Loan PPI

Jeffers1_2

I was duped a few years back into a holiday ownership scheme and am still trying to find a way out of it, anyway i was loaned the money from the holiday companies finnace group, and there was a PPI tied in with it but it is not a company that has anything to do with the holiday group.

Now when i started the loan the holiday group made a one off payment to the PPI company for the insurance and i have asked if it is possible to cancel it as i have found a company who will do the same level of cover at a much lower price.

After speakin to the 2 parties involved i have been told i can cancel the policy but i still owe the money to the holiday group as they made the one off payment to cover the term of the policy so i am basically stuck with this company at there rather expensive costs.

Or am i does anyone know of a way i can get out of this and get my own PPI and not still have to pay for this useless policy

di3004

Jeffers1 wrote: »

I was duped a few years back into a holiday ownership scheme and am still trying to find a way out of it, anyway i was loaned the money from the holiday companies finnace group, and there was a PPI tied in with it but it is not a company that has anything to do with the holiday group.

Now when i started the loan the holiday group made a one off payment to the PPI company for the insurance and i have asked if it is possible to cancel it as i have found a company who will do the same level of cover at a much lower price.

After speakin to the 2 parties involved i have been told i can cancel the policy but i still owe the money to the holiday group as they made the one off payment to cover the term of the policy so i am basically stuck with this company at there rather expensive costs.

Or am i does anyone know of a way i can get out of this and get my own PPI and not still have to pay for this useless policy

Hi there

In my opinion this does not seem very fair, so another words you may as well keep it going then !

I would write to the ones who sold you this finance and complain and reclaim, let them know if they don't resolve your matter to your satisfaction you will take it further.

Here below is the link with guidelines of reclaiming, they have 8 weeks to respond in full, write in your own reasons, if they do not resolve this on the first response, write back in order for them to reconsider.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

In the final response, they should give details of the Financial ombudsman service (FOS) if eligible.

Post by recorded delivery.
Keep at them and good luck.

Jeffers1_2

Have spoke to them on the phone and they have stated that they have only acted on my behalf as that is what i signed for them to do for me and if i have any issues then it is down to the other company who have said that they will let me cancel the policy which they would hell they've had there money now, they would be better off for me to walk away

di3004

Jeffers1 wrote: »

Have spoke to them on the phone and they have stated that they have only acted on my behalf as that is what i signed for them to do for me and if i have any issues then it is down to the other company who have said that they will let me cancel the policy which they would hell they've had there money now, they would be better off for me to walk away

Hi there

The ruling is the same with the financial ombudsman service (FOS), they will tell you to write to the ones who sold you the finance and arranged it, you may also come across other threads with the same issues as yours, but this always seems the case that they fob you off to the providers and so.

If I were you, ring the FOS and they will lead you in the right direction, I would ring them and not email because it may be a while before you get a response from them otherwise.

Explain your situation and like you have here and they will confirm on who you should write to, good luck.;) Keep at them.

Ring them here:
http://www.financial-ombudsman.org.uk/contact/index.html