payments?

Kind regards

Hawk2007

di3004

hawk007 wrote: »

Thanks for the response!

Yes I have commenced the reclaim, however I will keep posted on progress. I guess if they dont change loan amount you will repay loan quicker due to extra payments?

Kind regards

Hawk2007

Hi Hawk007

Your welcome.

I think but not absolutely certain that when you cancel with this company they reduce your loan repayments, then of course when resolved, (hopefully in your favour) they refund all the ppi you have paid into this plus the interest.

Yes please keep us posted and post up for help when required, all the best with this.;)